• Journal of the Korean Society of Industry Convergence
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• v.7 no.4
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• pp.363-368
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• 2004

The stocks of listed S&M sized firms in the KoreaStock Exchange(KSE) have been neglected to investors for long time in site of their good performences. The word "Neglected" means that the stocks of listed S&M sized firms in the KSE have fail to acquried liquidity. In the result, Listed S&M sized firms in the KSE have not financed equity by issuing stocks timely in the primary market. This problem has resulted in poor investment to their listed S&M sized firms in the KSE. The possible key to sovlve this problem is in the Institutional Investors, especially to the Pension fund. Korean Institutional Investors have lost their basic roles, that is, final supports to prevent the markets not to demolish. The Acts prventing Pension to invest to the stocks is to change to allowing to invest them in soon. this opportunity is good chance to solve the problems of poor liquidity of stocks of listed S&M sized firms in the KSE.

• Proceedings of the KSR Conference
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• 2009.05b
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• pp.191-198
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• 2009

There are almost no studies on verification of requirements for high speed rolling stocks by means of RAM goals and on setting RAM goals by means of verification on practical reliability, availability and maintainability for high speed rolling stocks though they are covered in specification of an order that RAM goals asked of rolling stocks are shown for gaining high quality of them and availability when they are in operation. This study is for estimating number of high speed train-sets that would be supplementarily placed an order through verification of RAM goals of a project for the introduction of KTX-II 100 cars. It verify that optimized requirements for high speed rolling stocks by relatively comparison with between requirements for train-sets through setting RAM goals and requirements for train-sets through analysis of prospects for management balance with high speed rolling stocks.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.13 no.9
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• pp.4326-4333
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• 2012

Phytoplankton standing stocks had been researched in Saemangeum water region from 2001 to 2010 belong to the construction period of Saemangeum dike. The big change of phytoplankton standing stocks was shown, reaching 57 - 85,219 cells/ml according to the sampling seasons and stations. Inside of Saemangeum lake, a flux of fresh water and sea water made the phytoplankton standing stocks changed spatiotemporally. Meanwhile, the water bloom was frequent with continuously high standing stocks of fresh water stations and the standing stocks outside of the dike have been normal. In the long-term point of view, the standing stock did not show a big change comparing to the before and after of closing the dike(April, 2006).

• The Journal of Asian Finance, Economics and Business
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• v.8 no.1
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• pp.609-621
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• 2021

Faith-based investment instruments, such as sharia-based stocks, have developed rapidly in recent years. When investing in these instruments, investors tend to emphasize materialistic returns as measured with monetary returns and metaphysical returns, such as blessings from God (Allah) because of their observance of Islamic teachings. In this respect, it is important to investigate the role of individuals' religiosity in investment decision making in Sharia-based financial products. An equally crucial research question is whether individuals' religiosity levels affect expected material returns as measured by the tolerable negative returns of sharia-based stocks. This study relies on a survey method that involves university students in Java island who actively invest through the Investment Gallery of their faculties/ universities as the sample. Data is then analysed with the multinomial regression analysis technique. The results show that individuals who are more observant of their religious teachings are more likely to fully invest their funds in Sharia-based stocks and exhibit greater tolerance towards the negative returns of Sharia-based stocks. The findings indicate that Muslim investors who are more observant of Islamic teachings emphasize metaphysical returns from their investment decisions.

• Asia-Pacific Journal of Business
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• v.13 no.2
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• pp.123-138
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• 2022

Purpose - This study compares the performances of dynamic asset allocation strategies using Korean stocks and U.S. dollar, which have been negatively correlated for a long time, to examine the diversification effects in the portfolios of them. Design/methodology/approach - In the current study, we use KOSPI200 index, as a proxy of the aggregated portfolio of Korean stocks, and USDKRW foreign exchange rate to implement various portfolio management strategies. We consider the equally-weighted, risk-parity, minimum variance, most diversified, and growth optimal portfolios for comparison. Findings - We first find the enhancement of risk adjusted returns due to risk reduction rather than return increasement for all the portfolios of consideration. Second, the enhancement is more pronounced for the trading strategies using correlations as well as volatilities compared to those using volatilities only. Third, the diversification effect has become stronger after the global financial crisis in 2008. Lastly, we find that the performance of the growth optimal portfolio can be improved by utilizing the well-known momentum phenomenon in stock markets to select the length of the sample period to estimate the expected return. Research implications or Originality - This study shows the potential benefits of adding the U.S. dollar to the portfolios of Korean stocks. The current study is the first to investigate the portfolio of Korean stocks and U.S. dollar from investment perspective.

• Journal of Korean Society of Forest Science
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• v.104 no.4
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• pp.527-535
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• 2015

With results from previous Korean studies on forest thinning, we conducted a meta-analysis on the effect of thinning on diameter at breast height (DBH) growth and carbon (C) stocks (tree, litter layer, coarse woody debris (CWD), and soils) in Korean forests. Thinning increased the DBH growth and the C stocks in soils by 39.2% and 12.8%, respectively, while it decreased the C stocks in tree by 30.9%. In contrast, thinning had no significant effect on the C stocks in litter layer and CWD. The DBH growth and the C stocks in tree showed significant correlations with thinning intensity and recovery time. The C stocks in litter layer correlated with recovery time while those in CWD and soils did not show significant correlation neither with thinning intensity nor with recovery time. Regression models of the DBH growth and the C stocks in tree were developed to quantify the effect of thinning intensity and recovery time. An integration of the regression model of the tree C stock into forest carbon models is expected to be essential to quantify the effect of thinning on the C stocks in litter layer, CWD, and soils. We also suggested expansion of study species, long-term and frequent monitoring, and investigation on understory vegetation in order to elucidate changes in Korean forests following thinning practices.

• International Journal of Industrial Entomology and Biomaterials
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• v.9 no.1
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• pp.35-40
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• 2004

Bombyx mori densonucleosis virus type 1 (BmDNV1)- a non occluded virus causes flacherie disease in the susceptible stocks of the silkworm, Bombyx mori. However, some stocks are non-susceptible. Non-susceptibility to BmDNV1 in B. mori is a unique case where the virus infection is completely inhibited by a single gene of the host. A survey conducted by this institute in some parts of Karnataka state has revealed that, 43.05% of the total incidence of flacherie disease caused by non-occluded viruses, are due to the synergistic infection of B. mori densonucleosis and infectious flacherie virus. Earlier study indicated that rearing of BmDNV1 resistant silkworm stock is effective in protecting silkworm against BmIFV also. In the present study the response of 78 silkworm stocks which include 42 of non-diapausing and 36 of diapausing groups, to BmDNV1 is investigated. Newly ecdysed third instar larvae were inoculated per-os with 10% inoculum of BmDNV1 extracted from the mid-gut of infected silkworm. One non-diapausing and three diapausing silkworm stocks were found to be resistant to BmDNV1. Eleven silkworm stocks were found to possess moderate resistance whereas rest sixty three were found to be susceptible to BmDNV1. Genetic analysis has shown that the resistance to BmDNV1 is autosomally inherited and controlled by a major dominant or a major recessive gene in different silkworm stocks. These resistant stocks can be utilized as the resource material to develop BmDNV1 resistant commercial hybrids. The selection strategies, depending upon the mode of inheritance of resistance in the resource material chosen, are discussed.

• Journal of Fisheries and Marine Sciences Education
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• v.16 no.2
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• pp.238-256
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• 2004

As the UN Fish Stocks Agreement has come into effect since 2001, the actual enforceable management on fish stocks in high seas has started. The Regioanl Fisheries Organizations (RFOs) have emerged as management bodies with a real responsible right to manage fish stocks. RFOs establish a strong and strict management rules providing a fishing right only to member countries and preventing all fishing activities from fishing vessels of non-member countries. In addition, RFOs have an own allocation way of fishing opportunity in their waters so that they can prevent the depletion of fish stocks. It is investigated that deep-sea fisheries have a negative impact from strengthening of RFOs' management right. As the amount of catch is reduced by the control of fishing vessel's activities, the level of fishing revenue becomes low. Moreover, as fishing costs such as oil, fishing fees, labor cost increase significantly, the condition of fishing business is getting worse as a result. In order to gain a fishing right for deep-sea fishing vessels in RFOs waters, there is no other alternative way but become a member of RFOs which are relevant to our fisheries but not joined.

• East Asian Economic Review
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• v.25 no.3
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• pp.310-336
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• 2021

We use iterative numerical procedures combined with analytical methods due to Rapach and Wohar (2009) to solve for the dynamic asset allocation strategy for optimal portfolio demand. We compare different optimal portfolio demands when investors in each country have different access to overseas and domestic investment opportunities. The optimal dynamic asset allocation strategy without foreign investment opportunities leads domestic investors in Korea, Hong Kong, and Singapore to allocate more funds to domestic bonds than to domestic stocks. However, the U.S. investors allocate more wealth to domestic stocks than to domestic bonds. Investors in all countries short bills at a low level of risk aversion. Next, we investigate dynamic asset allocation strategy when domestic investors in Korea have access to foreign markets. The optimal portfolio demand leads investors in Korea to allocate most resources to domestic bonds and foreign stocks. On the other hand, the portfolio weights on foreign bonds and domestic stocks are relatively low. We also analyze dynamic asset allocation strategy for the investors in the U.S., Hong Kong, and Singapore when they have access to the Korean markets as overseas investment opportunities. Compared to the results when the investors only have access to domestic markets, the investors in the U.S. and Singapore increase the portfolio weights on domestic stocks in spite of the overseas investment opportunities in the Korean markets. The investors in the U.S., Hong Kong, and Singapore short domestic bills to invest more than initial funds in risky assets with a varying degree of relative risk aversion coefficients without exception.

• The Korean Journal of Financial Studies
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• v.3 no.1
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• pp.233-265
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• 1996

We examine the impact of public and private information on price movements using the thirty DJIA stocks and twenty-one NASDAQ stocks. We find that the standard deviation of daily returns on information days (dividend announcement, earnings announcement, insider purchase, or insider sale) is much higher than on no-information days. Both public information matters at the NYSE, probably due to masked identification of insiders. Earnings announcement has the greatest impact for both DJIA and NASDAQ stocks, and there is some evidence of positive impact of insider asle on return volatility of NASDAQ stocks. There has been considerable debate, e.g., French and Roll (1986), over whether market volatility is due to public information or private information-the latter gathered through costly search and only revealed through trading. Public information is composed of (1) marketwide public information such as regularly scheduled federal economic announcements (e.g., employment, GNP, leading indicators) and (2) company-specific public information such as dividend and earnings announcements. Policy makers and corporate insiders have a better access to marketwide private information (e.g., a new monetary policy decision made in the Federal Reserve Board meeting) and company-specific private information, respectively, compated to the general public. Ederington and Lee (1993) show that marketwide public information accounts for most of the observed volatility patterns in interest rate and foreign exchange futures markets. Company-specific public information is explored by Patell and Wolfson (1984) and Jennings and Starks (1985). They show that dividend and earnings announcements induce higher than normal volatility in equity prices. Kyle (1985), Admati and Pfleiderer (1988), Barclay, Litzenberger and Warner (1990), Foster and Viswanathan (1990), Back (1992), and Barclay and Warner (1993) show that the private information help by informed traders and revealed through trading influences market volatility. Cornell and Sirri (1992)' and Meulbroek (1992) investigate the actual insider trading activities in a tender offer case and the prosecuted illegal trading cased, respectively. This paper examines the aggregate and individual impact of marketwide information, company-specific public information, and company-specific private information on equity prices. Specifically, we use the thirty common stocks in the Dow Jones Industrial Average (DJIA) and twenty one National Association of Securities Dealers Automated Quotations (NASDAQ) common stocks to examine how their prices react to information. Marketwide information (public and private) is estimated by the movement in the Standard and Poors (S & P) 500 Index price for the DJIA stocks and the movement in the NASDAQ Composite Index price for the NASDAQ stocks. Divedend and earnings announcements are used as a subset of company-specific public information. The trading activity of corporate insiders (major corporate officers, members of the board of directors, and owners of at least 10 percent of any equity class) with an access to private information can be cannot legally trade on private information. Therefore, most insider transactions are not necessarily based on private information. Nevertheless, we hypothesize that market participants observe how insiders trade in order to infer any information that they cannot possess because insiders tend to buy (sell) when they have good (bad) information about their company. For example, Damodaran and Liu (1993) show that insiders of real estate investment trusts buy (sell) after they receive favorable (unfavorable) appraisal news before the information in these appraisals is released to the public. Price discovery in a competitive multiple-dealership market (NASDAQ) would be different from that in a monopolistic specialist system (NYSE). Consequently, we hypothesize that NASDAQ stocks are affected more by private information (or more precisely, insider trading) than the DJIA stocks. In the next section, we describe our choices of the fifty-one stocks and the public and private information set. We also discuss institutional differences between the NYSE and the NASDAQ market. In Section II, we examine the implications of public and private information for the volatility of daily returns of each stock. In Section III, we turn to the question of the relative importance of individual elements of our information set. Further analysis of the five DJIA stocks and the four NASDAQ stocks that are most sensitive to earnings announcements is given in Section IV, and our results are summarized in Section V.