• International Area Studies Review
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• v.21 no.4
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• pp.223-245
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• 2017

This study is examined interaction between carbon market with stock market using a multivariate GARCH(DCC) model. Carbon market is EU ETS EUA price, stock market is the iron and cement stock price which has relatively energy intensive and massive carbon emissions sector in the industrial sector. It also analyzed changes in the correlation between the markets through an analysis of correlation coefficients. Moreover, it checked whether there was marketability expansion(or expansion of carbon emissions reduction) through the analysis above. As a result of empirical tests, it showed that the price spillover effect was insignificant. In addition, it represented that there was a weak correlation between the two markets since the volatility spillover effect disappeared in the second phase by an external shock(a financial crisis). Moreover, it was revealed that there were no significant changes although there was a weak upward trend in terms of the correlation between the carbon market and the stock market. This implies that emission rights could not expand marketability to financial market as a commodity(or did not play its natural role of the reduction of carbon emission).

• Journal of Korean Society for Quality Management
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• v.27 no.3
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• pp.51-66
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• 1999

This paper empirically investigates the impact of winning a quality award by investigating the rate of return of a firm's stock in the stock market, and by analyzing the contribution and effectiveness to a firm's competitiveness. It also compares the effect of firms winning MB(Malcolm Baldrige) award with that of firms winning Korean quality awards on the stock market. A comparative method is used to analyze the change of award-winning firms'rate of return and then they are classified by time-series, cross-sectional, firm's size, award agency, and the year of receiving the award. The number of firms employed in this study is 74, however, multiple award-winning firms are included in the analysis, which increased the sample size to 118. Results indicate that Korean quality awards improve an award-winning firms'market value but not as much as the MB award did.

• Journal of the Korean Operations Research and Management Science Society
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• v.36 no.1
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• pp.57-68
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• 2011

This paper examines how multiple performance feedbacks influence firm's technological search, using two types of indicators : accounting-based performance and market-based performance. Also we investigate how CEO's attention shift depends on firm specific factors such as firm size and outsider ownership. For empirical analysis, we utilized financial data on 675 manufacturing firms in Korea during the period between 1998 and 2009. The results show that technological search based on accounting-based performance feedback is moderated by focal firm's size. However, as outsider ownership increases, technological search increases in response to market-based performance feedback.

• Journal of Distribution Science
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• v.13 no.6
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• pp.17-23
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• 2015

Purpose - Transnational corporations (TNCs) have influenced drastic changes (financial services, manufacturing, labor, technology transfer) in Central Eastern Europe (CEE). This paper examines the indirect changes in the CEE pattern of industrial development and market distribution. Research design, data, and methodology - Over 25 years, neighboring (or rival) countries competed to attract TNCs as a double-edged strategy for privatization and debt reduction. Through their experience attracting foreign direct investment (FDI), many countries started to reflect aspects of national capitalism. Countries also began to realize in 2010 that TNCs sought to enter markets with more favorable conditions for export-oriented manufacturing. Results - The analysis reveals that TNC investment strategies were aimed at eliminating local competition to acquire industrial "brown fields" to convert into "green fields." CEE countries have since strengthened their national systems and the support of large-scale state-owned enterprises and small and medium-sized start-up enterprises. Conclusions - CEE has changed based on industrial development and a regional structure of TNC market distribution and associated government policies. The pattern toward flexible markets gives countries the ability to further their economies.

• Journal of Marine Bioscience and Biotechnology
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• v.3 no.1
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• pp.38-41
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• 2008

Fish is a major source of protein for the Senegalese population. Fishing plays a dominant role in the Government's policy towards generating employment. It currently generates about 100,000 direct jobs (fishermen) for nationals, of which more than 90% are in small-scale fishing. The fishing industry also contributes to Government revenue through different agreements. In addition to associated dues, fishing agreements imply a series of economic, trade and technical counterparts. Under the latest fishing agreement concluded by Senegal and the European Union (1997-2001), direct financial compensation amounts to about CFAF 32 billion. Despite its economic and social importance, the sector has to face serious disequilibria both in resource exploitation and market supply: the coastal demersal (deep lying fish) stocks with high market value (mostly exported) are fully and even over-exploited, with a serious risk of local market supply shortages looming ahead as the fishing effort shifts from locally consumed species to export-oriented ones.

• Journal of the Korean Physical Society
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• v.73 no.10
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• pp.1431-1436
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• 2018

We study the scaling of the price fluctuation in the Korean housing market. From the numerical analysis, we show that the normalized return distribution of the housing price, P(r), has a fat-tail and is well approximated by a power-law, $P(r){\sim}r^{-({\alpha}+1)}$, with ${\alpha}{\simeq}3$ for the whole data set. However, if we divide the data into groups based on the trading patterns, then the value of ${\alpha}$ for positive tail and negative tail can be different depending on the trading patterns. We also find that the autocorrelation function of the housing price decays much slower than that of the stock exchange markets, which shows a unique feature of the housing market distinguished from the other financial systems.

• International Journal of Internet, Broadcasting and Communication
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• v.15 no.4
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• pp.279-293
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• 2023

This study investigates network effects to measure how strongly the early adopters affect the brand choice of the potential consumer. By using the Gumbel-Hougaard (GH) copula, this study checks the magnitude of network effects varied from country to country. To consider consumer heterogeneity and network effects in the growth market, this study proposes the multi-brand Gamma/Shifted-Gompertz (m-G/SG) model based on the GH copula. Out of eighteen Western European cellular phone market data and South Korea smartphone data sets, the m-G/SG model provides an improvement in the estimation accuracy over the Libai, Muller, and Peres model. The results show that network effects enhance (i) the polarization of brand choice probabilities as time elapses; (ii) the dominance of the more preferred and the earlier entered brand; and (iii) the deceleration of category-level diffusion. Potential followers can analyze their relationship with earlier entrants through the m-G/SG model and also establish an optimal market entry strategy.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.10
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• pp.4359-4368
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• 2011

Among several macroeconomic missteps blamed for the recent global financial crisis including the social problems of income distribution and the lack of proper financial remedies, two of them have received particular attention: the global BOP(Balance of Payment) imbalance and the misguided monetary policy. Such BOP imbalance was blamed for massive foreign exchange investment flows from Asia into the U.S., triggering the financial and real estate bubble in America. The latter refers to the excessively loose monetary policy of the U.S. Federal Reserve, which pushed financial institutions and households into reckless investment behavior in search of higher returns. Given the abuse of certain innovative financial techniques and new investment instruments that have been created in recent decades, both collateralized debt obligations (CDOs) and credit default swaps (CDS) enjoyed a symbiotic and toxic relationship prior to the financial crisis This paper is organized as follows: The first section analyzes the real causes of the recent financial crisis. The second details the role of CDOs and CDS. Then, to identify key determinants of the CDS spreads in an emerging capital market, the sample data of major Korean firms' CDS spreads are used to estimate the risk premium by utilizing the multiple regression analysis. The empirical test result indicates that Korean 3-year treasury bond rate(TYIELD), market to book value ratio(MV/BV), and assets size(INASSETS) are shown to demonstrate statistically significant influences on the changes of the CDS premium for sample firms.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.20 no.5
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• pp.352-362
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• 2019

The study investigates one of the long-standing, but still controversial issues in modern finance from the international and domestic perspectives. That is, financial components and differences on corporate profitability are identified and compared under the primary hypotheses. Empirical research settings include the sample data as KOSPI-listed chaebol firms, time reference covering the post-era of the global financial turmoil and two differently defined profitability indices measured by the market- and the book-value bases. A majority of total 7 explanatory variables except firm size and leverage ratio reveal their statistically significant power to explain profitability indices for the chaebol firms in the first hypothesis. The results are generally compatible with those obtained from their counterparts of non-chaebol firms. In the second hypothesis applying multinomial logistic model, the chaebol firms are classified into three groups according to the level of profitability. It is then confirmed that variables to represent the market-valued debt ratio, business risk and growth potential are financially discriminating factors among the three groups. The study may provide a new vision to identify financial factors of corporate profitability for Korean chaebol firms after the global financial crisis, which can enhance the benefits of interested parties at the government or corporate level in a virtuous cycle.

• The Korean Journal of Financial Management
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• v.23 no.1
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• pp.101-133
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• 2006

We examine whether new derivatives on KOSPI 200 affect volatility asymmetry of KOSPI 200 portfolio, relative to the carefully matched non-KOSPI 200 portfolio. To test the effect or new derivatives trading, we use GJR-GARCH model and newly developed Volatility Ratio(down-market volatility to up-market volatility ratio). Our results show that KOSPI 200 portfolio experiences lower volatility asymmetry than non-KOSPI 200 portfolio after the trading of new derivatives on KOSPI 200, especially after the introduction of stock index options(KOSPI 200 options). For non-KOSPI portfolio, no significant reduction in volatility asymmetry occurred when trading of stock index options began. Also, we find that in the period of after January 1999, the period of after do-regulations and Financial Crisis in the Korean capital market, volatility asymmetry of stock markets was significantly decreased. This means that level of volatility asymmetry is closely related to the level of market regulations. Further, the results of the paper show that leverage effect and changes in foreign exchange ratio can be good candidates for explaining the stylized volatility asymmetry in the Korean stock market.