• Environmental and Resource Economics Review
• /
• v.17 no.1
• /
• pp.23-49
• /
• 2008

In this paper, we estimate whether changes in the economic environment a firm operates in affects technical efficiency. Since efficiency gains can manifest themselves in a variety of ways, we estimate for efficiency gains on annual generating plants input demand for expenses and fuel use. We find that generating plants reduced their workers and costs respectively by 6.8% in 1999 and 37.9% in 2001. However, they didn't show any systematic caloric consumption changes facing various economic environmental shocks. These results suggest that restructuring brought efficiency gains by replacing regulated monopoly with a more competitive firms in the context of the Korean electricity market.

• Proceedings of the KSR Conference
• /
• 2010.06a
• /
• pp.1558-1566
• /
• 2010

After the establishment of 'Staggers' Rail Legislation' in 1980, which established an atmosphere of free competition in rail freight transportation market, freight railway in America became larger and the proportion of freight railway in the market increased. In 2008, it took up 43% of the transportation market based on tonne/mile unit and the productivity of freight rail increased. On the other hand, in the case of Korea, the competing atmosphere is being set up under the influences of the renovation of the rail transportation industry in 2004. However, to make the rail transportation market more active and become more advanced, a lot of efforts are required to build a stronger foundation of free competition atmosphere. In this paper, we have deducted the political implications on the establishment of strengthened competition in Korean rail transportation industry from reviewing what kind of changes the rail transportation market in America went through and how it was developed. In this case, we have focused on the changes in industrial trend towards the restriction policy. Also influences of the deregulation policy after 1980 on the enhanced market efficiency were reviews.

• Asia Marketing Journal
• /
• v.17 no.1
• /
• pp.27-53
• /
• 2015

Learning organization has been an important issue in both management and marketing areas. Also learning capability is a key construct of innovation process in a firm. Especially, in marketing context, several researchers have studied market-based learning and its relation with performance. Previous studies have shown that market-based learning has a positive impact on overall firm performance. However, there has been inconsistency in the concept of market-based learning itself and its relationships with antecedents and consequences. Given this conflicting and inconsistent results of previous research, this study has two main objectives. First, this paper proposed a conceptual framework that marketbased learning has two types of processes and each types of market-based learning will generate different types of performance. Second, the mediating role of marketing capability in learning-performance link is proposed. The proposed conceptual framework shows that organizations which have marketbased learning for innovation management can enjoy ambidextrous firm performance on both side of effectiveness and efficiency via marketing capability. Moreover our research model proposes key drivers of market based organizational learning.

• Transactions on Electrical and Electronic Materials
• /
• v.15 no.4
• /
• pp.201-206
• /
• 2014

LED lighting,considered to be a new growth industry, has attracted a great deal of attention due to its higher illumination and longer life time than existing light sources. In this study, high-efficiency and long-life LED fog lamps for automobiles were developed, which can substitute the existing 27 W halogen fog lamps for a used car market. For this purpose, the number of LED modules, the body, heat sink, and the output of the fog lamp were first optimized through a numerical analysis. Then, a 10 W-class LED fog lamp was prototyped based on the optimized numerical model, and the performance of the fog lamp was successfully verified through the experiments.

• 제어로봇시스템학회:학술대회논문집
• /
• 2005.06a
• /
• pp.616-620
• /
• 2005

The technology of high-speed electrical machines is particularly relevant to applications involving electrical power generation and high-speed motors with high power density and high efficiency. Due to the development of improved materials for electrical machines, power electronic elements and design technology, the high-speed electrical machines are being rapidly introduced into industrial applications. The introduction of high-speed electrical machines has created a new market for electrical machines and will, as an application, contribute to the development of modern electrical machines. This paper deals with applications and market trends and KERI's activities in high-speed electrical machines.

• Proceedings of the Korean Institute of Building Construction Conference
• /
• 2013.05a
• /
• pp.265-267
• /
• 2013

Recently, It is being reduction to market of the domestic construction industry for the instability of the domestic market structure. So it is necessary to plan response measures for to ensure the competitiveness of the construction market of overseas. The purpose of the study is suggest of improvement of the project delivery system for the efficiency of the construction of the unit modular housing of considering the reducing cost and technological competitiveness of the domestic construction industry.

• The Korean Journal of Financial Management
• /
• v.25 no.1
• /
• pp.1-22
• /
• 2008

This study is to evaluate, to the extent to, which advanced currency futures and emerging currency futures markets can predict accurately the future spot rate. To this end, Johansen's the maximum-likelihood cointegration method(1988, 1991) is adopted to test the unbiasedness and efficiency hypothesis. Also, this study is to estimate and compare a quantitative measure of relative efficiency as a ratio of the forecast error variance from the best-fitting quasi-error correction model to the forecast error variance of the futures price as predictor of the spot price in advanced currency futures with in emerging currency futures market. Advanced currency futures is British pound and Japan yen. Emerging currency futures includes Korea won, Mexico peso, and Brazil real. The empirical results are summarized as follows : First, the unbiasedness hypothesis is not rejected for Korea won and Japan yen futures exchange rates. This indicates that the emerging currency Korea won and the advanced currency Japan yen futures exchange rates are likely to predict accurately realized spot exchange rate at a maturity date without the trader having to pay a risk premium for the privilege of trading the contract. Second, in emerging currency futures markets, the unbiasedness hypothesis is not rejected for Korea won futures market apart from Mexico peso and Brazil real futures markets. This indicates that in emerging currency futures markets, Korea won futures market is more efficient than Mexico peso and Brazil real futures markets and is likely to predict accurately realized spot exchange rate at a maturity date without risk premium. Third, this findings show that the results of unbiasedness hypothesis tests can provide conflicting finding. according to currency futures class and forecasts horizon period, Fourth, from the best-fitting quasi-error correction model with forecast horizons of 14 days, the findings suggest the Japan yen futures market is 27.06% efficient, the British pound futures market is 26.87% efficient, the Korea won futures market is 20.77% efficient, the Mexico peso futures market is 11.55%, and the Brazil real futures market is 4.45% efficient in the usual order. This indicates that the Korea won-dollar futures market is more efficient than Mexico peso, and Brazil real futures market. It is therefore possible to concludes that the Korea won-dollar currency futures market has relatively high efficiency comparing with Mexico peso and Brazil real futures markets of emerging currency futures markets.

• Journal of Distribution Science
• /
• v.17 no.5
• /
• pp.61-72
• /
• 2019

Purpose - In this study, we try to measure the efficiency of the traditional market and university cooperation projects and present the direction of policy improvement for the near future by converging the system, which exerts to secure the competitiveness and revitalize its centered-city, and the recent policies that have new business and social Research Design, Data, and Methodology - In order to improve this situation, this study uses Data Envelopment Analysis (DEA) to evaluate the effectiveness of the policy project and propose its evaluation results. Also, we want to derive the weight calculation for utilizing DEA by using AHP method. Results - This study's results were derived from the input and output variables, so instead of qualitative analysis, the conclusion was drawn out from the quantitative analysis. Through this quantitative analysis method, we had an opportunity to identify the characteristics of each site by each year. Conclusions - It is believed that the reliability of the results can be further improved if the qualitative part can be supplemented its unique characteristics of the model which only considers the simple quantitative aspect. Further studies should be undertaken as these sectors are expected to draw out fruitful research conclusion when these aspects were supplemented additionally, so continuous additional study is essential.

• The Journal of Asian Finance, Economics and Business
• /
• v.9 no.5
• /
• pp.41-51
• /
• 2022

The research looks into the impact of stock split announcements on stock prices and market efficiency in the Colombo Stock Exchange (CSE). This research uses a sample of 26 stock split announcements that occurred between 2020 and June 2021. According to the Global Industry Classification Standards, the stock split announcements covered in the study pertain to 26 businesses and 9 industries (GICS). To obtain the results, the usual event research methodology is used. The findings demonstrate significant average abnormal returns of 15.01 percent on the day the stock split news is made public and abnormal returns of 4.11 percent and -4.05 percent one day before and after the stock split announcement date, respectively. The study's findings revealed significant positive abnormal returns one day before the disclosure date, indicating information leakage, and significant negative abnormal returns the next day after the announcement date, indicating CSE informational efficiency. Because stock prices adapt so quickly to public information, these findings support the semi-strong form efficient market hypothesis, which states that investors cannot gain an abnormal return by trading in stocks on the day of the stock split announcement.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.8
• /
• pp.185-195
• /
• 2020

This study examines the association between governance quality at country level and stock market performance. Specifically, the study investigates the influence of control of corruption, government effectiveness, political stability and absence of violence, rule of law, regulatory quality, and voice and accountability on all-share index of the stock markets of the six Gulf Cooperation Council (GCC) countries. This study is anchored on two theories - the Efficient Market Hypothesis (EMH) and Institutional Theory. The study employs panel data spanning from 2006 to 2017. The findings show that political stability and absence of violence and rule of law exhibit a significant positive impact on stock market performance, while regulatory quality and voice and accountability have a significant, but negative relationship with stock market performance. The results imply that quality of governance in terms of rule of law and political stability devoid of violence have strong impact on stock market returns. Similarly, improved stock market returns are largely dependent on the efficiency of the institutional environment of market as investors are always wary of the inherent risks associated with the uncertainty of the market. This study has crucial policy implications for the government of the GCC countries and stock market participants.