• 재무관리연구
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• 제26권1호
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• pp.127-163
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• 2009

This paper examines the results of survey that the foreign ownership is cointegrated with capital market conditions in Korea using Vector Error Correction Model (VECM) and how the mechanism of innovations and dynamics among the foreign ownership and capital market proxies in the VECM was described. Specifically, we find that the foreign ownership and capital market proxies follow I (1) process and there are cointegrated relations between the foreign ownership and capital market proxies. Adopting the impulse response function and variance decomposition in the VECM, we suggest, in turn, the default risk premia, liquidity of market and the rate of interest in long term business cycle take on a special function on the KSE and KOSDAQ. Finally, we also offer evidences of which there are differences of the mechanism of dynamics and innovations between on the KSE and on the KOSDAQ.

• 기술혁신연구
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• 제20권2호
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• pp.135-159
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• 2012

제약분야의 특허전략은 이해관계자의 입장에 따라 LCM 또는 에버그리닝으로 해석하고 있다. 오리지널 의약품 제약사는 특허전략을 기술 혁신의 노력인 LCM이라고 주장하는 반면 제네릭 의약품 제약사와 보건 당국은 오리지널 제약사의 특허전략은 값이 저렴한 제네릭 의약품의 접근성을 낮추어 항구적인 시장 지배의 목적인 에버그리닝이라고 주장하고 있다. 본 연구는 한국에서 거대시장을 형성하고 있는 오리지널 의약품의 특허출원과 특허분쟁사례를 통해 LCM과 에버그리닝을 어떻게 개념화하고 논의되어야 하는지 제시하였다. 본 사례 연구 결과 LCM은 신약개발의 새로운 기술 응용을 바탕으로 연구의 성과물을 특허전략과 연계하였다. 반면, 에버그리닝은 의약품 허가 장벽을 높이기 위한 방법중의 하나로 특허권을 활용된 것으로 판단된다. 본 연구결과를 바탕으로 이해에 따라 일방의 주장이 아닌 LCM과 에버그리닝의 개념화를 통해 차별화된 시각으로 논의를 이끌고자 한다.

• 대한산업공학회지
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• 제34권4호
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• pp.386-397
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• 2008

Due to the rapid advancement of technologies, a growing number of innovative products with a short life-cycle have been introduced to the market. As the life-cycles of such products are shorter than those of durable goods, the demand variation during the life-cycle adds to the difficulty of inventory management. Traditional inventory planning models and techniques mostly deal with products that have long life-cycles. The assumptions on the demand pattern and subsequent solution approaches are generally, not suitable for dealing with products with short life-cycles. In this research, inventory replenishment problems based on the logistic demand model are formulated and solved to facilitate the management of products with short life-cycles. An extended Wagner- Whitin approach is used to determine the replenishment cycle, schedules and lot-sizes.

• 아태비즈니스연구
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• 제14권3호
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• pp.221-240
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• 2023

Purpose - This paper investigates how business cycle impacts on corporate credit spreads since global financial crisis. Furthermore, it tests how the impact changes by the phase of the cycle. Design/methodology/approach - This study collected dataset from Barclays Global Aggregate Bond Index through the Bloomberg. It conducted multi-regression analysis by projecting business cycle using Hodrick-Prescott filtering and various cyclical variables, while ran dynamic analysis of 5-variable Vector Error Correction Model to confirm the robustness of the test. Findings - First, it proves to be statistically significant that corporate credit spreads have moved countercyclicaly since the crisis. Second, It indicates that the corporate credit spread's countercyclicality to the macroeconomic changes works symmetrically by the phase of the cycle. Third, the VECM supports that business cycle's impact on the spreads maintains more sustainably than other explanatory variable does in the model. Research implications or Originality - It becomes more appealing to accurately measure the real economic impact on corporate credit spreads as the interaction between credit and business cycle deepens. The economic impact on the spreads works symmetrically by boom and bust, which implies that the market stress could impact as another negative driver during the bust. Finally, the business cycle's sustainable impact on the spreads supports the fact that the economic recovery is the key driver for the resilience of credit cycle.

• 한국사회복지학
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• 제59권3호
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• pp.147-174
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• 2007

본 연구는 내부노동시장 및 외부노동시장과 분절된 근로빈곤노동시장의 경로제약성이 취업과 취업의 질에 누적적인 영향을 미쳐, 장기간 근로빈곤노동시장에 머물게 함으로써 근로빈곤탈출을 저해하는 악순환의 고리가 되는지 분석하였다. 자료는 한국노동패널 $3{\sim}7$차이고, 분석방법은 Markov 이행확률과 이산시간분석을 활용하였다. 분석결과 우리나라 노동시장은 내부노동시장과 외부노동시장 그리고 근로빈곤노동시장의 삼중 구조로 이루어져 있었다. 근로빈곤유형은 최근으로 올수록 취업빈곤층은 계속 감소하는 반면, 비경활 빈곤층은 점점 증가하여 근로빈곤층의 주된 유형이 되었다. 근본적으로 빈곤층에 대한 노동수요가 부족하며, 빈곤층의 취업자체를 저해하는 노동시장의 구조적 장벽이 존재함을 볼 수 있다. 회귀분석에서는 근로빈곤노동시장 참여기간이 길어질수록 근로빈곤 이탈률이 감소하였다. 이는 한번 근로빈곤노동시장에 편입되면 그 굴레를 벗어나지 못하고 근로빈곤노동시장 내에서 폐쇄적으로 이동하여, 다시 빈곤으로 연결되는 악순환을 보여주는 것이다. 따라서 적절한 근로조건을 보장하는 노동수요 활성화정책과, 근본적인 노동시장구조 개혁 및 빈곤층 노동에 대한 부정적 사회인식과 차별완화 정책이 필요하다.

• 전기학회논문지
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• 제66권8호
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• pp.1172-1180
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• 2017

This study analyzed competition in peak load plants between CCGT and GT instead of competition between base and peak load plants like in previous studies. In common overseas power markets, CCGT and GT claim certain market shares as peak load plants with the latter boasting a high utilization rate as reserve plants. In South Korea, however, there has been no introduction of GT in the market that opened in 2001 with no analysis cases of GT's economy as a peak load plant. The current power market of South Korea is run on the cost-based pool, which allows for no price spikes. Since the capacity payment criteria for compensations for missing money are set based on GT generators, the power market uses GT generators as marginal plants. The purposes of this study were to analyze the competitive edge of GT generators as peak load plants in the domestic power market of South Korea and identify the causes of GT's failure in market entry, thus assessing the adequacy of market signals in the domestic power market.

• 대한전기학회논문지:전력기술부문A
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• 제53권10호
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• pp.536-541
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• 2004

As power demand increases gradually, the call for underground transmission system increases. But it is very difficult and high in cost to construct new ducts and/or tunnels for power cables in metropolitan areas. HTS (High Temperature Superconducting) cable has the several useful characteristics such as increased power density, stronger magnetic fields and/or reduced losses. Therefore HTS cable can allow more power to be moved in existing ducts, which means very large economical and environmental benefits. In these days, companies world-wide have conducted researches on HTS cable. A development project for a 22.9kV class HTS cable is proceeding at a research center and university in Korea. In this paper, we investigate the expected price of HTS cable to have a merit in viewpoint of economic aspect. First, life-cycle cost of conventional cable is calculated and based on this, the expected price of HTS cable is evaluated, which HTS cable is competitive against conventional cable.

• 유체기계공업학회:학술대회논문집
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• 유체기계공업학회 2001년도 유체기계 연구개발 발표회 논문집
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• pp.347-353
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• 2001

A combined cycle, 'HYBRID', is emerging as a new power generation technology that is particularly suitable for the distributed power generation system, with high energy efficiency and low pollutant emission. Currently micro gas turbines and fuel cells are attracting a lot of attention to meet the future needs in the distributed power generation market. This hybrid system may have every advantages of both systems because a gas turbine is synergistically combined with a fuel cell into a unique combined cycle. The hybrid system is believed to become a leading runner in the distributed power generation market. This paper introduces a current plan associated with the development of the hybrid system which consists of a micro gas turbine and a solid-oxide fuel cell(SOFC).

• 대한전기학회논문지:전력기술부문A
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• 제53권9호
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• pp.507-512
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• 2004

HTS (High Temperature Superconducting) Transformer has the several useful characteristics in the viewpoints of technical and economical. Especially, an HTS transformer replaces the copper wire coils in a conventional transformer with lower loss HTS wire. In addition, inexpensive, environmentally benign liquid nitrogen replaces the conventional oil as the electrical insulation (dielectric) and provides the necessary cooling for the HTS transformer Therefore, the Life-cycle cost of an HTS transformer is much more attractive than conventional because it is more energy efficient, lighter in weight, smaller in size, and environmentally compliant. HTS transformer can be the best way to replace with conventional transformer in the future. In these days, companies world-wide have conducted researches on HTS transformer. A development project for a 154kV HTS transformer is proceeding at a research center and university in Korea. In this paper, we investigate the expected price of HTS transformer to have a merit in viewpoint of economic aspect. First, life-cycle cost of conventional transformer is calculated and based on this, the expected price of HTS transformer is evaluated. which HTS transformer is competitive against conventional transformer.

• 유통과학연구
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• 제12권5호
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• pp.61-69
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• 2014

Purpose - Many studies report that returns on hedge portfolios that eliminate particular risk types are abnormal from traditional asset pricing models' perspectives. This study examines the pervasiveness of anomalous returns conditioned on business cycle and group size. Research design, data, and methodology - Using KOSPI and KOSDAQ market data from July 1991 to December 2013, we categorize stocks into appropriately sized groups, and dichotomize our sample periods into expansion and recession periods then, we construct hedge portfolios by sorting stocks by anomaly variables and calculate their returns. Results - Four anomalies, including earnings yield, net stock issue, total asset growth, and liquidity appear pervasive across all groups for the entire sample period. However, only the hedge returns of net stock issues are significant across all group sizes during both expansion and recession. Conclusions - A net stock issue can be an appropriate proxy for expected growth of book equity for all group sizes in recessions. This finding could provide insights to investment industry participants and to researchers interested in the relationship between expected growth of book equity and business cycle risk.