• Title/Summary/Keyword: PRICE S Model

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Does Market Performance Influence Credit Risk? (기업의 시장성과는 신용위험에 영향을 미치는가?)

  • Lim, Hyoung-Joo;Mali, Dafydd
    • The Journal of the Korea Contents Association
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    • v.16 no.3
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    • pp.81-90
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    • 2016
  • This study aims to investigate the association between stock performance and credit ratings, and credit rating changes using a sample of 1,691 KRX firm-years that acquire equity in the form of long-term bonds from 2002 to 2013. Previous U.S. literature is mixed with regard to the relation between credit ratings and stock price. On one hand, there is evidence of a positive relation between credit ratings and stock prices, an anomaly established in U.S. studies. On the other hand, the CAPM model suggests a negative relation between stock prices and credit ratings, implying that investors expect financial rewards for bearing additional risk. To our knowledge, we are the first to examine the relationship between stock price and default risk proxied by credit ratings in period t+1. We find a negative (positive) relation between credit ratings (risk) in period t+1 and stock returns in period t, suggesting that credit rating agencies do not consider stock returns as a metric with the potential to influence default risk. Our results suggest that market participants may prefer firms with higher credit risk because of expected higher returns.

A Review about the Need for Modelling Toll Road with Different Value of Travel Time (유료도로의 교통수요분석에 있어서 통행시간가치 차등화 필요성 검토)

  • Kim, Jae-Yeong;Son, Ui-Yeong;Jeong, Chang-Yong
    • Journal of Korean Society of Transportation
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    • v.27 no.4
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    • pp.31-40
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    • 2009
  • Some road charges toll to finance the cost or to manage traffic congestion. With a growth of PPI projects, toll roads would be increase continuously. Tolls have a considerable influence on user's route choice, and sometimes can affect to the departure time and even to mode choice. For modelling toll roads, user's WTP or VOT has an important role and it is general that VOT is equivalent to the wages of workers. The current way of modelling technique yields various toll price elasticity from low to high. When there exist few alternative routes, unrealistic result that all traffic assigned to some shortest path may occur. The toll price elasticity can be influenced by alternative route and congestion level, but some result shows nearly unrealistic patterns. The model to forecast more realistic toll road demand is very essential for estimating toll revenue, choice of optimal toll level & collecting location and establishing toll charge strategy. This paper reviewed some literatures about toll road modelling and tested case study about the assignment technique with different VOT. The case study shows that using different VOT yields more realistic result than the use of single VOT.

Success Factors of German Mittelstand as a Role Model for Korean Exporting SMEs (한국 수출중소기업 롤 모델로서 독일 미텔슈탄트의 성공요인 분석)

  • Hong, Song-Hon
    • International Commerce and Information Review
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    • v.15 no.4
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    • pp.341-366
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    • 2013
  • The term, Mittelstand, has no exact english translation for the definition, but, today, Mittelstand refers to small and medium-sized enterprises(SME), mostly family-owned firms in Germany. The Mittelstand is called the backbone of the German economy because it drove the economic miracle after World War II. During the global recession and the euro zone's debt crisis in recent years, in which european businesses have faced the near-collapse of competitiveness particularly in manufacturing, the German exports are booming and exceeded exports of China in 2012. Most importantly, the Germany economic performance has been widely attributed to the strength of the Mittelstand. Many of countries, even some leading public companies are seeking to emulate the success of the Mittelstand. Investors evaluate that many of Germany's investable "hidden champions" are Mittelstand companies. The purpose of this study is to present some of answers to the following questions: Firstly, what makes the German Mittelstand so successful? Secondly, what does the success of the German Mittelstand mean for the Korean SMEs in global competitiveness? Thirdly, what Korean government has to do improve the global competitiveness of the Korean SMEs? Some discussions in this study mention the managerial implications for Korean exporting SMEs particularly in manufacturing. Several factors that account for the success of the German Mittelstand are technological excellence and the tradition of family-owned management, concentration on niche market and globalization, and institutional supports. There are some of important lessons to be learned from the German Mittelstand. If the purposes of Korean SMEs want to remain in the sustainable competitive advantage and withstand unforeseen economic turbulences in the future, they must be able to meet the followings: 1) Technology that meets the global standard or exceeding it 2) Competitiveness in price in the global market 3) Active involvement in the globalization process, utilizing various entry modes Innovative products at globally competitive price are a crucial point for Korean exporting SMEs to achieve their competitive edge over others in the target markets abroad. It is time for Korean SMEs to cultivate a core competence in manufacturing in order to position Korea as a global manufacturing hub with SMEs leading.

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An Optimal Conjunctive Operation of Water Transmission Systems from Multiple Sources with applying EPAnet and KModSim Model (KModSim 모형(模型)에 의한 도시지역(都市地域) 다중수원(多衆水源) 송수관망간(送水管網間) 최적(最適) 연계(連繫) 운영(運營) 연구(硏究))

  • Ryu, Tae-Sang;Cheong, Tae-Sung;Ko, Ick-Hwan;Ha, Sung-Ryong
    • Proceedings of the Korea Water Resources Association Conference
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    • 2008.05a
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    • pp.500-504
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    • 2008
  • The objective of this paper is to evaluate the feasibility of using an optimization model as a effective way to search conjunctive operation scheme to meet two conditions; one is to minimize the electric cost for pumping and another is to meet the water demand for satisfying customers. The feasibility is confirmed as comparing the best combinations of pumps between multi-regional water supply networks from multiple sources which are obtained through an optimization modeling and EPAnet modeling. KModsim model, a network optimization model, was used to determine conjunctive operation scheme in the pipe system. KModsim, based on Lagrangian Relaxation algorithm, is useful for modeling network system and obtaining simultaneously pump combination and water allocation with given input option such as energy unit cost supplying from a source into a consumer, operating pumping combination. This study develops the procedure of determining optimal conjunctive operation scheme with using KModsim model. As a study region, the water supplying systems of the Geojae-city in the Geongsang Namdo Province was selected and investigated. The EPAnet hydraulic simulation result(Ryu et al, 2007, KSWW) gave input data for optimization model; energy unit price(won/$m^3$), water service available area etc.. It was assured that the combination of pump operation through optimum conjunctive operation is to be optimum scheme to obtain the best economic water allocation with comparison to the hydraulic simulation result such as electric cost and pump combination cases. The results obtained through the study are as follows. First, It was found that a well-allocated water supply scheme, the best combination of pump operation through optimum joint operation, promises to save the electric cost and satisfy all operational goals such as stability and revenues during the period. Second, an application of KModSim, a network model, gave the amount of water allocation from each source to a consumer with consideration of economic supply. Finally, in a service area available to supply through conjunctive operation of existing inter-regional water supply networks within short distance, a conjunctive operation is useful for determining each transmission pipeline's service area and maximizing the effectiveness of optimizations in pumping operation time.

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THE STUDY OF THE WEDDING BUSINESS IN THE DEPARTMENT OF CULINARY DEPT. OF JUNIOR COLLEGE. (호텔조리과의 부대사업 운영에 관한 연구 - 결혼식장 운영을 중심으로 -)

  • 정진구
    • Culinary science and hospitality research
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    • v.3
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    • pp.271-289
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    • 1997
  • The purpose of this study is to investigate previous data and possibility of the new culture building, insuring substantiality of the education in junior college, increasing of practical carrier, acquiring the money for practical class, and the direction of demand for education in a high level of industrial society. There's two parts to consist of investigation and the model case in wedding business in Junior college. The research groups in one part consist of 277 students in Junior college. The result were as follows: 1) The students would like to get the wedding business in new culture building. (72%) 2) The student shave got a idea to recommend to use the wedding facilities for their for their relative sand friends. (51%) 3) The trend of selecting in wedding facilities is outside than inside of facilities. (75%) 4) They would like to have the buffet service after wedding celemony, not a la carte for choose the meal. The above research data suggest that if the wedding facility's management would be accept, we could have expectation about development of junior college, emphasis of practical education and good wedding culture in this areas. For the most of student, they has a righ hand to manage the wedding facility in their college. First, the culinary students could have an experience of service practies to the customer in wedding celemony, as the result of training will be great. Second, the college could show their vision and hope to customer to interest it. Third, it can be supplied the right wedding culture and the wedding facilities which is low price and good circumstance for wedding. Fourth, it's very resonable to use the culture facilities during no class, Saturday and Sunday. Fifth, income from business can be used only a scholarship and a community development. Sixth, it can be induced the self-participication and motivation to take up a positive attitude for their life.

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The Effect of Institutional Investors' Trading on Stock Price Index Volatility (기관투자자 거래가 주가지수 변동성에 미치는 영향)

  • Yoo, Han-Soo
    • Korean Business Review
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    • v.19 no.1
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    • pp.81-92
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    • 2006
  • This study investigates the relation between institutional investor's net purchase and the volatility of KOSPI. Some portion of volatility in stock prices comes from noise trading of irrational traders. Observed volatility may be defined as the sum of the portion caused by information arrival, fundamental volatility, and the portion caused by noise trading, transitory volatility. This study decomposes the observed volatility into fundamental volatility and transitory volatility using Kalman filtering method. Most studies investigates the effect on the observed volatility. In contrast to other studies, this study investigates the effect on the fundamental volatility and transitory volatility individually. Estimation results show that institutional investor's net purchase was not significantly related to all kinds of volatility(observed volatility, fundamental volatility and transitory volatility). This means that institutional investor's net purchase did not increase noise trading.

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Content Analysis of Sexual Images in Men's Magazine Advertisements -Metrosexual, Retrosexual, Homosexual- (남성 잡지 광고의 섹슈얼 이미지 내용분석 -메트로섹슈얼, 레트로섹슈얼, 호모섹슈얼을 중심으로-)

  • Lee, Eunsun;Ahn, Jungsun
    • The Journal of the Korea Contents Association
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    • v.13 no.7
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    • pp.80-90
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    • 2013
  • Despite the growing popularity of gay consumers as a fetching niche market, there has been little academic attention paid to the homosexual themes in print media, especially compared to research on gender, race, and sex imagery in ads. The present study aims to fill this void by examining advertisements with three different target audiences(homosexual, metrosexual, retrosexual consumer) through a comparative analysis of contemporary magazine advertisements. In this present study, we analyzed ads in three leading men's magazines (Out, GQ, and Maxim). Product (product category, price, and luxury brand) and human model (basic descriptions, sexuality, status, and masculinity) characteristics in ads were analyzed as the variables signifying the degrees of gay themes in ads across three magazines. The results showed that more expensive luxury brands were placed in GQ and Out than Maxim, and more male models were under-sexualized in Maxim than GQ and Out.

A Study on the Prediction Model of Stock Price Index Trend based on GA-MSVM that Simultaneously Optimizes Feature and Instance Selection (입력변수 및 학습사례 선정을 동시에 최적화하는 GA-MSVM 기반 주가지수 추세 예측 모형에 관한 연구)

  • Lee, Jong-sik;Ahn, Hyunchul
    • Journal of Intelligence and Information Systems
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    • v.23 no.4
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    • pp.147-168
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    • 2017
  • There have been many studies on accurate stock market forecasting in academia for a long time, and now there are also various forecasting models using various techniques. Recently, many attempts have been made to predict the stock index using various machine learning methods including Deep Learning. Although the fundamental analysis and the technical analysis method are used for the analysis of the traditional stock investment transaction, the technical analysis method is more useful for the application of the short-term transaction prediction or statistical and mathematical techniques. Most of the studies that have been conducted using these technical indicators have studied the model of predicting stock prices by binary classification - rising or falling - of stock market fluctuations in the future market (usually next trading day). However, it is also true that this binary classification has many unfavorable aspects in predicting trends, identifying trading signals, or signaling portfolio rebalancing. In this study, we try to predict the stock index by expanding the stock index trend (upward trend, boxed, downward trend) to the multiple classification system in the existing binary index method. In order to solve this multi-classification problem, a technique such as Multinomial Logistic Regression Analysis (MLOGIT), Multiple Discriminant Analysis (MDA) or Artificial Neural Networks (ANN) we propose an optimization model using Genetic Algorithm as a wrapper for improving the performance of this model using Multi-classification Support Vector Machines (MSVM), which has proved to be superior in prediction performance. In particular, the proposed model named GA-MSVM is designed to maximize model performance by optimizing not only the kernel function parameters of MSVM, but also the optimal selection of input variables (feature selection) as well as instance selection. In order to verify the performance of the proposed model, we applied the proposed method to the real data. The results show that the proposed method is more effective than the conventional multivariate SVM, which has been known to show the best prediction performance up to now, as well as existing artificial intelligence / data mining techniques such as MDA, MLOGIT, CBR, and it is confirmed that the prediction performance is better than this. Especially, it has been confirmed that the 'instance selection' plays a very important role in predicting the stock index trend, and it is confirmed that the improvement effect of the model is more important than other factors. To verify the usefulness of GA-MSVM, we applied it to Korea's real KOSPI200 stock index trend forecast. Our research is primarily aimed at predicting trend segments to capture signal acquisition or short-term trend transition points. The experimental data set includes technical indicators such as the price and volatility index (2004 ~ 2017) and macroeconomic data (interest rate, exchange rate, S&P 500, etc.) of KOSPI200 stock index in Korea. Using a variety of statistical methods including one-way ANOVA and stepwise MDA, 15 indicators were selected as candidate independent variables. The dependent variable, trend classification, was classified into three states: 1 (upward trend), 0 (boxed), and -1 (downward trend). 70% of the total data for each class was used for training and the remaining 30% was used for verifying. To verify the performance of the proposed model, several comparative model experiments such as MDA, MLOGIT, CBR, ANN and MSVM were conducted. MSVM has adopted the One-Against-One (OAO) approach, which is known as the most accurate approach among the various MSVM approaches. Although there are some limitations, the final experimental results demonstrate that the proposed model, GA-MSVM, performs at a significantly higher level than all comparative models.

Comparative Analysis on Productivity Data and Cost Estimate System of Road Bridge Construction in Korea and China (한국 및 중국 도로교량공사의 생산성자료 및 예정가격 산정시스템 비교분석)

  • Chang, Cheng;Huh, Youngki
    • Korean Journal of Construction Engineering and Management
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    • v.21 no.3
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    • pp.39-47
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    • 2020
  • There are two kinds of cost estimate system in construction in china. Quota valuation model is a traditional cost estimate system under the unity of quantity and price, which is easier and has been used for decades. But the Quota valuation model becomes increasingly unsuited to the needs of society with the development of market economy. To meet the needs of China's market economy development and construction works in the field of international cooperation, the Bill of Quantities valuation model was introduced in 2003. However, there are still many shortcomings and deficiencies in the course of implementation of Bill of Quantities valuation model. In addition, interest in the Chinese construction market continues to increase in Korea due to the recent new North Korean policy and China's the Belt and Road policy. This paper aims to examine the cost estimate system of public construction works in China, and to provide basic data for deriving future improvement plans by comparing and analyzing it with standard cost estimate system in Korea.

The Cyber Transformation of Marketing Mix Model : An Empirical Study of Korean On-line Shopping Malls (마케팅 믹스 모델의 사이버 전환에 관한 실증적 연구)

  • 이영순;서봉철
    • Journal of Distribution Research
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    • v.7 no.1
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    • pp.105-127
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    • 2002
  • This paper presents an analysis of how the business models of organizations are getting transformed in the Marketspace created by the Internet. We use a research model comprising the transformation scores of four Ps(Product, Price, Promotion, and Place) as dependent variables and three dimensions, Demographics, Technology, and Community elements on the Websites, as explaining variables about the Cyber Transformation of the 4Ps. While most existing literatures have focused on Website's technology, our research model includes 22 five-point-scale items; 10 Demographics /Technology items and 12 Community items. To measure the 4P's transformation scores, the authors selected 14 workable items from the Marketspace Model by Dutta, Kwan, & Segev(1997). A sample of 123 shopping mall Websites comprising three categories(grocery, jewelry/accessory, and cosmetics) from the 100hot.co.kr list are evaluated and the data is analyzed by SPSSWIN 8.0 version. The result shows that there are five significant factors, Technology, Interaction, Connectedness, Business Features, and Domain, while the average transformation scores of 4Ps are at very low level. The factor scores are used in regression analysis for each P. Two factors, Technology and Interaction are influencing all four Ps; Connectedness is influencing only two, Product and Place. Organizations must not simply take their existing business models. They have to adopt the Technology items(navigation, logo, e-mail, guide, graphics) and to facilitate the Interaction items(consulting, number/quality of bulletin boards, participation, offline events) and Connectedness(club activation, contents, partner/site link, entertainment contents) in order to get transformed in the Marketspace successfully in the near future.

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