• 유통과학연구
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• 제13권9호
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• pp.37-45
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• 2015

Purpose - This paper's aim is to investigate whether or not gross profitability explains the cross-sectional variation of the stock returns in the Korean stock market. Gross profitability is an alternative profitability measure proposed by Novy-Marx in 2013 to predict cross-sectional variation of stock returns in the US. He shows that the gross profitability adds explanatory power to the Fama-French 3 factor model. Interestingly, gross profitability is negatively correlated with the book-to-market ratio. By confirming the gross profitability premium in the Korean stock market, we may provide some implications regarding the well-known value premium. In addition, our empirical results may provide opportunities for the fund distribution industry to promote brand new styles of funds. Research design, data, and methodology - For our empirical analysis, we collect monthly market prices of all the companies listed on the Korea Composite Stock Price Index (KOSPI) of the Korea Exchanges (KRX). Our sample period covers July1994 to December2014. The data from the company financial statementsare provided by the financial information company WISEfn. First, using Fama-Macbeth cross-sectional regression, we investigate the relation between gross profitability and stock return performance. For robustness in analyzing the performance of the gross profitability strategy, we consider value weighted portfolio returns as well as equally weighted portfolio returns. Next, using Fama-French 3 factor models, we examine whether or not the gross profitability strategy generates excess returns when firmsize and the book-to-market ratio are controlled. Finally, we analyze the effect of firm size and the book-to-market ratio on the gross profitability strategy. Results - First, through the Fama-MacBeth cross-sectional regression, we show that gross profitability has almost the same explanatory power as the book-to-market ratio in explaining the cross-sectional variation of the Korean stock market. Second, we find evidence that gross profitability is a statistically significant variable for explaining cross-sectional stock returns when the size and the value effect are controlled. Third, we show that gross profitability, which is positively correlated with stock returns and firm size, is negatively correlated with the book-to-market ratio. From the perspective of portfolio management, our results imply that since the gross profitability strategy is a distinctive growth strategy, value strategies can be improved by hedging with the gross profitability strategy. Conclusions - Our empirical results confirm the existence of a gross profitability premium in the Korean stock market. From the perspective of the fund distribution industry, the gross profitability portfolio is worthy of attention. Since the value strategy portfolio returns are negatively correlated with the gross profitability strategy portfolio returns, by mixing both portfolios, investors could be better off without additional risk. However, the profitable firms are dissimilar from the value firms (high book-to-market ratio firms); therefore, an alternative factor model including gross profitability may help us understand the economic implications of the well-known anomalies such as value premium, momentum, and low volatility. We reserve these topics for future research.

• 한국항해항만학회지
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• 제36권5호
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• pp.329-338
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• 2012

협회선박보험약관, 1/10/83은 선박의 항행구역을 제한하는 협회항로제한담보약관, 1/7/76을 첨부하여 오랜 기간 동안 광범위하게 사용되어 왔다. 선박 건조기술과 항해기술의 발달에 따라 협회선박보험약관은 수차례에 걸쳐 약관 내용을 수정 보완하면서 오늘날까지 사용되고 있는 점을 고려해 볼 때, 협회항로제한담보약관도 마땅히 수정 보완되었어야 했다. 더욱이, 선박보험의 피보험자는 이와 같은 해상사업의 환경변화에도 불구하고 항로제한담보구역을 부득이 항행 또는 기항해야 할 경우 과도한 추가보험료를 부담하고 있는 실정이다. 따라서 이 연구의 목적은 협회항로제한담보약관과 준용일본항로제한담보약관을 비교분석함과 동시에 기후변화, 선박구조, 항해, 통신 등의 제반 요건에 대한 현황을 고려하여, 협회항로제한담보약관을 면밀히 분석함은 물론 항로제한담보약관의 위반에 따른 추가보험료의 합리적인 수준을 제시함에 있다.

• 보험의학회지
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• 제24권
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• pp.97-117
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• 2005

Internally Korean insurance market is that whole life products' growth are becoming slowdown that's why new insurance products have appeared on the market in consideration of consumer's needs recently. Externally domestic insurance market competitions has drifted from insurance industry to whole financial industry since bankasurance started. Life insurance companies should open up a new market to survive from severe competitions. Worksite marketing can be an alternative. An insurer make arrangements with an employer about an insurance terms which an insurer offers in Worksite marketing. Then eligible individuals enroll in the plans at their own discretion and pay 100 percent of the premium for coverage through payroll deductions. An employer doesn't need to pay extra money for additional benefit but can raise employee's loyalty and satisfaction of company through worksite marketing. An employee can be covered at discounted premium rate and less strict underwriting guidelines to an insurer compared to individual insurance. In developed countries specially U.S insurance market, Worksite marketing is getting very popular and growing rapidly due to the advantages. Worksite marketing has both individual insurance characters and group insurance characters. Individual insurance characters are that employees enroll in the plans at their own discretion and pay 100 percent of the premium for coverage. Group insurance characters are that actively at work and participation etc. An insurer have to reflect these two characters on Worksite marketing when an insurance company work out a plan for developing products and underwriting guidelines. When an insurer devise worksite products, one should consider participation level which means percentage of eligible employees participating. Participation is related to anti-selection. As we know underwriting is essential for every kind of insurance, especially underwriting plays major role in worksite marketing. We can see that in the below. Firstly, it has a function in calculation of premium rate. When calculate premium rate for worksite products underwriters have to estimate expected participation level and risk factors. So underwriters and acturies keep in close contact with each other. Secondly, underwriting methods are important. When an insurer underwrite worksite products, there are three kinds of underwriting methods. These are Simplified issue underwriting, Full underwriting and Guaranteed issue underwriting. Simplified issue underwriting typically requires no medical examination, but usually requires supplying satisfactory answers to one or several health and/or lifestyle questions. Full underwriting requires a complete medical history questionnaire that may further require an exam. Guaranteed issue underwriting means that coverage is issued without the employee having to provide evidence of insurability. When insurer set the GI limit are usually based on the type of industry, number of eligible employees, the average amount of coverage and participation level. In addition to insurer should have a clear definition of eligible employee on the insurance provision and application form. It will minimize possibility of trouble claims and anti-selection. An insurer also establish preexisting condition exclusion and special guidelines for late entrants. When an insurer introduce Worksite marketing to Korean insurance market, an insurer has to examine market research to analyze potential market and strategy of sales most of all. Also an insurer should review real situation of the U.S, England and Japanese market etc. There are a lot of new technologies about worksite marketing process that an insurer should learn. When an insurer consider many things which we explained it can be a real alternative.

• 대한지역사회영양학회지
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• 제17권4호
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• pp.494-503
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• 2012

The purpose of this study was to examine the effect of sustainability management (SM) at coffee houses on customers' store image and behavioral intention. In addition, customers' willingness to pay a premium for sustainable coffee houses was studied. During October 2011, a web survey was conducted via an on-line research company with customers aged 20 to 39 visiting one of the top five coffee houses in Korea at least once a month. A total of 300 targeted customers responded and all the data were analyzed. An exploratory factor analysis derived two dimensions of SM: SM in Social and Environmental Perspective and SM in Economic Perspective. The result of structural equation modeling indicated that SM in Economic Perspective at coffee houses had a significant positive effect on customers' behavioral intention with mediating effect by store image, but SM in Social and Environmental Perspective did not have such effect. Approximately one-third (31%) of the respondents were willing to pay a premium for a sustainable coffee house in a scenario. approximately 84% of the respondents unwilling to pay a premium for the sustainable coffee house chose the cost-related reasons including "Coffee price at the coffee house that they most often visit is already expensive (62.3%)" for such unwillingness. The results of this study showed that SM of coffee houses, especially that in Economic Perspective, could contribute to store image, and therefore increase customers' favorable behavioral intention, although the additional cost resulted from such SM practices might not be easily accommodated by customers.

• 아태비즈니스연구
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• 제15권2호
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• pp.71-88
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• 2024

Purpose - This study provides an overview of existing research and practices related to market risk premiums(MRP), and empirically estimates the MRP in Korea, particularly using the related option prices. We also seek to improve the current MRP practices and explore alternative solutions. Design/methodology/approach - We present the option price-based MRP estimation method, as proposed by Martin (2017), and implement it within the context of the Korean stock market. We then juxtapose these results with those derived from other methods, and compare the characteristics with those of the United States. Findings - We found that the lower limit of the MRP in the Korean stock market shows a much lower value compared to the US. There seems to be the possibility of a market crash, exchange rate volatility, or a lack of option trading data. We investigated the predictive power of the estimated values and discovered that the weighted average of the results of various methodologies using the Principal Component Analysis (PCA) is superior to the individual method's results. Research implications or Originality - It is required to explore various methods of estimating MRP that are suitable for the Korean stock market. In order to improve the estimation methodology based on option prices, it is necessary to develop the methods using the higher-order(third order or above) moments, or consider additional risk factors such as the possibility of a crash.

• 한국산림과학회지
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• 제96권2호
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• pp.183-188
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• 2007

This study was carried out to examine the perceptions of consumers and forest product manufacturers in South Korea about forest certification and to identify their willingness-to-pay for certified products by personal interviews. Sixteen percent of interviewees knew and heard about forest certification. However, fifty-six percent of interviewees had an intention to participate in forest certification system. The consumers' group can be described in relative terms as the male of 30 age bracket. The average price premium charged to consumers was higher than one paid to manufacturers, and thus manufacturers are willing to include the additional costs for certified products.

• KSII Transactions on Internet and Information Systems (TIIS)
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• 제10권8호
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• pp.3852-3864
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• 2016

Patients' health data is very sensitive and the access to individual's health data should be strictly restricted. However, many data consumers may need to use the aggregated health data. For example, the insurance companies needs to use this data to setup the premium level for health insurances. Therefore, privacy-preserving data aggregation solutions for health data have both theoretical importance and application potentials. In this paper, we propose a privacy-preserving health data aggregation scheme using differential privacy. In our scheme, patients' health data are aggregated by the local healthcare center before it is used by data comsumers, and this prevents individual's data from being leaked. Moreover, compared with the existing schemes in the literature, our work enjoys two additional benefits: 1) it not only resists many well known attacks in the open wireless networks, but also achieves the resilience against the human-factor-aware differential aggregation attack; 2) no trusted third party is employed in our proposed scheme, hence it achieves the robustness property and it does not suffer the single point failure problem.

• 한국디지털정책학회:학술대회논문집
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• 한국디지털정책학회 2004년도 International Conference on Digital Policy & Management
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• pp.145-168
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• 2004

In industrialised countries, innovation is a key source of economic growth. Research is a key driver of technological innovation and involves the process of systematic investigation and/or experimentation to discover new knowledge. The Governments' industry innovation policy supports a business focus on Research and Development (R&D) through a range of programs in order to achieve these aims. The Innovation Statement (DISR 2000, 20010, launched by the Australian Prime Minister in January 2001, commits an additional $3 billion overfive years to encourage and support innovation. The Australian Government aims to build world competitive firms and strong research capability in industry to strengthen Australia's international competitiveness and increase national prosperity. It develops policies and programs to enhance investment in innovation. The Australian Government has established a number of R&D funding support programs aimed at increasing the level of R&D in Australia. The backbone of these programs is the tax concession program, which is made up of the 125 per cent R&D tax concession, the 175 per cent premium tax concession and the tax offset. Over 4000 businesses take advantage of the tax concession scheme, which costs the government around $400-million a year. This cost is expected to rise to over half a billion by 2005-06 (Commonwealth of Australia, 2003). Ensuring these resources are invested where they provide significant national economic benefits is a major policy issue. In this sense, this paper looks at the appropriateness, effectiveness and efficiency of the R&D tax concession with costs and benefits analysis.

• Journal of Astronomy and Space Sciences
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• 제29권1호
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• pp.79-84
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• 2012

After a visit by Peter Waddell from the University of Strathclyde, Glasgow, UK in 1991, Robert H. Koch launched a program at the University of Pennsylvania to build lightweight pneumatic membrane mirrors, initially for balloon flight observations where weight is at a premium. Mirror cells were fabricated from sizes 0.18 m to 1.77 m, and experiments conducted to characterize the mirror figure and stability. Most of the work stopped after Prof. Koch's retirement in 1996 until 2006 when the authors expressed an interest in building an array of medium-aperture portable telescopes. The program restarted in earnest at Gravic, Inc. in Malvern, PA in 2008 with Koch using his extensive observational astronomy experience to guide the fabrication of a fully operational 1.07 m membrane mirror telescope with an optical tube assembly weighing under 45 Kg. Residual wavefront aberrations remediation resulted in Koch and the authors investigating membrane tensioning techniques with different cell designs, active secondary wavefront correction, photometric algorithms for aberrated images, and the use of additional lightweight mirror substrates from the Alt-Az Initiative Group, such as foamed glass. The best result for the lightweight mirrors was a point spread function spot size of several arc seconds. A lightweight 1.6 m cast aluminum cell alt-az telescope was subsequently designed by Koch and the authors for prime focus use.

• 한국정보시스템학회지:정보시스템연구
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• 제13권1호
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• pp.135-159
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• 2004

In industrialised countries, innovation is a key source of economic growth. Rrsearch is a key driver of technological innovation and involves the process of systematic investigation and/or experimentation to discover new knowledge. The Governments'industry innovation policy supports a business focus on Research and Development (R&D) through a range of programs in order to achieve these aims. The Innovation Statement (DISR 2000, 20010, launched by the Australian Prime MinisterJanuary 2001, commits an additional ${\$}$3 billion over five years to encourage and support innovation. The Australian Government aims toworld competitive firms and strong research capability in industry to strengthen Australia's international competitiveness and increase national prosperity. It develops policies and programs to enhance investment in innovation. The Australian Government has established a number of R&D funding support programs aimed at increasing the level of R&D in Australia. The backbone of these programs is the tax concession program, which is made up of the 125 per cent R&D tax concession, the 175 per cent premium tax concession and the tax offset. Over 4000 businesses take advantage of the tax concession scheme, which costs the government around ${\$}$400mi11ion a year. This cost is expected to rise to over hall a billion by 2005-06 (commonwealth or Australia, 2003). Ensuring these resources are invested where they provide significant national economic benefits is a major policy issue. In this sense, this paper looks at the appropriateness, effectiveness and efficiency of the R&D tax concession with costs and benefits analysis.