• Journal of Distribution Science
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• v.14 no.2
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• pp.13-22
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• 2016

Purpose - We examine the marginal value of cash in Korean retail firms, largely unexamined in literature. The marginal value of cash plays pivotal role in cash management policy; especially, a significantly low marginal cash value indicates substantial manager-shareholder conflicts. Research design, data, and methodology - We estimate marginal cash values by adopting the approach of Faulkender & Wang (2006). The sample of retail firms traded in Korean Stock Exchange from 1991 to 2013 is analyzed. Results - We estimate the marginal value of cash for the retail firms as 0.75, implying significant manager-shareholder conflicts. We find a lower marginal value of cash for financially constrained retail firms, contradicting existing theories. The marginal value of cash increases substantially after 2000s, suggesting severe agency conflicts in 1990s as a key reason behind our findings. Conclusions - Our findings support the substantial resource diversion problem in Korean firms and the agency theory of cash management policy. Our results argue against the widely accepted view focusing on implications of financial constraints, which highlights a need of new cash management theory.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2004.05a
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• pp.734-737
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• 2004

When the margin level is set relatively low, margin violation probability increases and the default probability of the futures market rises. On the other hand, if the margin level is set high, the margin violation probability decreases, but the futures market becomes less attractive to hedgers as the investor's opportunity cost increases. In this paper, we investigate whether the movement of KOSPI200(Korea Composite Stock Price Index 200) futures daily prices can be modeled with the extreme value theory. Base on this investigation, we examine the validity of the margin level set by the extreme value theory. Computational results are presented to compare the extreme value distribution and the empirical distribution of margin violation in KOSPI200. Some observations and implications drawn from the computational experiment are also discussed.

• Journal of applied mathematics & informatics
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• v.31 no.3_4
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• pp.327-336
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• 2013

Generalized Pareto distributions play an important role in re-liability, extreme value theory, and other branches of applied probability and statistics. This family of distribution includes exponential distribution, Pareto distribution, and Power distribution. In this paper we establish some recurrences relations satisfied by the quotient moments of the upper record values from the generalized Pareto distribution. Further a char-acterization of this distribution based on recurrence relations of quotient moments of record values is presented.

• Journal of the Chungcheong Mathematical Society
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• v.27 no.3
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• pp.347-361
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• 2014

Generalized Pareto distribution play an important role in reliability, extreme value theory, and other branches of applied probability and statistics. This family of distribution includes exponential distribution, Pareto or Lomax distribution. In this paper, we established exact expressions and recurrence relations satised by the quotient moments of generalized order statistics for a generalized Pareto distribution. Further the results for quotient moments of order statistics and records are deduced from the relations obtained and a theorem for characterizing this distribution is presented.

• Transactions of the Korean Society of Mechanical Engineers A
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• v.36 no.2
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• pp.223-230
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• 2012

The strength of brittle material has commonly been characterized by a normal distribution or Weibull distribution, but it may fit the gamma distribution for some material. The use of an extreme value distribution is proper when the largest values of a set of stresses dominate the failure of the material. This paper presents a formula for reliability estimation based on stress-strength interference theory that is applicable when the strength of material is distributed like a gamma distribution and the stress is distributed like an extreme value distribution. We verified the validity of the equation for the reliability estimation by examining the relationships among the factor of safety, the coefficient of variation, and the reliability. The required minimum factor of safety and the highest allowable coefficient of variation of stress can be estimated by choosing an objective reliability and estimating the reliabilities obtained for various factors of safety and coefficients of variation.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.2
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• pp.353-364
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• 2021

Originating in value congruence theory, this study aims to give a clear understanding of the transformation process of consumers from incumbent technology to disruptive innovation technology. Moreover, the moderating effect of personal innovativeness in the process of consumers' switching to disruptive innovation is investigated. This study combines value congruence with expectation-disconfirmation theory, technology-switching theory, and the personal innovativeness of the disruptive innovation product, explaining why consumers have transformed from an incumbent product into a disruptive innovation. Data was collected through a questionnaire from 280 smartphone users in China. The respondents were mainly potential consumers who had never bought Redmi phones, namely, a smart product owned by the renowned Chinese company Xiaomi. The hypothesis of the research model is based on the example of the Redmi smartphone, which has been confirmed by existing smartphone users in China. Through investigation, the results of multivariable regression analysis show the decisive variables that influence consumer intentions, and we analyze the role of personal innovativeness in moderating between dissatisfaction with the incumbent product and purchase intention of a product based on disruptive innovation. The findings of this study can provide a certain reference for the sustainable growth of Xiaomi and the development of new products.

• 한국데이터정보과학회:학술대회논문집
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• 2003.10a
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• pp.155-162
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• 2003

A tandem network in which all nodes have the same load is considered. We derive bounds on the probability that the total population of the tandem network exceeds a large value by using its relation to the stationary distribution. These bounds imply a stronger asymptotic limit than that in the large deviation theory.

• Journal of the Korean Data and Information Science Society
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• v.14 no.3
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• pp.715-723
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• 2003

A tandem network in which all nodes have the same load is considered. We derive bounds on the probability that the total population of the tandem network exceeds a large value by using its relation to the stationary distribution. These bounds imply a stronger asymptotic limit than that in the large deviation theory.

• KSII Transactions on Internet and Information Systems (TIIS)
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• v.15 no.12
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• pp.4567-4583
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• 2021

This study proposes an analytical approximation algorithm based on extreme value theory (EVT) for the inverse of the power of the incomplete Gamma function. First, the Gumbel function is used to approximate the power of the incomplete Gamma function, and the corresponding inverse problem is transformed into the inversion of an exponential function. Then, using the tail equivalence theorem, the normalized coefficient of the general Weibull distribution function is employed to replace the normalized coefficient of the random variable following a Gamma distribution, and the approximate closed form solution is obtained. The effects of equation parameters on the algorithm performance are evaluated through simulation analysis under various conditions, and the performance of this algorithm is compared to those of the Newton iterative algorithm and other existing approximate analytical algorithms. The proposed algorithm exhibits good approximation performance under appropriate parameter settings. Finally, the performance of this method is evaluated by calculating the thresholds of space-time block coding and space-frequency block coding pattern recognition in multiple-input and multiple-output orthogonal frequency division multiplexing. The analytical approximation method can be applied to other related situations involving the maximum statistics of independent and identically distributed random variables following Gamma distributions.

• Journal of the Korean association of regional geographers
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• v.11 no.4
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• pp.476-496
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• 2005

This paper considers some significances and limitations in application of Rawls' liberal theory of justice to conceptualization of environmental and ecological justice. It first reviews Rawls' liberal theory of justice, then examines how his theory of justice considers natural resources and can be applied to develop distributive theory of environmental justice, and finally explores what kinds of problems would be generated when Rawls' theory of justice is to be extended to animals and other natural components. In Rawls' theory of justice the status of natural resources is described as a objective condition for justice, but it is argued that natural resources should be seen as a substantial component of just production and distribution. It also can be stressed that his theory of justice does not secure a just result of resource distribution, even though it has a great significance for just procedure of distribution. Finally, it seems hardly possible to extend Rawls' theory of justice to animals and other natural components to develop a Rawlsian theory of ecological justice, because liberalism and Western tradition of science on the basis of which Rawls' theory of justice has developed presuppose an ontological dualism of human beings and other natural components, and hence cannot recognize the inherent value of nature.