• Journal of Distribution Science
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• v.13 no.5
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• pp.53-60
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• 2015

Purpose - The purpose of this paper is to shed light on the importance of the slope and curvature of the volatility curve implied in option prices in the KOSPI 200 options index. A number of studies examine the implied volatility curve, however, these usually focus on cross-sectional characteristics such as the volatility smile. Contrary to previous studies, we focus on time-series characteristics; we investigate correlation dynamics among slope, curvature, and level of the implied volatility curve to capture market information embodied therein. Our study may provide useful implications for investors to utilize current market expectations in managing portfolios dynamically and efficiently. Research design, data, and methodology - For our empirical purpose, we gathered daily KOSPI200 index option prices executed at 2:50 pm in the Korean Exchange distribution market during the period of January 2, 2004 and January 31, 2012. In order to measure slope and curvature of the volatility curve, we use approximated delta distance; the slope is defined as the difference of implied volatilities between 15 delta call options and 15 delta put options; the curvature is defined as the difference between out-of-the-money (OTM) options and at-the-money (ATM) options. We use generalized method of moments (GMM) and the seemingly unrelated regression (SUR) method to verify correlations among level, slope, and curvature of the implied volatility curve with statistical support. Results - We find that slope as well as curvature is positively correlated with volatility level, implying that put option prices increase in a downward market. Further, we find that curvature and slope are positively correlated; however, the relation is weakened at deep moneyness. The results lead us to examine whether slope decreases monotonically as the delta increases, and it is verified with statistical significance that the deeper the moneyness, the lower the slope. It enables us to infer that when volatility surges above a certain level due to any tail risk, investors would rather take long positions in OTM call options, expecting market recovery in the near future. Conclusions - Our results are the evidence of the investor's increasing hedging demand for put options when downside market risks are expected. Adding to this, the slope and curvature of the volatility curve may provide important information regarding the timing of market recovery from a nosedive. For financial product distributors, using the dynamic relation among the three key indicators of the implied volatility curve might be helpful in enhancing profit and gaining trust and loyalty. However, it should be noted that our implications are limited since we do not provide rigorous evidence for the predictability power of volatility curves. Meaning, we need to verify whether the slope and curvature of the volatility curve have statistical significance in predicting the market trough. As one of the verifications, for instance, the performance of trading strategy based on information of slope and curvature could be tested. We reserve this for the future research.

• Journal of the Korea Society of Computer and Information
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• v.21 no.6
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• pp.9-19
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• 2016

In finance literature, stock liquidity showing how stocks can be cashed out in the market has received rich attentions from both academicians and practitioners. The reasons are plenty. First, it is known that stock liquidity affects significantly asset pricing. Second, macroeconomic announcements influence liquidity in the stock market. Therefore, stock liquidity itself affects investors' decision and managers' decision as well. Though there exist a great deal of literature about stock liquidity in finance literature, it is quite clear that there are no studies attempting to investigate the stock liquidity issue as one of decision making problems. In finance literature, most of stock liquidity studies had dealt with limited views such as how much it influences stock price, which variables are associated with describing the stock liquidity significantly, etc. However, this paper posits that stock liquidity issue may become a serious decision-making problem, and then be handled by using data mining techniques to estimate its future extent with statistical validity. In this sense, we collected financial data set from a number of manufacturing companies listed in KRX (Korea Exchange) during the period of 2010 to 2013. The reason why we selected dataset from 2010 was to avoid the after-shocks of financial crisis that occurred in 2008. We used Fn-GuidPro system to gather total 5,700 financial data set. Stock liquidity measure was computed by the procedures proposed by Amihud (2002) which is known to show best metrics for showing relationship with daily return. We applied five data mining techniques (or classifiers) such as Bayesian network, support vector machine (SVM), decision tree, neural network, and ensemble method. Bayesian networks include GBN (General Bayesian Network), NBN (Naive BN), TAN (Tree Augmented NBN). Decision tree uses CART and C4.5. Regression result was used as a benchmarking performance. Ensemble method uses two types-integration of two classifiers, and three classifiers. Ensemble method is based on voting for the sake of integrating classifiers. Among the single classifiers, CART showed best performance with 48.2%, compared with 37.18% by regression. Among the ensemble methods, the result from integrating TAN, CART, and SVM was best with 49.25%. Through the additional analysis in individual industries, those relatively stabilized industries like electronic appliances, wholesale & retailing, woods, leather-bags-shoes showed better performance over 50%.

• The Journal of the Korea Contents Association
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• v.19 no.5
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• pp.331-341
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• 2019

The purpose of this analysis is to examine the effects of health expenditure on income inequality on household income after the financial crisis by using the household income survey form 1996 to 2016. The main results are as follows. First, after the financial crisis, the gross income inequality of households has been changing steadily, though there has been a slight change in each year. Second, high-income earners spend more on health care expenditure by income level. Therefore, unequal levels are maintained. Third, the Gini coefficient of income excluding health care expenditure was calculated. The results of the analysis are larger than the Gini coefficient of total income. Income inequality is intensified by the expenditure of health care expenditure of households. The inequality of household income due to health care expenditure has been increasing steadily since the financial crisis. Efforts such as strengthening the protection of health insurance have been continuously carried out for the purpose of reducing the burden of the national medical expenses. However, it does not contribute to resolving income inequality. In the future, it will be necessary to provide a more selective medical support system to reduce the medical expenditure of the low income class.

• Journal of the Korean Regional Science Association
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• v.32 no.1
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• pp.27-49
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• 2016

This study examines the effects of real exchange rate (RER) depreciation shocks on firm-level productivity and employment in Daegu-Gyeongbuk manufacturing industries during 2006-2012. In particular, the study focuses on a sharp and persistent RER depreciation of the Korean Won from 2007 to 2009, which is a situation akin to a natural experiment in Korea. We find that RER depreciation has positive effects on productivity for firms with high export exposure in foreign markets. However, these effects disappear when RER depreciation persists. In addition, we do not find evidence that RER depreciation affects employment of Daegu-Gyeongbuk firms significantly. Firms in Daegu-Gyeongbuk region should pursue core competency to obtain international competitiveness rather than depending on temporary better price condition driven by RER depreciation. Further, policy makers in a local government should provide firms with financial and investment support to encourage innovation and R&D.

• Journal of The Korea Institute of Healthcare Architecture
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• v.27 no.1
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• pp.45-51
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• 2021

Purpose: Problems related to the elderly's daily life, such as social isolation and absence of a place to go, are already widely recognized, but there are few domestic studies or support policies for this, and the elderly leisure welfare facilities provided by the state do not fully support the elderly's daily life. There are studies related to the elderly's neighborhood environment and facilities, which can be seen as the third place for the elderly in Korea, but these are mostly quantitative studies. In order to talk about the third place for daily support for the elderly in Korea, a detailed study of the use cases of the third place in Korea is needed. This study analyzes the third place of the elderly in Korea and discovers the characteristics and components. Based on the detailed analysis of the third place of the elderly, the characteristics of the third place of the elderly in Korea and the elements constituting it are found to be able to represent the specific necessary environment of the third place of the elderly. Methods: The research targets include 'A Mill' (located in Jungnang-gu, Seoul), and 'Roadside in front of Villa B'(located in Dongdaemun-gu, Seoul), 'C-dong roadside park'(located in Dobong-gu, Seoul) within the range of repeated observations and meetings among the places used as a third place for the elderly was selected. The site survey consisted of in-depth interviews, observational surveys, and participatory observations. In-depth interviews were held for a total of 5 months, from October to December 2019 and from April to May 2020. Results: As a result, a total of 11 characteristics (adjacent to the residence, an open place, an independent space, a comfortable place to stay, a pleasant space, safety is guaranteed, a place that has been operated for a long time, a place that can be used autonomously, a place where social exchange occurs, No financial burden, fun activities) was discovered. Implications: This study is significant in that unlike the existing studies focusing on the use behavior of established institutions or facilities, the elderly identified the necessary environment through their own created places.

• International Commerce and Information Review
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• v.4 no.2
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• pp.253-277
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• 2002

Nowaday, the advanced technology in information and communication has been leading the dramatic change of transaction paradigm expansion from physical basis to electronic one. As we know, financial services support most of financial exchange between two business parties. So the expansion of electronic transaction paradigm affects to every financial institutions which provide financial services. Thus, financial institutions have accepted e-Finance systems and providing internet financial services to live in the competition. The purpose of this study is to contribute the qualitative enhancement of its customer service, rapid diffusion and accurate strategy establishment for e-Finance industry in the user side. Through the literature review and factor and reliability analysis, this study selects six diffusion factors such as efficiency of perceived e-Finance, reliability and safety of e-Finance in perceived e-Finance itself's characteristic; confidence, technical factors and the customer service quality of e-Finance system in perception on e-Finance System; inclination to innovation in the personal characteristic. According to result of hypothesis verification by using logistics regression analysis, technical factors and the customer service quality of e-Finance system in perception on e-Finance System and inclination to innovation in the personal characteristic gave statistically positive effect to the diffusion decision at the significant level 0.05 and 0.01. However efficiency of perceived e-Finance, reliability and safety of e-Finance in perceived e-Finance itself's characteristic didn't affect to diffusion decision and confidence of e-Finance system in perception on e-Finance System didn't have any statistical significancy. This study can be used as a basic material for the forward empirical study of diffusion factors in the user side and be able to apply to company and government policy making or embodiment, determination for customer service quality degree of financial institutions. But this study has some limitations like didn't touch satisfaction factors and its effect, only deal domestic customers and didn't use multi-regression analysis.

• The Korean Journal of Financial Management
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• v.27 no.1
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• pp.181-208
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• 2010

In July 2007, Korean government has passed "The Capital Market and Financial Investment Services Act" to further develop the capital markets and the Act was to become effective in February 2009. Using a large sample of Korean firms, we have examined (i) the effect of underwriting activities on the firm value (bond spread) comparing commercial bank and investment bank, and (ii) the determinants of the firm value changes following underwriting activities of bank. To test our goal, we collected a wide range of samples of data for bond issuing activities executed by Korean firms listed on the Korea Stock Exchange (KSE) between 2000 and 2003. Our paper is distinguished from previous studies on this subject in a way that we analyzed the effect of corporate bond underwriting activities with regard to commercial banking and investment banking. Initially, we set up a hypothesis that "Certification View" and "Conflict-of-interest View" are major driving forces behind cross-firm differences in performance following bond issuance. We find that, in general, underwriting by investment bank (securities company) brings a positive effect on the firm value (spread between bench mark rate and bond issuing rate). This result indicates that firm value has been negatively affected by the bank underwriting and provides the evidence for "Conflict-of-interest View" in Korea. Our studies have also revealed that any change in firm value following bond issuance is positively related with the firm size (total asset), operating performance, liquidity (cashflow), and equity ownership by foreign investors. Overall, our results support the view that bank underwriting activities can play an important role in determining firm value and financial strategies under "The Capital Market and Financial Investment Services Act" of 2007.

• The Journal of the Korea Contents Association
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• v.14 no.1
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• pp.40-47
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• 2014

Animation in Taiwan has been profoundly influenced by the production of labor intensity for American and Japanese in the early days of its development. This phenomenon of the labor intensity reached peak in the 1980s. Information Bureau of Taiwan began to establish a system of supportive funding for its animation industry in the 1990s. During this period, the animation industry in Taiwan gave special emphasis to the theme of the local culture and to the creative works of the animation. By the 2010s, the elements of Chinese culture were introduced in the animation production in Taiwan. Through cross-national cooperation in production with other advanced countries, the Taiwan-made animation was successfully expended to the international market. However, the animation industry in Taiwan is facing the following problematical challenges: Firstly, the Taiwan government gives special attention to the financial support of animation industry rather than training university students to become professional experts in animation production. Secondly, there is no professional higher institution established to train specialized professional animation film-makers. Thirdly, Due to the lack of the cultural inspiration and the original mind, the form of its creative animated production is primarily imitated from other advanced countries. And fourthly, despite the fact that there is a cooperation and exchange programs between Taiwan and other foreign animation industries.

• Journal of Fisheries and Marine Sciences Education
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• v.14 no.1
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• pp.1-26
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• 2002

In this paper, we studied the consciousness of Fisheries high school students Through these kinds of works, this paper will focus on how to activate the Fisheries high school in Kyungbuk province. Primarily, research of the consciousness of people living in the fisheries community of the Kyungbuk coast has been engaged in fisheries. Secondly, research is done the consciousness of Fisheries high school students. Thirdly, research of consciousness of neighboring middle school teachers. Finally, searching for reform measures toward activating Fisheries high schools in the whole country. The conclusions of the study were as follows: First, the proper view of fisheries should be settled again. The understandings of basic knowledge about maritime affairs and fisheries in the stages of elementary schools and middle schools are needed. Secondly, in order to find a way out of the difficulties in fishering villages, governmental financial support has to be presente. from the view of fisher folks who are engaged in the fisheries. Thirdly, larger portions of economic value should be allocated to fisheries villages by improving fisheries structure of the fishery. Actually, lower incomes have burdened fisheries villagers with more debts. Fourthly, academic and care counseling must concentrate on the diversification of courses after graduation from fisheries high schools. Realistically, students of fisheries high schools are longing to enter into universities. Fifthly, reorganization of specialized highschool systems, changes of titles of schools and reconstruction of departments should be steadily carried out. Finally, high morale of fisheries highschool teachers should be revised using various steps. They didn't appear to be proud of their teaching jobs. Supervisors ought to exchange their opinions with teachers for the purpose of development of fisheries high schools.

• Journal of Korean Library and Information Science Society
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• v.42 no.2
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• pp.323-341
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• 2011

In this study, the factor that affect use value of domestic public library was analysed. This study try to grasp the effect of various variables such as characteristics of the respondent and library through the measurement using CVM that extract the value by the user's statement. For this purpose, effective variables identified in the value measurement study of domestic and foreign public library was grasped and characteristics of the effective variables presented in the study examined. The factor influenced WTP representing library's value are the demographic characteristics such as gender, income, age and the using pattern such as frequency of use, time to visit. As to user's satisfaction and recognition, the recognition about librarian's satisfaction, place for resident's exchange, degree of financial support, culture-art volunteers are affecting depending on the service such as information, facilities and programs. The study comprehensively analysed the impact on the value measured by all types of public library in the nation and provided the information about property of value assessed by user according to region and scale. This information is expected to help the strategic policy making to enhance the value of library in the future.