• The Journal of Asian Finance, Economics and Business
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• v.7 no.10
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• pp.513-521
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• 2020

In this paper, we have developed a Fama - French five factor model (FF5 model) from Fama & French (2015) by using concept of time-varying coefficient. For a data set, we have used monthly data form Kenneth R. French home page, it include Japan portfolios (classified by using size and book-to-market) and 5 factors from July 1990 to April 2020. The first analysis, we used Augmented Dickey-Fuller test (ADF test) for the stationary test, from the result, all Japan portfolios and 5 factors are stationary. Next analysis, we estimated a coefficient of Fama - French five factor model by using a generalized additive model with a thin-plate spline to create the time-varying coefficient Fama - French five factor model (TV-FF5 model). The benefit of this study is TV-FF5 model which can capture a different effect at different times of 5 factors but the traditional FF5 model can't do it. From the result, we can show a time-varying coefficient in all factors and in all portfolios, for time-varying coefficients of Rm-Rf, SMB, and HML are significant for all Japan portfolios, time-varying coefficients of RMW are positively significant for SM, and SH portfolio and time-varying coefficients of CMA are significant for SM, SH, and BM portfolio.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.1
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• pp.457-470
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• 2021

The banking system provides a number of important functions for the economy and is also the lifeblood and financier of the economy in each country. Large amounts of idle money have not been exploited by banks; however, banks still depend on loans, including loans from foreign banks, to meet the growing demand, as such, for banks, the cost of capital is high, the stability and business efficiency are low and banks have not promoted their internal resources to grow steadily. To achieve the goal, this research analyzes the factors affecting the choice of bank for the deposit decisions of customers in Vietnam. The study used a sample data of 250 individuals and SPSS software was used to analyze the data. The results showed that customer policy has a positive effect on customers' deposit decisions in a bank, and this is new evidence regarding behavioral theory in the case of Vietnam. Results further demonstrated that other factors such as employee image, brand, interest rate, relative influencing, and transaction time positively impact the choice of bank for the deposit decisions of customers. However, the bank's promotion strategies had no impact on the choice of bank for the deposit decisions of customers. Besides, employee image is the most influential factor in the deposit decisions, followed by the bank's brand and interest rate.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.391-397
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• 2021

This study examines the effect of independent commissioners and the Audit Committee on internal control disclosure and its implications for earnings management in the banking industry listed on the Indonesia Stock Exchange for the period 2016-2018. In this study, a purposive sampling technique was used, combined with two multiple regression analysis models. The final sample for this study comprised 30 companies over the three years of observation, such that there were 90 observations in total. This study indicates that independent commissioners, as measured by their composition, do not affect the disclosure of internal control. However, as measured by the number of members, the Audit Committee had a positive effect on internal control disclosures. This study also indicates that the disclosure of internal control as measured by the Internal Control Disclosure index affects reducing the negative practice of earnings management. This study proves that the Audit Committee's role is very dominant in assisting the Board of Commissioners in supervising internal control. This has implications for reducing earnings management practices. However, the Independent Commissioner's role in the Indonesian banking industry has not been optimal in carrying out the supervisory function in this study.

• Journal of Forest and Environmental Science
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• v.37 no.2
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• pp.116-127
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• 2021

Predicting carbon distribution of soil aggregates is difficult due to complexity in organo-mineral formation. This limits global warming mitigation through soil carbon sequestration. Therefore, knowledge of land use effect on carbon stabilization requires quantification of soil mineral cations. The study was conducted to quantify carbon and base cations on soil mineral fractions in Natural Forest, Plantation Forest and Farm Land. Five 0.09 ha were demarcated alternately along 500 m long transect with an interval of 50 m in Natural Forest (NF), Plantation Forest (PF) and Farm Land (FL). Soil samples were collected with soil cores at 0-15, 15-30 and 30-45 cm depths in each plot. Soil core samples were oven-dried at 105℃ and soil bulk densities were computed. Sample (100 g) of each soil core was separated into >2.0, 2.0-1.0, 1.0-0.5, 0.5-0.05 and <0.05 mm aggregates using dry sieve procedure and proportion determined. Carbon concentration of soil aggregates was determined using Loss-on-ignition method. Mineral fractions of soil depths were obtained using dispersion, sequential extraction and sedimentation methods of composite soil samples and sieved into <0.05 and >0.05 mm fractions. Cation exchange capacity of two mineral fractions was measured using spectrophotometry method. Data collected were analysed using descriptive and ANOVA at α_0.05. Silt and sand particle size decreased while clay increased with increase in soil depth in NF and PF. Subsoil depth contained highest carbon stock in the PF. Carbon concentration increased with decrease in aggregate size in soil depths of NF and FL. Micro- (1-0.5, 0.5-0.05 and <0.05 mm) and macro-aggregates (>2.0 and 2-1.0 mm) were saturated with soil carbon in NF and FL, respectively. Cation exchange capacity of <0.05 mm was higher than >0.05 mm in soil depths of PF and FL. Fine silt (<0.05 mm) determine the cation exchange capacity in soil depths. Land use and mineral size influence the carbon and cation exchange capacity of Gambari Forest Reserve.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.1
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• pp.573-585
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• 2021

The banking sector is one of the most important sectors in Pakistan's struggling economy. Recent studies have recommended that suitable methods can be applied to predict bankruptcy. In this context, this work analyzes Pakistan's banking sector's financial status through the five-factor Altman Z-score model, which determines the probability of bankruptcy for an organization. Banking data has been collected through the Pakistan Stock Exchange (PSX) in the period 2013-2017. The Z-score assessment criteria is defined as: Z> 2.99 - "safe" zone; Z> 1.8 Z>2.98- "grey" zone; and Z <1.8 - "distress" zone. Results show good predictions for the local banking industry, while most foreign Pakistani banks were found bankrupt with the Z-score below 1.1. One of the financial risks investors face when investing in any company is the risk of bankruptcy. One of the most used models for predicting financial distress for any company is Altman's Z-score model. On the other hand, the Z-score analysis suggests that all banking establishments are not bankrupt because they have sufficient ability to control bankruptcy. At the same time, foreign banks failed financially and would not be able to be sustained in the future because they do not have the ability to pay the short-term and long-term debt.

• Health Policy and Management
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• v.32 no.1
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• pp.73-93
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• 2022

Background: Appropriate physician workforce projection through reasonable discussions and decisions with a broad view on supply and demand of the workforce, thus, is very important for high-quality healthcare services. The study expects to provide preliminary research data on the workforce diagnosis standard model for Korean physician workforce policy decision through more flexible and objective physician workforce projection in reflection of diverse changes in healthcare policy and sociodemographic environments. Methods: A low flow rate through the causal map was developed, and an objective workforce demand projection from 2019 to 2040 was conducted. In addition, projections by scenarios under various situations were conducted with the low flow rate developed in the study. Lastly, the demand projection of the physician workforce by region of 17 cities and provinces was conducted. Results: First, demand of physicians in 2019 was 110,665, 113,450 in 2020, 129,496 in 2025, 146,837 in 2030, 163,719 in 2035, and 179,288 in 2040. Second, the scenario for the retirement of baby boomers led to a decrease in the growth rate due to time delay. Third, Seoul and Gyeonggi-do account for a high percentage of demand, a very high upward trend was identified in Gyeonggi-do, and as a result, the projection showed that the demand of the physician workforce in Gyeonggi-do would worsen over time. Conclusion: This study is meaningful in that rational and collective physician workforce supply and demand and its imbalance in workforce distribution were verified through various projections by scenarios and regions of Korea with System Dynamics.

• Fisheries and Aquatic Sciences
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• v.25 no.7
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• pp.380-389
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• 2022

Morphometric relationships, condition factor (CF) and reproductive biology are significant tools in fish stock management, fish biology, physiology, conservation and ecology. Growth and reproductive strategy of Oreochromis niloticus were studied from 343 fish specimens collected from Lake Shala between January and December 2018. Fish samples ranged from 7.7 cm to 33.0 cm in total length (TL) and from 7.80 g to 708.21 g in total weight (TW) were collected using gillnets of 4, 6, 8, 10, and 12 mm mesh sizes. The length-weight relationship of O. niloticus was TW = 0.0104TL^3.19, indicating positive allometric growth of the fish. The sex ratio (0.93:1) was insignificant from the ideal fish distribution of 1:1 (χ² = 0.47, p > 0.05). Mean CF for males, females and combined sexes was 1.04, 1.06 and 1.05, respectively and statistically insignificant (p > 0.05). The spawning peak occurred in July (rainy) and February (dry) periods, as defined by ripe females and the breeding season. Absolute mean fecundity was 806 eggs and correlated positively with TL and TW of the fish (p < 0.05) (F = 0.56TL^2.29, R² = 0.93, p < 0.05; F = 18.83TW^0.67, R² = 0.90, p < 0.05). The study provides the first detailed account of the morphometric relationships and reproductive biology of O. niloticus in Lake Shala, which can be used as baseline information for successive biological-based studies in Soda Lakes of Ethiopia.

• Journal of Intelligence and Information Systems
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• v.28 no.4
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• pp.81-94
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• 2022

Real estate and artworks were considered challenging investment targets for individual investors because of their relatively high average transaction price despite their long investment history. Recently, the so-called fractional investment, generally known as investing in a share of the ownership right for real-life assets, etc., and most investors perceive that they actually own a piece (fraction) of the ownership right through their investments, is gaining popularity. Founded in 2016, Musicow started the first service that allows users to invest in copyright fees related to music distribution. Using the LSTM algorithm, one of the deep learning algorithms, this research predict the price of right to participate in copyright fees traded in Musicow. In addition to variables related to claims such as transfer price, transaction volume of claims, and copyright fees, comprehensive indicators indicating the market conditions for music copyright fees participation, exchange rates reflecting economic conditions, KTB interest rates, and Korea Composite Stock Index were also used as variables. As a result, it was confirmed that the LSTM algorithm accurately predicts the transaction price even in the case of fractional investment which has a relatively low transaction volume.

• Journal of Practical Agriculture & Fisheries Research
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• v.17 no.1
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• pp.73-84
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• 2015

Comparison of the standard and instruction for grade and quality of landscape plants between Korea and foreign countries indicates that the individual country characteristically develops and uses their own standards for landscape plants. Ultimate aim of these regulations is to develop the standard of landscape plants classified by kinds, types and purposes to improve the quality of landscape plants. This study analyzed the differences of standards and instructions for landscape plants between Korea and other countries such as Germany, Switzerland, America, Canada and Japan. Our results indicated that Korea and Japan used the diameter at 1.2m above from ground surface for the diameter at breast height(DBH) whereas Germany and Switzerland at 1.0m above from ground surface. In case of America and Canada, the standard of landscape plants included crown width, height and DBH of plants. In Germany, the standard for creeping plants and herbaceous flowers was determined by the type and the root size of plants with the standard of containers(seven to eleven types). This research would be helpful for developing the practical and environmentally suitable guideline for the grade and quality of landscape plants and also for developing the standardized distribution structures and cultivation techniques for landscape plants in Korea.

• International journal of advanced smart convergence
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• v.11 no.1
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• pp.11-18
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• 2022

Securities and investment services have and use large data. Investors started to invest through their own analysis methods. There are 22 major securities and investment companies in Korea and only 6 companies support open API. Python is effective for requesting and receiving, analyzing text data from open API. Daishin Securities Co. is the only open API that officially supports Python, and eBest Investment & Securities Co. unofficially supports Python. There are two important differences between CYBOS plus of Daishin Securities Co. and xingAPI of eBest Investment & Securities Co. First, we must log in to CYBOS plus to access the server of Daishin Securities Co. And the python program does not require a logon. However, to receive data using xingAPI, users log on in an individual Python program. Second, CYBOS plus receives data in a Request/Reply method, and zingAPI receives data through events. It can be thought that these points will show a difference in response time. Response time is important to users who use open APIs. Data were measured from August 5, 2021, to February 3, 2022. For each measurement, 15 repeated measurements were taken to obtain 420 measurements. To increase the accuracy of the study, both APIs were measured alternately under same conditions. A paired t-test was performed to test the hypothesis that the null hypothesis is there was no difference in means. The p-value is 0.2961, we do not reject null hypothesis. Therefore, we can see that there is no significant difference between means. From the boxplot, we can see that the distribution of the response time of eBest is more spread out than that of Cybos, and the position of the center is slightly lower. CYBOS plus has no restrictions on Python programming, but xingAPI has some limits because it indirectly supports Python programming. For example, there is a limit to receiving more than one current price.