• KDI Journal of Economic Policy
• /
• v.31 no.1
• /
• pp.239-276
• /
• 2009

The paper investigates the possible relationship between earnings prediction by security analysts and special ownership ties that link security companies those analysts belong to and firms under analysis. "Security analysts" are known best for their role as information producers in stock markets where imperfect information is prevalent and transaction costs are high. In such a market, changes in the fundamental value of a company are not spontaneously reflected in the stock price, and the security analysts actively produce and distribute the relevant information crucial for the price mechanism to operate efficiently. Therefore, securing the fairness and accuracy of information they provide is very important for efficiencyof resource allocation as well as protection of investors who are excluded from the special relationship. Evidence of systematic distortion of information by the special tie naturally calls for regulatory intervention, if found. However, one cannot presuppose the existence of distorted information based on the common ownership between the appraiser and the appraisee. Reputation effect is especially cherished by security firms and among analysts as indispensable intangible asset in the industry, and the incentive to maintain good reputation by providing accurate earnings prediction may overweigh the incentive to offer favorable rating or stock recommendation for the firms that are affiliated by common ownership. This study shares the theme of existing literature concerning the effect of conflict of interests on the accuracy of analyst's predictions. This study, however, focuses on the potential conflict of interest situation that may originate from the Korea-specific ownership structure of large conglomerates. Utilizing an extensive database of analysts' reports provided by WiseFn(R) in Korea, we perform empirical analysis of potential relationship between earnings prediction and common ownership. We first analyzed the prediction bias index which tells how optimistic or friendly the analyst's prediction is compared to the realized earnings. It is shown that there exists no statistically significant relationship between the prediction bias and common ownership. This is a rather surprising result since it is observed that the frequency of positive prediction bias is higher with such ownership tie. Next, we analyzed the prediction accuracy index which shows how accurate the analyst's prediction is compared to the realized earnings regardless of its sign. It is also concluded that there is no significant association between the accuracy ofearnings prediction and special relationship. We interpret the results implying that market discipline based on reputation effect is working in Korean stock market in the sense that security companies do not seem to be influenced by an incentive to offer distorted information on affiliated firms. While many of the existing studies confirm the relationship between the ability of the analystand the accuracy of the analyst's prediction, these factors cannot be controlled in the above analysis due to the lack of relevant data. As an indirect way to examine the possibility that such relationship might have distorted the result, we perform an additional but identical analysis based on a sub-sample consisting only of reports by best analysts. The result also confirms the earlier conclusion that the common ownership structure does not affect the accuracy and bias of earnings prediction by the analyst.

• Journal of Korean Society of Forest Science
• /
• v.81 no.3
• /
• pp.255-262
• /
• 1992

Urguay Round(UR) has lots of implication in the forest product market as well as the other sectors of the economy. Chestnut, one of the major forest product in Korea, would be affected by free trade resulting from the agreement on UR. To establish effective policy measures dealing with negative effects of free trade, if any, the effect of UR on producers should be figured out. In this contest, the purposes of this study are (1) estimating the demand, supply and its price functions of this market and (2) forecasting the effect of UR on growers. Using econometric method, demand, supply and price function of this market are estimated. The total amount of yearly money loss of growers due to free trade from 1992 to 2001 are estimated for four different scenarios. In each scenario, it is assumed that the tariffication reduction is 30%, 40%, 50% and 90%. Yearly money loss of chestnut growers at the year 2001 are forecasted such as 14 billion won, 18 billion won, 24 billion won and 25 billion won for the rate of tariffication reduction of 30%, 40%, 50%, and 90%, respectively.

• The Journal of the Korea Contents Association
• /
• v.18 no.9
• /
• pp.102-115
• /
• 2018

The world's major countries carry forward strategies for enhancing industrial competitiveness, resulting in the fourth industrial revolution while a new growth engine is required to deal with the slow growth of global economy and declining productivity. Artificial intelligence (AI) is regarded as a core technology of the fourth industrial revolution. AI is expected to be implemented rapidly in advertising and media industries. However, it is hard to find an effective way to implement AI in these industries, especially because of how quickly the AI market changes and develops. Therefore, this study seeks the possible industrial influence of AI in advertising and media industries and invigoration plan for AI, by an in-depth interview with 10 professionals who lead the AI market. First, it was analyzed to explore the macroscopic side of the AI market through P (Politics), E (Economy), S (Society), and T (Technology). Also, the applicability of AI in advertising and media industries was explored by analyzing its S (Strength), W (Weakness), O (Opportunity), and T (Threat).The result indicates that it is necessary to build up a nation-wide construction of infrastructure for the fourth industrial revolution to invigorate AI in advertising and media industries. Moreover, a social environment capable of overcoming a hyper-connected society and social risks should be fostered. Lastly, it is urgent for both the industrial and academic world to diagnose the influence of AI in advertising and media industries, to anticipate the future in accordance with technological advance, set a proper direction, to invest actively for technical development of AI, and to formulate innovative policies.

• Management & Information Systems Review
• /
• v.35 no.2
• /
• pp.221-254
• /
• 2016

With increasing interest of health due to population aging, medical device industry is highlighted as a promising industry. However, Korea medical device industry is not enough market competitiveness compared to global company due to a narrow domestic market and a small company structure. In order to retain the national competitiveness, it is necessary that we have to derive a central technology and its trend. This study has predicted a central technology for medical device industrial using patent network analysis. The central technology is defined as a key technology that is connected to most other technologies and that significantly affects them. For the empirical study, we conducted social network analysis using covariance and correlation coefficient between IPC codes extracted from medical device patents, introduced by Jun(2012). A social network is a social structure of diverse items as well as of human beings. In this study, we set each medical device as a node in an SNA and analyze the Degree values between them. Also, Korea health industrial statistics system are utilized for verification of selected central technology. As a result, we found that the central technology is located on the medical device items, which are listed higher the amount of production. The central technology selected through the proposed methodology will provide a inspiration for establishment of R&D policy.

• Journal of Distribution Research
• /
• v.6 no.2
• /
• pp.41-64
• /
• 2002

Since its market opening in the year 1996, Korea's retail sector has witnessed the emergence of various new retail formats such as discount stores and Internet shopping malls. Given the competition among various retail formats, it is needed to analyze the previous trends and to measure the future potential of the market with more careful economic models. Using Time Series Analysis on Korean economy and distribution industry, we aim to economic models to follow the trends and to measure the future growth of competing retail formats such as department stores, discount stores and convenience stores. We have found that the growth of department stores, convenience stores and specialty store format is very closely related with the private consumption expenditure. On the other hand, private consumption expenditure is not a good variable to explain the growth of discount stores and the supermarket sector. Following an extensive data analysis, three year forecasting of Korean distribution market including six different retail sectors is proposed. In addition, several discussion points including statistical classification of retail formats are argued.

• Korean Journal of Construction Engineering and Management
• /
• v.12 no.1
• /
• pp.133-140
• /
• 2011

Recently, the demolition industry is becoming more important than ever for formulating reuse and recycling of a construction waste with the current trend in pursuing a sustainable development. As considering the situation of a domestic housing construction and an existing house, a scale of a demolition market is expected to increase continually. Therefore, for a sustainable development, it is needed to forecast and manage rightly the demolition waste producted in a demolition phase. But, because most of a demolition company is very small and the investment in a technology development is not enough, the effort to develope a system and to make a standard for managing righly a demolition waste is also not sufficient. Therefore, this study develops a system to automatize quantifying a demolition waste. This system makes it possible to manage the planning of demolition works and the quantifying, disposal, reusing and recycling of a demolition waste in one system by integrating all the activities related with demolition works. 3D drawings of each element for demolition works will manage by being linked to its schedule for visualizing 3D object. Also, this study presents methods for quantifying easily a demolition waste by using 3D object.

• Journal of Convergence for Information Technology
• /
• v.10 no.4
• /
• pp.46-54
• /
• 2020

This study aims to develop and analyze the performance of a selective option straddle strategy based on forecasted volatility to improve the weakness of typical straddle strategy solely based on negative volatility risk premium. The KOSPI 200 option volatility is forecasted by the SVM model combined with the asymmetric volatility spillover effect. The selective straddle strategy enters option position only when the volatility is forecasted downwardly or sideways. The SVM model is trained for 2008-2014 training period and applied for 2015-2018 testing period. The suggested model showed improved performance, that is, its profit becomes higher and risk becomes lower than the benchmark strategies, and consequently typical performance index, Sharpe Ratio, increases. The suggested model gives option traders guidelines as to when they enter option position.

• Journal of the Korea Convergence Society
• /
• v.10 no.9
• /
• pp.199-207
• /
• 2019

This study aims to analyze the profitability of Robo-Advisors portfolio combined with the analysts' forecasts on the Korean stock prices. Sample stocks are 8 blue-chips and sample period is from 2003 to 2019. Robo-Advisor portfolio was suggested using the Black-Litterman model combined with the analysts' forecasts and its profitability was analyzed. Empirical result showed the suggested Robo-Advisor algorithm produced 1% annual excess return more than that of the benchmark. The study documented that the analysts' forecasts had an economic value when applied in the Robo-Advisor portfolio despite the prevalent blames from investors. The profitability on small or medium-sized stocks will need to be analyzed in the Robo-Advisor context because their information is relatively less known to investors and as such is expected to be strongly influenced by the analysts' forecasts.

• Proceedings of the Korea Water Resources Association Conference
• /
• 2020.06a
• /
• pp.131-131
• /
• 2020

우리나라는 농산물시장개방이후 휴경면적의 증가, 농지전용, 도시화의 가속화, 시설작물 재배면적 변화 영향에 의한 논과 밭의 이용 패턴변화 등으로 농촌지역의 토지이용구조가 변화되어 왔다. 이는 곧 국내 토지이용패턴의 변화로 연결되고, 농업구조의 변화는 농촌경관, 농업용수 이용, 농촌지역 비점오염 물질 발생패턴의 변화를 야기할 것으로 예상되고 있다. 본 연구에서는 금강권역을 연구지역으로 하여, 농업지역의 토지이용변화 중 논 내 시설작물 재배면적 변화에 주안점을 두고 토지이용변화 예측모형인 CLUE-s(Conversion of Land Use and its Effects at Small regional extent) 모형을 이용하여 미래 농업지역의 토지이용변화를 예측하고자 하였다. CLUE-s 모형의 입력 자료로 국가수자원관리종합시스템(WAMIS)의 1980~2010년까지 5년 간격 토지이용 통계자료 및 환경부 2008, 2013년 중분류 토지이용 자료에서 금강유역을 추출하여 구축하였다. 모형의 입력자료를 위해 토지이용 항목을 총 7개(수역, 시가지, 논, 밭, 시설재배지, 산림, 초지)로 분류하고 특별토지이용 정책 자료로 농업진흥구역도 및 국토환경성 평가도를 이용하였다. 관측자료의 경향을 이용하여 환경부 중분류 토지이용 변화를 기준으로 농업지역(논, 밭, 시설재배) 변화에 대한 회귀식을 도출하였다. 본 연구의 결과를 활용하여 농업지역 변화에 따른 수문 및 수질의 영향을 파악하고 미래 토지이용 변화에 따른 농촌지역 비점오염 물질 발생패턴 등을 분석하기 위한 기초 자료로 활용할 것으로 판단된다.

• Proceedings of the Korea Technology Innovation Society Conference
• /
• 2003.11a
• /
• pp.23-40
• /
• 2003

초고속인터넷 접속서비스 시장이 성숙 단계에 접어듬으로써 성장세는 급격히 둔화되고 경쟁환경은 심화되는 과정에서 통신사업자들이 기존의 신규가입자 유치 위주의 정책에서 벗어나 초고속인터넷 가입자 인프라를 기반으로 새로운 부가 서비스 및 차별화 된 서비스의 개발을 통해 가입자 확대 및 ARPU(Average Revenue Per Unit)를 중대 시킬 수 있는 수익원 개발이 절실하다. 이러한 상황하에서 통신방송 융합 서비스는 통신사업자에게 기회와 위협이라는 상반된 현상으로 다가오고 있다. TV-based VOD 서비스는 보다 양질의 멀티미디어 서비스를 원하는 고객의 수요와 신규 고객을 유치하고 가입자를 Lock-in 시키며, 타 통신 사업자의 고객을 자사 고객으로 전환시키고자 하는 차별화 전략의 일환으로 도입되기 시작하였고, 또한 ARPU를 증대 시키고 다양한 수익원 개발의 일환으로 인터넷 접속서비스 외에 부가가치를 창출 할 수 있는 Killer Service로서 주목을 받고 있다. TV VOD 사업이 성공적으로 국내 시장에 정착될 경우, 통신사업자에게는 여러 형태의 수익원 발굴이 가능할 것으로 예상된다. 즉 가입비, 월 이용료, 부가 사용료 등과 같은 포괄적인 형태의 가입비가 주된 수익원이 될 것이이며, pay-per-view(PPV) 형태의 이용료 역시 주된 수익원이 될 것이다. 이 외에도 셋톱박스, 홈게이트웨이/서버 등과 같은 단말기의 임대와 판매를 통한 수익 창출방안과 다른 서비스들과 마찬가지로 광고도 중요한 수익원천으로 활용 할 수 있을 것이며 또한 미디어업체 또는 CP(contents provider)를 대상으로, 보안, 인증, 과금, 결제, 회원 관리, 이용정보 제공 서비스 등도 사업자의 수익원으로 활용할 이 있을 것이다. TV-based VOD 서비스는 망 진화에 따른 차세대 초고속인터넷 서비스 기술인 VDSL이나 Advanced 케이블모뎀을 이용 DVD 급 고화질의 TV-based VOD 서비스가 시작되면서 ARPU를 증대 시키고 다양한 수익원 개발의 일환으로 인터넷 접속서비스 외에 부가가치를 창출 할 수 있는 Killer Service로서 VOD서비스가 주목을 받고 있다. TV-based VOD 서비스는 가입자망의 진화 와 밀접하게 연관되어 전개되는 서비스로 Post-ADSL에 대한 예측과 VOD에 서비스에 대한 설문조사 결과를 토대로 하여 예측 한 바에 의하면 Post-ADSL 가입자는 2003년 153만명에서 2004년 444만으로 증가하고 2006년 987만 명에 이를 것으로 전망되고, VOD서비스 가입의향도 16%에서 2006년 34% 까지 증가하는 것으로 나타났다. 따라서 VOD서비스 가입자는 2003년 24만 명에서 2004년 98만으로 증가하고 2006년 335만 명으로 증가하는 것으로 예측되었다.