• Korean Management Science Review
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• v.32 no.4
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• pp.57-67
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• 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 Navigation and Port Research
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• v.47 no.6
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• pp.331-340
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• 2023

Predicting the survival time of a person in water (PIW) in maritime search and rescue (SAR) operations is an important concern. Although there have been many studies on survival models in marine-developed countries, it is difficult to apply them to Koreans in Korea's oceans because they were developed using marine distress data from the United Kingdom, United States, and Canada. Data on the survival time of a P IW were collected through interviews and surveys with a special rescue team from the Korea Coast Guard, SAR cases, press releases, and Korea Meteorological Administration data to address these issues. The maximum survival time (Korean) equation was developed by performing a regression analysis of this data, and the applicability to actual marine distress was reviewed and compared to the overseas survival model. By comprehensively using the maximum survival time (Korean), domestic SAR cases, and overseas survival models, guidelines for survival time and intensive and recommended search time were suggested. The study findings can contribute to decision-making, such as the input for search and rescue units. The findings can also help to determine the end of or reductions in SAR operations and explain policy decisions to the public and families of a PIW.

• Korean Chemical Engineering Research
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• v.53 no.2
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• pp.236-242
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• 2015

We present two data-driven modeling methods, partial least square (PLS) and artificial neural network (ANN), to predict the major operating and performance variables of a polymer electrolyte membrane (PEM) fuel cell stack. PLS and ANN models were constructed using the experimental data obtained from the testing of a 30 kW-class PEM fuel cell stack, and then were compared with each other in terms of their prediction and computational performances. To reduce the complexity of the models, we combined a variables importance on PLS projection (VIP) as a variable selection method into the modeling procedure in which the predictor variables are selected from a set of input operation variables. The modeling results showed that the ANN models outperformed the PLS models in predicting the average cell voltage and cathode outlet temperature of the fuel cell stack. However, the PLS models also offered satisfactory prediction performances although they can only capture linear correlations between the predictor and output variables. Depending on the degree of modeling accuracy and speed, both ANN and PLS models can be employed for performance predictions, offline and online optimizations, controls, and fault diagnoses in the field of PEM fuel cell designs and operations.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.63 no.2
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• pp.217-223
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• 2014

Recently, various researches and projects about electric vehicles are in progress vigorously and continuously and it is expected to penetrate rapidly with the next a few years. This deployment will cause the change of load composition rate affecting on power system planning and operations. Therefore, a new load model should be developed integrating with electric vehicle loads. In this paper, the load composition rate of residential sectors is analyzed considering the deployment of this mobility load such as electric vehicles and a new diffusion model is proposed based on the classification of the replacement patterns. Additionally, electric vehicle charging loads are basically modeled by some individual load experiments to develop new load models for smart place and some new conceptual power systems such as micro grids.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.5
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• pp.81-90
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• 2020

This study investigates the nexus between the level of Corporate Social Responsibility Disclosures (CSRD) and Risk of Bankruptcy of companies that are listing in the Stock Exchanges of Vietnam. To investigate that relationship, this study collected secondary data from annual audited financial statements from 2014 to 2018 of listing companies. Applying two different regression models with two dependent variables and six independent and control variables, we find out that Vietnamese firms with higher level of CSRD performance can rapidly reduce their risk of bankruptcy. This phenomenon happens in the current year and in the coming years in all firms in the research sample. This result may be that the disclosures of social responsibility information can bring financial and non-financial benefits to the firms. In addition, the results also point out that there is a difference in risk of bankruptcy between the group of companies, which discloses and the one which does not disclose corporate social responsibility on their annual reports. This might be from the effects of various factors such as business size, financial leverage, market to book ratio, return on assets, cash flow from operations, etc. Our research results can be applied to other firms in Vietnam and in other similar jurisdictions.

• Industrial Engineering and Management Systems
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• v.9 no.2
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• pp.97-106
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• 2010

Can eBay.com's fee structure coordinate the channel? It's a critical strategic problem in e-commerce operations and an interesting research hypothesis as well. eBay's fees include three parts: monthly subscription fee, insertion fee, and final value fee (i.e., a revenue sharing portion), which represent a generic form of revenue sharing fee structure between the retailer and the vendor in a supply chain. This research deals with such a channel consisting of a price-setting vendor who sells products through eBay's marketplace exclusively to the end customers. The up- and down-stream channel relationship is consignment-based revenue sharing. We use a game-theoretic approach with assumption of the retailer (i.e., eBay.com) being a Stackelberg-leader and the vendor being a follower. The Stackelberg-leader decides on the terms of revenue sharing contract (i.e., fee structure), and the follower (vendor) decides on how many units to sell and the items' selling price. This study formulates several profit-maximization models by considering the effects of the retail price on the demand function. Under such settings, we show that eBay's fee structure can improve the channel efficiency; yet it cannot coordinate the channel optimally.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.7
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• pp.447-456
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• 2021

State-Owned Enterprises (SOEs) are business entities that are owned mainly by the state. Good financial governance (GFG) is as important for SOEs as for the private sector companies. Prudence and GFG can affect the value of the company. This research aims to test the impact of macroeconomics, investment decisions, and financing decisions on prudence, Corporate Social Responsibility Disclosure (CSRD), dividend policy, and company value of SOEs registered on the IDX from 2014-2019. GFG and financing decisions are moderating variables. The population in this study is 16 SOEs listed on the Indonesia Stock Exchange from 2014-2019. The research method is quantitative and uses Partial Least Squares (PLS), which is an approach to Structural Equation Models (SEM) that allows researchers to analyze the relationships simultaneously. The results showed that macroeconomic factors, investment decisions, financing decisions, and prudence directly affect the company's value. However, CSRD and dividend policy directly do not affect the company's value. Prudence can mediate the influence of financing decisions on company value. GFG moderates the relationship between prudence and company value. Thus, GFG is key to producing compliant regulatory reports and disclosures. GFG aims at facilitating effective monitoring and efficient control of the business. Its essence lies in fairness and transparency in operations and enhanced disclosures for protecting the interest of different stakeholders.

• Journal of Distribution Science
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• v.20 no.10
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• pp.61-66
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• 2022

Purpose: Predicting the financial distress distribution of an enterprise is important to warn enterprises about their future. Predicting the possibility of financial distress helps companies have action plans to avoid the possibility of bankruptcy. In this study, the author conducted a forecast of the financial distress distribution of enterprises. Research design, data and methodology: The forecasting method is based on Logit and Discriminant analysis models. The data was collected from companies listed on Vietnam Stock Exchange from 2012 to 2020. In which there are both companies suffer from financial distress and non-financial distress. Results: The forecast analysis results show that the Logistic model has better predictability than the Discriminant analysis model. At the same time, the results also indicate three main factors affecting the financial distress of enterprises at all three research stages: (1) Liquidity, (2) Interest payment, and (3) firm size. In addition, at each stage, the impact of factors on financial distress differs. Conclusions: From the results of this study, the author also made several recommendations to help companies better control company operations to avoid falling into financial distress. Adjustments to current assets, debt, and company expansion considerations are the most important factors for companies.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2005.05a
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• pp.854-861
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• 2005

The functional behavior of a portable consumer electronic (PCE) product is nearly all expressed with human-machine interaction (HMI) tasks. Although physical prototyping and computer aided design (CAD) software can show the appearance of the product, they cannot properly reflect its functional behavior. In this paper, we propose a virtual prototyping (VP) system that incorporates virtual reality and HMI functional simulation in order to enables users to capture not only the realistic look of a PCE product but also its functional behavior. We obtain geometric part models of the product and their assembly and kinematics information with the help of CAD and reverse engineering tools, and visualize them with various display tools. We adopt state transition methodology to capture the HMI functional behavior of the product into a state transition chart, which is later used to construct a finite state machine (FSM) for the functional simulation of the product. The FSM plays an important role to control the transition between states of the product. The proposed VP system receives input events such as mouse clicks on buttons and switches of the virtual prototype model, and it reacts to the events based on the FSM by activating associated activities. The VP system provides the realistic visualization of the product and the vivid simulation of its functional behavior. It can easily allow users to perform functional evaluation and usability testing. Moreover, it can greatly reduce communication errors occurring in a typical product development process. A case study about VP of an MP3 player is given to show the usefulness of the proposed VP system.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2001.10a
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• pp.25-28
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• 2001

Today enterprises are bringing forward the strong needs for the Global Work Space that is able to realize the collaboration of the virtual enterprise in order to achieve the rapid entrance to market, the quality improvement as well as the cost reduction of their new products. Especially, they are building the efficient Product Management Infrastructure in parallel with the real-time knowledge management for the information generated in the course of a product lifecycle and the Process Innovation making the Concurrent Engineering possible. Building a system in the web environment cannot be the entire effort to realize the Global Work Space within an enterprise that is an essential factor for the reduction of a product development period which in turn contributes to Time to Market. Various work models and processes are found in enterprises and many different application programs are developed and utilized to support these. This study proposes a scheme for the optimized Collaborative Workflow System Architecture that is able to take in and apply various application programs accompanied by the product development work process. Through this, we are to examine various limits and problems existing in the real-time collaborative system between enterprises and to reform these.