• The Journal of Fisheries Business Administration
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• v.40 no.1
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• pp.51-74
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• 2009

The purpose of this study is to ascertain that how the futures market of the Japanese frozen shrimp that is the only fisheries asset all over the world can be efficient. Accordingly, this paper examines efficiency and information flow of the Japanese frozen shrimp market using data from Kansai Commodities Exchange frozen shrimp futures closing prices and spot prices. And then this paper estimates a forward price model using that data. From the model, risk premium is estimated and we could also analyse the future information flow into the futures market which reveals future spot prices. This thesis reached to conclusions as follows: First, the null of zero risk premium is rejected and the value of that is negative. Second, the time pattern of information flow into the futures market is that most of the information on future price arrives within a week and for the last week, most of relevant information is already incorporated. The result of this study contrasts with that of Stockman(1978) about currency futures market of U.S.

• The Korean Journal of Financial Management
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• v.23 no.2
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• pp.85-107
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• 2006

This paper investigates whether the futures market responds to the news more sensitively and uses more diverse information than the spot market. The sensitivity to the news is measured by the coefficients of the model which regresses the daily changes in the futures prices to the daily changes in the theoretical prices computed from spot prices using the spot-futures parity. The diversity of news is measured by the mean range differences ($\overline{RD}$), mean hi-price differences($\overline{HD}$) and mean low-price differences. The data in this paper is the closing prices of the nearest-to-maturity and the second-nearest-to-maturity contracts of the KOSPI 200 index futures. As the estimates of the relative sensitivity of the futures prices($^{\beta}$) for the whole-period sample are not significantly different from 1, the sensitivity of two markets to the news are not different. However, $\hat{\beta}$ of the most recent period(Nov. 2002 to Dec. 2005) are strongly different from 1. And, in the most recent period, the futures price changes for the good news, which is defined as the price increase of KOSPI of more than 1.5% in a day, show additional sensitivity. Since the mean range different which measures the relative diversity of information used, are not significantly different from 0 for the whole-period and subperiod samples, and this can be interpreted that the futures market does not use more diverse information than the spot market. However, the mean high-price difference, which measures the relative diversity of good news, are significantly different from 0 for the nearest-maturity contracts in the whole-period and subperiod samples. This evidence supports that the futures prices reflects more diverse good news which brings price increase in the market.

• The Korean Journal of Financial Management
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• v.27 no.1
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• pp.1-30
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• 2010

This paper tested the lead-lag relationship as well as the symmetric and asymmetric volatility spillover effects between international currency futures markets and cash markets. We use five kinds of currency spot and futures markets such as British pound, Australian and Canadian dollar, Brasilian Real and won/dollar spot and futures markets. daily closing prices covering from September 15, 2003 to July 30, 2009. For this purpose we employed dynamic time series models such as the Granger causality based on VAR and time-varying MA(1)-GJR-GARCH(1, 1)-M. The main empirical results are as follows; First, according to Granger causality test, we find that the bilateral lead-lag relationship between the five countries' currency spot and futures market. The price discover effect from currency futures markets to spot market is relatively stronger than that from currency spot to futures markets. Second, based on the time varying GARCH model, we find that there is a bilateral conditional mean spillover effects between the five currency spot and futures markets. Third, we also find that there is a bilateral asymmetric volatility spillover effects between British pound, Canadian dollar, Brasilian Real and won/dollar spot and futures market. However there is a unilateral asymmetric volatility spillover effect from Australian dollar futures to cash market, not vice versa. From these empirical results we infer that most of currency futures markets have a much better price discovery function than currency cash market and are inefficient to the information.

• Journal of the Korean Institute of Traditional Landscape Architecture
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• v.38 no.2
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• pp.60-76
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• 2020

The purpose of this study was to examine the spatial and visual arrangement characteristics of Imsil Yi Ung-jae's old house's spatial and visual aspects in order to discover the value of landscape and traditional house garden. The results of this study are as follows. Dongchon-village in Dundeok-ri, where old house is located, is a typical form of with "Back to the mountain and facing the water(背山臨水)", and is located in the north of the three streams of water, forming a Jeonchaghugwan(前窄後寬). Dongchon Village, which has a traditional scenic spot between Danguidae(丹丘臺) and Samgyeseokmun(三溪石門), is understood to be the main street of Nojeokbong Peak and Gyegwanbong Peak, which is Ansan(案山), where the "A centipede flying in the sky(飛天蜈蚣形)". Yi Ung-jae's old house is the oldest existing high-priced house in the North Jeolla region and the closing price of a royal family of the Joseon Dynasty, which was arranged by Chunseongjeong(春城正), Yi Dam-son(李聃孫) in the mid-16C. The Japanese Invasion of Korea in 1592 and Japanese colonial era, the loyalty of the gate quarters, the filial piety of the gate quarters, and the faithfulness of the tablet(扁額) and Juryeons(柱聯) are enough to contribute to the rise of the value of a physical house. The men's quarters(Sarangchae), which are placed on a high-pocket or a layout without going against the sloping terrain, have the effect of making the distance as far as possible, enhancing its dignity and hierarchy as a royal building. In addition, the entrance to the main quarters(Anchae) through the four pillar gates(四柱門), the extensive support and the appropriation of the Chaewon(vegetable garden), and the official base for the Anchae are very unique compared to the general nobility. However, in the context of the postwar relationship, the shrine seeks to realize Confucian ideals while harmonizing with nature by arranging wide sponsorships around it. On the other hand, it is confirmed that there was a pond in the form of a circle in a square(方池圓島型) with a relatively large area, which is now disturbed and damaged. Written by the high priced planting species are sponsored pine trees, hackberry, persimmon trees, Japanese apricot flower, Ohmomiji, and plum tree in the side garden, as well as cotyledon trees in the outside garden. However, although flower bed(花階), which is built on the stone axis, is a place that clearly shows the expensive garden, it seems to have lost the texture of the plant due to the extremely high variety of species and the splendor that does not match the plant landscape of the flower world. Yi Ung-jae's old house is highly valuable as it is a portrait house of a prince of the blood in the mid-Joseon Dynasty. Based on these findings, this study proposed a plan to improve the management of high prices that could be met.