• 제목/요약/키워드: Trading Activity

검색결과 63건 처리시간 0.023초

Sharia Stock Reaction Against COVID-19 Pandemic: Evidence from Indonesian Capital Markets

  • RYANDONO, Muhamad Nafik Hadi;MUAFI, Muafi;GURITNO, Agung
    • The Journal of Asian Finance, Economics and Business
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    • 제8권2호
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    • pp.697-710
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    • 2021
  • The purpose of this study is to explore the reaction of sharia stock in the Indonesian capital market to the global Covid-19 pandemic. The method used in this study is an event study with a Market Adjusted Model (MAM) approach. The population of this study is shares listed on the Indonesian Stock Exchange (IDX), with the sample chosen from the Jakarta Sharia (Islamic) Index. The result of this study found that the global Covid-19 pandemic is bad news, with the indicators as follows: a) the average expected return is negative; b) the average actual return is negative; c) the average abnormal return is negative, and d) the increase selling action of stock as a cut loss strategy. There is a negative abnormal return and significant Trading Volume Activity (TVA) before, during, and after the announcement of the global Covid-19 pandemic. However, this study found no difference in abnormal return and TVA before and after the announcement of the global Covid-19 pandemic. From these results, this study indicates that the sharia stocks in the capital market in Indonesia can respond quickly to the information that existed. Therefore, the capital market of Indonesia is a capital market with a semi-strong efficient form.

The Economic Cooperation Potential of East Asia's RCEP Agreement

  • Armstrong, Shiro;Drysdale, Peter
    • East Asian Economic Review
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    • 제26권1호
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    • pp.3-25
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    • 2022
  • East Asia's Regional Comprehensive Economic Partnership (RCEP) came into force in 2022 as the world's largest free trade agreement. RCEP was concluded, signed and brought into force in the face of major international uncertainty and is a significant boost to the global trading system. RCEP brings Australia, China, Japan, South Korea and New Zealand into the same agreement with the ten member ASEAN group at its centre. It keeps markets open and updates trade and investment rules in East Asia, a major centre of global economic activity, at a time of rising protectionism when the WTO itself is under threat. The agreement builds on ASEAN's free trade agreements and strengthens ASEAN centrality. One of the pillars of RCEP is an economic cooperation agenda which has its antecedents in ASEAN's approach to bringing along its least developed members and builds on the experience of capacity building in APEC and technical cooperation under the ASEAN Australia-New Zealand Free Trade Agreement. There is an opportunity to create a framework that facilitates deeper economic cooperation that involves experience-sharing, extending RCEP's rules and membership at the same time as strengthening political cooperation. The paper suggests some areas that might be best suited to cooperation - that is confidence and trust building instead of or before negotiation - and discusses how non-members may be engaged and the membership expanded. Options such as multilateralising provisions and becoming a platform for policy convergence and coordinating unilateral reforms are canvassed.

TPS Analysis, Performance Indicator of Public Blockchain Scalability

  • Hyug-Jun Ko;Seong-Soo Han
    • Journal of Information Processing Systems
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    • 제20권1호
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    • pp.85-92
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    • 2024
  • In recent years, Bitcoin and Ethereum have witnessed a surge in trading activity, driven by venture capital investment and funding through initial coin offerings (ICOs) and initial exchange offerings (IEOs). This heightened interest has led to kickstarting a vibrant ecosystem for blockchain development. The total number of cryptocurrencies listed on CoinMarketCap.com has reached 2,274 highlights how dynamic and wide blockchain development landscape has grown. In blockchain development, new blockchain projects are being created by forking blockchains inspired by major cryptocurrencies such as Bitcoin and Ethereum. These projects aim to address the perceived shortcomings and improve existing technologies. Altcoins, representing these alternative cryptocurrencies, are an ongoing industry effort to improve performance and security with enhancement proposals such as Bitcoin Improvement Proposals (BIP), Ethereum Improvement Proposals (EIP), and EOSIO Enhancement Proposals (EEP). With competitive attempts to improve blockchain performance and security, an ongoing performance race between various blockchains has taken shape, each claiming its own performance advantages. In this paper, we describe the transactions contained in the blocks of each representative blockchain, and find the factors that affect the transactions per second (TPS) through transaction processing and block generation processes, and suggest their relationship with scalability.

Polyphenol-rich fraction from Ecklonia cava (a brown alga) processing by-product reduces LPS-induced inflammation in vitro and in vivo in a zebrafish model

  • Kim, Seo-Young;Kim, Eun-A;Kang, Min-Cheol;Lee, Ji-Hyeok;Yang, Hye-Won;Lee, Jung-Suck;Lim, Tae Il;Jeon, You-Jin
    • ALGAE
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    • 제29권2호
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    • pp.165-174
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    • 2014
  • Ecklonia cava is a common edible brown algae that is plentiful in Jeju Island of Republic of Korea. Polyphenols from E. cava have strong anti-inflammatory activity. However, a large number of the by-products from E. cava processing are discarded. In the present study, to utilize these by-products, we assessed the anti-inflammatory activity of the polyphenol-rich fraction (PRF) from E. cava processing by-product (EPB) in lipopolysaccharide (LPS)-induced RAW264.7 macrophage cells. Four compounds, namely eckol, eckstolonol, dieckol, and phlorofucofuroeckol-A, were isolated and identified from PRF. We found that PRF suppressed the production of nitric oxide (NO), inducible nitric oxide synthase, and cyclooxygenase-2 in the LPS-induced cells. Furthermore, the protective effect of PRF was investigated in vivo in LPS-stimulated inflammation zebrafish model. PRF had a protective effect against LPS-stimulated toxicity in zebrafish embryos. In addition, PRF inhibited LPS-stimulated reactive oxygen species and NO generation. According to the results, PRF isolated from EPB could be used as a beneficial anti-inflammatory agent, instead of discard.

광양항의 물동량 행태분석: 인천항, 평택.당진항과 비교 (The Behavioral Analysis of the Trading Volumes of Gwangyang Port: Comparison with Incheon and Pyeongtaek-Dangjin Port)

  • 모수원
    • 한국항만경제학회지
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    • 제28권3호
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    • pp.111-125
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    • 2012
  • 광양항의 컨테이너 물동량은 인천항이나 평택 당진항에 비해 더딘 증가를 보이고 있으며, 부단위당 부가가치가 낮고 중국시장을 제대로 활용하지 못하고 있다. 광양항은 다른 두 항에 비해 환율계수와 경기계수가 크게 낮아 환율변동과 경기변동에 가장 작은 영향을 받게 되고 그에 따라 경기와 환율의 긍정적 변동을 이용하는데 가장 서투른 항만임을 보인다. 오차수정방정식을 도출하여 오차수정계수가 광양항에서 가장 작아서 적정 물동량 수준에 이르지 못할 경우 물동량 수준으로 돌아가는데 다른 두 항만에 비해 크게 떨어진다는 것을 밝힌다. 이것은 광양항이 다른 두 항만에 비해 물동량 확보능력이 부족하다는 것과, 물동량 부족이 발생할 경우 그것이 오래 지속될 수 있다는 것을 의미한다. 충격반응함수를 이용하여 경기충격이 광양항에 대해 가장 낮은 반응을 야기하여 경기상승에 따른 물동량 증가가 가장 적을 것이라는 것을 밝힌다. 마지막으로 2012년과 2013년의 물동량을 개입-승법계절 ARIMA 모형을 통해 예측하여 광양항은 2012년과 2012년 전년 대비 2.6%, 3.1% 증가하는데 비해, 인천항 6.8%, 8.1%, 평택 당진항 24.2%, 10.3%가 증가하여, 2012년에는 인천항과 물동량 차이가 거의 없는 수준으로 좁혀지고 2013년에는 비교적 큰 차이로 인천항이 광양항을 앞설 것이라는 것을 보인다. 경제적 또는 경제외적 요인의 변화에 대한 광양항의 적응능력이 타 항만에 비해 떨어지고, 그에 따라 다른 항만에 추월당할 상태에 처하고 있다는 것을 밝힌다.

주식시장의 비이성적 행동과 공개정보의 역할 - 한국 매스미디어로 부터 증거 - (The Irrational Behavior of Korea Stock Market and The Role of Public Information: Evidence from Mass Media in Korea)

  • 손판도;이형기
    • 경영과정보연구
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    • 제39권3호
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    • pp.83-98
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    • 2020
  • 본 논문에서는 1998년 1월부터 2012년 12월까지 공개정보를 전달하는 매스미디어를 표본으로 하여 투자자의 비이성적 행동(즉 비관적 분위기)이 주식시장의 수익률 및 투자자의 시장 활동에 어떠한 역할을 하는지를 검증하였다. 이론적으로 비관적 투자자 이론에 따르면 투자자의 비관적 분위기는 자기자본 가격하락 압력에 직면하게 되고, 이에 따라 시장의 분위기가 비관적으로 되며 시장수익률이 하락한다는 것이다. 또한 이러한 투자자의 비관주의가 시장에서 거래비용을 증가시키게 되고 결국 시장 투자자들의 거래활동을 위축시키게 된다는 것을 제시하고 있다. 따라서 공개 정보 전달 채널인 매스미디어에서 제공하는 공개 정보의 비관적 보도가 투자자들의 비이성적 행동을 유도하게 되고, 이것은 결국 주식시장에 직접적으로 영향을 주게 된다는 것이다. 기존 이론적 및 실증적 연구 결과를 국내 매스미디어 표본을 사용하여 실증 분석한 결과는 다음과 같다. 첫째, 현재 매스미디어 비관주의가 시장수익률 및 시장초과수익률에 부(-)의 영향을 주었지만 통계적으로 유의한 결과를 제시하지는 못하였다. 둘째, 미래 매스미디어 비관주의는 현재 주식시장의 비관적 분위기에 부의 영향을 받는다는 증거가 제시되었다. 셋째, 다양한 시장 활동 대용변수를 사용하여 매스미디어 비관주의가 투자자의 시장 활동에 어떻게 영향을 주는지를 검증한 결과 비관주의가 시장 활동을 위축시킨다는 결과를 발견하였으며, 통계적으로는 유의한 결과를 제시하지 못하였다. 통계적 유의성이 낮은 이유는 표본수집이 월 단위로 인하여 효과가 감소하였기 때문으로 추측된다. 본 논문에서 발견된 증거는 통계적으로 유의하지 않지만 부호는 이론적 관점에서 예측된 결과를 지지하고 있다.

한·중 FTA 전자상거래 협정의 주요쟁점과 활용과제 (Legal Issues and Policy Implications of Electronic Commerce Chapters of the Korea·China FTA)

  • 권순국
    • 디지털융복합연구
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    • 제13권10호
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    • pp.9-17
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    • 2015
  • 중국은 세계에서 가장 큰 전자상거래 시장으로서 중국 온라인 소매시장은 미국보다 약 40% 크며, 양국은 전세계 전자상거래 시장의 55% 이상을 차지하고 있다. 한 중 FTA는 한중 양국의 상품, 서비스의 전자상거래 확대와 국가간 전자상거래 활동을 촉진시킬 것이다. 한국산 소비재는 기술과 품질 측면에서 중국시장에서 경쟁우위를 가지고 있기 때문에 FTA 혜택을 향유할 수 있다. 본 연구는 한 중 FTA 전자상거래 협정문의 주요쟁점을 검토하고 이를 바탕으로 한국 상품의 전자상거래 수출확대를 위한 활용과제에 대해 문헌연구를 중심으로 살펴보았다. 이러한 연구결과를 바탕으로 다음과 같은 시사점을 제시하고자 한다. 한국 상품의 전자상거래 수출확대를 위해서는 한 중 FTA 전자상거래 협정의 후속협상에 대한 준비와 전자적 전송물의 분류에 대한 대비를 하여야 한다. 그리고 전자인증과 전자서명에 있어 양국의 상호인정이 필요하며, 전자상거래 분쟁해결을 위한 제도의 마련과 한국 상품의 전자상거래 수출확대를 위한 전략의 수립 등이 필요하다.

제주 손바닥 선인장의 초음파 추출을 통한 면역활성 증진 (Enhancement of Immune Activities of Opuntia ficus-indica L. Miller by Ultrasonification Extraction Process)

  • 권민철;한재건;정향숙;;최영범;고정림;임태일;이현용
    • 한국약용작물학회지
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    • 제16권1호
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    • pp.1-8
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    • 2008
  • Immune activities of Opuntia ficus indica L. Miller were investigated through aqueous extracts associated with ultrasonification process at $60^{\circ}C$, and showed the highest promotion of human B and T cell growth, up to 52% and 41%, respectively, compared to the control. The secretion of TNF-${\alpha}$ and IL-60 was also enhanced by the addition $(0.5mg/m{\ell})$ of the extracts, up to 48%. NK cell activation was significantly improved up to 1.3 times higher than the case of adding other extracts. It was also found that extracts from O. ficus indica could yield higher nitric oxide production from macrophage than Lipopolysaccaharides (LPS). It can be concluded that, in general, the extracts treated with ultrasonification has higher Immune acitivities than others, possibly by higher yielding immune-modulatory than conventional extraction process. The optimum condition for the extraction of O. ficus-indicais water extraction associated with ultrasonification.

항공온실가스 배출현황 및 감축규제 대응방안 (A study on the approach to reduce in the aviation GHG emissions in Korea)

  • 이주형;김원호;김용석;최성원
    • 한국항공운항학회지
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    • 제24권1호
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    • pp.47-54
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    • 2016
  • Global aviation is projected to grow in demand by an annual average of 4.1% between 2014 and 2034. It can be said that environmental impact from aviation will therefore be expected to increase on a similar scale. As regards civil aviation emissions, the sector contributes between 2~3% to International aviation GHG emissions. In the European Union(EU), aviation emissions account for about 3% of the EU's total green house gas emissions, of which a majority are said to come from international flights. In terms of traffic volume in 2013, Korea's international aviation industry 11th with regard to passengers and 3rd with regard to cargo, attaining the overall rank of 5th in the world. GHG emissions has been increasing steadily over the last 4 years, averaging 3.9 percent a year, due to the growth of low cost carriers and the increased demand for air transportations. As for aviation in Korea, there are a number of means intended to attain the Government's emission control objective in an efficient manner, such as AVA (Agreement of Voluntary Activity), TMS (Target Management System) and ETS (Emission Trading Scheme). In addition, the Government intends to better adapt to ICAO's Global MBM(Market-based Measures) that will come into performance on Year 2020. In the study, we focused on GHG mitigation measures that is fulfilling the AVA, TMS, ETS in the Government and suggest the effective measures to reduction the aviation GHG emissions.

머신러닝 기법을 활용한 암호화폐 유통 가격 예측 연구 (A Study on Predicting Cryptocurrency Distribution Prices Using Machine Learning Techniques)

  • 김한민;김호익
    • 유통과학연구
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    • 제17권11호
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    • pp.93-101
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    • 2019
  • Purpose: Blockchain technology suggests ways to solve the problems in the existing industry. Among them, Cryptocurrency system, which is an element of Blockchain technology, is a very important factor for operating Blockchain. While Blockchain cryptocurrency has attracted attention, studies on cryptocurrency prices have been mainly conducted, however previous studies mainly conducted on Bitcoin prices. On the other hand, in the context of the creation and trading of various cryptocurrencies based on the Blockchain system, little research has been done on cryptocurrencies other than Bitcoin. Hence, this study attempts to find variables related to the prices of Dash, Litecoin, and Monero cryptocurrencies using machine learning techniques. We also attempt to find differences in the variables related to the prices for each cryptocurrencies and to examine machine learning techniques that can provide better performance. Research design, data, and methodology: This study performed Dash, Litecoin, and Monero price prediction analysis of cryptocurrency using Blockchain information and machine learning techniques. We employed number of transactions in Blockchain, amount of generated cryptocurrency, transaction fees, number of activity accounts in Blockchain, Block creation difficulty, block size, umber of created blocks as independent variables. This study tried to ensure the reliability of the analysis results through 10-fold cross validation. Blockchain information was hierarchically added for price prediction, and the analysis result was measured as RMSE and MAPE. Results: The analysis shows that the prices of Dash, Litecoin and Monero cryptocurrency are related to Blockchain information. Also, we found that different Blockchain information improves the analysis results for each cryptocurrency. In addition, this study found that the neural network machine learning technique provides better analysis results than support-vector machine in predicting cryptocurrency prices. Conclusion: This study concludes that the information of Blockchain should be considered for the prediction of the price of Dash, Litecoin, and Monero cryptocurrency. It also suggests that Blockchain information related to the price of cryptocurrency differs depending on the type of cryptocurrency. We suggest that future research on various types of cryptocurrencies is needed. The findings of this study can provide a theoretical basis for future cryptocurrency research in distribution management.