• Journal of the Korean Data Analysis Society
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• v.20 no.6
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• pp.3025-3035
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• 2018

This study investigates the momentum phenomena of stocks listed on the taiwan stock exchange. The purpose of this study is to examine the differences in momentum phenomena among firm size, foreign investor ownership, individual investor ownership, and institutional investor ownership. The empirical results of the momentum phenomenon in the Taiwanese stock market are as follows. First, there is no momentum phenomenon during the whole sample period. Second, momentum profitability does not exist even if this study divides by firm size. However, the results are different if this study divides it by the investor ownership. Third, there is a significant positive momentum for firms with high individual ownership. Fourth, on the contrary, positive momentum was observed in firms with low institutional ownership. Finally, there was no momentum phenomenon when dividing by foreign ownership. This study has academic contribution in analyzing the momentum phenomenon in Taiwanese stock market considering the investor's ownership.

• Journal of Digital Convergence
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• v.19 no.1
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• pp.389-399
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• 2021

The research background of this paper is because the u-convergence information system applying flow theory lacks the measurement of tourist satisfaction. The purpose and research method of this study are as follows. The first is the suggestion of flow relation information display format algorithm. Second, by combining this algorithm and flow theory, a pattern algorithm was created according to the content information quality and the personality type of tourists. The expected effect of this study is to derive the success factors of the u-convergence information system by generating a pattern algorithm according to the flow relationship information display format and the tourist's personality type. The limitations of this paper are limited to one area, and objectivity is poor due to the lack of data and small area. In the future, it is necessary to evaluate the effectiveness through analysis after applying the method presented to other tourist destinations. Future tasks will need to be supplemented with data from expert groups and objectivity in various regions.

• The Korean Journal of Financial Management
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• v.25 no.1
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• pp.1-22
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• 2008

This study is to evaluate, to the extent to, which advanced currency futures and emerging currency futures markets can predict accurately the future spot rate. To this end, Johansen's the maximum-likelihood cointegration method(1988, 1991) is adopted to test the unbiasedness and efficiency hypothesis. Also, this study is to estimate and compare a quantitative measure of relative efficiency as a ratio of the forecast error variance from the best-fitting quasi-error correction model to the forecast error variance of the futures price as predictor of the spot price in advanced currency futures with in emerging currency futures market. Advanced currency futures is British pound and Japan yen. Emerging currency futures includes Korea won, Mexico peso, and Brazil real. The empirical results are summarized as follows : First, the unbiasedness hypothesis is not rejected for Korea won and Japan yen futures exchange rates. This indicates that the emerging currency Korea won and the advanced currency Japan yen futures exchange rates are likely to predict accurately realized spot exchange rate at a maturity date without the trader having to pay a risk premium for the privilege of trading the contract. Second, in emerging currency futures markets, the unbiasedness hypothesis is not rejected for Korea won futures market apart from Mexico peso and Brazil real futures markets. This indicates that in emerging currency futures markets, Korea won futures market is more efficient than Mexico peso and Brazil real futures markets and is likely to predict accurately realized spot exchange rate at a maturity date without risk premium. Third, this findings show that the results of unbiasedness hypothesis tests can provide conflicting finding. according to currency futures class and forecasts horizon period, Fourth, from the best-fitting quasi-error correction model with forecast horizons of 14 days, the findings suggest the Japan yen futures market is 27.06% efficient, the British pound futures market is 26.87% efficient, the Korea won futures market is 20.77% efficient, the Mexico peso futures market is 11.55%, and the Brazil real futures market is 4.45% efficient in the usual order. This indicates that the Korea won-dollar futures market is more efficient than Mexico peso, and Brazil real futures market. It is therefore possible to concludes that the Korea won-dollar currency futures market has relatively high efficiency comparing with Mexico peso and Brazil real futures markets of emerging currency futures markets.

• Management & Information Systems Review
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• v.36 no.4
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• pp.117-127
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• 2017

In recent times the size of the world IPO in general has skyrocketed. Specifically, China's financial market development is becoming important as both the size of China's capital market and the number of companies going public are gradually increasing. This has led to a rapid development of venture vapital(VC) institutions in China for the past couple of decades. This study focuses on one of the three markets of China's Shenzhen Stock Exchange-the Growth Enterprise Board((GEB) hereafter, ChiNext). The ChiNext is established in October, 2009 to enable hi-tech or high growth potential technology companies that find it relatively difficult to fulfil the listing requirements of either the Shenzhen Main Board or Small and Medium Size Enterprise Board(SMEB) to go public. This study covers a three-year period(2012/01/-2015/01) and analyze first day initial return of 83 venture capital-backed companies and 53 non-venture capital-backed companies using T-test. Regression analysis is used as to examine the variables affecting IPO's first-day return. The empirical results are four-fold. First, the level of first day return of venture-backed is significantly lower than non venture capital backed support in the Chinese venture capital market. Second, the level of first-day return of listed companies supported by foreign venture capital is significantly higher than that of companies receiving domestic venture capital support. Third, the firms that have a large number of venture capital firms showed a low level of first-day return. Fourth, regression result for the IPO first-day return which is as dependent variable indicates that the venture capital support(VCAP), number of venture capital(VCNum), offering size(Lnsize) and PER all affect have negative effect on the first day initial return. Also, the venture capital type(VCType), turnover ratio and the the firm type(Tech-firms) statistically affect IPO first day return positively. Finally, by shedding more light on the IPO first-day return, this paper provides meaningful information to investors about the Chinese IPO market.

• The Korean Journal of Financial Management
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• v.21 no.2
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• pp.27-63
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• 2004

Since the 1980s, many multinational corporations have been issuing stocks on foreign stock exchanges, not only to enhance their investor base and liquidity, but also to diversify risks. The phenomenon has also been intensified by the rapid financial globalization and securitization trends. The main purpose of this study is to look into the long-run performance of MNCs' cross-listings of stocks on foreign stock exchanges. We use the event study and cross-sectional regression methods. We obtained some interesting empirical results about the long-run effect of cross-listings. First before the listing data the effect of cross-listing is to increase the underlying stock Vice in the local market. It may be caused by expectation of lower risk and cost of capital. However, after the listing data the stock price has been declining, even if it is not significant. Second, we examine the difference in the long-run cross-listing effect, which may be caused by the listing direction. When listing is made from a less developed market to a more developed market, the effect is better than that in the reverse direction. Furthermore, the effect is worse, when the listing company's home country is the U.S. Third, there is a negative relation between CARs and underlying stock liquidity in the local market, So it implies that a firm, whose underlying stocks are very liquid in the local market should carefully value cross-listing based upon the cost and benefit analysis. Last, but not the least we find that the long-un cross-listing effect is better, when a listing firm's ROE is higher.

• Journal of Technologic Dentistry
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• v.17 no.1
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• pp.41-57
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• 1995

This study was conducted to collect and analyze previous information in order to manage efficience, improve experience effect and promote employment rate. The questionnaire interview with 27 chief of dental Laboratory refered clinical experience in technology department about clinical experience in 14 Jumior colleges were also investigated. The results were summarried as follows : The portion of age of 35-39 among chief of dental Laboratory was 40.7% which was the highest, that of male was 96.3%, that of junior college graduate was 97.5%, that of 10years experience was 92.6% and that of ceramic technician was 85.2%, 63.0% dental laboratory for clinical experience was a bore space of 30pyong. Aspect of dental laboratory management, manufacturing all part of prosthetic restoration was 29.6%, othodontic appliance and ceramic restoration was 7.4%, 3.8%, each. The percentage of 40.7 was having connection with 30-3a dental clinics and referring case per day was 10-19 cases(40.7%), manufacturing time of referred prosthetic restoration was 3-4 days(77.8%), places preparing seminar room for education was 29.6%, above a place of 40pyong was 11.1% 30-34 pyong and 35-39 pyong was 7.4% each. During training of 2 years education course student, 18.5% was rack of thorough occupational career. While 44.4% will want the more salary among 3years education course student, 74.1% will expect the more dental techmicians would engaged in their field, 51.9% will hope improve of their theory and practice, 29.6% be expected better skill and 14.8% be expected better theory. Attitude of clinical experience places was distributed by 59.3% of offering only experience chance, 25.9% of wasting time and 29.0% of annoying. The big emphasis of climical experience was thorough occupational career(44.4%). The clinical experience places of our college were selected after direct visiting, so their condition of management was not that bad but most of dental laboratory were poor in management state and working environment. Therefore it is difficult to choose appropriate places and dental Laboratory are also limited manpower and time as suppliers. So that it recommended to induce flexible management of experience period by interval and rotation of experience places among college and to applicate intern-system for employment ant industry-college cooperation aspect.

• Proceedings of the Korea Water Resources Association Conference
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• 2006.05a
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• pp.200-203
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• 2006

지역의 공간 분포가 내포된 고해상도의 지상강우량을 추정하기 위해서 강수와 구름 입자(고체와 액체)의 양과 성질을 반영한 기상레이더의 반사도(reflectivity) 자료로부터 지상강우강도로 환산하는 방법이 널리 이용된다. 반사도 (reflectivity) 자료로부터 지상강우강도로 환산하는 핵심은 Z-R 관계식으로, 이 Z-R 관계식의 매개변수 a와 b의 결정이 중요하다. 그러나, 지상우량 관측소에서 측정되는 강우량 자료는 지상에서 관측된 강우자료이나, 레이더에서 추정되는 강우량은 상공 (이 연구에서는1.5km)에서 관측한 반사도로 추정되는 값으로 이에 상응하는 오차를 줄이기 위하여 보정하는 기법이 이용된다. 수계내의 정확한 유출량을 모의계산하기 위하여 수문수치모형이 이용되며, 이의 보다 정확한 수치결과를 모의하기 위해서 레이더 강우추정을 사용하여 정확도를 높이고자 하는 연구가 진행 중이다. 이 연구에서는 기상청에서 운영하는 레이더 반사도 자료를 사용하여 용담/남강유역 내에서 2002-2004년의 집중호우에 대해 Z-R 관계식을 추정하고, 유역 내 평균 강우량과 지상관측 강우량의 비 (G-R비)를 이용한 공간적 특성을 고려한 보정을 함으로써 추정된 평균 강우량의 정확도를 향상시켰다. 이렇게 추정된 레이더 강우는 지상관측지점 강우만으로 보간 된 강우(gauge-only interpolation)와 비교 되어, 레이더강우의 정확성과 적용성이 수문모형에 적합한가를 평가해 보았다. 공간적 분포의 특성을 내포하며 강우예측 (Quantitative Precipitation Forecasting)에 이용될 수 있다는 잇점은 있으나, 레이더 강우 추정은 정확성과 적용성에 많은 의문점을 남긴다.리 전도도 값을 Gardner 식에 적용하여 1, 3, 5, 7kPa에서의 불포화수리 전도도 값을 17개 토양통을 대상으로 하여 구했다. 토양수분 potential이 3kPa에서는 물의 이동이 거의 없는 토양들이 있었는데 반해 남계통을 비롯한 학곡통, 회곡통, 백산통, 상주통, 석천통, 예산통 등 7개의 토양은 3kPa에서도 약간의 물의 이동이 있었다. 이는 모암이 화강 편마암인 관계로 토양 내에 물의 이동에 영향을 미치는 자갈의 함량이 높았기 때문일 것으로 생각되고 추후의 연구에서는 이 부분에 대한 내용도 검토되어야 할 것이다. 또한, 1kPa에서 물의 이동은 삼각통에서 35.21 cm/day로 이동 속도가 가장 컸으며 그 뒤로 예산통, 화봉통, 학곡통, 백산통 등이 토양에서 빠른 속도로 이동하였다. 가천통이나 석천통 및 우곡통은 1kPa에서의 이동 속도가 아주 느린 토양으로 판단되었다. 또한, 포화되지 않은 상태인 1kPa에서 물의 이동 속도를 VGM 모형에 의해 예측된 값과 측정된 값으로 비교하였을 때 불포화 수리 전도도가 예측되지 않은 토양(석천통, 지곡통, 풍천통)이 존재하여 불포화 수리 전도도 특성평가에 대한 VGM 모형의 적용성에 문제를 보였다. 이는 결과적으로 논이라는 영농형태가 존재하는 우리나라에서 토양의 수리적 특성해석을 위한 VGM 모형의 적용성에 한계가 있을 것으로 판단되었다.4일간의 기상변화가 자발성 기흉 발생에 영향을 미친다고 추론할 수 있었다. 향후 본 연구에서 추론된 기상변화와 기흉 발생과의 인과관계를 확인하고 좀 더 구체화하기 위한 연구가 필요할 것이다.게 이루어질 수 있을 것으로 기대된다.는 초과수익률이 상승하지만, 이후로는 감소하므로, 반전거래전략을 활용하는

• Proceedings of the Korea Water Resources Association Conference
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• 2006.05a
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• pp.457-461
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• 2006

비점원 농촌유역으로부터 강우시 영양물질(질소, 인)의 유출특성을 파악하기 위해 2002년부터 2005년까지 5개의 강우사상을 대상으로 $2{\sim}12$시간 간격으로 유량 및 수질을 측정하였다. 강우사상시 TN농도는 유량이 증가함에 따라 상승하여 최대농도를 보인 후, 유량감소에 따라 농도가 감소하는 경우와 초기농도보다 높은 농도로 유지되는 경우의 두 가지 경향을 보였다. TP농도는 유량의 증가에 따라 급격한 상승을 보였고, 최대 값 이후 농도가 낮아져 거의 초기농도에 도달하였다. 또한, 초기농도에 대한 최대농도값의 비는 TP가 TN보다 크게 나타났다. 농촌 소유역에서의 초기유출현상(first-flush)은 40%의 누적유출량을 나타낼 때 TP의 누적유출부하량은 $70{\sim}86%$를 기록하여, 도시유역(60%)과 광역논(50%)보다 크게 나타났는데, 이는 농촌 소유역이 경사가 크고 밭 등에서 강우로 인한 토양침식 등의 영향을 크게 받기 때문으로 사료된다. 4개의 강우사상에 대한 질소의 용존성 성분의 비(TN/TDN비)는 93.6%를 나타내 질소는 대부분 용존성 형태로 유출되는 것으로 나타났고, 인의 용존성 성분의 비(TP/TDP비)는 25.4%를 나타내 인의 대부분 입자성 형태로 유출되는 것으로 나타났다. 따라서, 비점원 농촌유역으로부터 TN부하를 저감시키기 위해서는 용존성 성분을 제공하는 비료의 시용량을 줄여야 하며, TP부하를 저감시키기 위해서는 강우시 입자성 인의 유출을 제어해야 한다. 이를 위해서는 비가 많이 오는 여름철에 나지(裸地)나 밭에 식생이나 멀칭(mulching) 등으로 토양침식을 방지하는 대책이나 하천변에 완충역(riparian buffer zone)을 설치하는 대책이 필요하다. 저수지 관리를 효과적으로 수행하기 위해서는 저수지 내부의 탁도 거동을 정확히 예측할 수 있어야 한다. 따라서 추후 동수역학 및 열역학에 기초한 3차원 수치모형 연구와 성층흐름에 정밀한 밀도류 실험연구 및 이에 대한 적용이 필요할 것으로 판단된다.함으로써 정보의 질적보장과 정보전환의 표준화방안을 제시하는 정보분석시스템이다.이용, 수자원의 지속적 확보기술의 특성에 따른 4개의 평가기준과 26개의 평가속성으로 이루어진 2단계 기술가치평가 모형을 구축하였으며 2개의 개별기술에 대한 시범적용을 실행하였다.하는 것으로 추정되었다.면으로의 월류량을 산정하고 유입된 지표유량에 대해서 배수시스템에서의 흐름해석을 수행하였다. 그리고, 침수해석을 위해서는 2차원 침수해석을 위한 DEM기반 침수해석모형을 개발하였고, 건물의 영향을 고려할 수 있도록 구성하였다. 본 연구결과 지표류 유출 해석의 물리적 특성을 잘 반영하며, 도시지역의 복잡한 배수시스템 해석모형과 지표범람 모형을 통합한 모형 개발로 인해 더욱 정교한 도시지역에서의 홍수 범람 해석을 실시할 수 있을 것으로 판단된다. 본 모형의 개발로 침수상황의 시간별 진행과정을 분석함으로써 도시홍수에 대한 침수위험 지점 파악 및 주민대피지도 구축 등에 활용될 수 있을 것으로 판단된다. 있을 것으로 판단되었다.4일간의 기상변화가 자발성 기흉 발생에 영향을 미친다고 추론할 수 있었다. 향후 본 연구에서 추론된 기상변화와 기흉 발생과의 인과관계를 확인하고 좀 더 구체화하기 위한 연구가 필요할 것이다.게 이루어질 수 있을 것으로 기대된다.는 초과수익률이 상승하지만, 이후로는 감소하므로, 반전거래전략을 활용하는 경우 주식투자기간은 24개월이하의 중단기가 적합함을 발견하였다. 이상의 행태적 측면과 투자성과측면의 실증결과를 통하여 한국주식시장에

• Environmental and Resource Economics Review
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• v.20 no.3
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• pp.531-565
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• 2011

All previous studies analyzing multivariate time series data of EUA (European Union Allowance) price commonly used endogenous variables within the four variables and included the period from April to June of 2006 in the analysis, when the price distortion occurred. This study uses graph theory and structural vector error correction model (SVECM) to analyze the daily time series data of the EUA (European Union Allowance) price. As endogenous variables, five variables are considered for the analysis, including prices of crude oil, natural gas, electricity and coal in addition to carbon price. Data period is Phase 2 period (April 21, 2008 to March 31, 2010) to avoid the EUA price distortion of Phase 1 period (2005~2007). Further, the monthly data including the economic variables as endogenous variables are analyzed.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.10 no.4
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• pp.877-886
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• 2009

Since 1982, the auditee have selected the auditor under market mechanism. Under the system on which the auditor have been chosen by client, there have been chances for opinion shopping, etc. To prevent those, some audit regulations have been introduced. Prior studies have documented the positive effect of these audit regulations. Those studies, however, had some limitations which they dealt with just short event period for empirical tests. This study examines the effect of Auditor Turnover Ratio on the Quality of Earnings using a sample of firms that were listed on Korea Exchange(KRX) from 1995 to 2004. The firms that change auditor frequently are expected to have low disclosure quality. The CEO with the incentives to manage or manipulate earnings could accomplish this purpose by replacing existing auditor with more friendly auditor, which could result in eventually lowering earning's quality of the firm. The result of empirical test shows that the accrual quality of firms which have high auditor turnover ratio are significantly lower than those of firms which have low ratio. This result is consistent with our hypothesis that the more frequently a firm changes auditor, the lower the quality of earning is. This evidence might give the implication to policy-making supervisor.