• The Journal of Asian Finance, Economics and Business
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• 제3권3호
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• pp.79-91
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• 2016

This paper is the first of its kind using a non-linear approach based on cross-correlation function (CCF) to investigate the information arrival hypothesis in crude palm oil (CPO) futures market. Based on daily data from 1986 to 2010, our empirical results reveal that: First, the volume of volatility is not a proxy of information flow. Second, dependence causality running from current return to future volume in conditional variance exhibit an asymmetric pattern of time span with different signs of correlation between price and volume series. This finding indicates the presence of noise traders' hypothesis of price-volume interaction in CPO futures market. Both findings suggest that this futures market is weak-form inefficiency. In terms of investors' behavior, they tend to change their expectations on current return based on errors made in previous trade in generating abnormal volume in the subsequent period. As implied, it is advisable for the investors devise their future trading strategies according to time span and changes of return.

• 수산경영론집
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• 제47권1호
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• pp.1-20
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• 2016

The purpose of this study is to assess the effects of outlook project for olive flounder, from the view point of price stabilization, market efficiency, and causality of the prices in different distribution channels. Analytical results show that the volatility of producer price of olive flounder has been significantly mitigated after the implementation of the outlook project. The market efficiency is estimated to be improved after implementing the outlook project although there is an inefficiency on price determination process in some producing regions. The causality test on the producer and wholesale price shows that producing stage leads the wholesale stage in forming the prices. It is found that Jeju leads the flounder price on the size of 500g and 2kg, while Wando leads the price of 1kg size. These estimation result as whole indicate that outlook project for olive flounder has accomplished the intended goals.

• 한국경영과학회지
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• 제40권1호
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• pp.75-89
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• 2015

In recent years, attention to the high debt ratio in public institutions has pushed the government to make efforts in reducing the debt ratio. However, in order to stimulate the economy, the government needs drastically innovative measures that reduce debt by improving efficiency rather than moderate approaches that focus solely on debt reduction. Despite this need, no study has yet systematically analyzed the overall efficiency of domestic public institutions and identified the source of inefficiencies in each public entity. Therefore, largely two research questions are examined. First, this study compares the efficiency levels by types of public institutions. Second, this study identifies the cause of inefficiencies in each public institution and proposes directions for improving efficiency. Based on a 5-year data of 302 public institutions published in public business information systems and organizational websites from 2009 to 2013, Data Envelopment Analysis (DEA) was performed. The input variables include the number of employees and total costs while the output variables include sales and net income. Reflecting the characteristics of public institutions, the input-oriented CCR model and input-oriented BCC model were utilized. Analysis results are as follows. First, market-oriented public institutions showed the highest efficiency while fund management quasi-governmental agencies showed the highest inefficiency. Second, scale efficiency score was measured by applying the CCR model and the BCC model on the organizations with the lowest efficiency level, fund management quasi-governmental agencies. Based on these analysis results, the source of inefficiency and detailed directions for improvement were proposed for Decision Making Units (DMUs) with low CCR and BCC scores.

• 한국융합학회논문지
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• 제12권4호
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• pp.249-258
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• 2021

최근 암호화폐거래소로 투자자들이 몰리면서 비트코인 가격이 급등락하고 있다. 본 연구의 목적은 딥러닝 모형을 이용하여 비트코인의 가격을 예측하고, 투자전략을 통해 비트코인의 수익성이 있는지를 분석하는 것이다. 비선형성과 장기기억 특성을 보이는 비트코인 가격 예측모형으로는 LSTM을 활용하며, 예측 가격을 입력변수로 하는 이동평균선 교차전략의 수익성을 분석하였다. 2013년부터 2021년까지의 LSTM 예측 가격을 이용한 비트코인 이동평균선 교차전략의 투자 성과는 단순 시장가격을 이용한 이동평균선 교차전략과 벤치마크전략 Buy & Hold 보다 각각 5.5%와 46% 이상의 수익률 개선 효과를 보여주었다. 최근 데이터까지 확장하여 분석한 본 연구의 결과는 기존의 연구들과 마찬가지로 암호화폐 시장의 비효율성(inefficiency)을 지지하고 있으며, 비트코인 투자자들에게는 딥러닝 모형을 이용한 투자전략의 실전 활용 가능성을 보여주었다. 향후 연구에서는 다양한 딥러닝 모형들의 성과 비교를 통해 최적의 예측모형을 개발하고 비트코인 투자전략의 수익성을 개선할 필요가 있다.

• 전기학회논문지
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• 제60권12호
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• pp.2196-2201
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• 2011

According to the 5th national plan for electric power demand and supply, the 3rd HVDC link will be installed between KEPCO and Jeju Island system and go into operation in June, 2016. However, if it adopt LCC HVDC, Jeju power system could be in voltage instable condition. In order to solve the problem, we propose the application of VSC HVDC to the 3rd HVDC project. In the past, VSC HVDC has many disadvantages such as, inefficiency in conversion, size limit, and expensiveness, compared to LCC HVDC. Recently, the new technologies and the demand for renewable energy interconnection are leading a large growth in VSC HVDC market. In this paper, we will introduce the technical and market trends of VSC HVDC and power system stability analysis results for Jeju power system having LCC and VSC HVDCs.

• 보건교육건강증진학회지
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• 제15권2호
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• pp.217-233
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• 1998

This paper analyzed four different perspectives on health care reform in Korea in terms of the basic values, formulated problems and reform plans, implementation methods, and supporting groups. The medical security plan was insisted by social security specialists and social activists focusing on the integration of medical insurance coops in order to enhancing equity and right of the people. However, its perspective was limited to promoting security instead of reforming health care system. The government proposed the health care reform plans in 1994 and in 1997, focusing on promoting efficiency by remedying many problems in health care delivery system. However, its implementation was not successful due to the lack of organizational and financial supporters. Recently, two opposite proposals were issued. The market reform plan paid attention to revitalizing the market function to promoting efficiency by allowing hospitals to treat private patients instead of applying the medical insurance regulation. The government reform plan focused on intensifying governmental planning and intervention in the health care sector in order to removing inefficiency and promoting equity with the supports of social activists and labor unions. Finally, this paper proposed an alternative plan to promote harmonious social relationship between actors in the health care system.

• Asia pacific journal of information systems
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• 제6권1호
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• pp.125-163
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• 1996

Since the bank managers were accustomed to be under the goverment policy and control so far, all what they had to do were just to follow the government policy and wait for customers. These usual practices resultedin neglection of concerns for innovation and competitive power. However, it currently happens the change of business environment such as the liberalization of interest rates and the open finance market policy. Thus, it is necessary for the bank managers to have a concern on that situation for the improvement of profitability through productivity and cost-down. The bank managers are trying to set out an innovation strategy to cope with this situation. An innovation strategy should be based on its own characteristics of banking business. The banking business is different from those of other business because it deals with intangible services rather than material goods and thus, the bank managers have to be more sensitive to the customers. There also exists an inefficiency of internal process due to too many repetition of 'check and balance'. Thus, We set out the five principles and six selected tasks in order to settle down an inefficiency and to redesign a bank operation process.

• 아태비즈니스연구
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• 제13권3호
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• pp.93-118
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• 2022

Purpose - Export marketers may have incentives to attempt real earnings management to avoid low reported earnings. Therefore, we attempted to verify the relationship between cost stickiness and real earnings management in the context of export marketing. Design/methodology/approach - Data were collected from exporters that settle-accounts in December excluding financial businesses listed on the stock market from 2015 to 2019. Multiple regression analysis were employed to analyze the data. Findings - The results showed that there is a negative relationship between cost stickiness and real earnings management. In addition, the results showed that export marketers little attempt to offset the cost inefficiency caused by the increase in expense because of cost stickiness with opportunistic management activities through real earnings management. Rather, as the level of real earnings management appears lower, exporters showing cost stickiness are expected to report management performance based on actual marketing. Furthermore, exporters with a high level of managerial centrality or high managerial overconfidence little attempt to offset cost inefficiency caused by cost stickiness with real earnings management activities. Research implications or Originality - Our study is the first to investigate the quality of earnings information of exporters with cost stickiness. Based on the results, we suggested efficient marketing strategies for exporters.

• Journal of Korea Trade
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• 제26권4호
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• pp.1-22
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• 2022

Purpose - This paper empirically investigates the effect of a rise in the global value chain (GVC) on the industry-level efficiency of resource allocation (based on plant-level inefficiency measures) in Korea, with a focus on various channels through which a rise in the GVC can increase competition among firms and thus induce resources to be allocated more efficiently across firms. Design/methodology - We empirically investigate the relationship between the industry-specific importance of GVC and the industry-level allocative inefficiency that is measured as the dispersion of the plant-level marginal revenue of capital (MRK) as in Hsieh and Klenow's (2009) influential model. We compute MRK dispersion for industries sorted by various characteristics that are closely related to firm/industry sensitivity to the GVC. In other words, we compute the average industry-level MRK dispersion for industries sorted by industry-specific importance of GVC and compute the difference between the two groups of industries (higher vs. lower than the median GVC); we also calculate the difference between industries sorted by industry-specific export (import) intensity. This is our difference-in-difference estimate of the MRK dispersion associated with the GVC for the export (import)-intensive industry versus the non-export (non-import)-intensive industry. This difference-in-difference estimate of the MRK dispersion conditional vs. unconditional on firm-level productivity is then calculated further (triple-difference estimate). Findings - A rise in GVC is associated with a decrease in the MRK dispersion in the export-intensive industry compared to the non-export-intensive industry. The same is true for industries that rely heavily on imports versus those that do not (i.e., import intensive vs. non-intensive). Furthermore, the reduction in the MRK dispersion in the export-intensive industry associated with an increase in the GVC is disproportionately greater for high-productivity firms. In contrast, the negative relationship between GVC and MRK dispersion in the import-intensive industry is disproportionately smaller for high-productivity firms. Originality/value - Existing studies focus on the relationship between GVC and aggregate output, exports, and imports at the country level. We investigate detailed firm/industry-level mechanisms that determine the relationship between GVC, trade, and productivity. Using the plant-level data in South Korea, we investigate how GVC is related to the cross-firm MRK dispersion, an important measure of allocative inefficiency, based on Hsieh and Klenow's (2009) influential economic theory. This is the first study to provide plant-level evidence of how GVC affects MRK dispersion. Furthermore, we examine how the relationship between GVC and MRK-dispersion varies across export intensity, import intensity, and firm-level productivity, providing insight into how GVC can affect firms' exposure to competition in the global market differently depending on market conditions and thus generate trade-related productivity gains.

• 환경정책연구
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• 제9권4호
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• pp.3-27
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• 2010

중앙정부의 환경투자 관련 제조업의 비용구조를 트랜스로그 가변비용함수를 활용하여 분석하였으며, 주요 결과는 다음과 같다. 첫째, 중앙정부에서 진행하는 환경투자의 적정 여부를 파악하기 위해 충족도를 살펴본 결과, 적정수준인 1에 못미치는 0.7230으로 분석되었으며, 이에 따라 생산비효율이 발생하고 있다. 그러므로 중앙정부는 환경투자를 적정수준으로 끌어올릴 수 있는 방안을 마련해야 할 것이다. 또한 중앙정부는 환경투자의 부족에도 불구하고 잠재가격이 시장가격보다 작아 투자여건은 유리하지 않다. 그러나 중앙정부의 환경투자는 제조업체의 산출증대를 가져오고, 가변비용을 절감하며, 규모의 경제를 가져오는 것으로 분석되었다. 둘째, 제조업체의 공해방지투자와 중앙정부의 환경투자를 비교해 본 결과, 전자 후자 모두 투자가 적정수준에 못미치고, 투자여건이 양호하지 못하며, 규모의 경제를 가져오고, 산출 증대에 기여하는 것으로 나타났다. 특히 중앙정부의 환경투자는 정(+)의 잠재가격에 따라 효율적이므로 가변비용을 절감하게 된다. 이에 따라 제조업체는 중앙정부의 환경투자 부족이 가변비용을 증가시켜 생산비효율을 가져오고 있다. 그러나 제조업체의 공해방지투자는 부(-)의 잠재가격에 따라 비효율적이므로 가변비용을 절감하지 못하고 있다. 이러한 제조업체의 공해방지투자 부족은 오히려 가변비용을 절감시킴에 따라 생산효율을 가져오고 있다. 그러므로 제조업체는 공해방지투자를 적정수준으로 끌어올려 효율화함으로써 가변비용을 절감시켜 생산효율을 달성해야 할 것이다.