• The Korean Journal of Financial Management
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• v.16 no.1
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• pp.261-281
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• 1999

본 연구는 우리나라를 비롯한 미국, 영국, 독일, 일본시장을 대상으로 환율과 주가의 선후행 결합관계를 검정해 보고 선행변수가 원인변수가 될 수 있는가에 대한 인과관계를 검정해 보고자 시도되었다. 이를 위해서 1980년부터 1997년까지를 분석기간으로 교차상관관계검정과 인과 관계검정을 시도해 보았다. 우선 AIC에 따른 최적시차를 대상으로 교차상관관계에 대한 Ljung-Box Q 통계량 검정을 실시한 결과 한국, 영국, 독일의 경우에는 환율이 주가에 선행결합하는 것으로 나타났으나 미국, 일본은 유의적인 관계가 도출되지 않았다. 또한 안정적 시계열자료를 대상으로 Granger, Sims, Geweke-Meese-Dent 모형에 따라 인과관계를 검정해 본 결과에서는 한국, 영국, 독일의 경우에는 환율변동률이 주식수익률에 대한 일방적 원인변수로 나타났다. 이를 환율변동의 크기에 따라 루브르 협정 이전과 이후로 구분해서 검정해 본 결과 환율변동이 매우 심했던 협정 이전 기간에는 한국과 영국의 일부 모형에서만 환율변수가 유의적인 원인변수로 작용하였지만 환율변동이 작았던 협정 이후 기간에는 한국, 영국, 독일을 대상으로 모든 검정모형에서 유의적인 인과관계가 나타났다. 반면에 미국, 일본의 경우에는 분석기간 전체뿐만 아니라 루브르 협정 이전과 이후를 구분하더라도 유의적인 인과관계가 나타나지 않았다. 이는 미국, 일본의 대외무역의존도가 20%대 수준에 머물고 있어서 상대적으로 40%대 이상의 대외무역의존도를 기록하고 있는 한국, 영국, 독일과는 다른 결과가 도출된 것이라고 볼 수 있다. 따라서 대외무역의존도가 높은 한국, 영국, 독일에서는 환율이 주가에 비해 선행하여 변동한다고 볼 수 있다.

• Proceedings of the Korea Inteligent Information System Society Conference
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• 2003.05a
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• pp.319-328
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• 2003

With the proliferation of WWW, providing more intelligence to Web sites has become a major concern in e-business industry. In recent days, this trend is more accelerated by prosperity of CRM (Customer Relationship Management) in terms of various aspects such as product recommendation, self after service, etc. To accomplish this goal, many e-companies are eager to embed web enabled rule-based system, that is, expert systems into their Web sites and several well-known commercial tools are already available in the market. Most of those tools are developed based on CGI so far but CGI based systems inherently suffer over-burden problem when there are too many service demands at the same time due to the nature of CGI. To overcome this limitation of the existing CGI based expert systems, we propose a new form of Web-enabled expert system using hyperlink-based inference mechanism. In terms of burden to Web server, our approach is proven to outperform CGI based approach theoretically and also empirically. For practical purpose, our this approach is implemented in a software system, WeBIS and a graphic rule editing methodology, Expert Diagram is incorporated into the system to facilitates rule generation and maintenance. WeBIS is now successfully operated for financial consulting in the web site of a leading financial consulting company in Korea.

• Journal of Technology Innovation
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• v.2 no.1
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• pp.256-276
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• 1994

This paper aims at identifying the desirable R'||'&'||'D life cycle related to government-industry cooperative R'||'&'||'D. It is based on a case study associated with the relationship between cooperation and cooperation in information in information communications sector. It presents three types of R'||'&'||'D life cycle to achieve a technological enhancement as high as possible with limited resources. The first case of R'||'&'||'D project is of "advanced type". In the generic technology phase, government takes a leading role jointly in R'||'&'||'D activities, but, in after the applied research phase, the domestic firms take the lead. This kind of cooperation can be made when competition between domestic firms is highly intense, and the technological knowledges of participating firms are at internationally competitive levels. The second type of "less-advanced type"; the firms of a country(more often a small country) lag behind in technology level, and the penetration of foreign firms in the market is limited. In this case, government takes full charge of R'||'&'||'D activities up to the applied research phase, due to the low technology level and insufficient financial resources of private firms. Lastly, this paper presents and R'||'&'||'D life cycle of "strategic" type. This applies to the case in which domestic firm with less financial resources make an attempt to increase their technological knowledges while the government, in turn, contributes to strengthen the international competitiveness of domestic industry.

• Journal of Multimedia Information System
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• v.8 no.3
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• pp.197-202
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• 2021

Bitcoin and blockchain are often making headlines not only on TV or media but also among the public in today's society. These technologies have been developed after the risk of the centralized financial system came to the fore during the 2007 global financial crisis. Since then, an anonymous inventor called Satoshi Nakamoto penned the bitcoin white paper where a blockchain-based reference implementation was introduced. Bitcoin was able to achieve unprecedented growth by positioning itself as one of the top global currencies in terms of market capitalization after five years since its development. The pace of Vietnam's economic development is notably fast among Asian nations, while the nation was expected to be a Southeast Asian blockchain hub but they have banned virtual currency trading recently. However, they've also designated the State Bank of Vietnam (SBV) as a responsible agency for the research of blockchain-based cryptocurrencies, the construction of a service ecosystem, and their test operations. The fast-growing economy, increasing number of smartphone users, and the Vietnam government's support policies for startups substantiate these efforts. Therefore, this paper attempts to study the current status of Vietnam's blockchain technology that has been considered to be the center of blockchain systems right behind Singapore, and its implications for Korean companies.

• Journal of Arbitration Studies
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• v.29 no.2
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• pp.225-237
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• 2019

Recently, it has been argued that it is necessary to attract foreign patients outside domestic insurers and to allow foreign doctors to treat in domestic hospitals in order to develop the insurance industry and revitalize the medical industry. Currently, large medical institutions in Korea are attracting foreign patients in connection with foreign insurance companies. It is desirable to increase the number of overseas patients who want excellent medical services in Korea, and to provide opportunities for domestic insurance companies to attract overseas patients by expanding job creation through a revitalization of the medical industry. Therefore, this study suggests the development direction for insurers who aim to attract foreign patients through the side effects of attracting foreign patients in accordance with the Financial Services Commission's plan to strengthen the competitiveness of the financial industry. In addition, this study intends to contribute to the strengthening of the competitiveness of attracting foreign patients, through domestic insurance business, to the insurance direct payment market for overseas patients using domestic medical institutions that are concentrated in foreign insurance companies and in the blind spot of domestic law application.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.517-525
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• 2021

The study investigates the behavior of Asian banks in response to the subprime mortgage crisis and examines how countries that have experimented with a mix of conventional and Islamic banking managed their balance sheet during that period. The study carries out an independent mean t-test comparing the difference of leverage of 464 conventional commercial Asian banks pre- and post-crisis from the largest twenty-five Asian economies based on GDP (2007). The analysis uses 10-year unbalanced panel data of conventional banks and employs the generalized least squares estimation using a dummy variable event window method to capture the response of Asian banks. The study finds evidence of a structural change in the capital structure of Asian commercial banks in response to the financial crisis. Findings suggest that conventional banks increased their capital position more in countries that have both Islamic and conventional banking than those countries without Islamic banking services. By having Islamic banking in their product portfolio, countries can exert market discipline on conventional banks. The study identifies a significant role of global macroeconomic shocks on banks liability structure decision-making. Evidence shows that this increase in capital positioning by banks was a permanent rather than a temporary response.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.4
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• pp.601-611
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• 2021

There are many asset prices which are interlinked and have a bearing on the stock market index. Studies have shown that the interrelationship among these asset prices vary and are inconsistent. The ultimate aim of this study is to examine the dynamic relationship between gold price, oil price, exchange rate and stock index. Monthly time series data has been utilized by the researcher to examine the interrelationship between four variables. The relationship among stock exchange rate index, oil price and gold price have been undertaken using regression and granger causality test. The results indicate that the exchange rate and oil price have an indirect influence on NIFTY; whereas gold price had a direct impact on NIFTY. It is evident from the results that volatility in the price of gold is mainly dependent on the exchange rate and vice versa. All the variables affect NIFTY in some way or the other. However, gold has a direct and vital relationship. From the study findings, it can be concluded that macroeconomic variables like commodity prices and foreign exchange rate, gold and oil, have a strong relationship on the return on securities at the national stock exchange of India.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.8
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• pp.137-148
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• 2021

The study investigates the existence of an optimal level of cash and the firm characteristics influencing the decision to hold cash, and the adjusting speed of the cash holdings to the target level. It highlights the heterogeneity of cash adjustment speed in the Vietnam market. The research employs the 417 samples of Vietnamese non - financial listed firms in the period of 2010 to 2019. The study uses the Pool OLS model, Fixed effect model (FEM), Random effect model (REM), and GMM model. According to the research findings, there is an optimal amount of cash at which the firm's value is maximized in Vietnamese listed firms, and the majority of the firms in the sample retain cash over the target level. Furthermore, the study demonstrates that firms actively modify their cash holdings to the optimal level with an adjustment speed of less than one owing to adjustment cost constraints. This speed varies between groupings of enterprises with different characteristics, underlining the heterogeneity of the adjustment speed even more. Small deviation firms adjust more rapidly than large deviation firms. Large free cash flow (FCF) firms adjust more readily than small FCF firms, and fiscal deficit firms modify more rapidly than firms with a financial surplus.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.2
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• pp.135-142
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• 2021

This study aims to examine the impact of audit committee characteristics on income management of companies listed on the Stock Exchange of Vietnam. Research data was collected from all 745 listed companies on Vietnam's stock market over four years, from 2015 to 2018. After excluding companies that did not qualify, there were 216 companies with 864 observations. With the help of dedicated software Stata 15, the impact of audit committee characteristics (through independent variables and control variables such as Audit Committee Independence, Auditing Committee size, Auditing Committee Expertise, Auditing Committee Meeting Frequency, Company Size, Financial Leverage, and Operating Cash Flow) to earning management through a multivariate regression model was determined. Research results from Vietnamese listed companies during this period show that the size and expertise of the audit committee are inversely related to the discretionary accruals representing earning management. At the same time, the research results also identify a positive relationship between firm size and earning management, and the inverse relationship between financial leverage, net cash flow from operating operations and earning management. However, the multivariate regression results do not find clear evidence of a relationship between audit committee independence and the audit committee meeting frequency to earning management.

• International Journal of Computer Science & Network Security
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• v.22 no.10
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• pp.389-399
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• 2022

This study aims to investigate and analyze the impact of the COVID-19 pandemic on the adopt electronic services in education sector in Jordan, where the COVID-19 pandemic has left huge threats in terms of health and led to a significant decrease in economic output and a rise in unemployment. This study also aims to know the steps taken by the Jordanian governments and higher education ministry and universities to overcome this crisis and mitigate the economic and financial impacts that would enhance the resilience of the education sector. To achieve the goal of the study, both methods of deductive and inductive analysis were used, which helped us to systematically consider the economic and other consequences of the COVID-19 pandemic, such as statistical analyses and other tools that helped us in this study. The results of this study, showed that the COVID-19 pandemic led to a significant increase in adopt electronic services in education sector in Jordan, and decline in economic growth, a significant rise in unemployment, an increase in market instability, and a decrease in the financial position of companies. The recommendations concluded that Jordan should begin to change its policies according to the new data, and take Measures to advance the education sector by relay on electronic services and directing investment in education sector through saving policies and infrastructure equipment in parallel with the population boom in Jordan.