• The Journal of Asian Finance, Economics and Business
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• 제8권4호
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• pp.135-143
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• 2021

Information has an essential role in decision-making for investors who will invest in financial markets, especially regarding the policies on the condition of COVID-19. The purpose of this study is to determine the market reaction to the information published by the government regarding the policy changes to the provisions of Trading Halt on the IDX in an emergency using the event study method. The population in this study was companies listed on the Indonesia Stock Exchange in March 2020; the sample selection technique was purposive sampling. Data analysis used a normality test and one sample T-test. The results of the study found that there were significant abnormal returns on the announcement date, negative abnormal returns around the announcement date, and significant trading volume activity occurring three days after the announcement. The existence of a significant positive abnormal return on the announcement date indicates that the market responds quickly to information published by the government. The practical implication of this research can be taken into consideration for investors in making investment decisions to analyze and determine the right investment options so that investors can minimize the risk of their investment and maximize the profits they want to achieve.

• 가족자원경영과 정책
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• 제16권3호
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• pp.67-82
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• 2012

The first local exchange trading system(LETS), established in Comox Valley in Canada, aimed at facilitating the regional economy. However, in Korea, LETS was adopted to encourage mutual aid and promote community spirit among residents. This study examines the feasibility of LETS as a revitalization initiative for Pumasi and suggests a number of policies that can be implemented to support the project. The findings are as follows: First, the LETS credit system was found to complement social capital initiatives among Pumasi participants in the early stages of the Pumasi project. Second, combining LETS and Pumasi initiatives was found to consolidate community spirit and encourage a cooperative way of life among participants due to the fact that LETS enlarges the scope of local residents' participation and diversifies the services being exchanged. A number of policy suggestions are made for combining LETS with Pumasi. First, the project must define a vision of its long-term purpose and outcomes. Second, local residents should be employed as assistants to facilitate the project. Third, Pumasi participants should ensure that childcare exchange services are of the highest quality by providing an educational program on parenting. Fourth, the project manager's employment conditions and working environments must be guaranteed.

• East Asian Economic Review
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• 제23권1호
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• pp.27-53
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• 2019

I employ search-and-matching to a multi-country and multi-sector Ricardian model with input-output linkages, trade in intermediate goods, and sectoral heterogeneity, in order to quantify the welfare effects from tariff changes. The paper shows that labor market frictions can be a source of comparative advantage in the sense that better labor market conditions contribute to lower cost in production. Labor market frictions play a critical role in determining the probability of exporting goods to trading partners, and interact with bilateral trade share, price, expenditures, etc. Unemployment and changes in unemployment rates due to tariff reductions contribute welfare changes across countries, implying that welfare effects based on quantitative trade models with full-employment are likely to be biased. I confirm the biased welfare effects by revisiting Caliendo and Parro (2015), who conduct an analysis of the welfare effects from the NAFTA from 1993 to 2005. I show that the welfare gap between theirs and mine has a positive correlation with changes in observed unemployment rates across countries. With the constructed model, I further conduct counterfactual exercises by asking what would happen if China's tariffs remain unchanged from 2006 to 2015. It turns out that there are mild welfare effects to trading partners in the world trading system.

• 한국전자거래학회지
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• 제26권4호
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• pp.53-79
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• 2021

비대면 거래 활성화로 증권사 간 영업점포 규모나 거래 비용면의 차별성은 줄어들고 증권거래 시스템에 대한 중요성이 높아졌다. 특히 개인 투자자들이 많이 사용하는 모바일 트레이딩 시스템의 거래 비중 증가와 코로나19 이후 개인 투자자의 증가로 모바일 트레이딩 시스템은 더욱 중요해졌다. 하지만 모바일 트레이딩 시스템에 관한 사용성 연구는 문헌조사나 설문조사방법으로 진행되어 사용자 중심의 사용성 연구는 부족하다. 이에 본 연구에서는 사용자 중심의 사용성 속성을 알아보기 위해 사용자의 경험적 인식을 찾아내는 레퍼토리 그리드 기법을 사용하였다. 사용자 관점의 모바일 트레이딩 시스템 사용성 속성을 도출하고 사용자 그룹과 개발자 그룹간의 빈도와 중요도 측면에서 사용성 속성 차이를 확인하였다.

• 한국콘텐츠학회논문지
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• 제22권9호
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• pp.252-259
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• 2022

본 연구는 고령화 사회에 따른 인구구조변화에 대한 시사점을 논의하기 위해 서초구 국민주택규모 거래사례를 중심으로 세대연령의 효과를 검증하고자 분산분석 및 선형회귀분석 등을 실시하였다. 분석결과 연령과 거래가격의 유의한 상관성을 확인하고 특히 후기노인(75세 이상)일 경우 거래가격이 유의하게 낮음을 확인하였다. 더불어 거래지역 및 연도를 보정하였을 때 역시 대부분의 지역에서 연령이 높을수록 거래가격이 낮아지는 경향을 확인하였다. 이러한 분석결과를 기반으로 거래사례에 있어 가격결정의 적절성 및 공정성을 제고할 수 있는 노력, 인구고령화에 따른 정책변화의 방향성 등에 대해 논의하였고 이를 바탕으로 정책당국의 지원방안까지 제시하였다. 또한 개별 공동주택의 관리상태가 매도에 있어 중요한 요소이고 인터넷 기반 플랫폼 활용미비가 낮은 가격 매도의 원인으로 예상되었다. 다만 실제 거래사례를 대상으로 하는 2차 자료를 활용하였기 때문에 더 다양한 개인의 특성을 통제하지 못하였다는 한계점에 관하여 후속연구의 방향을 함께 제시하였다.

• East Asian Economic Review
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• 제21권2호
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• pp.147-165
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• 2017

This study quantifies the dynamic interrelationship between the KOSPI index return and search query data derived from the Naver DataLab. The empirical estimation using a bivariate GARCH model reveals that negative contemporaneous correlations between the stock return and the search frequency prevail during the sample period. Meanwhile, the search frequency has a negative association with the one-week- ahead stock return but not vice versa. In addition to identifying dynamic correlations, the paper also aims to serve as a test bed in which the existence of profitable trading strategies based on big data is explored. Specifically, the strategy interpreting the heightened investor attention as a negative signal for future returns appears to have been superior to the benchmark strategy in terms of the expected utility over wealth. This paper also demonstrates that the big data-based option trading strategy might be able to beat the market under certain conditions. These results highlight the possibility of big data as a potential source-which has been left largely untapped-for establishing profitable trading strategies as well as developing insights on stock market dynamics.

• KDI Journal of Economic Policy
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• 제23권1_2호
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• pp.149-191
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• 2001

In this paper, we propose a new bankruptcy algorithm. The proposed algorithm is comprised of four tasks. Task A is the procedure of soliciting bids, Task B is the procedure of allocating claims, Task C is the procedure of trading claims, and Task D is the procedure of exercising options and holding shareholders' meeting. Tasks A, B, and D are based on Bebchuk(1988) and Aghion, Hart, ad Moore(1992). This paper adds Task C, the procedure of trading claims. Claims are in the form of options which are written on the new shares of the bankrupt firm. Trading options expedites the process of finding the value of the bankrupt firm, and also it mitigates the problem of incomplete capital market by expanding the pool of new investors.

• East Asian Economic Review
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• 제20권3호
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• pp.311-338
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• 2016

In the race for establishing trading architecture consistent with new landscape of the global economy, the US is ahead of the game by concluding the Trans Pacific Partnership Agreement with 11 countries. To make it reality, the ratification is essential. In the battle for ratification in the US, declining globalism confronts rising protectionism. This paper models the ratification process as contest between globalism and protectionism, and analyzes the optimal timing for ratification. Based on this framework, various ratification scenarios are analyzed. The paper argues less likelihood for the lame-duck session passage and more likelihood for prolonged and protracted delay, due to changing political dynamics and declining intellectual support for globalism. Hence, the future of Trans Pacific Partnership Agreement may prove different, compared to the North American Free Trade Agreement and the Korea-US Free Trade Agreement, both of which were renegotiated and ratified eventually. Then, the US would lose the first move advantage. The paper also discusses strategic implications of delayed ratification on the evolution of trading architecture in East Asia.

• East Asian Economic Review
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• 제27권2호
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• pp.145-176
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• 2023

This paper investigates short selling behavior, particularly by foreign investors, during event days of non-normal times on an intraday basis in the Korean stock market around the global financial crisis. Although, in the several subsamples, we cannot exclude the predatory short-selling possibility, we did not find any conclusive evidence of abusive short selling behaviors in the overall intraday trading activities. While foreign investors demonstrate higher levels of participation in short-sale trading, their impact on price declines is not as pronounced compared to the effects of pure selling. Following the lift of the short-sale ban, foreign investors appear to engage in long selling trading more frequently, and their influence on price changes primarily stems from long selling rather than short selling compared to the past.

• 환경정책연구
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• 제8권1호
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• pp.1-30
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• 2009

교토의정서에서 저비용의 온실가스 저감 방안으로 도입된 온실가스 배출권 거래제도는 현재 유럽 배출권 거래 제도를 포함하여 다양한 규모와 지리적 범주를 가진 시장이 운영되고 있으며 우리나라를 비롯한 여러 국가에서 새로운 배출권 거래제도 도입을 계획하고 있다. 본 연구의 목적은 교토의정서를 기반으로 하는 배출권 시장과 자발적 배출권 시장에서 산림 관리 활동의 역할과 인정 범위를 조명하고, 국내 배출권 시장의 도입에 있어 산림부문 참여의 필요성을 고찰하는 것이다. 이를 위해 유럽연합 배출권 거래제도, 시카고 기후 거래소, 뉴사우스웨일즈 온실가스 감축제도, 지역 온실가스 이니셔티브의 사례를 분석하여 각 배출권 시장에서의 산림 흡수원 배출권의 역할과 인정범위를 분석하였다. 국내 배출권 시장에 있어 산림 흡수원 배출권의 포함은 비용절감과 감축활동 참여확대라는 이점과 함께 기술적 복잡성과 직접 감축노력의 감퇴라는 위험요소를 가진다. 하지만 위험요소에 대한 다양한 해법이 제시되고 있고 향후 기후변화협약 하에서 산림 흡수원의 범위와 규정에 대한 변화가 예상되며 국내 현실에서 온실가스 감축을 위한 다양한 접근이 필요한 만큼 산림 흡수원 배출권은 배출권 시장의 한 요소로 포함되어야 할 필요가 있다. 산림분야에 있어서 산림 흡수원 사업의 참여는 산업영역의 확대와 산림관리 재원의 마련이라는 기회를 제공하며 이러한 기회를 활용하기 위한 제도와 기술측면의 대비가 필요하다.