• 아태비즈니스연구
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• 제13권4호
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• pp.45-59
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• 2022

Purpose - This study investigates the performance of investment strategies incorporating estimated stock market cycle based on a lead-lag relationship between business cycle and stock market cycle, thereby deriving empirical implications on risk management. Design/methodology/approach - The data period ranges from June 1953 to September 2022 and de-trended short rate, term spread, credit spread, stock market volatility are considered as major input variables to estimate business cycle and stock market cycle by applying probit model. Based on the estimated stock market cycle, two types of strategies are constructed and their performance relative to the benchmark is empirically examined. Findings Two types of strategies based on stock market cycle are considered: The first strategy is to long(short) on stocks when stock market stage is expected to be an expansion(a recession), and the second one is to long on stocks(bonds) when expecting an expansion(a recession). The empirical results show that the strategies based on stock market cycle outperforms a simple buy and hold strategy in both in-sample and out-of-sample investigation. Also the out-of-sample evidence suggests that the second strategy which is in line with asset allocation is more profitable than the first one. Research implications or Originality The strategies considered in this study are based on the estimated stock market cycle which only depends on a few easily available financial variables, thereby making easier to establish such a strategy. It implies that investors enhance investment performance by constructing a relatively simple trading strategies if they set their position on stocks or choose which asset class to buy conditioning on stock market cycle.

• 유통과학연구
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• 제7권1호
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• pp.91-104
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• 2009

본 연구의 목적은 제품수명주기(PLC)와 시장 리스크 관리(MRM)의 상관관계를 규명하는 데 있다. PLC는 기업이 경영성과를 증진시키기 위하여 마케팅적인 시각에서 소비자의 구매행동과 가격 및 판매변동성을 분석한다. 따라서 이 연구에서는 MRM을 활용하여 PLC를 포괄적이고 통합적인 시각에서 분석하고자 한다. 두 이론 간의 관련성을 규명하기 위하여 본 연구는 PLC와 MRM의 경영성과에 공통적으로 영향을 미치는 요인들을 추출한다. 그리고 MRM의 관점에서 PLC의 요인들을 분석한다. 연구결과 PLC와 MRM은 가격변동성과 거래 리스크 및 시장점유율면에서 관련이 있음을 보여준다.

• 전기학회논문지
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• 제58권4호
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• pp.694-699
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• 2009

Combined cycle plants which feature distinct advantages for power generation such as fast response, high efficiency, environmental friendliness, fuel flexiblity represent the majority of new generating plant installations across the globe. Combined cycle plants have different operating modes where the operating parameters can differ greatly depending which mode is operating at the time. This paper addresses the bidding strategy model of combined cycle plants in a competitive electricity market by using a characteristic of multiple operating modes of combined cycle plants. Simulation results of case studies show that an operating mode among multiple ones is selected strategically in generation bidding for more profit of generation company.

• 산업경영시스템학회지
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• 제37권4호
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• pp.168-176
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• 2014

The enterprise life cycle derived from the product life cycle consists of introduction, growth, maturity and decline. The enterprise tries to reach the growth stage early and stay at the maturity stage stably through expanding its businesses and investing for the new technology. The public enterprise is not different but its life cycle is more prone to be affected by the national development and policy. A typical example can be found in the case of the quasi market SOC public enterprise which spends massive amount of fund to provide social infrastructure. After the fulfillment of its mandated mission it is exposed to the pressure of a merger or a closure usually because large portion of the debt is directly linked to the national financial stability and credit ratings. This research is focused on the variables that influence the life cycle of the quasi market SOC public Enterprise for its future competitiveness is in connection with its normalization, advancement and rationalization. In this respect, categorical variables system centering on public characteristics and profitability drew eight categorical variables such as policy outcomes, public benefit, finance and business values etc.

• 한국시스템다이내믹스연구
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• 제3권1호
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• pp.43-60
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• 2002

This paper describes the forecast of wholesale price in competitive Korean electricity market using the system dynamics approach. The system dynamics concepts have been implemented with the Ithink software. This software facilitates the development of stock and flow model with information feedback. Using this model, the future wholesale electricity price can be computed hour by hour, quarterly, and yearly. This model also gives the energy planner the opportunity to create different scenarios for the future of deregulated wholesale markets in Korea. Also It will lead to increased understanding of competitive wholesale market as a complex, dynamic system. Research results show that the plant construction appeared in waves of boom and bust in Korean electricity market like real estate construction. That is, the Korea wholesale market's new power plants and the market price will appear the Boom and Bust cycle. It is very similar behavior as real estate industry. In case of consideration of DSM program, The DSM savings lead to a somewhat different timing of the booms in construction and of price spikes. But the DSM programs do not eliminated the fundamental dynamics of the boom and bust. And the wholesale price is maintained at the lower level compared to the case of without DSM program. However, the unexpected result is found that due to the lower market price, Investor make significantly less investment in new CCs, which leads to the higher wholesale price after 2010. It suggests that the DSM Policy must be implemented with the dynamics of competitive Electricity Market.

• 산학경영연구
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• 제11권
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• pp.149-171
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• 1998

관광의 영향력을 파급시키는 주체인 관광객이 어떤 요인들로부터 영향을 받아 어떻게 관광 목적지를 선택하게 되는지의 문제는 가장 기본적이면서도 중요한 것이라 하겠다. 이들 관광객의 행동에 영향을 미치는 요인으로는 개인적, 사회 환경적, 판매 촉진적 영향 요인이 있으며, 이 가운데 개인적 영향요인(지자, 학습, 성격, 동기, 태도)에 대하여는 최근 들어 국내에서도 활발히 연구가 이루어지고 있는바, 사회환경적 요인(가족, 사회계층, 준거집단) 가운데 가장 기본적이고 중요한 요인인 "가족"을 중심으로 가족의 동적인 영향력이 가장 잘 설명해 줄 수 있는 하나의 강력한 인구 통계적 집단 변수로서 가족생활주기(Family Life Cycle)에 따른 관광객의 관광지 선택행동을 분석하였다. 본 연구의 목적은 가족생활주기와 국민 국내관광자의 목적지 선택 특성과의 관계를 파악하여 마케팅측면에서 관광시장 세분화 기준으로서의 가족생활주기의 타당성을 검증하고 각 단계별로 유의한 영향변수를 파악하여 최근 관광시장의 양적 대량화 및 질적 다양화라는 이중 구조적 환경에 효과적으로 대응하기 위한 전략 수립에 일조하는데 있다.

• 한국경제지리학회지
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• 제22권4호
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• pp.592-609
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• 2019

본 논문은 서브프라임 부동산 투자자를 활용해서 레버리지 주기 이론의 지리적 확장을 시도한다. 레버리지 주기 이론은 낙관적 구매자 중심의 거래구성 재편으로 기초요인 변화와 무관한 자산가격 변동을 입증했지만, 금융위기의 지리적 기원을 설명하기 위해서는 저소득층 주거지역이 몰려 있는 불황 주택시장에서 이 이론이 어떻게 작동하는 지를 파악해야 한다. 불황 주택시장에서 서브프라임 부동산 투자자는 저소득층 주거지역에 집중했고, 이에 따라 저소득층 주거지역의 주택거래는 부동산 투자자 중심으로 구성되었다. 새로운 행위주체로서 서브프라임 부동산 투자자의 발굴은 레버리지 주기 이론을 자본투자의 취약지역이었던 불황 주택시장에 적용할 수 있는 토대를 마련한다. 이와 같은 시도는 경제이론의 지리적 재해석으로 경제지리학이 경제현상의 시공간적 맥락을 어떻게 복구할 수 있는지를 예시한다.

• 한국시스템다이내믹스연구
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• 제6권2호
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• pp.25-35
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• 2005

This paper describes the mechanism for new investment to appear in waves of boom and bust causing alternative periods of over and under supply of electricity in Korean market. A system dynamics model was developed to describe the dynamic behavior of new investment in Korean market. The simulation results show the boom and bust cycle in the new investments. When the market price is high, investors decide to build new power plants. However, it takes some delay time to complete new power plants. When the new power plants are being added into the grid, the supply increases and the wholesale price begins to decrease. This causes the cancellation of new power plant or delay the construction. This mechanism causes the boom and bust cycle in new investment.

• 한국정보디스플레이학회:학술대회논문집
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• 한국정보디스플레이학회 2009년도 9th International Meeting on Information Display
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• pp.1208-1211
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• 2009

This study compares and contrasts the market size, growth rates, business cycles, supply and demand of the of the FPD and Photovoltaic (PV) industries. Using historic, market metric, cycle, capacity and other comparative analysis techniques, implications for implementing effective business strategies are formed.

• 한국전자거래학회:학술대회논문집
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• 한국전자거래학회 2001년도 e-Biz World Conference
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• pp.499-520
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• 2001

◈ B2B e-commerce is set to grow significantly in the next 5 years ◈ There is a growing trend towards leveraging the information asset to win new business in the Maintenance, Repair and Overhaul (MRO) market ◈ After-market service is forecast to be a significant element of the B2B market ◈ Existing standards do not fully address the product support requirement ◈ PLCS standards will allow support information to be aligned with the changing product over its entire life cycle ◈ Adoption of PLCS standard will lead to reduced operating costs and increased product availability.(omitted)