• The Korean Journal of Financial Management
• /
• v.8 no.1
• /
• pp.139-153
• /
• 1991

This paper examines the pecuniary effects stemming from insider trading in the equities of firms targeted for acquisition. Illegal exchanges by those having advantageous information are found to result in excessive returns to stockholders of the sought firms. However, unusual market activities are not typical immediately subsequent to the illegal trading date, suggesting that nonpublic information is synthesized by market mechanisms with sufficient speed so that others cannot profit by imitating the better informed traders. The obtained evidence does not support the contention that insider trading on nonpublic information harms the outsider stockholders of involved firms.

• The Korean Journal of Financial Management
• /
• v.22 no.2
• /
• pp.135-164
• /
• 2005

We analyze trade and balance records of 10,000 stock investment accounts of individual investors for the period of 1998 to 2003. Individual investors em an annual gross return of 12.3% while the KOSPI and the value weighted composite including KOSDAQ stocks yield 13.6% and 9.7% respectively during the same period. Net return performance is 8.3%, a drop of 5.3% mainly due to heavy trading. Individual investors' annual turnover amounts to over 270 percent. In an analysis of groups formed on the month's end position value, the performance of the top quintile is found comparable to the market while the rest yield significantly lower risk-adjusted returns than the market. We also find evidence rejecting the rational expectation model while supporting the overconfidence hypothesis which states overconfidence leads to a higher level of trading, resulting in poor performance. Individuals tilt their stock investment toward high-beta, small, and value stocks.

• International Commerce and Information Review
• /
• v.13 no.3
• /
• pp.543-564
• /
• 2011

In the process of managing organization, the strategic decision-making and corporate performance are not independent, but they are interdependent each other. In most Korean firms, decision-making power and authority are concentrated on the higher echelons of managerial hierarchies. Examining big five trading conglomerates in Korea, this present paper investigates the relationship between strategic decision-making and a corporate performance. Although a number of review studies on Korean management have been developed over the years, there have been less works designed with decision making in mind. In order to achieve research objectives, this paper predicted some hypotheses, and the major findings include: 1) the influence of Korea's long-standing Confucian tradition and culture dominated across organizations, there have not been significant changes in decision-making process within big five trading firms; 2) top executives' excessive involvement in decision-making process does not hinder corporate performance. This result implies that the decision power is still tended to be centralized in the hands of the top management. 3) However, the power of Board of Directors in decision-making has become increasingly important; and 4) decision makers do not tend to misuse or abuse their political position and power for their own interests.

• International Commerce and Information Review
• /
• v.7 no.4
• /
• pp.135-156
• /
• 2005

Since July 7 mutual declaration in 1988 which is a landmark for South-North Korean relations, Inter-Korean Trade has been set out. During the period, the Inter-Korean Trade has been ups and downs depending on the Inter-Korean relations and economic situation of both countries. South Korea became one of the major three trading countries of North Korea's trading partners in 2000, when the sum of annual trade volume reached the record 425million US dollars. A rapidly increasing number of countries including North Korea are developing national policies and strategies to promote the digital economy, recognizing the potential benefits of e-business as an engine of growth and development. However, the trade structure of South-North Korea remains very simple in terms of its contents. Furthermore trade procedure many limitations especially electronic commerce in North Korea has many obstacles to working properly. The information in Inter-Korean trade cannot be shared in common. South Korean firms have suffered repeatedly trial and error and excessive competition took place among South Korean firms. Institutional inertia related to mutual trade, political and military Impacts on Inter-Korean economic relations, abnormal industrial structure of North Korea and insufficiency of SOC could be mentioned as major problems in Inter-Korean trade as well. Several measures should be taken in order to cope with those problems. First of all, South Korean government should provide valuable information to business firms about North Korean economy and business environments. It is suggested that forums related to inter-Korean trade hold in regular base between South and North Koreas and establish the system of business information sharing. Second, the government should improve various laws and regulations to respond to the realistic needs of inter-Korean trade. That is, detailed measures should be taken to guarantee investment in electronic commerce. Third, it is desirable to start with the mutual agreement between South and North Korea.

• Journal of the Korean Data and Information Science Society
• /
• v.20 no.6
• /
• pp.1049-1060
• /
• 2009

The expansion of volatility in Korean Stock Market made it more difficult for the individual to invest directly and increased the weight of indirect investment through a fund. The purpose of this study is to construct the EIF(enhanced index fund) model achieves an excessive return among several types of fund. For this purpose, this paper propose portfolio optimization model to manage an index fund by using GA(genetic algorithm), and apply the trading amount and the closing price of standard index to earn an excessive return add to index fund return. The result of the empirical analysis of this study suggested that the proposed model is well represented the trend of KOSPI 200 and the new investment strategies using this can make higher returns than Buy-and-Hold strategy by an index fund, if an appropriate number of stocks included.

• Journal of the Korean Society of Costume
• /
• v.63 no.8
• /
• pp.188-208
• /
• 2013

This study aims to find out factors of historical specialty and cultural ethnicity that influenced the formation of Spanish fashion as well as examine the characteristics of Spanish fashion by comparing its historical costumes, such as folk costume and court costume with contemporary fashion of major Spanish designers in the 20th century. Documental investigation and analysis of visual materials were used as research method. The study results are as follows: The major factors that affected the characteristics of Spanish fashion in the history include the geographical features, invasion of foreign nations, cultural heritage of various ethnic groups, strengthening of the national power, advancement of international trading through the newly developed routes, and influence of religions such as Christianity, Islam, and Judaism. Featuring the coexistence of variety and heterogeneity, the ethnicity reflected in the culture harmoniously embraces various spirits such as conflict and coexistence, individualism and collectivism or regionalism, and exclusion and tolerance of religions. In addition, the characteristics in the cultural phenomena include passion, sensuousness, individualism, sense of reality, sense of chic, and the people-centeredness. The basic Characteristics of Spanish fashion include the sensuality of excessive zeal, decorativeness of gorgeous handicrafts, exoticism of people-centered variety, extreme contrast of harmony, touching artistry of chic, and fantastic surrealistic wits.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.12
• /
• pp.555-564
• /
• 2020

The purpose of this study is to analyze the efficiency of research institutes of futures companies, and to promote the development of futures market and real economy. This study employs DEA-solver software to conduct super-efficiency data envelopment analysis (SE-DEA), and also selects 40 representative futures research institutes in China as decision-making units (DMUs). For data of input and output indicators, we collect from the China Futures Association, Futures Daily, Hexun.com and Webstock.com respectively, and the time duration is the 103 trading days between from October 2019 to February 2020. Then the indicator for the strategy accuracy rate is calculated separately by analyzing the strategies published by each DMUs in public media. In conclusions, most institutes have excessive investment in human resources, and also have insufficient strategy accuracy rate and insufficient published research reports. The findings of this study suggest that Chinese futures companies need to improve the efficiency of research institutes, and better meet the demand of the financial market. In fact, the analysis of the efficiency of the futures company research institute has not been found in the literature worldwide, Application of DEA model in efficiency analysis of securities and futures research institutions and establishment of indicators are the innovations of this paper.

• Journal of Information Technology Services
• /
• v.5 no.2
• /
• pp.125-136
• /
• 2006

In general, the distribution structure of marine products is very vulnerable to the uncertainties in the process from the production to the sale, and a lot of difficulty is thus inevitable in the supply control. Such a distribution structure is a very critical issue in securing the suability of marine products through systematic quality and hygiene control of marine products, and it is thus time to discuss the method to innovate and restructuring the distribution structure of marine products. From this point of view, this study approached the flow from production to consumption in view of SCM(supply chain management) beyond the partial discussion conducted so far for the distribution structure in the field of marine products. Further, this study suggested the establishment of electronic commerce systems with a traceability system built in RFID for marine products as an alternative of redesigning distribution infrastructure in the ubiquitous environment. From the results, we assured that such an electronic commerce system would be a new measure to improve the structure currently causing inefficiency and excessive distribution cost for the distribution structure of marine products.

• Journal of the Korean Vacuum Society
• /
• v.13 no.4
• /
• pp.182-188
• /
• 2004

Previous studies on the liquid Gallium ion sources used an electro-chemically etched tungsten wire with a coil-type heater. Such a structure requires excessive power consumption in the course of heating the liquid metal. In this work, a new structure is proposed that replaces the coil-type heater. It uses a Gallium reservoir made of six pre-etched 250$\mu\textrm{m}$ tungsten wires that surround the needle electrode. Gallium trading at the reservoir is observed to be much more stable, resulting in an improved beam stability.

• Journal of the Korean Society of Food Culture
• /
• v.19 no.4
• /
• pp.429-434
• /
• 2004

Diet effect of separated-purified phytosterol, obtained from soybean scum, in rats during 4 weeks was as follows. At this experiment, checking points were plasma lipids and glucose concentration as well as insulin level in plasma, pancreas and femur. Purity of above phytosterol was 68.3%, and composition was capesterol 21%, ${\beta}$-stigmasterol 62.3%, sitosterol 11.0% and unknowns 5.8%, respectively. Triglyceride, total cholesterol and phospholipids content was decreased as increasing of phytosterol amount($0{\sim}3%,\;w/w$). But excessive treatments more than 3% there was no any additional effect. From these experiment optimum amount of phytosterol level was around 3%(w/w). But phytosterol treating didn't show any effects on the changes of carbohydrate relative tissues like plasma glucose concentration as well as insulin level in plasma, pancreas and femur.