• East Asian Economic Review
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• v.20 no.1
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• pp.37-65
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• 2016

This research intends to investigate the progress made in East Asian bond market integration thus far. Price-based measures (AAD indicator and beta-convergence measure), quantity-based measures and econometric techniques (co-integration test, error correction model based Granger causality test) are employed in the analysis. Even though East Asian government bond markets have become more integrated since 2001, the differentials among the markets still remain significantly high. The bond market integration process seems slow. The convergence of bond markets sped up in 2003 and after the 2008 world financial crisis, implying the important role of government policies in integrating the regional bond markets. East Asian bond market integration may need more government-directed measures.

• Journal of Dairy Science and Biotechnology
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• v.23 no.2
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• pp.161-166
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• 2005

In 1967, cheese was first produced with small scale of mozzarella cheese in Korea. The processed cheese market was highly grown after putting on the market of sliced cheese in the late 1980's, and the various products that complied with well-being trends such as organic and high functional cheese have been produced in the 2000's. The natural cheese opens up a new domestic market after producing camembert and brie cheese in the end of 2004. At present. the cheese market is expanded with differentiated products such as high value added and high functional cheese. The size of domestic cheese market remains about 200 billion won, but it is expected to go over a trillion won on account of growing preference of natural cheese with well-being trends. To promote domestic cheese industry, differentiation policy of raw milk price for cheese, diversification of cheese products, financial support to farm-made cheese industry and automation and processing development to improve productivity should be taken into account in the future in Korea.

• Journal of the Korean Home Economics Association
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• v.49 no.8
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• pp.37-46
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• 2011

Using the 1987-2008 quarterly aggregated data of the Household Income and Expenditure Survey, this study investigated the factors influencing household saving rate. The independent variables in the AR regression model were the GDP growth rate, shares of the total household expenditure allocated to tax & social insurance, and education, the variables reflecting the conditions of the asset market including interest rate, stock market index, and real estate price index, and the variables representing the social economic conditions including the index of aging and income inequality. Among the independent variables interest rate, stock market index, and income inequality were found to be significantly associated with the household saving rate. These results suggested that the redistribution and financial market policies favorable to savers may be effective for raising the household saving rate.

• Journal of Korea Port Economic Association
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• v.19 no.2
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• pp.111-139
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• 2003

In this paper, the unbiasedness hypothesis cannot be rejected for JPY. It means that Japanese forward exchange market is efficient. This implies that there would not be an unusual profit from speculation. However, the unbiasedness hypothesis can be rejected for THB, HKD, IDR. It means that Asian forward exchange market is inefficient. This implies that there would be an unusual profit from all available information. This suggests that forward exchange rates cannot be an unbiased estimator of future spot exchange rate. This result explains that the actual pricing for forward rate is not based on the international financial market's pricing mechanism of interest rate parity theory, but rather depends upon that simple market expectations and aspirations.

• Knowledge Management Research
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• v.20 no.1
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• pp.195-213
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• 2019

This paper investigates the effects of firms' foreign market focus on the optimistic bias of analysts' earnings forecasts. Based on a sample of 852 U.S. manufacturing firms between 1994 and 2015, our empirical results suggest that higher growth of foreign market focus is associated with greater levels of analysts' forecast optimism. Drawing on the CEO career horizon and the upper echelon theory literature, we find evidence that CEOs' career horizon and functional background as a CFO moderates the relationship between the growth rate of foreign market focus and analysts' forecast optimism. This shows that while financial analysts perceive internationalization strategies as signaling growth potential, such perception can vary depending on CEOs' individual characteristics.

• Asia-Pacific Journal of Business
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• v.10 no.3
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• pp.37-51
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• 2019

In this paper, we investigate the performance of anomaly factors in Asia-Pacific Stock market and show the higher Sharpe ratio of the volatility managed smart beta portfolio. The smart beta portfolio combines the benefit of passive strategy and active strategy. However, the smart beta portfolios are seems to be exposed to the risk of anomaly factors from the perspective of traditional financial equilibrium model. Therefore, the smart beta strategy may generate negatively skewed returns unappealing to investors having lower risk tolerance. Our empirical investigations find that the return of the Asia-Pacific region stock market is more volatile than other regions with the lower efficiency ratio. However, the value factor and the momentum factor of Asia-Pacific region both show good performances. More interestingly, we also find that managing the volatility of the momentum factor in Asia-Pacific stock market almost doubles the efficiency ratio.

• Soft Computing and Machine Intelligence
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• v.1 no.1
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• pp.11-23
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• 2021

House price prediction is a significant financial decision for individuals working in the housing market as well as for potential buyers. From investment to buying a house for residence, a person investing in the housing market is interested in the potential gain. This paper presents machine learning algorithms to develop intelligent regressions models for House price prediction. The proposed research methodology consists of four stages, namely Data Collection, Pre Processing the data collected and transforming it to the best format, developing intelligent models using machine learning algorithms, training, testing, and validating the model on house prices of the housing market in the Capital, Islamabad. The data used for model validation and testing is the asking price from online property stores, which provide a reasonable estimate of the city housing market. The prediction model can significantly assist in the prediction of future housing prices in Pakistan. The regression results are encouraging and give promising directions for future prediction work on the collected dataset.

• Korea Journal of Hospital Management
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• v.11 no.3
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• pp.19-41
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• 2006

The Objective of this study was to design the model which predict the future cash flow of hospitals and on the basis of designed model to support sound hospital management by the prediction of future cash flow. The five cash flow measurement variables discussed in financial accrual part were used as variables and these variables were defined as NI, NIDPR, CFO, CFAI, CC. To measure the cash flow B/S related variables, P/L related variables and financial ratio related variables were utilized in this study. To measure cash flow models were designed and to estimate the prediction ability of five cash flow models, the martingale model and the market model were utilized. To estimate relative prediction outcome of cash flow prediction model and simple market model, MAE and MER were used to compare and analyze relative prediction ability of the cash flow model and the market model and to prove superiority of the model of the cash flow prediction model, 32 Regional Public Hospital's cross-section data and 4 year time series data were combined and pooled cross-sectional time series regression model was used for GLS-analysis. To analyze this data, Firstly, each cash flow prediction model, martingale model and market model were made and MAE and MER were estimated. Secondly difference-test was conducted to find the difference between MAE and MER of cash flow prediction model. Thirdly after ranking by size the prediction of cash flow model, martingale model and market model, Friedman-test was evaluated to find prediction ability. The results of this study were as follows: when t-test was conducted to find prediction ability among each model, the error of prediction of cash flow model was smaller than that of martingale and market model, and the difference of prediction error cash flow was significant, so cash flow model was analyzed as excellent compare with other models. This research results can be considered conductive in that present the suitable prediction model of future cash flow to the hospital. This research can provide valuable information in policy-making of hospital's policy decision. This research provide effects as follows; (1) the research is useful to estimate the benefit of hospital, solvency and capital supply ability for substitution of fixed equipment. (2) the research is useful to estimate hospital's liqudity, solvency and financial ability. (3) the research is useful to estimate evaluation ability in hospital management. Furthermore, the research should be continued by sampling all hospitals and constructed advanced cash flow model in dimension, established type and continued by studying unified model which is related each cash flow model.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.13 no.5
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• pp.2096-2109
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• 2012

This study investigates empirical issues that have received little attention in the previous research in the Korean capital market. It is to find any financial determinants on the capital structure for the firms listed in the KOSDAQ(Korea Securities Dealers Automated Quotation). Another test is performed to find any possible discriminating factors by utilizing a robust methodology, which may distinguish between the firms belonging the 'prime section' and the 'venture section' in terms of their financial aspects. Moreover, the null hypothesis that the changing trend or movement of a firm's capital structure with respect to its industry mean (or median) may be random, is also tested. For the book-value based debt ratios, size(INSIZE), growth(GROWTH), Market to book value of equity(MVBV), volatility(VOLATILITY), market value of equity (MVE) and section dummy (SECTION) showed their statistically significant effects on the book-value based leverage ratios, respectively, while size(INSIZE), growth(GROWTH), market value of equity(MVE), beta(BETA) and section dummy (SECTION) showed their statistically significant effects on the market-value based leverage ratios. This study also found an interesting result that a firm belonging to each corresponding industry has a tendency for reversion toward its mean and median leverage ratios over the five-year tested period.

• Management & Information Systems Review
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• v.30 no.4
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• pp.359-383
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• 2011

One of the representative prudential regulations is the capital regulation. The current regulation and international criteria are just simply adding up the market risk and credit risk. According to the portfolio theory due to diversification effect the total risk is less than the summation of market and credit risk. This paper investigates to verify the existence of diversification effect in measuring the integrated risk of financial firm by the copula function, which is combine the different distribution maintain their propriety. The result of the test shows that in measuring the integrated risk not only the correlation and but also the proprieties of market and credit risk distribution are very important. And the tail of risk distribution is important when measuring the economic capital, especially the external impact to the financial market. This paper's contribution is that the empirical evidence in considering the relationship between market and credit risk the integrated risk is less than sum of them.