• Journal of Venture Innovation
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• v.1 no.1
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• pp.83-98
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• 2018

This paper makes a theoretical approach to the differences between transaction tax and capital gains tax when the financial instruments are traded and imposed taxes in K-OTC market, a newly emerging off-board market. Since it is difficult to reduce risk to the level which investors would like to pursue - depending on the taxation methods of portfolio-composed financial instruments - when it comes to forming a synthetic bond to hedge risk, this paper also seeks for effective taxation methods to make this applicable. First of all, to thoroughly review the taxation balance of synthetic bonds, this paper analyzed the effects of the transaction tax and capital gains tax imposed upon synthetic bonds according to the changes in final stock price and strike price in K-OTC market, and analyzed after-tax profit differences among them depending on whether income tax deduction took place or not. As a result of the research upon the tax gap in transaction tax and capital gains tax according to the changes of final stock prices, it was shown that imposing transaction tax is more likely to be effective for some level of risk hedging with replicating portfolio considering taxation policies and financial markets, since the effect of the transaction tax has a much lower tax gap than that of capital gains tax. In addition, in relation to whether income tax deduction was permitted or not, it was proved that the effect of the transaction tax and the capital gains tax vary depending on the variation in the strike price. Above all, it was shown that if the strike price is lower than the stock price, the transaction tax will be less affected by the existence of income tax deduction than the capital gains tax, while both will be equally affected by the existence of income tax deduction if the strike price is higher than the stock price. Further study would be to demonstrate the validation of this in the K-OTC market with actual financial instruments and, also, to seek for a more systematic hedging method by using a ratio analysis approach to the calculation of the option transaction tax

• 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.

• Journal of Digital Convergence
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• v.12 no.7
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• pp.261-266
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• 2014

When the number of parameters in the time series model are diverse, it is hard to forecast because of the increasing error by a parameter estimation. If the homogeneity hypothesis which was obtained from the same model about severeal data for the time series is selected, it is easy to get the predictive value better. Nonlinear time-series panel data for each parameter for each time series, since there are so many parameters that are present, and the large number of parameters according to the parameter estimation error increases the accuracy of the forecast deteriorated. Panel present in the time series of multiple independent homogeneity is satisfied by a comprehensive time series to estimate and to test of the parameters. For studying about the homogeneity test for the m independent non-linear of the time series panel data, it needs to set the model and to make the normal conditions for the model, and to derive the homogeneity test statistic. Finally, it shows to obtain the limit distribution according to ${\chi}^2$ distribution. In actual analysis,, we can examine the result for the homogeneity test about nonlinear time series panel data which are 2 groups of stock price data.

• The Journal of Information Systems
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• v.27 no.1
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• pp.193-224
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• 2018

Purpose Targeting Korean companies listed on Korean securities markets (i.e., KOSPI and KOSDAQ markets), this study aims to shed lights the effects of personal information security breaches on stock prices of information security companies. Interestingly, this study is, to the best of our knowledge, the first to examine the information transfer effect on personal information security breaches of companies. Design / Methodology /Approach To examine the information transfer effect of personal information security breaches, our study employs the event study commonly used in financial studies. To this end, we investigate a variety of events of personal information security breaches of companies listed on the KOPSI stock market and the KOSDAQ market. We collect the total samples of one hundred and twelve with forty seven of events of personal information security breaches by thirty companies and sixty five of information security companies. Findings The principal findings from the empirical study are as follows. First, for companies of personal information security breaches, our event study presents the significantly negative AAR (averaged abnormal return) value on the event day at the 5 % level and the highly significant negative CAAR(cumulative averaged abnormal return) value on the event day and the day after the event day at the 1 % level. The results suggest that personal information breaches significantly contribute to an decrease in value of the information breached companies. The cross sectional regressions in this study estimate the significantly negative coefficient for the ME/BE variable, the proxy for a growth opportunity at the 5 % level. This suggests a reverse relation between the growth opportunity of companies and their value. As for the various samples of the information security companies categorized by physical security, network and system security, security application software, code authentication, system integration, we find the significantly positive AAR on the day after the event day at the 5% level, only for the network and system security-companies. This addresses that the information transfer effect followed by personal information breaches is uniquely observable for companies categorized into network and system companies. The regressions for the network and system companies estimate the significantly positive coefficient for the NS dummy variable (i.e., the dummy of the network and system security companies) at the standard level. This allows us to identify appropriate times needed to make the information transfer effect realized from personal information breached companies to information security companies.

• Journal of Korean Society of Forest Science
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• v.78 no.2
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• pp.189-197
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• 1989

This study was carried out to produce the grafts of Juglans sinensis by juvenile grafting method which epicotyl of newly germinated seeds were used as stocks and juvenile fresh shoots were used as scion. The results obtained were as follows ; 1. When plastic tube installed covering up seed with soil up to 6cm height for diameter increment of epicotyl, the epicotyl can be grown up to thickness of 10mm. 2. When the soft fruit branches and the soft water sprout with the terminal bud 8cm to 12cm long were used as scions, the survival rates showed 90 Percent. 3. The optimum date for making juvenile grafts was around the 20th of May, and the survival rates of grafted seedlings showed 86 percent in average. 4. The grafted seedlings showed first sprouting the 15th of June, that is 25 days after making graft, and the sprouting rate was 72 percent. 5. The height-growth of grafted seedlings finished at the end of July, and diameter growth lasted into the end of October. 6. There was positive correlation between the height of grafted seedlings and the diameter at root collar. 7. In general, it takes two years to make plantable graft seedlings from hardwood scion and stock, but the juvenile graft seedlings can be easily obtained in a year and so it seems to be economic.

• KDI Journal of Economic Policy
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• v.14 no.4
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• pp.3-26
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• 1992

The pupose of this paper is to construct a price determination model of the Korean economy and to find out the propogation mechanism of monetary and fiscal policies. The model is a small-size macroeconometric model consisted of ten core equations : consumption, investment, exports, imports, consumer price index, wage rate, corporate bond rate, potential GNP, capital stock, and GNP identity. The model is a Keynesian model : consumer price index is determined by markup over costs, and wage rate is expressed by Phillipse curve ralation. Two features of the model, however, distinguish this model from other macroeconometric models of the Korean economy. First of all, the estimation of potential GNP and the capital stock is endogenized as suggested by Haque, Lahiri, and Montiel (1990). This allows us to calculate the level of excess demand, which is defined as the difference between the actual GNP and the potential GNP. Second, interest rate, inflation and wages are all estimated as endogenous variables. Moreover, all quantity variables include price variables as important determinants. For instance, interest rate is an important determinant of consumption and investment. Exports and imports are determined by the real effective exchange rate. These two features make the interactions between excess demand and prices the driving forces of this model. In the model, any shock which affects quantity variable(s) affects excess demand, which in turn affects prices. This strong interaction between prices and quantities makes the model look like a classical model over the long run. That is, increases in money supply, government expenditures, and exchange rate (the price of the U.S. dollar in terms of Korean won) all have expansionery effects on the real GNP in the short run, but prices, wage, and interest rate all increase as a result. Over the long run, higher prices have dampenning effects on output. Therefore the level of real GNP turns out to be not much different from the baseline level ; on the other hand, the rates of inflation, wage and interest rate remain at higher levels.

• The Korean Journal of Financial Management
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• v.25 no.3
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• pp.111-130
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• 2008

This paper compares long term equilibrium relation of KOSPI 200 which is underling stock and its futures by using general method fractional cointegration instead of existing integer cointegration. Existence of integer cointegration between two price time series gives much wider information about long term equilibrium relation. These details grasp long term equilibrium relation of two price time series as well as reverting velocity to equilibrium by observing difference coefficient of error term when it renounces from equilibrium relation. The result of this study reveals existence of long term equilibrium relation between KOSPI200 and futures which follow fractional cointegration. Difference coefficient, d, of 'two price time series error term' satisfies 0 < d < 1/2 beside bandwidth parameter, m(173). It means two price time series follow stationary long memory process. This also means impulse effects to balance price of two price time series decrease gently within hyperbolic rate decay. It indicates reverting speed of error term is very low when it bolts from equilibrium. It implies to market maker, who is willing to make excess return with arbitrage trading and hedging risk using underling stock, how invest strategy should be changed. It also insinuates that information transition between KOSPI 200 Index market and futures market does not working efficiently.

• Journal of Bio-Environment Control
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• v.9 no.1
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• pp.11-19
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• 2000

In recent, multi-sector nutriculture in which each sectors are managed with different compositions and supplying amounts of nutrient solution is being prevalent especially in large-scale greenhouses. This study was carried out to develop an automatic mixing and supplying system of nutrient solution for the multi-sector greenhouse which can control various compositions of nutrient solution and supplying amounts for each sector. The stock solution control device could control discharge of the stock solution with device actuating time. The experimental result showed high correlation between the discharge and the actuating time. The system could make nutrient solution of various compositions and showed possibility of changing compositions of nutrient solution according to changes of growth stages or environments. Undesirable remnant nutrient-solution effect on the next supply was decreased by lowering RC of the previous nutrient solution remaining in the tank and supply pipe through rinse process. To evaluate performance of the developed system, experiments that compare N $O_3$$^{[-10]}$ , and P $O_4$$^{3-}$ concentrations of nutrient solution made in laboratory level with those made by the developed system were conducted. The experimental results showed that the deviations for N $O_3$$^{[-10]}$ , and P $O_4$$^{3-}$ concentrations of nutrient solution composited by the developed system were -2.36％ and -5.15％, respectively.

• Review of Culture and Economy
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• v.20 no.1
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• pp.129-161
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• 2017

Korea's entertainment industry laid its foundation in the early 2000s when global popularity of South Korean soap operas increased in Japan. K-pop has been recently leading the popularity in China. However, many Korean entertainment businesses are dying out. This study reviews factors influencing business survival for 42 chosen corporations listed in the Korea Stock Exchange based on organizational ecology. When all of the variables are analyzed at the same time, long period of public offering and high wages and global sales ratio positively affect business survival. When the individual variables are separately analyzed, long period of public offering and CEO incumbency and high wages and global sales ratio positively affect business survival. Meanwhile, size of businesses do not affect the survival. The results of this study imply that policies to help businesses list an entertainment corporation in the Korea Stock Exchange, increase sales and reciprocity with other culture are needed. Laws and institutions for evaluating intangible asset value should be improved. The results also suggest that a corporation should carefully consider change of CEO and make the best use of the popularity of Korean culture to increase global sales and pay competitive wages to attract professionals.

• Culinary science and hospitality research
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• v.11 no.2
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• pp.67-90
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• 2005

In this study, to improve the quality of school lunch in local colleges, we conducted a survey on students who attend 2 year colleges in Jeju region. With its own unique regional characteristics and the change of its school lunch program from direct management to consignment, there were some questions about how each factor in school lunch program affects on students' satisfaction with it and we tried to present helpful data to improve school lunch programs in each region. The survey took place from May 5 to May 10, 2005 covering the colleges only in Jeju region. There were 200 sets of questionnaires issued and distributed to the students who are currently using school lunch programs. Only 168 sets were retrieved and processed statistically. 2 sets out of 168 questionnaires had to be thrown away because there were wrong entries of some questions, which made overall retrieving rate 83%. In this study, SPSS 10.0 , one of the statistical package programs, was used as an analyzing tool to make Frequency Analysis. To verify credibility, Cronbach's Alpha Element Analysis was done and T-test and ANOVA was also made. After Recurrence Analysis for elements of satisfaction regarding main factors that is considered to be important to customers, we found that importance of following factors: appearance of food, incongruity between main and side dishes, availability of seasonal food, availability of preferred menu, absence of food stock, waiting time, accessibility of food counters, space between chairs, presentation of a menu, food tray's shape, and color of food trays. The importance of those showed high but satisfaction with the same factors was low. So the primary improvement on these factors should be made to increase satisfaction. Finally we concluded that in large extent, importance of each factor definitely affects on students' satisfaction.