• Korean Management Science Review
• /
• v.32 no.4
• /
• pp.57-67
• /
• 2015

It is a familiar Wall Street adage that "It takes volume to make prices move." Numerous researches have found the positive correlation between trading volume and price changes. Recent studies have documented that informed traders have strong influences on stock market prices through their trading with distinctive information power. Ever since 1992 capital market liberalization in Korea, it is said that foreign investors make consistent profits with their superior information and analytical skills. This study aims at whether we can make a profitable trading strategy by using the foreign investors' trading information. We analyse the relation between the KOSPI index returns and the foreign investors trading volume using GARCH models and VAR models. This study suggests the profitable trading strategies based on the documented relation between the foreign investors' trading volume and KOSPI index returns. We simulate the trading system with the real stock market data. The data include the daily KOSPI index returns and foreign investors' trading volume for 2001~2013. We estimate the GARCH and VAR models using 2001~2011 data and simulate the suggested trading system with the remaining out-of-sample data. Empirical results are as follows. First, we found the significant positive relation between the KOSPI index returns and contemporaneous foreign investors' trading volume. Second, we also found the positive relation between the KOSPI index returns and lagged foreign investors' trading volume. But the relation showed no statistical significance. Third, our suggested trading system showed better trading performance than B&H strategy, especially trading system 2. Our results provide good information for uninformed traders in the Korean stock market.

• Journal of The Korean Society of Integrative Medicine
• /
• v.8 no.4
• /
• pp.241-251
• /
• 2020

Purpose : This study examined the effect of locomotive syndrome on stress index and lifestyle patterns among elderly Koreans aged 65 years and older, and analyzed its correlation with stress index and lifestyle patterns. The purpose of this study was to provide basic data for the management and prevention of locomotive syndrome in the elderly. Methods : Using the "25-Question Geriatric Locomotive Function Scale (GLFS-25)", the study evaluated locomotive syndrome in 123 elderly Koreans aged 65 years and older. Of them, 85 patients were assigned to the locomotive syndrome group and 38 patients were assigned to the normal group. The questionnaire measured and investigated the participants' stress index and lifestyle patterns. Statistical analysis was performed using SPSS 22.0 ver. Results : Results showed the locomotive syndrome group displayed a higher stress index than the normal group, with a statistically significant difference between the two groups. The group also scored lower in the lifestyle pattern survey than the normal group did, with a statistically significant difference in high-intensity work performance ratio and average daily performance time between them. The GLFS-25 score showed a significant positive correlation with the stress index and sitting and lying down time, and a significant negative correlation with medium-intensity working time, walking, and cycling time. Conclusion : In conclusion, Locomotive syndrome in elderly Koreans is closely related to stress and lifestyle patterns, especially high-intensity work. We recommend active prevention and management of locomotive syndrome and further research into the effects of various lifestyle factors on the illness.

• Management & Information Systems Review
• /
• v.37 no.4
• /
• pp.63-74
• /
• 2018

Recently, in the asset management industry, the smart beta strategy, which has an intermediate nature between passive and active strategies, is attracting attention. In this smart beta strategy, value, momentum, low volatility, and quality index are widely used. In this study, we analyzed the quality index which is not clear and complicated to calculate. According to the MSCI methodology, the quality index was calculated using three variables: return on equity, debt to equity, and earnings variability. In addition, we use the index using only return on equity variable, the index using only two variables of return on equity and debt to equity, and the KOSPI index as comparison targets for the quality index. In order to evaluate the performance of the indices used in the analysis, the arithmetic mean return, the coefficient of variation, and the geometric mean return were used. In addition, Fama and French (1993) model, which is widely used in related studies, was used as a pricing model to test whether abnormal returns in each index are occurring. The results of the empirical analysis are as follows. First, in all period analysis, quality index was the best in terms of holding period returns. Second, the quality index performed best in the currency crisis and the global financial crisis. Third, abnormal returns were not found in all indices before the global financial crisis. Fourth, in the period after the global financial crisis, the quality index has the highest abnormal return.

• Proceedings of the Korean Operations and Management Science Society Conference
• /
• 1997.10a
• /
• pp.105-108
• /
• 1997

Previous studies in stock market predictions using artificial intelligence techniques such as artificial neural networks and case-based reasoning, have focused mainly on spot market prediction. Korea launched trading in index futures market (KOSPI 200) on May 3, 1996, then more people became attracted to this market. Thus, this research intends to predict the daily up/down fluctuant direction of the price for KOSPI 200 index futures to meet this recent surge of interest. The forecasting methodologies employed in this research are the integration of genetic algorithm and artificial neural network (GAANN) and the integration of genetic algorithm and case-based reasoning (GACBR). Genetic algorithm was mainly used to select relevant input variables. This study adopts the categorical data preprocessing based on expert's knowledge as well as traditional data preprocessing. The experimental results of each forecasting method with each data preprocessing method are compared and statistically tested. Artificial neural network and case-based reasoning methods with best performance are integrated. Out-of-the Model Integration and In-Model Integration are presented as the integration methodology. The research outcomes are as follows; First, genetic algorithms are useful and effective method to select input variables for Al techniques. Second, the results of the experiment with categorical data preprocessing significantly outperform that with traditional data preprocessing in forecasting up/down fluctuant direction of index futures price. Third, the integration of genetic algorithm and case-based reasoning (GACBR) outperforms the integration of genetic algorithm and artificial neural network (GAANN). Forth, the integration of genetic algorithm, case-based reasoning and artificial neural network (GAANN-GACBR, GACBRNN and GANNCBR) provide worse results than GACBR.

• Journal of the Korean Operations Research and Management Science Society
• /
• v.33 no.4
• /
• pp.101-118
• /
• 2008

This study compares supply chain integration practices of high performing manufacturing plants in Korea and those in the U.S., Japan, and six European countries. Data were drawn from the High Performance Manufacturing(HPM) Round 3, a joint data-collection effort on manufacturing and supply chain management. Specifically, in the automotive, electronics, and machinery industries, we selected twenty Korean plants with high performance reputation and chose the same number of non-Korean plants(HPM top 20), based upon their competitive manufacturing capability index and customer satisfaction index. The Korean plants do not significantly differ from HPM top 20 plants in that internal value creation activities are coordinated and integrated at the corporate level and between plants. The Korean plants, however, demonstrated more integration with suppliers than with customers, and only the two of them were classified as 'outward facing', which pursues greater integration with both customers and suppliers. Unbalanced and lower integration with customers of the Korean plants was attributed to the lower than expected manufacturing capability and customer satisfaction. Implications for supply chain professionals were discussed.

• Journal of the Korea Society of Computer and Information
• /
• v.29 no.5
• /
• pp.155-164
• /
• 2024

This study proposes an unsupervised learning-based clustering model to estimate the ESG ratings of domestic public institutions. To achieve this, the optimal number of clusters was determined by comparing spectral clustering and k-means clustering. These results are guaranteed by calculating the Davies-Bouldin Index (DBI), a model performance index. The DBI values were 0.734 for spectral clustering and 1.715 for k-means clustering, indicating lower values showed better performance. Thus, the superiority of spectral clustering was confirmed. Furthermore, T-test and ANOVA were used to reveal statistically significant differences between ESG non-financial data, and correlation coefficients were used to confirm the relationships between ESG indicators. Based on these results, this study suggests the possibility of estimating the ESG performance ranking of each public institution without existing ESG ratings. This is achieved by calculating the optimal number of clusters, and then determining the sum of averages of the ESG data within each cluster. Therefore, the proposed model can be employed to evaluate the ESG ratings of various domestic public institutions, and it is expected to be useful in domestic sustainable management practice and performance management.

• The Transactions of the Korea Information Processing Society
• /
• v.7 no.2S
• /
• pp.678-691
• /
• 2000

A variety of multimedia applications require multimedia database management systems to manage multimedia data, such as text, image, and video, as well as t support content-based image or video retrieval. In this paper we design and implement a content-based image retrieval system, BADA-IV/I$^2$R(Image Information Retrieval), which is developed based on BADA-IV multimedia database management system. In this system image databases can be efficiently constructed and retrieved with the visual features, such as color, shape, and texture, of image. we extend SQL statements to define image query based on both annotations and visual features of image together. A high-dimensional index structure, called CIR-tree, is also employed in the system to provide an efficient access method to image databases. We show that BADA-IV/I$^2$R provides a flexible way to define query for image retrieval and retrieves image data fast and effectively: the effectiveness and performance of image retrieval are shown by BEP(Bull's Eye Performance) that is used to measure the retrieval effectiveness in MPEG-7 and comparing the performance of CIR-tree with those of X-tree and TV-tree, respectively.

• Journal of Korean Institute of Industrial Engineers
• /
• v.31 no.2
• /
• pp.143-151
• /
• 2005

Information technology(IT) investment evaluation requires measurements from many perspectives. Except for the case of financial performance, these measurements mostly belong to the qualitative or intangible domain. The problem with IT investment evaluation lies in the fact that it is very difficult to define the qualitative properties against which to measure the performances. This paper addresses the issue of developing the set of performance indices, and defining the structural relationships between them, such that the IT investment evaluation can be done in a systematic, objective and comprehensive manner. We introduce the balanced scorecard strategy map as the backbone reference frame for the generation of performance indices and for the description of the relationships between them. Sample indices for evaluating projects from strategic perspectives are provided with a case example. A step by step follow through of the index generation process has been presented along with the case.

• The Korean Journal of Health Service Management
• /
• v.8 no.2
• /
• pp.1-10
• /
• 2014

This study examined nonpatient revenues of university hospitals in korea. The data source for this study was 22 university hospitals over the period 2010-2012. In this study, patient revenues, patient expenses, operating profit, nonpatient revenues, total revenues, operating margin, normal profit to gross revenues, ratio of the nonpatient revenues in the total revenues were analysed by the annual and three-year average. The analysis of nonpatient revenue differences by hospital type, bed size, location, management performance was performed by T-test and oneway ANOVA. The results were as follows. First, nonpatient revenues of university hospitals were increased during the period 2010-2012. Second, nonpatient revenues according to hospital type, bed size, location in the university hospitals had significant difference. Third, hospital type was significantly associated with normal profit to gross revenues which was profitability index about nonpatient revenues. Based on these results, this study suggests implications to diversify for management performance in hospitals.

• International Journal of Quality Innovation
• /
• v.9 no.1
• /
• pp.41-54
• /
• 2008

The process capability indices have been widely used to measure process capability and performance. In this paper, we proposed a new process capability index which is based on an actual dollar loss by defects. The new index is similar to the Taguchi's loss function and fully incorporates the distribution of quality attribute in a process. The strength of the index is to apply itself to non-normal or asymmetric distributions. Numerical examples were presented to show superiority of the new index against $C_p$, $C_{pk}$, and $C_{pm}$ which are the most widely used process capability indices.