• Asia-Pacific Journal of Business
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• v.13 no.3
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• pp.183-208
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• 2022

Purpose - The main purpose of this study is to widely investigate the impact of recent pandemic crises on the synchronization of the world capital markets through 25 stock indices from major developed countries. Design/methodology/approach - This study collects 25 stock indices from major developed countries and the time period is between January 5, 2001 and February 24, 2022. The data sets used in the study include finance.yahoo.com and Investing.com.. The Granger causality analysis, unit-root test, VAR analysis, and forecasting error variance decomposition were hired in order to analyze the data. Findings - First, there are significant inter-relations among 25 countries around recent major pandemic crises(such as SARS, A(H1N1), MERS, and COVID19), which is consistent result with previous literature. Second, COVID19 shows much stronger impact on the world-wide synchronization than other pandemics. Third, the return volatility of each stock market varies, unit root tests show that daily stock index data are unstable while daily stock index returns are stable, and VAR(Vector Auto Regression) analyses presents significant inter-relations among 25 capital markets. Fourth, from the impulse response function analyses, we find that each market affects the other markets for short term periods, about 2~4 days, and no long term effect was not found. Fifth, Granger causality tests show one-side or two-sides synchronization between capital markets and we estimate, through forecasting error variance decomposition method, that the explanatory portions of each capital market on other markets vary from 10 to 80%. Research implications or Originality - The above results all together show that pandemic crises have strong effects on the synchronization of world capital markets and imply that these synchronizations should be carefully considered both in the investment decisions by individual investors and in the financial and economic policies by governments.

• Journal of Technology Innovation
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• v.18 no.2
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• pp.121-145
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• 2010

This study relates to measure impact of green technology on industry sector by uses of industry greening indices. For this study, we performed patent trend analysis, technology-industry concordance analysis, and designed some industry greening indices. Through the results of this research, we found out the impact of Korean high priority green technologies on respective industries, and consequently identified which industries play an important role in the era of green innovation. IT related industries would catch somewhat weak attention in green technology policy, though they manufacture and use plenty of patents at present. Meanwhile, Energy related industry, such as battery industry would catch strong attention in green innovation, showed very high value of industry greening indices. In order to design proper R&D strategy for green technologies, understanding industry and market structure that can adapt and promote green technology innovation is important. In this context, this study could be an effective and systematic tool for assisting green innovation policy. Also, these indices developed are not limited to the case of green technology, other technologies can be used universally as a input for analysis.

• Journal of the Korean Data and Information Science Society
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• v.23 no.2
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• pp.271-283
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• 2012

In this paper, we predicted the rise or the fall in eleven major industrial stock price indices unlike existing studies dealing with the prediction of KOSPI that combines all industries. We used as input variables not only domestic economic indices but also foreign economic indices including the U.S.A, Japan, China and Europe that have affected korean stock market. Numerical analysis through SAS E-miner showed above or below about 60% accuracy using the logistic regression and neural network model.

• Journal of Electrical Engineering and Technology
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• v.9 no.4
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• pp.1154-1162
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• 2014

In the restructured electricity market, Performance-Based Regulation (PBR) regime has been introduced to the distribution network. To ensure the network stability, this regime is used along with quality regulations. Quality regulation impose new financial risks on distribution system operators (DSOs). The poor quality of the network will result in reduced revenues for DSOs. The mentioned financial risks depend on the quality indices of the system. Based on annual variation of these indices, the cost of quality regulation will also vary. In this paper with regard to reclosing fault in distribution network, we develop a risk-based method to assess the financial risks caused by quality regulation for DSOs. Furthermore, in order to take the stochastic behavior of the distribution network and quality indices variations into account, time-sequential Monte Carlo simulation method is used. Using the proposed risk method, the effect of taking reclosing time into account will be examined on system quality indicators and the cost of quality regulation in Swedish rural reliability test system (SRRTS). The results show that taking reclosing fault into consideration, affects the system quality indicators, particularly annual average interruption frequency index of the system (SAIFI). Moreover taking reclosing fault into consideration also affects the quality regulations cost. Therefore, considering reclosing time provides a more realistic viewpoint about the financial risks arising from quality regulation for DSOs.

• Asia-Pacific Journal of Business
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• v.15 no.2
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• pp.143-157
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• 2024

Purpose - This paper aims to analyze the relationship and correlation between the stock markets of Korea, the US, China, and Japan before and after the outbreak of COVID-19. Design/methodology/approach - This study conducted an empirical analysis using the stock market data from January 2016 to June 2023 for the representative market indices of Korea, the US, China, and Japan. The analysis employed the VAR model, Granger causality test, impulse response function, and variance decomposition. Findings - Analyzing the relationships of these stock markets before and after the outbreak of COVID-19, we obtained the following results. (i) The influence of the U.S. stock market was found to be absolute regardless of the COVID-19 period, and the rise in the U.S. stock market led to rises in other stock markets. (ii) The Chinese stock market had a significant negative impact on the U.S., Korean, and Japanese stock markets before COVID-19, but this influence disappeared after COVID-19. This suggests that the Chinese market exhibited unique characteristics different from the global market after COVID-19. (iii) Analyzing the period excluding the first quarter of 2020, when global stock market volatility was extremely high due to the spread of COVID-19, we found that the results were very similar to the analysis including the first quarter of 2020. Therefore, it is difficult to argue that the increased uncertainty during this period distorted the relationships among the stock markets of these four countries. Research implications or Originality - We anticipate that these findings will offer valuable insights for both individual and institutional investors, aiding them in portfolio diversification and risk mitigation.

• The Journal of the Convergence on Culture Technology
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• v.10 no.4
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• pp.711-719
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• 2024

This study examined the policy of opening up the Chinese A-share market and its performance in four aspects: institutional investors system, cross-trading system with overseas stock markets, inclusion of A-shares into global indices, and establishment of a new board. Then, the impact of these policies on the Stock Index was empirically analyzed, and it was confirmed that institutional investors system such as QFII and RQFII, cross-trading system with overseas stock markets such as Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, inclusion of A-shares into global indices such as the MSCI EM index and FTSE Russell index, and the establishment of a new board of the Science Innovation Board all had statistically significant positive impacts on the stock index. Based on the results of these analysis, we conclude that China should further expand its stock market opening to the outside world, that mutual efforts are needed to alleviate political conflicts and improve understanding, and that easing industry regulations, including real estate, will help China's economic recovery and foreigners' investment in the A-share market.

• The Transactions of the Korean Institute of Electrical Engineers A
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• v.54 no.9
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• pp.441-448
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• 2005

On-line dynamic security assessment is becoming more and more important for the stable operation of power systems as load level increases. The necessity is getting apparent under Electricity Market environments, as operation of power system is exposed to more various operating conditions. For on-line dynamic security assessment, fast transient stability analysis tool is required for contingency selection. The TEF(Transient Energy Function) method is a good candidate for this purpose. The clustering of critical generators is crucial for the precise and fast calculation of energy margin. In this paper, we propose a new method for fast decision of mode of instability by using stability indices. Case study shows very promising results.

• Proceedings of the KIEE Conference
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• 2005.07a
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• pp.136-139
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• 2005

On-line dynamic security assessment is becoming more and more important for the stable operation of power systems as load level increases. The necessity is getting apparent under Electricity Market environments due to more various operating conditions. Fast transient stability analysis tool is required for contingency selection. The TEF(Transient Energy Function) method is a good candidate for this purpose. The clustering of critical generators is crucial for the precise and fast calculation of energy margin. In this paper, we propose a new method for fast decision of mode of instability by using stability indices. Case study shows very promising results.

• Proceedings of the KIEE Conference
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• summer
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• pp.11-14
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• 2004

In recent, the importance and necessity of some studies on reliability evaluation of grid comes from the recent black-out accidents occurred in the world. The quantity evaluation of transmission system reliability is very important under competitive electricity environment. The reason is that the successful operation of electric power under the deregulated electricity market depends on transmission system reliability management. This paper introduces features and operation modes of the Transmission Reliability Evaluation for Large-Scale Systems(TRELSS) Version 6.2, a program made in EPRI, for assessing reliability indices of composite power system. The package accesses not only bulk but also buses indices for reliability evaluation of composite powers system. The characteristics of the TRELSS program are illustrated by the case studies using the KEPCO system

• Journal of Korean Society of Industrial and Systems Engineering
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• v.17 no.32
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• pp.281-296
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• 1994

In this paper, a new index(joint index) which shows the higher confidence than that of the existing technical indices and has simple logical structure and an index which is an applied form of the existing index(OBV-I index) are proposed. The index characteristics which have been known are verified by choosing the three most used technical indices(ADR index, investment psychological rate and VR index) as samples. And the index characteristics of the joint index are compared to those of the OBV-I index. The comparisons are executed not by comparing the investment earning rate of each index but by calculating the unnecessary number of trade days in the total number of trade days according to the index.