• Proceedings of the KSR Conference
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• 2010.06a
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• pp.2179-2194
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• 2010

RAMS is becoming increasingly important in the decision making process for the rolling stock projects in order to improve competitiveness by reducing system life cycle cost while improving reliability, availability, maintainability and safety. In order to apply and manage RAMS of rolling stock systems effectively in the operator perspective, it is essential to integrate and control RAMS systematically from the early stage of rolling stock projects. RAMS management is to implement a RAMS system into rolling stock projects in terms of a rolling stock operator, which presents the strategic directions of RAMS policy, objectives, requirements, control, analysis, measurement and improvement throughout life cycle of rolling stock projects. This article presents a new framework of RAMS management that provides an effective and efficient way for managing RAMS in rolling stock systems in the railway industry.

• The Journal of Industrial Distribution & Business
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• v.10 no.1
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• pp.29-37
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• 2019

Purpose - We study the dynamic linkages of the economic policy uncertainty (EPU) in the US on the manufacturing stock market returns in Korea. In detail, we examine the casual link between EPU index in the US and the manufacturing stock indexes in Korea. Research design, data, and methodology - We measure mainly the distribution effect of the US EPU on the manufacturing stock market in Korea of 1990-2017 by the vector error correction model (VECM). Result - In result, we estimate the impact of the US EPU index has significantly a negative response to the manufacturing stock market in Korea such as non-metal stock index, chemical stock index, food stock index, textile·clothes stock index, automobile·shipbuilding stock index, machinery stock index, steel·metal stock index. Also the remaining variables such as electric·electronics stock index, S&P 500, and producer price index in Korea have a negative relationship with US EPU index. Conclusions - We find out that the relationship between EPU index of the US and the manufacturing stock market in Korea has the negative relationships. We determine the EPU of the US has the spillover effect on the industry stock markets in Korea.

• Journal of Distribution Science
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• v.15 no.12
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• pp.41-51
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• 2017

Purpose - This study proposes the impact of the US and Korean economic policy uncertainty on macroeconomy, and its effect on Korea. The economic policy uncertainty index of the US and Korea is used to represent the economic policy uncertainty on Korean economy. Research design, data, and methodology - In this paper, we collect the eight variables to find out the interrelationship among the US and Korean economic policy uncertainty index of the US and macroeconomic indicators during 1990 to 2016, and use Vector Error Correction Model. Result - The distribution industry stock index in Korea is influenced by the economic policy uncertainty index of the US rather than of Korea. All variables are related negatively to the economic policy uncertainty index of the US and Korea from Vector Error Correction Model. This study shows that the economic policy uncertainty index of the US and Korea has the dynamic relationships on the Korean economy. Conclusions - A higher economic policy uncertainty shows a greater economy recession of a country. Finally, the economic policy uncertainty of the Korea has an intensive impact on Korea economy. Particularly, the economic policy uncertainty of the US has a strong impact on distribution industry stock market in Korea.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.523-531
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• 2021

Vietnam's Oil and gas industry make a significant contribution to the Gross Domestic Product of Vietnam. The ongoing COVID-19 pandemic has hit every industry hard, but perhaps the one industry which has taken the biggest hit is the global oil and gas industry. The purpose of this article is to examine how the COVID-19 pandemic affects the share price of the Vietnam Oil and Gas industry. The event study method applied to Oil and Gas industry index data around three event days includes: (i) The date Vietnam recognized the first patient to be COVID-19 positive was January 23, 2020; (ii) The second outbreak of COVID-19 infection in the community began on March 6, 2020; (iii) The date (30/3/2020) when Vietnam announced the COVID-19 epidemic in the whole territory. This study found that the share price of the Vietnam Oil and Gas industry responded positively after the event (iii) which is manifested by the cumulative abnormal return of CAR (0; 3] = 3.8% and statistically significant at 5 %. In the study, event (ii) has the most negative and strong impact on Oil and Gas stock prices. Events (i) favor negative effects, events (iii) favor positive effects, but abnormal return change sign quickly from positive to negative after the event date and statistically significant shows the change on investors' psychology.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.5
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• pp.41-51
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• 2022

The research looks into the impact of stock split announcements on stock prices and market efficiency in the Colombo Stock Exchange (CSE). This research uses a sample of 26 stock split announcements that occurred between 2020 and June 2021. According to the Global Industry Classification Standards, the stock split announcements covered in the study pertain to 26 businesses and 9 industries (GICS). To obtain the results, the usual event research methodology is used. The findings demonstrate significant average abnormal returns of 15.01 percent on the day the stock split news is made public and abnormal returns of 4.11 percent and -4.05 percent one day before and after the stock split announcement date, respectively. The study's findings revealed significant positive abnormal returns one day before the disclosure date, indicating information leakage, and significant negative abnormal returns the next day after the announcement date, indicating CSE informational efficiency. Because stock prices adapt so quickly to public information, these findings support the semi-strong form efficient market hypothesis, which states that investors cannot gain an abnormal return by trading in stocks on the day of the stock split announcement.

• Journal of Korea Technical Association of The Pulp and Paper Industry
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• v.38 no.1 s.113
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• pp.16-20
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• 2006

The effect of the freeness of pulp slurries on turbidity and transmittance of papermaking stocks was investigated using beaten bleached hardwood pulp stocks with freeness ranging from 651 mL to 403 mL CSF. Also the influence of fiber length on the turbidity and transmittance was examined with fractionated pulp stocks. Increases in stock consistency increased the turbidity. Transmittance of stock samples decreased, however, with the increase of stock consistency. Second order equations and exponential equations have been obtained as regression equations for the turbidity and transmittance of these stock samples, respectively.

• Journal of Korea Technical Association of The Pulp and Paper Industry
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• v.40 no.3
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• pp.15-22
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• 2008

Properties of pulp fibers can be modified by LbL multilayering technology. We evaluated the effect of stock composition on the polyelectrolyte multilayering performance of pulp fibers in this study. Stock composition was varied with pulp type and fines content. Three types of pulp-Hw-BKP, BCTMP and KOCC-were treated with polyelectrolytes of poly-DADMAC and PSS. Fines content of stock were controlled at 0, 10, 20, 30, and 40%. Zeta potential of pulp fibers and charge demand of filtrate were evaluated. The highest adsorption ratio was obtained for BCTMP because of its shortest fiber length and highest specific surface area. Higher fines content in the stock increased the adsorption ratio of polyelectrolyte onto pulp fiber and it required a higher amount of polyelectrolyte for charge neutralization. For the pulp stock with higher fines content, a higher level of polyelectrolyte and the increased layer number were required to modify and stabilize the electrochemical properties of pulp fibers.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.833-843
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• 2021

This research examines the impact of audit quality on the extent to which firm-specific information is integrated with a firm's share price - which is determined inversely using stock price synchronicity. The study sample consists of non-financial companies listed on the Amman Stock Exchange i.e., the Jordanian Stock Market, from 2014-2018. After examining 810 firm-year observations from Jordanian industrial companies listed on the ASE, during the study period, we find that the companies using one of the BIG4 audit firms for auditing have less synchronous and more informative stock prices, suggesting high-quality audit improved governance and reduce information asymmetry between firms' insiders and investors which enhances the capitalization of firm's specific information into the stock price, thus less synchronous and more informative stock return. The findings remain consistent over 2 separate measurements of stock price synchronicity (Market and Industry model and Market Model) and show robustness for fixed effect tests. Our multivariate regression results are also robust after controlling for a number of features at the firm level with potential associations with stock price synchronicity. These include the firm size, leverage, return on assets (ROA), and market to book value (MBV).

• Journal of Distribution Science
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• v.13 no.5
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• pp.71-82
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• 2015

Purpose - The purpose of this study is to investigate risk price implied from the pricing kernel of Korean stock distribution market. Recently, it is considered that the quantitative easing programs of major developed countries are contributing to a reduction in global uncertainty caused by the 2007~2009 financial crisis. If true, the risk premium as compensation for global systemic risk or economic uncertainty should show a decrease. We examine whether the risk price in the Korean stock distribution market has declined in recent years, and attempt to provide practical implications for investors to manage their portfolios more efficiently, as well as academic implications. Research design, data and methodology - To estimate the risk price, we adopt a non-parametric method; the minimum norm pricing kernel method under the LOP (Law of One Price) constraint. For the estimation, we use 17 industry sorted portfolios provided by the KRX (Korea Exchange). Additionally, the monthly returns of the 17 industry sorted portfolios, from July 2000 to June 2014, are utilized as data samples. We set 120 months (10 years) as the estimation window, and estimate the risk prices from July 2010 to June 2014 by month. Moreover, we analyze correlation between any of the two industry portfolios within the 17 industry portfolios to suggest further economic implications of the risk price we estimate. Results - According to our results, the risk price in the Korean stock distribution market shows a decline over the period of July 2010 to June 2014 with statistical significance. During the period of the declining risk price, the average correlation level between any of the two industry portfolios also shows a decrease, whereas the standard deviation of the average correlation shows an increase. The results imply that the amount of systematic risk in the Korea stock distribution market has decreased, whereas the amount of industry-specific risk has increased. It is one of the well known empirical results that correlation and uncertainty are positively correlated, therefore, the declining correlation may be the result of decreased global economic uncertainty. Meanwhile, less asset correlation enables investors to build portfolios with less systematic risk, therefore the investors require lower risk premiums for the efficient portfolio, resulting in the declining risk price. Conclusions - Our results may provide evidence of reduction in global systemic risk or economic uncertainty in the Korean stock distribution market. However, to defend the argument, further analysis should be done. For instance, the change of global uncertainty could be measured with funding costs in the global money market; subsequently, the relation between global uncertainty and the price of risk might be directly observable. In addition, as time goes by, observations of the risk price could be extended, enabling us to confirm the relation between the global uncertainty and the effect of quantitative easing. These topics are beyond our scope here, therefore we reserve them for future research.

• Journal of Distribution Science
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• v.12 no.10
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• pp.75-84
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• 2014

Purpose - This article aims to examine whether the stock issuance of firms in the retail industry follows Myers' (1984) pecking order theory, which is based on information asymmetry. According to the pecking order model, firms have a sequence of financing decisions, of which the first choice is to use retained earnings, the second one is to get into safe debt, the next involves risky debt, and the last involves finance with outside equity. Since the 2000s, the polarization of the LEs (Large enterprises) and SMEs (Small and Medium Enterprises) arose in the retail industry. The LEs exhibited an improvement in growth and profitability, whereas SMEs had a tendency to degenerate. This study contributes to corroborating the features of financing decisions in the retail industry distinguished from the other industries. Research design, data, and methodology - This study considers the stocks listed on the KOSPI and KOSDAQ markets from 1991 to 2013, and is more concentrated on the stocks in the retail industry. The data were collected from the financial information company, WISEfn. The empirical analysis is conducted by employing two measures of net equity issues (and), which were introduced in Fama and French (2005), and can be calculated from firms' accounting information. All variables are generated as the aggregate value of the numerator divided by aggregate assets, which, in effect, treats the entire sample as a single firm. Substantially, the financing decisions of the firms were analyzed by examining how often and under what circumstances firms issue and repurchase equity. Then, this study compares the features of the retail industry with those of the other industries. Results - The proportion of sample firms that show annual net stock issues reaching the level of the year's average was 54.33% for the 1990s, and fell to 39.93% per year for the 2000s. In detail, the fraction of the small firms actually increases from 45.08% to 51.04%, whereas that of large firms shows a dramatic decline from 58.94% to 24.76%. Considering the fact that the large firms' rapid increase in growth after the 2000s may lead to an increase in equity issues, this result is rather surprising. Meanwhile, net stock repurchases of assets are considerably disproportionate between the large (-50.11%) and the small firms (-15.66%) for the 2000s. Conclusions - Stock issuance of retail firms is not in line with the traditional seasoned equity offering based on information asymmetry. The net stock issuance of the small firms in the retail industry can be interpreted as part of an effort to reorganize business and solicit new investment to resolve degenerating business performance. For large firms, on the other hand, the net repurchase can be regarded as part of an effort to rearrange business for efficiency and amplifying synergy across business sections through spin-off. These results can help the government establish a support policy on retail industry according to size.