• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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• pp.605-613
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• 2020

In unfrictionless markets, one measure of asset pricing is its height of friction. This study develops a three-factor model by loosening the assumptions about stocks without friction, without risk, and perfectly liquid. Friction is used as an indicator of transaction costs to be included in the model as a variable that will reduce individual profits. This approach is used to estimate return, beta and other variable for firms listed on the Indonesian Stock Exchange (IDX). To test the efficacy of friction-adjusted three-factor model, we use intraday data from July 2016 to October 2018. The sample includes all listed firms; intraday data chosen purposively from regular market are sorted by capitalization, which represents each tick size from the biggest to smallest. We run 3,065,835 intraday data of asking price, bid price, and trading price to get proportional quoted half-spread and proportional effective half-spread. We find evidence of adjusted friction on the three-factor model. High/low trading friction will cause a significant/insignificant return difference before and after adjustment. The difference in average beta that reflects market risk is able to explain the existence of trading friction, while the difference between SMB and HML in all observation periods cannot explain returns and the existence of trading friction.

• KDI Journal of Economic Policy
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• 제25권1호
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• pp.3-54
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• 2003

본 연구는 공적자금상환을 위해 도입된 특별예금보험료 부과의 함의를 분석한다. 금융기관은 특별예금보험료를 추가적인 비용으로 인식하여 그 비용의 일부를 금융소비자에게 전가하려는 행위를 보일 것으로 예상된다. 계량분석 결과 금융기관은 금리에 민감하게 반응하는 대출보다는 예금으로 비용의 전가를 시도할 것으로 추정되었다. 그리고 부보대상예금의 상대적 비중이 고자산계층보다 저자산계층에서 높다는 가계자산 포트폴리오의 특징으로 인해 특별예금보험료 부과는 저자산계층에게 보유자산에 대비하여 상대적으로 높은 손실분담구조가 될 수 있음을 시사한다.

• 통상정보연구
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• 제9권3호
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• pp.59-79
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• 2007

This paper is to identify whether the mechanism of the real market as an off-line market developed from the transaction cost theory from previous research is applied to on-line market, such as usiness to Business e-marketplaces. With three factors(parties, product, environments) selected from previous research, four cases picked up from all B2B e-marketplace sites as of April 2007, in the view of Business to Business Matrix which presented by Kaplan & Sawhney(2000), were studied. They were accompanied by interview with CEO and team manager, and they explained their business and revenue model of the company. From the interview, the relation between three factors and usiness to Business e-marketplace was observed by taking sub-factors into consideration; parties -asset specificity, information asymmetry, product factors - standardization, price stability, and environments factors - competition, market uncertainty. The implications of this study are to analyze the relation of the transaction theory in offline and online. Also, this is the first study that analyzed it. In the future, another research based on this research will be studied.

• KEPCO Journal on Electric Power and Energy
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• 제8권2호
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• pp.79-86
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• 2022

Recently, the amount of maintenance is increasing due to the aging of power facilities, but the budget is constrained. Therefore, the importance of asset management that selects replacement priorities based on the failure probability and enhances investment effects is increasing. Because the number of distribution transformers is very large, the proportion of investment cost is very high. Therefore, it is important to select the investment priority by evaluating the reliable remaining life based on the failure probability. This paper evaluates the statistical expected life using the failure data of distribution transformers for the last 11 years and the current operation data. The hazard rate of distribution transformer and MV cable was compared with each other and the adequacy of early failure removal was reviewed and the statistical expected life corresponding to the cumulative failure probability B3% was calculated.

• 정보처리학회논문지D
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• 제13D권4호
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• pp.565-572
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• 2006

프로덕트 라인 공학(Product Line Engineering, PLE)은 도메인의 멤버간에 공통적인 휘처를 핵심 자산으로 만들고, 만들어진 핵심 자산을 이용해서 어플리케이션을 개발하는 방법론이다. 따라서 PLE 방법론을 사용해서 제품을 개발하면, 개발 비용은 감소시키고 재사용성은 증가시킬 수 있다. 핵심 자산의 재사용성을 최대화 하기 위해서는, 제품 계열 공학을 위한 비즈니스 케이스 분석이 요구된다. 제품 계열 공학의 핵심 자산 영역이 지나치게 광범위하면, 핵심 자산 개발 비용은 증가하지만 재사용성은 감소할 수 있는 반면, 핵심 자산의 영역이 지나치게 좁으면 핵심 자산을 개발하는 비용은 작지만 극히 일부의 멤버만이 사용할 수 있으므로 핵심 자산의 적용성은 감소된다. 이 논문에서는 프로덕트 라인을 적용하기 위해서 도메인을 분석한 후 비즈니스 케이스를 분석하는 프로세스를 제안한다. 그리고 프로세스의 각 활동을 위한 가이드라인을 제안해서 PLE 방법을 적용해서 시스템을 개발 할 경우 최대의 이익을 획득할 수 있도록 핵심 자산의 영역을 결정하는 방법을 제안한다. PLE에서 가변성은 중요한 개념일 뿐만 아니라, 핵심 자산 개발 비용에 영향을 마친다. 따라서 이 논문에서는 비즈니스 케이스 분석을 위한 프로세스에 가변성을 상세한 수준으로 반영한다. 우리가 제안한 프레임워크를 적용하면, PLE 방법론을 적용해서 핵심 자산을 만들고 시스템을 개발할 때, 최적의 이익을 얻을 수 있을 것으로 기대한다.

• 복식문화연구
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• 제17권1호
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• pp.177-188
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• 2009

SCM as the important marketing strategy enhance the firm's efficiency and compatibility in global market environment such as global outsourcing. Firms adopted SCM realized the need to evaluate precisely the performance of SCM. In spite of importance of SCM, there was not much intention and research to measure SCM performance in textile fashion industry. Therefore, the purpose of this case study was to measure performance of supply chain management in textile fashion business using BSC(Balanced Score Card) to measure not only financial perspective but also non-financial perspectives such as customer perspective, internal business perspectives, financial perspective, and innovation & learning perspective. The questionnaire developed by the reviews of the literature was adopted for this study. The results of this study showed that SCM performance was enhanced from the point of customer perspective(cost, quality, time, service), financial perspective(cash cycle time, inventory turn over, inventory obsolescence, return on asset, return on investment, capacity utilization), and innovation & learning perspective(cost for human resource management, service for human resources). But there was same performance level regarding internal business perspective(lead time, cost for manufacturing process, product quality control, productive flexibility for time, quantity, and variety). Therefore, we should keep close relationship and two way communication among supply chain members to promote better SCM performance.

• 한국시뮬레이션학회논문지
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• 제29권2호
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• pp.49-61
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• 2020

탄도미사일 위협에 대응하기 위해 제한된 수량의 요격미사일을 효율적으로 운용하는 것은 중요하다. 기존 요격미사일 운용방법은 방호목표에 적용하는 교전효과수준에 따라 요격미사일 수를 결정한다. 이는 요격확률에 비해 과도한 요격미사일 소모 또는 요격확률 감소를 초래할 수 있다. 따라서 탄도미사일 수와 요격확률 및 비용을 고려하여 요격미사일 운용방법을 결정해야한다. 본 연구는 요격미사일 운용방법을 개선하기 위한 수리모형을 제안한다. 또한, 요격확률과 비용의 절충을 위해 효율성 지표를 제시하였다. 시뮬레이션 결과 수리모형 기반 요격미사일 운용방법이 기존 요격미사일 운용방법에 비해 우수한 결과를 달성할 수 있었다.

• 한국도로학회논문집
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• 제9권4호
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• pp.159-169
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• 2007

본 연구에서는 효율적인 포장관리를 위해 경제성을 고려하여 생애주기비용(LCC)이 최소가 되는 시점에서 필요한 유지보수공법을 적용할 수 있는 포장관리시스템(PMS)을 개발하여 실제 포장관련 자료를 기반으로 한 유지관리방안을 제시하였다. 나아가 예산제약이 없는 경우를 대상으로 일정한 수준의 도로 서비스수준을 유지하기 위해 필요한 예산은 매년 차이가 있음도 확인하였다. Visual Basic 프로그램으로 개발하여 시스템의 응용성과 실효성의 검증을 위해 22개의 국도포장단면을 대상으로 현장조사를 시행하여 얻은 자료를 바탕으로 포장단면의 장기공용성 추정과 예산범위를 고려한 효율적인 유지관리 방안을 제시하였다.

• The Journal of Asian Finance, Economics and Business
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• 제8권11호
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• pp.223-234
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• 2021

This study aims to examine whether operating cash flows influence banks' financial stability in Pakistan. The study employed annual panel data collected from annual reports of 20 commercial banks listed on the Pakistan Stock Exchange for the year 2011 to 2019. Free cash flow yield was taken as the dependent variable while cash flow ratio was selected as the independent variable, and net interest margin, income diversification, asset quality, financial leverage, the cost to income ratio, advance net of provisions to total assets ratio, capital ratio, financial performance, breakup value per share and bank size were taken as control variables. The study performed ordinary least square technique, random and fixed effects models, Hausman test, Lagrange multiplier test, descriptive and correlation analysis. Results showed that operating cash flows and net interest margin significantly and positively influenced banks' financial stability while the cost to income ratio and advances net of provisions to total assets ratio significantly and negatively associated with banks' financial stability. To improve financial stability, banks should become more cost-effective and enhance their liquidity levels by lowering lending activities. In the future, it would be useful to compare commercial and investment banks, also Islamic and conventional banks in the same research setting.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.623-635
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• 2021

The purpose of this research is to examine the impact of information risk on the Cost of Equity (COE) and whether the risk of a stock price crash mediates the relation between information risk and COE. To test the dynamic nature of the proposed model, the two-step system GMM dynamic panel estimators are applied to all the non-financial firms listed on the Pakistan Stock Exchange (PSX) from 2007- 2018. The results of this study show that all three types of information risk, as well as the risk of the share price crash, increases the COE. The crash risk strengthens the impact of information risk on the COE. Moreover, these three information risks are correlated with each other and an increase in information quality reduces the effect of asymmetric information and improves the investor interpreting ability, while an increase in private information decreases the transparency. The finding is crucial for asset pricing, portfolio management, and information disclosure. This study contributes to the literature by providing novel findings on the impact of three different types of information risk, i.e. private information, quality of information, and transparency of information on the COE as well as whether crash risk mediates the relationship.