• 제목/요약/키워드: Exchange value

검색결과 1,033건 처리시간 0.025초

The Impact of Investor Sentiment on Energy and Stock Markets-Evidence : China and Hong Kong

  • Ho, Liang-Chun
    • 유통과학연구
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    • 제12권3호
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    • pp.75-83
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    • 2014
  • Purpose - The oil price affects company value, which is the present value of the expected cash flow, by affecting the discount rate and cash flow. This study examines the nonlinear relationships between oil price and stock price using the AlphaShares Chinese Volatility Index as the threshold. Research design, data, and methodology - Data comprise daily closing values of the Shanghai Stock Exchange Composite Index, Shenzhen Stock Exchange Composite Index, and Hang Seng Index of ChinaWest Texas Intermediate crude oil spot price and AlphaShares Chinese Volatility Index from May 25, 2007 to May 24, 2012. The Threshold Error Correction Model is used. Results - The results demonstrate different relationships between the stock price index and oil price under different investor sentiments; however, the stock price index and oil price could adjust to a long-term equilibrium the long-term causality tests between them were all significant. Conclusions - The relationship between the WTI and HANG SENG Index is more significant than the Shanghai Composites Index and Shenzhen Composite Index, when using the AlphaShares Chinese Volatility Index (ASC-VIX) as the investor sentiment variable and threshold.

Adsorption and Leaching of EPN in the Soil

  • Kim, Jung-Ho;Kam, Sang-Kyu;Park, Moon-Ki;Moon, Yung-Soo
    • 한국환경과학회:학술대회논문집
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    • 한국환경과학회 1999년도 임시총회 및 가을 학술발표회 초록집 The Korean Environmental Sciences Society
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    • pp.221-223
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    • 1999
  • The adsorption and leaching of organophosphorus pesticide, EPN are investigated in Namwon soil(black volcanic soil), Aewol soil(very dark brown volcanic soil) and Mureung soil(dark brown nonvolcanic soil) sampled in Cheju Island. The organic matter of Namwon soil, Aewol soil and Mureung soil is 19.8%, 6.2%, 2.4%, respectively. The cation exchange capacity of Namwon soil, Aewol soil and Mureung soil is 24.8 meq/100g, 13.0 meq/100g, 9.5 meq/100g, respectively. The Freundlich constant, K value, is 89.4, 26.9 and 9.25 for Namwon soil, Aewol soil and Mureung soil, respectively. The K value of Namwon soil with very high organic matter content and cation exchange capacity was the highest for Aewol soil and Mureung soil. The Freundlich constant, 1/n, show a high correlation with organic matter content, i.e., it is less than unity for organic matter rich soil of Namwon soil and greater than unity for organic matter poor soil of Mureung soil. The leaching of EPN is slower for Namwon soil with high K values, and faster for Mureung soil with low K values. The results of the study is demonstrated the potential of pollution for EPN have little leached into soil environment.

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평등전계에서 도전성 구형 입자의 운동 (Motion of Conductive Spherical Particle under Uniform Electric Field)

  • 임헌찬
    • 조명전기설비학회논문지
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    • 제25권8호
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    • pp.39-47
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    • 2011
  • The motion of a conductive spherical particle under uniform electric field is investigated in order to find a suitable method for removing the conducting solid impurities contained in liquid plastic. When the positive dc voltage applied to the upper electrode, the vertical up-and-down motion of a charged particle by electrostatic force is observed by a charge-coupled device (CCD) camera or a high-speed video camera. The experimental data of the static threshold voltage by which the particle starts to move toward the counter electrode in air or silicone oil are in good agreement with theoretical value. When the applied voltage is larger than the static threshold voltage, the particle motion pattern in silicone oil consists of four stages: upward motion, stopping at the upper electrode, downward motion and stopping at the lower electrode. The stopping motion on the electrode is thought to be caused by the liquid flow accompanied by the particle motion. The particle charge calculated by integrating the pulse current, which is generated by the charge exchange between the electrode and the particle, is approximately 0.1~0.25 times of the theoretical value. This study is expected to help understand the electric properties of microparticles in oil circuit breaker (OCB) and oil transformer and improve their performance and longevity.

A Study on Unfolding Asymmetric Volatility: A Case Study of National Stock Exchange in India

  • SAMINENI, Ravi Kumar;PUPPALA, Raja Babu;KULAPATHI, Syamsundar;MADAPATHI, Shiva Kumar
    • The Journal of Asian Finance, Economics and Business
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    • 제8권4호
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    • pp.857-861
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    • 2021
  • The study aims to find the asymmetric effect in National Stock Exchange in which the Nifty50 is considered as proxy for NSE. A return can be stated as the change in value of a security over a certain time period. Volatility is the rate of change in security value. It is an arithmetical assessment of the dispersion of yields of security prices. Stock prices are extremely unpredictable and make the investment in equities risky. Predicting volatility and modeling are the most profuse areas to explore. The current study describes the association between two variables, namely, stock yields and volatility in equity market in India. The volatility is measured by employing asymmetric GARCH technique, i.e., the EGARCH (1,1) tool, which was used in building the study. The closing prices of Nifty on day-to-day basis were used for analysis from the period 2011 to 2020 with 2,478 observations in the study. The model arrests the lopsided volatility during the mentioned period. The outcome of asymmetric GARCH model revealed the subsistence of leverage effect in the index and confirms the impact of conditional variance as well. Furthermore, the EGARCH technique was evidenced to be apt in seizure of unsymmetrical volatility.

Sharia Banking Stability Against Macroeconomic Shocks: A Comparative Analysis in the ASEAN Region

  • ZAHRA, Siti Fatimah;MURDAYANTI, Yunika;AMAL, Muhammad Ihlashul
    • The Journal of Asian Finance, Economics and Business
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    • 제8권4호
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    • pp.151-159
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    • 2021
  • This study aims to compare the level of stability of the Islamic banking system in the ASEAN region, particularly in Indonesia, Malaysia and Brunei Darussalam in the face of macroeconomic turmoil. The data used in this study is secondary data obtained from the official website of the government and banks of each country, with sampling using purposive sampling technique during the period 2013 to 2019. The data analysis method used is panel data using Eviews software. The results showed that the average Z-score value of Islamic banking during the study period in each country was Indonesia (15.61), Malaysia (15.56) and Brunei Darussalam (19.10). The GDP (X1) has a positive effect on the stability of Islamic banking by 54.29%, inflation (X2) has a negative effect of -12.24% on the stability of Islamic banking, and the exchange rate (X3) has a positive effect on the stability of Islamic banking by 42.58%. The findings of this study indicate that the three countries have an average Z-score value that is higher than 2.99, so this shows that Islamic banking in several ASEAN countries is in a stable condition. In addition, a higher GDP and a stronger exchange rate can also encourage a more stable Islamic banking.

Factors Influencing Environmental Disclosure: A Case Study of Manufacturing Companies in Indonesia

  • FUADAH, Luk Luk;SAFTIANA, Yulia;KALSUM, Umi;ARISMAN, Anton
    • The Journal of Asian Finance, Economics and Business
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    • 제8권9호
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    • pp.23-33
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    • 2021
  • The main objective of this research is to examine the effect of organizational culture, environmental uncertainty, and manager's personnel value on environmental disclosure through the environmental organizational structure of manufacturing companies on the Indonesia Stock Exchange. This research uses the structuration and contingency theory. The sample in this study focused on the level of heads or managers or directors of manufacturing companies listed on the Indonesia Stock Exchange. The research data was obtained through an online questionnaire distributed to heads or managers. The total sample of this study is 161 manufacturing companies. The data comprising of 64 respondents was completed and can be processed. Empirical testing used Structural Equation Modeling (SEM) through Partial Least Square (PLS). The result shows that environmental uncertainty and management personnel value have a positive effect on the environmental organizational structure, as well as the environmental organizational structure has a positive effect on the environmental disclosure. However, organizational culture has no effect on the environmental organizational structure. This research can provide benefits for manufacturing companies. The limitation include the low level of response from the respondents. Also the results cannot be generalized due to its specific focus on the manufacturing companies.

한정 용량 차량 경로 탐색 문제에서 이분 시드 검출 법에 의한 발견적 해법 (The Bisection Seed Detection Heuristic for Solving the Capacitated Vehicle Routing Problem)

  • 고준택;유영훈;조근식
    • 지능정보연구
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    • 제15권1호
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    • pp.1-14
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    • 2009
  • 본 연구에서는 한정 용량 차량 경로탐색 문제(CVRP, Capacitated Vehicle Routing Problem)에서 이분 시드 검출 방법(Bisection Seed Detection)을 이용한 휴리스틱 알고리즘을 제안하였다. 이 알고리즘은 3단계로 구성된다. 1단계에서는 improved sweep 알고리즘을 이용해서 초기 클러스터를 구성한다. 2단계에서는 1단계에서 얻은 각 클러스터에 대하여 이분 시드 검출 법을 이용해서 seed 노드를 선택하고, regret 값에 따라 각 경로에 고객 노드들을 삽입 함으로서 차량 이동 경로를 생성한다. 3단계에서는 tabu 탐색 방법과 노드 교환 알고리즘(node exchange algorithm)을 이용하여 2단계에서 얻어진 각 경로를 더욱 향상 시킨다. 본 논문의 실험에서는 제안된 휴리스틱이 비교적 빠른 시간 내에 최적 근사 값을 얻을 수 있음을 보였으며, 이는 빠른 실행 시간을 요구하는 실 업무에 유용하다.

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XML기반의 EDI 문서교환을 위한 미들웨어 설계 및 구현 (Design and Implementation of Middleware supporting translation of EDI using XML)

  • 최광미;박수영;정채영
    • 정보처리학회논문지B
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    • 제9B권6호
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    • pp.845-852
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    • 2002
  • EDI를 이용한 전자문서 처리는 별도의 전용 소프트웨어와 부가가치망을 이용해 문서를 교환하게 되는데, 전용 소프트웨어의 사용은 새로운 문서에 대한 변경이 필요하며, 부가가치망의 사용은 문서교환과 유지보수에 많은 비용이 소요된다. 이러한 문제점 때문에 VAN 기반의 기존 EDI가 웹기반의 EDI로 옮겨지고 있다. 본 논문에서는 JDBC 브리지를 이용하여 두개의 관계형 데이터베이스에 존재하는 EDI 메시지를 XML로 변환하는 기법을 제안한다. 변환된 XML 파일을 사용하여 스키마를 그대고 복구하는 동시에 정의된 테이블에 원래 레코드를 그대로 삽입하는 방범을 제시하였다. 이는 동일한 데이터베이스 관리시스템을 사용해야 한다는 전제조건을 필요로 했던 기존방식을 탈피했으며, 전자문서 교환시 환경에 따라 정상적으로 동작하지 않았던 경우의 문제점을 극복했다.

가수분해에 의한 AN-co-(MMA(IA) 다관능성 섬유이온교환체의 합성 및 미랑 전이금속 흡착특성 (Synthesis of Multifunctional AN-co-(MMA/IA) Fibrous ion-exchanger by Hydrolysis and Adsorption Properties for Trace Transition Elements)

  • 황택성;이선아;황계순
    • 폴리머
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    • 제25권6호
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    • pp.765-773
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    • 2001
  • 본 연구에서는 수중의 $Co^{2+}$, $Ni^{2+}$ , $Cr_2O_7\;^{2-}$등의 유해이온을 선택적으로 흡착 제거시키기 위하여 단량체의 몰비를 달리하여 AN-co-(MMA/IA)를 합성하고, 습식방사에 의해 제조한 PAN 섬유를 산가수분해하여 PAN계 다관능성 이온교환섬유를 합성하였다. 또한 합성한 이온교환섬유의 구조, 관능화도, 이온교환용량, 분포계수. 기계적 물성 등을 시험하였다. 이온교환체의 음이온교환 용량은 IA의 mole 함량이 증가함에 따라 4.5~4.2 meq/g으로 감소하고, 양이온교환용량은 1.8-2.2 meq/g으로 증가하는 경향을 보였다. 인장감도는 공중합체 내에 IA의 함량이 0.008 mol%까지 증가하여 216 $kg/cm^2$로 최대값을 나타냈고, AN-co-(MMA/IA) 이온교환체의 분포계수 측정 결과 Co(II)와 Ni(II)는 pH 5-6영역에서 최대를 보였고, Cr(III)는 pH 3-4에서 최대값을 나타냈다. 또한 다성분 계상에서의 연속식 흡착 실험에서 Cr(III > Co(II) > Ni(II)의 순으로 선택능을 나타냈다.

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군산항의 평균 열속 (Mean Heat Flux at Gunsan Harbor)

  • 최용규;조영조;최옥인;양원석
    • 한국수산과학회지
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    • 제36권5호
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    • pp.535-540
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    • 2003
  • Based on the monthly weather report of Korea Meteorological Administration (KMA) and daily sea surface temperature (SST) data from National Fisheries Research and Development Institute (NFRDl) (1991-2001), mean heat fluxes were estimated at the Gunsan harbor Net heat flux was transported from the air to the sea surface during March to early September, and it amounts to $125\;Wm^{-2}$ in average daily during May to June. During the middle of September to February, the transfer of net heat flux was conversed from the sea surface to the air with $-125\;Wm^{-2}$ in mininum value in October. Short wave radiation was ranged from 50 to $248\;Wm^{-2}$ showing maxima in April to June. Long wave radiation was ranged from 25 to $92\;Wm^{-2}$ with mininum value in June to July. Sensible heat flux denoting negative values in April to August was ranged from -30 to $72\;Wm^{-2}.$ Latent heat flux was ranged from 15 to $82\;Wm^{-2}$ with maxima in August to September. The phase of heat exchange was changed from cooling to heating in the end of February, and from heating to cooling In the beginning of September. The advective term of heat flux showed minima in April to June and maxima in November. The ratio of temperature variations was 1.37 in the sea surface process and the horizontal process by advection. This indicates that the main factor in variation of temperature at Gunsan harbor is the heat exchange process through the sea surface from the air.