• Title/Summary/Keyword: Korean stock market

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Regulation Changes to Boost KONEX: Effects and Implications (코넥스(KONEX: Korea New Exchange) 시장 활성화 조치: 효과 및 시사점)

  • Kim, Meong Ae;Woo, Min Cheol
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.12 no.3
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    • pp.191-202
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    • 2017
  • KONEX (Korea New Exchange) is the organised stock exchange for small enterprises. It is a channel through which venture start-ups at their early stage can raise funds without a huge burden of debt. We explain the regulations in this market and examine the effects of major changes in the relevant regulations. The first change was replacing the call auction mechanism with the continuous auction mechanism. The change improved the information asymmetry among investors. The second was lowering the minimum deposit requirement for individual investors from 300 million won to 100 million won. As the result of the change, market liquidity increased a lot and the number of investors increased. The last change was introducing the small investment account. Although this raised the participation of individual investors but did not lead to the improvement in market liquidity or information asymmetry. In overall, encouraging more investors to participate in the transactions in KONEX is the fast way to boost the market, while the long-term strategy should focus more on improving the information asymmetry by helping information generating and transferring activities.

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The Effect of Trade Credit on Corporate Profitability according to the degree of Corporate Market Share (기업의 시장점유율에 따른 신용거래와 기업수익성간 연관성)

  • Yi, Kayoun
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.22 no.6
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    • pp.207-214
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    • 2021
  • This study aims to analyze the effect of the level of accounts receivable on firm profitability. It is possible to find the optimal level of accounts receivable that maximizes profitability. In this study, 6,632 samples were selected from manufacturing companies listed on the Korean Stock Exchange from 2001 to 2018. We used the fixed effect panel model to analyze the model equation. There is a positive (+) relationship between the profitability of a company, the Return on Assets (ROA), and accounts receivable (AR). Also, this relationship has a nonlinear relationship or a reverse-U shape. There is an optimal level of accounts receivables, which results in profitability increase up to a certain extent, but subsequently, profitability decreases when accounts receivables exceed this level. In the case of monopoly companies with a higher-than-average market share, the coefficient between accounts receivable and firm profitability is greater than that for competitors with a lower market share than average. It supports the hypothesis that Titman (1984) suggested, that trade credit is important for enhancing corporate profitability. It is confirmed that accounts receivables play an important role in enhancing firm profitability and it is necessary to understand this well from the corporate standpoint.

Effects of Innovation and Openness on Firms Productivity : Using Company Innovation Index (기업의 혁신성과 개방도가 기업성과에 미치는 영향에 관한 연구: 기업혁신지수를 이용한 분석)

  • Chang, Sun-Mi
    • International Commerce and Information Review
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    • v.15 no.3
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    • pp.225-243
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    • 2013
  • This paper analyses the effects of innovation and openness on productivity in Korean firms using company innovation index which issued by STEPI in 2012. The data contains 296 companies which are registered in Korean stock market. I observed that the effect of past R&D investments on innovation is significant than current R&D investment. The regression results show that company innovation index has significantly positive effects on the firm's revenue. The firm size and the openness also have an important effect on the firm's revenue.

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The Characteristics of the Prefectural Basic Plans according to the National Basic Plan for Housing in Japan (일본의 전국 주생활기본계획에 따른 지역 주생활기본계획의 수립특성)

  • Youm, Chirl-Ho
    • Journal of the Korean housing association
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    • v.22 no.5
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    • pp.111-119
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    • 2011
  • In recent years, the insistence that the central government should hand over the right of establishing and managing housing policies to local governments is growing. And, it is needed that local governments should pursue their own original housing policies. The purpose of this study is to explore the characteristics of the prefectural plans of the national basic act for housing in Japan to envision the future directions of regional housing policies. This study analyzed the structure, main policy contents, and the outcome indexes of all 47 prefectures' plans in Japan. The major results of this study are as follows. 1) The central government and local governments shared their roles appropriately. In addition, the local governments proactively demonstrated the unique quality of their regions when establishing their housing policies. 2) In promoting housing policies, they focused on the housing stock and the market including both public and private sectors. 3) The policy-oriented goals and performance management practices were clearly presented.

Treasury Bond Futures Option Prices as.Predictors of Equilibrium Futures Prices (균형(均衡)퓨처가격(價格)(equilibrium futures prices)을 예측하기 위한 재무성(財務省) 장기채권(長期債券)(Treasury bond)의 퓨처옵션가격(價格)(futures option prices)에 대한 연구(硏究))

  • Kim, Won-Kee
    • The Korean Journal of Financial Management
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    • v.8 no.1
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    • pp.199-212
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    • 1991
  • 주식옵션(stock options)에 대한 연구에 비교하여 상품 및 퓨처 옵션(commodity & futures options)에 대한 연구는 선진국에서도 지금 한참 연구를 하고 있는 단계에 있다. 우리나라에서도 이 분야에 대한 이론을 바탕으로 하는 제도를 곧 도입하려는 준비를 하고 있다. 본 연구는 블랙의 '블랙의 컴모디티 옵션의 가격모형(Black commodity option pricing model)'을 이용하여 재무성 장기채권의 퓨처의 균형가격을 예측하는데 있다. 이 블랙모형의 적용가능성을 검증해 본 것이다. 실제퓨처가격(observed futures prices)과는 달리 재무성 장기채권 퓨처 옵션에서의 묵시적 퓨처가격(futures prices implicit)은 시장효율성(market efficiencies)의 전제하에 성립되거나, 아니면 옵션가격모형을 사용하여서는 아니되거나 둘 중의 하나이거나 둘 다 섞이거나 일 것이다. 본 실증적인 연구, 즉 묵시적인 표준편차(implied standard deviations)를 사이멀테니어스(simultaneously)하게 계산한 묵시적인 퓨처가격(implied futures prices)을 사용한 실증적인 연구는 옵션모델에 의하여 퓨처가격을 계산하는 데에 문제가 있음을 발견하였다. 그 이유는 옵션가격결정모형을 이용하여 계산한 재무성 장기채권의 퓨쳐가격은 재무성 장기채권의 미래가격변동의 방향을 제시하는 지표로써 사용할 수 없기 때문일 것이다. 우리나라에서도 이 분야에 대한 이론과 제도를 곧 도입하는 입장에서 선행되는 문헌이 될 것이다.

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KOSPI directivity forecasting by time series model (시계열 모형을 이용한 주가지수 방향성 예측)

  • Park, In-Chan;Kwon, O-Jin;Kim, Tae-Yoon
    • Journal of the Korean Data and Information Science Society
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    • v.20 no.6
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    • pp.991-998
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    • 2009
  • This paper deals with directivity forecasting of time series which is useful for futures trading in stock market. Directivity forecasting of time series is to forecast whether a given time series will rise or fall at next observation time point. For directional forecasting, we consider time regression model and ARIMA model. In particular, we study two statistics, intra-model and extra-model deviation and then show usefulness of intra-model deviation.

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A Study of Integration of Total Quality Management and Technology Management - Activation of Corporate Social Responsibility based on Relationship of Indirect Employment and CSR (전사적 품질경영과 기술경영의 통합에 관한 연구 - CSR 활동과 간접고용의 관계를 중심으로)

  • Park, Jong-Pil;Kim, Hyung-Wook;Lee, Yung-Kwan
    • Journal of Korean Society for Quality Management
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    • v.42 no.3
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    • pp.497-508
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    • 2014
  • Purpose: The purpose of this study is to show whether there is a relationship between companies that promote CSR and hire indirectly as opposed to companies that only hire directly. Research results show that it is actually beneficial for the economy when companies implement the CSR, especially during times of economic recession. Methods: We have used data by collecting from the top 100 companies in Korea, which are the number of permanent employees, stock market registrations, companies that implemented the CSR, hiring directly and indirectly, etc., and analyzed them to carry out the regression analysis. Results: Research has shown that when companies implement the CSR and has many permanent employees, they also tend to hire employees indirectly. Conclusion: In the views of the whole economy, utilizing indirect hiring of employees can be a useful alternative, which can be accomplished by implementing CSR, and it must be recognized as the reason for producing more job opportunities within economies.

A Study on Quality Improvement of Exporting Wood Products I. Kiln Drying Schedules for Oak, Ramin and Meranti (수출용(輸出用) 목재가공품(木材加工品)의 품질개선(品質改善)에 관(關)한 연구(硏究) I. 참나무, 라민 및 나왕의 인공건조(人工乾燥) 스케줄)

  • Chung, Byung-Jae
    • Journal of the Korean Wood Science and Technology
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    • v.2 no.1
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    • pp.3-18
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    • 1974
  • The exports of plywood are increasing annually and it has ranked first in the world market because of the high quality product and manufactured using mordern techniques. However, it is known that the exports of the other wood products, except plywood, is inactive because of their low quality. Accordingly, to increase the exports of various wood products investigations were carried out on kiln drying techniques to improve the quality of the wood. Wet wood should be kiln dried before use to prevent various drying defects such as distortion, shrinkage etc., which would develop after processing,:and also wet wood is not suitable for cutting, gluing and finishing. Therefore, the kiln drying properties of lumber from such species as oak, ramin and meranti which are used in large quantity for manufacturing exporting wood products have been studied. The results of the research are summarized as follows. (1) The end checks and the time for drying from initial moisture content of about 40 percent to 5 percent moisture content in ovendry were investigated as follows: (2) The kiln dried results, for 30mm stock, which are presented by using kiln schedule table 3 are as follows: (3) The kiln schedules for ramin, meranti and oak are given respectively as follows: Ramin kiln schedule: Table 17 and Table 18. Meranti schedule : Table 12. Oak schedule : Table 15.

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A Strategy of Dynamic Inference for a Knowledge-Based System with Fuzzy Production Rules (퍼지규칙으로 구성된 지식기반시스템에서 동적 추론전략)

  • 송수섭
    • Journal of the Korean Operations Research and Management Science Society
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    • v.25 no.4
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    • pp.81-95
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    • 2000
  • A knowledge-based system with fuzzy production rules is a representation of static knowledge of an expert. On the other hand, a real system such as the stock market is dynamic in nature. Therefore we need a strategy to reflect the dynamic nature of real system when we make inferences with a knowledge-based system. This paper proposes a strategy of dynamic inferencing for a knowledge-based system with fuzzy production rules. The strategy suggested in this paper applies weights of attributes of conditions of a rule in the knowledge-base. A degree of match(DM) between actual input information and a condition of a rule is represented by a value [0,1]. Weights of relative importance of attributes in a rule are obtained by AHP(Analytic Hierarcy Process) method. Then these weights are applied as exponents for the DM, and the DMs in a rule are combined, with MIN operator, into a single DM for the rule. In this way, overall DM for a rule changes depending on the importance of attributes of the rule. As a result, the dynamic nature of a real system can be incorporated in an inference with fuzzy production rules.

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A Study on the Propulsion and Braking Performance of the High Speed Freight Train with Composing the Rolling Stocks Formation (차량편성구성에 따른 고속화물열차의 추진 및 제동성능 분석 연구)

  • Han, Seong-Ho
    • The Transactions of the Korean Institute of Electrical Engineers P
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    • v.65 no.4
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    • pp.298-302
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    • 2016
  • Currently, logistics are in small quantities and in diverse forms, and the amounts are continuously increasing. Railway logistics however are losing their market share every year mainly due to low operation speed and loading time, which means the trucks are covering the most of the freights. In order to solve these situations, this paper proposed the high speed freight train as working multi-modality with other modes to make effective transshipment. The high speed freight train has maximum operation speed of 300km/h and electric power to run centralized power supply. There are large dual door system, bogie system covering fluctuating load of 15[ton], automatic loading device, ULD(unit load device) bed and ULD locking system in this freight rolling stock. We calculated the performance of powering and braking capacity for this train and proposed how many vehicles are composed of train set. The results in this paper can help to make a decision to define the technical specification of High-speed freight train for the efficiency of rail freight service.