• Asia-Pacific Journal of Business
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• v.11 no.2
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• pp.15-25
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• 2020

Purpose - The purpose of this study is to examine whether the change of settlement procedures have an impact on the distribution of day of the week effect in the UK and French markets or not. U.K and France changed their systems from fixed settlement date systems to fixed settlement lag systems Design/methodology/approach - This study adopted the data of the specific stock market indices such as FTSE 100 in the U.K market and FRCAC 40 in the French market, This study constructs a test of the differences in mean returns across the days of the week by computing the regression equations for each country index. Findings - First, this study found that the evolving settlement procedures in stock exchanges have an effect on stock return of day of the week. Second, long-run improvements in market efficiency may have diminished the effects of certain anomalies in recent periods. Improvements in market efficiency and evolving settlement systems may cause the disappearance of the weekend effect. Research implications or Originality - The Implication of this study is that recent settlement systems contributed to the disappearance of the weekend effect and explains improvements in market efficiency and diminishments of market anomaly. This study may be the first study which examines whether evolving settlement systems have an effect on the disappearance of the weekend effect in the market or not.

• Management & Information Systems Review
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• v.19
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• pp.129-143
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• 2006

The internet industry is gradually increasing according to the explosive explosion of internet and development of information communication industry. Specially, The payment method of settlement means is diversed with development of e-commerce. In this paper, we propose a settlement method using e-settlement in the network. and we suggest a security method for efficiency of e-money. Also, we propose a reform plan of e-settlement system.

• The Journal of Information Systems
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• v.8 no.2
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• pp.69-90
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• 1999

The purpose of this paper is to study the current status of Y2K settlement in korean business firms. To accomplish the purpose of this paper effectively, first of all, theoretical background of Y2K was reviewed briefly. Second, research hypotheses and methodology were discussed with the following topics: (1) research hypotheses (2) operational definitions of variables (3) survey population (4) data collection method (5) data analysis method. Third, current status and problems of Y2K problems were investigated in detail with the following areas: (1) characteristics of samples (2) comparisons of Y2K settlement by business area (3) comparisons of Y2K settlement by firm sizes (4) comparisons of Y2K settlement by degree of information systems (5) effective ways of settling Y2K problems Finally, this paper was summarized and future research directions were suggested briefly.

• The Korean Journal of Financial Management
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• v.20 no.2
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• pp.201-234
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• 2003

This paper examines the day of the week effect focusing on the effect of the settlement procedures on the stock price in seven major international stock markets. Settlement dates or procedures may have an effect on rate of return distributions in international stock markets. Those Settlement procedures are different among various international stock markets. Furthermore, several international stock markets change their systems of settlement procedures. On the New York stock exchanges, stock transactions are settled in five business days after the transaction. However, they changed settlement procedures from five business days to three business days from 1995. Those settlement procedures on the London stock exchanges and the Paris stock exchanges were changes from the fixed settlement date systems to the fixed settlement lag systems. Thus, this paper examines the effect of the changes in settlement procedures on the stock price in several stock markets. I found that changes of settlement dates or procedures have an effect on the rate of return distributions for specific days in some stock markets. This paper also examines the day of the week effect for seven international stock markets. I found that strong weekend effect before the period of 1990. However, the weekend effect has disappeared during the period from 1990 to 2002 in international stock markets.

• Journal of the Korean Society for Railway
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• v.18 no.4
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• pp.354-362
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• 2015

Since allowable settlement of concrete slab track is about 30mm, a lot of attention must be paid to the settlement of the earthwork (reinforced trackbed, upper subgrade, under subgrade) under the concrete track. To this end, more experimental data should be accumulated through tests for these materials. In this study, we evaluate the long-term settlement of reinforced trackbed and subgrade materials using factors such as repeated loading conditions, water content, and grain size distributions in a large triaxial test and a large oedometer test. In cases in which the performance of the reinforced trackbed layer meets the design criteria, the settlement caused by train load was considerably small. But, when the water content increases in the subgrade, unexpectedly large settlement might occur for certain grain size distributions of the subgrade materials.

• Geomechanics and Engineering
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• v.16 no.6
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• pp.635-642
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• 2018

Braced excavation systems are commonly required to ensure stability in construction of basements for shopping malls, underground transportation and other habitation facilities. For excavations in deposits of soft clays or residual soils, stiff retaining wall systems such as diaphragm walls are commonly adopted to restrain the ground movements and wall deflections in order to prevent damage to surrounding buildings and utilities. The ground surface settlement behind the excavation is closely associated with the magnitude of basal heave and the wall deflections and is also greatly influenced by the possible groundwater drawdown caused by potential wall leakage, flow from beneath the wall, flow from perched water and along the wall interface or poor panel connections due to the less satisfactory quality. This paper numerically investigates the influences of excavation geometries, the system stiffness, the soil properties and the groundwater drawdown on ground surface settlement and develops a simplified maximum surface settlement Logarithm Regression model for the maximum ground surface settlement estimation. The settlements estimated by this model compare favorably with a number of published and instrumented records.

• Smart Structures and Systems
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• v.33 no.1
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• pp.17-26
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• 2024

The new metro crossing the existing metro will cause the settlement or floating of the existing structures, which will have safety problems for the operation of the existing metro and the construction of the new metro. Therefore, it is necessary to monitor and predict the settlement of the existing metro caused by the construction of the new metro in real time. Considering the complexity and uncertainty of metro settlement, a Gaussian Prior Bayesian Emulator (GPBE) probability prediction model based on Bayesian optimization (BO) is proposed, that is, BO-GPBE. Firstly, the settlement monitoring data are analyzed to get the influence of the new metro on the settlement of the existing metro. Then, five different acquisition functions, that is, expected improvement (EI), expected improvement per second (EIPS), expected improvement per second plus (EIPSP), lower confidence bound (LCB), probability of improvement (PI) are selected to construct BO model, and then BO-GPBE model is established. Finally, three years settlement monitoring data were collected by structural health monitoring (SHM) system installed on Nanjing Metro Line 10 are employed to demonstrate the effectiveness of BO-GPBE for forecasting the settlement.

• Animal cells and systems
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• v.7 no.4
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• pp.295-301
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• 2003

Effects of the settlement density of germlings and canopy on settled germlings of Fucus serratus were investigated on the rocky shore of the Isle of Man. The survival of transplanted germlings was mainly determined by parent canopy rather than by initial settlement density of germlings. However, germling growth was greater at low density than at high density and enhanced by canopy removal. Recruitment by natural propagules was stimulated at high settlement density and maximal recruits occurred on caged slides under the canopy. On the experimental slides, tiny snails and sedimentation were ,found. The number of snails was positively related with the settlement density of germ lings indicating that they fed the germlings. Sedimentation and snail number were greater with canopy removal treatments than in canopy intact ones. These indicate that ,canopy sweeping gives benefits to germlings by removing sediment from substrata and protecting them from herbivores. In conclusion, the survival of settled F. serratus germlings is mainly determined by canopy sweeping and their growth is retarded in the presence of a canopy and at high settlement density.

• Structural Engineering and Mechanics
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• v.80 no.5
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• pp.491-501
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• 2021

A difference in subgrade settlement between two rails of a track manifests as lateral differential subgrade settlement. This settlement causes unsteadiness in the motion of trains passing through the corresponding area. To illustrate the effect of lateral differential subgrade settlement on the dynamic response of a vehicle-track coupling system, a three-dimensional vehicle-track-subgrade coupling model was formulated by combining the vehicle-track dynamics theory and the finite element method. The wheel/rail force, car body acceleration, and derailment factor are chosen as evaluation indices of the system dynamic response. The effects of the amplitude and wavelength of lateral differential subgrade settlement as well as the driving speed of the vehicle are analyzed. The study reveals the following: The dynamic responses of the vehicle-track system generally increase linearly with the driving speed when the train passes through a lateral subgrade settlement area. The wheel/rail force acting on a rail with a large settlement exceeds that on a rail with a small settlement. The dynamic responses of the vehicle-track system increase with the amplitude of the lateral differential subgrade settlement. For a 250-km/h train speed, the proposed maximum amplitude for a lateral differential settlement with a wavelength of 20 m is 10 mm. The dynamic responses of the vehicle-track system decrease with an increase in the wavelength of the lateral differential subgrade settlement. To achieve a good operation quality of a train at a 250-km/h driving speed, the wavelength of a lateral differential subgrade settlement with an amplitude of 20 mm should not be less than 15 m. Monitoring lateral differential settlements should be given more emphasis in routine high-speed railway maintenance and repairs.

• KDI Journal of Economic Policy
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• v.32 no.2
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• pp.171-216
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• 2010

With the payment and settlement systems becoming more and more complex and interconnected, the issue of their interdependency rises as an important academic issue as well as a policy topic. This study examines causes, forms, and risk management of interdependencies of payment and settlement systems in Korea, and presents their current situation. By way of simulations using BOF-PSS2 developed by the Bank of Finland, we quantify the effects of an operational disruption on the payment and settlement systems so as to figure out the degree of interdependency. As a result, the secondary round effect reaches up to ￦13.6 trillion a day, which amounts to 7.8% of the daily settlement value. Furthermore, if we also consider the amount of direct operational disruption, the volume of operational disruption occupies 22.3% of total value of the daily settlement, evidencing that the interdependencies of the payment and settlement systems in Korea is enormously widespread. The secondary round effects are found to be more severe with security companies rather than with banks, and to be more depended upon when it is perceived rather than it actually happens. In case that we expand the liquidity to include cash holdings and deposits as assets, the secondary round effect dramatically decreases in all types of financial institutions while foreign banks account for more share of all the secondary round effects increases. Based on these results, we suggest various policy tasks and directions to improve the risk management of settlement systems: expansion of off-setting settlements, introduction of a new settlement system for securities transactions, rapid provision of liquidity to financial institutions, more effective monitoring on participant institutions, and intensified information sharing and cooperation among the systems.