• Korea Real Estate Review
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• v.24 no.1
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• pp.7-14
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• 2014

This study, as the temporal and spatial data for the real price apartment in Seoul from January 2006 to June 2013, empirically compared and analyzed the estimation result of apartment price using OLS by hedonic price model for the problem of space-time correlation, temporal autoregressive model (TAR) considering temporal effect, spatial autoregressive model (SAR) spatial effect and spatiotemporal autoregressive model (STAR) spatiotemporal effect. As a result, the adjusted R-square of STAR model was increased by 10% compared that of OLS model while the root mean squares error (RMSE) was decreased by 18%. Considering temporal and spatial effect, it is observed that the estimation of apartment price is more correct than the existing model. As the result of analyzing STAR model, the apartment price is affected as follows; area for apartment(-), years of apartment(-), dummy of low-rise(-), individual heating (-), city gas(-), dummy of reconstruction(+), stairs(+), size of complex(+). The results of other analysis method were the same. When estimating the price of real estate using STAR model, the government officials can improve policy efficiency and make reasonable investment based on the objective information by grasping trend of real estate market accurately.

• Journal of Korea Trade
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• v.25 no.3
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• pp.65-86
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• 2021

Purpose - This paper empirically investigates the relationship between the corporate value chain and performance of non- financial businesses of South Korean stock market companies. It aims to explore the evidence that can be used to infer the relationship between value chains and corporate performance in the case of firms forming a value chain with other companies with the means of an equity investment or a special business relationship. Design/methodology - Non-financial corporations listed from 2011 to 2017 on the securities market of South Korea are analyzed. The data used for analysis are found for transactions with the related party by year for all the corporations of non-financial industries in the securities market. Multiple analysis attempts are conducted including the relationship between the value chain and productivity, corporate value, risk-adjusted corporate value, and mediation effects of productivity. The empirical model employs sixteen variables including the value chain index which identifies its impact on various aspects of business performances. Findings - The results of this study clearly supports the phenomenon that corporate productivity and value are enhanced when the corporation expands its value chain established with domestic related firms and overseas companies. Such a positive effect is statistically significant even after the possible risk factors that accompany the expansion of value chain were considered, and productivity plays the role as a medicating variable in the effect of the value chain on the corporation values. Originality/value - The findings of this study confirms that domestic companies' expansion of their value chain centered on the related firms overseas that helped them in terms of the maximization of their productivity and corporate values. This study shows that Korean government's policy on expanding the corporate GVC can enhance the productivity and value of firms. The expansion of value chain and its impact on business performance has not been explored thoroughly, although it is getting more and more important in the global trade operation.

• Journal of the Korean Dietetic Association
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• v.4 no.2
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• pp.245-253
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• 1998

In this study, the food cost for the urban worker's living expenses was estimated for the Korea Labor Union. The urban workers living expenses are minimum of healthy and decency level expenses with allowances for minimum quality of life. Thus, the food cost should be enough for purchasing proper kinds and amount of foods which can supply sufficient nutrient to maintain health and which should reflect current food consumption patterns. To estimate the food cost, the Korean Recommended Dietary Allowances was used to calculate the amount of nutrients which should be supplied. The National nutrition survey and the Food balance sheet, were used to estimate the current consumption patterns for the kind and amount of food. To estimate price for each food item, the market survey was executed in six large cities. Also, to verify the estimated food cost, actual food costs were surveyed. For 5 kinds of model household, dietary allowances were calculated for the each nutrient. Using the Korean food guides, the number of serving for each food group were decided for the model households. In each food group, the amount and kind of foods were decided by the current food consumption pattern. The kind and amount of food were adjusted by the amount of calculated nutrient. When the amount of nutrient was between 90% and 110% of the recommended dietary intake, it was accepted. With these amount and kinds of foods, the food cost were calculated using the market survey. Considering extra expenses for the eating-out and processed foods, extra expenses are added. As a results, for single person family, the estimated food cost was 149,210won per month. For two, three, four and five person family, the estimated food costs were 245,179won, 381,182won, 501,669won and 687,980won per month, respectively. The estimated food cost were lower in the single and two person family than the actual food cost by the survey. The cost for eating-out gave major differences. In the future, to estimate food cost, the food consumption patterns for the different kind of household, sex and age should be studied carefully. Also, the pattern of eating-out should by analyzed.

• Korean Journal of Poultry Science
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• v.21 no.1
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• pp.21-34
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• 1994

The objective of this study was to develop a user-friendly computer model for economic analysis on the commercial egg production that could help the egg farmer make managerial diagnosis and rational decision in the changing environment. To raise the adequacy of the model, the program was run for every sample and adjusted to fit the data. The model, programmed with Microsoft QuickBASIC, was a user-friendly computer program in supporting the Korean language. The basic analytical tool used in the study was an engineering-type computerized simulation model which incorporates a cost-benefit analysis of a full-time egg farmer. The computer model developed in this study may be the powerful analytical tool used to evaluate both a managerial decision whether to alter the production system and its impact on production, costs, revenue, and profits. Ultimately, the program is expected to enable the egg farmer to make managerial planning and diagnosis. The program can also calculate the values of economic variables at user-chosen incremental values of market eggs and feed prices. It provides the information on the profit and cost. This may lead the egg farmer, by allowing to establish the best managerial strategy, to increase the profit aor to lessen the cost. The results of this study could be utilized in the evaluation and improvement of the management. It also may be utilized for the researchers and guiding farmers in collecting and analyzing the data on the laying hen. In particular, such a program would be potentially useful to researchers who wish to quickly estimate profits associated with various laying hen treatments. The program could also benefit the egg farmer interested in making managerial decisions based on either current or predicted market conditions. The model would make the egg farmer respond actively to the information-oriented society by promoting to use personal computer.

• The Journal of the Institute of Internet, Broadcasting and Communication
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• v.20 no.6
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• pp.51-58
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• 2020

The blind people have difficulty living an independent clothing life. The furniture and home appliance are adding AI or IoT with the recent growth of the smart appliance market. To support the independent clothing life of the blind, this paper suggests a smart wardrobe with closet control function, voice recognition function and clothes information recognition using CNN algorithm. The number of layers of the model was changed and Maxpooling was adjusted to create the model to increase accuracy in the process of recognizing clothes. Early Stopping Callback option is applied to ensure learning accuracy when creating a model. We added Dropout to prevent overfitting. The final model created by this process can be found to have 80 percent accuracy in clothing recognition.

• Knowledge Management Research
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• v.5 no.1
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• pp.39-56
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• 2004

Mergers and Acquisitions(M&A) have long played an important role in the growth of firm. M&A has been considered a effective strategy for Korean government to restructure industry. Previous studies provided mixed results on the synergy effect of M&A This study provides investigation on 39 mergers occurred over the sample period from 2000 to 2001. In this study, event study methodology arc used to calculate abnormal return(AR) and cumulative abnormal return(CAR) based on mean-adjusted model. The testing period of this study from date -30 through date +30, where date zero is the date of the first public announcement of the merger. The empirical results in this study can be summarized as follows. First, the return rates of KOSDAQ registered firms with M&A appears higher than that of KSE listed firms. This means that public announcement of M&A is more influential on stock price for KOSDAQ registered firms than KSE listed firms. Second, The difference between actual merging price and fair value is significant in KSE listed firms and KOSDAQ registered firms. This means that the investors take M&A of KOSDAQ registered firms as a good news. Third, the impact on the market prices of merging firms take place after the first public announcement of the merger in KSE registered firms. But the impact on the market prices take place not only merging firms but also merged firms in KOSDAQ registered firms. This result shows that the investors recognize a M&A is a strategy of technology transfer in small & venture business.

• The Korean Journal of Financial Management
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• v.22 no.2
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• pp.135-164
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• 2005

We analyze trade and balance records of 10,000 stock investment accounts of individual investors for the period of 1998 to 2003. Individual investors em an annual gross return of 12.3% while the KOSPI and the value weighted composite including KOSDAQ stocks yield 13.6% and 9.7% respectively during the same period. Net return performance is 8.3%, a drop of 5.3% mainly due to heavy trading. Individual investors' annual turnover amounts to over 270 percent. In an analysis of groups formed on the month's end position value, the performance of the top quintile is found comparable to the market while the rest yield significantly lower risk-adjusted returns than the market. We also find evidence rejecting the rational expectation model while supporting the overconfidence hypothesis which states overconfidence leads to a higher level of trading, resulting in poor performance. Individuals tilt their stock investment toward high-beta, small, and value stocks.

• The Journal of Industrial Distribution & Business
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• v.13 no.1
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• pp.23-32
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• 2022

Purpose: This study used ESG grade, but defined AESG, adjusted to the size of a company and examines whether it can be used as an investment strategy. Research design, data and methodology: The analysis sample in this study is a company that has given an ESG rating among companies listed on the Korea Stock Exchange. We examine the results through portfolio analysis and Fama-macbeth regression analysis. Results: As result of examining the long-only performance and the long-short performance by constructing quintile portfolios, it was observed that a significant positive return was shown. It was observed that there was an alpha that could not be explained in asset pricing models. Also, AESG had a return prediction effect in the result of a Fama-Macbeth regression that controlled corporate characteristic variables in individual stocks. Next, we confirmed AESG's usage through various portfolio composition. In the portfolio optimization, the Risk Efficient method was the most superior in terms of sharpe ratio and the construct multi-factor model with Value, Momentum and Low Vol showed statistically significant performance improvement. Conclusions: The results of this study suggest that it can be helpful in ESG investment to reflect the ESG rating of relatively small companies more through the scale adjustment of the ESG rating (i.e.AESG).

• Journal of Korea Port Economic Association
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• v.27 no.2
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• pp.217-240
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• 2011

In this study, vector autoregressive and vector error correction models in the short-run dynamics are considered to analyze the effect of the changes in international crude oil prices on Baltic dry index, Baltic Capesize index and Baltic Panamax index, and the intercorrelations between Capesize and Panamax prices, respectively. First, using the vector autoregressive model, the changes in international crude oil price have a statistically significant positive effect for Capesize at lag 1, for Panamax a significant negative effect at lag 3 and a significant positive effect for Baltic dry index at lag 1. From the impulse response analysis, the international crude oil price causes Baltic dry index to increase in the sort-run and the effect converges on the mean after 3 months. Second, using the vector error correction model, the empirical results for the spillover effects between Capesize and Panamax markets provide that in the case of the deviation from a long-run equilibrium the Panamax price is adjusted toward decreasing. The increases in freight rates of the Capesize market at lag 1 lead to increase the freight rates in Panamax market at present. The Panamax responses from the Capesize shocks increase rapidly for 3 months and the effect converges on the mean after 5 months. The Capesize responses from the Panamax shocks are relatively small, and increase weakly for 3 months and the effect disappears thereafter.

• Analyses & Alternatives
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• v.2 no.2
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• pp.111-141
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• 2018

By the middle of 2018 there are signs of China's entry into a new period of development, characterized by a change in the old model: "market reforms-inner-party democratization - moderate foreign policy" to another: "market reforms - Xi Jinping personality cult - offensive foreign policy." This model contains the risks of arising of the contradiction between economic freedom and political-ideological rigidity which can lead to destabilization of the political life. However, in the current positive economic dynamics, these risks may come out, rather, in the medium and long term. Today, the political situation in China remains stable - despite growing dissatisfaction in scientific expert and educational circles due to increased control over the intellectual sphere by the authorities. The need for a new redistribution of power between central and provincial authorities could potentially disrupt political stability in the medium term, but, at the moment, is not a critical negative factor. The economic situation is positive-stable. Forecasts indicate a possible increase in China's GDP in 2018 at 6.5%. At the same time, there are negative expectations in connection with the Sino-US and potentially Sino-European "trade war". In the Chinese foreign policy, as a response to Western pressure, China increasingly uses the Russian direction of its diplomacy in the expanded version of Russia + SCO. The nuance here is seen in China's adjusted approach to the SCO: first of all, not as a mechanism for cooperation with Russia, but as an organization that allows using Russia's potential for pressure on the US in the Sino-US strategic rivalry. In the second half of 2018, the Chinese economy will continue to develop steadily, albeit with unresolved traditional problems (debts of provinces and state-owned enterprises, ineffective state sector, risks on the financial and real estate market). In politics, discontent with the cult of Xi will accumulate, but without real threats to its power. Weakening in economic opposition between China and the United States is possible due to Beijing's search for compromises on tariffs, intellectual property, trade deficit. To find such trade-offs, Xi will use the so-called. "Personal diplomacy" of direct contacts with Trump.