• Journal of the Korean Data and Information Science Society
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• 제15권4호
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• pp.825-835
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• 2004

In this paper, we investigate the estimation of the value at risk(VaR) when stock prices are subjected to price limits. The mixture of probability mass functions and beta density functions is proposed to derive the distribution of asset returns. The analyses of real data show that the proposed distribution is appropriate to explain the VaR when the price limits exist in the data.

• The Journal of Asian Finance, Economics and Business
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• 제7권4호
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• pp.107-119
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• 2020

The study investigates the effect of the widened daily stock price limits on the usefulness of accounting information in Korea: 1) whether investors place a higher importance on audit quality, an indicator of the reliability of accounting information, and 2) whether there are differences in the relationships between audit quality and stock-price earning-rates two years before and after June 15, 2016. This study employs samples of two years (2013 to 2015) before the widening and two years after the widening (2016 to 2017). The samples are limited to the companies listed on the Korea Stock Exchange, accounting settled in December, collected from Fn-Guide and TS-2000 of the Korea Listed Companies Association. The results show that the positive association between audit quality and stock return was increased during the later period, compared to the preceding period. This tendency was more evident in companies with higher debt ratios and companies with lower levels of income smoothing, which is considered to have higher risks. The findings suggest that it is the first study evaluating the effect of widening daily stock price limits, made on June 15, 2015, on the usefulness of audit quality information by examining the relevance between audit quality and stock return.

• 무역상무연구
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• 제71권
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• pp.37-58
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• 2016

CISG Article 50 contains the remedy of price reduction but limits it if the seller has a right to cure. Reduction of price presupposes that the seller delivers non-conforming goods, and that the buyer decides to accept them nevertheless. The remedy of price reduction differs from all other remedies provided in CISG with regard to it effects and to the time-limits. As to the time-limits, unlike Articles 46 and 49, Article 50 does not contain the element within a reasonable time. CISG imposes no period of time for his reducing the price. The buyer's right to declare a reduction of the price is expressly subject to the seller's right to remedy any failure to perform his obligations pursuant to Articles 37 and 48. The problem lies in determining from where to take the figures for comparing the value of the goods contracted and of those delivered. The price level in this place will usually determine his considerations as to resale or repair of the defective goods. The buyer must examine the goods, or cause them to be examined, within, as short a period as is practicable in the circumstances. The buyer loses the right to rely on a lack of conformity of the goods if he does not give notice to the seller specifying the nature of the lack of conformity within a reasonable time after he has discovered it or ought to have discovered it.

• Journal of the Korean Data and Information Science Society
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• 제16권4호
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• pp.943-949
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• 2005

An economic design of specification limits for production process of ham is considered for a given process mean in a complete inspection plan. Each ham is inspected, and if it meets the specification, it is accepted. The ham less than the lower specification limit are changed another products or at a discounted price, and those greater than the upper specification limit are reworked. A profit model is developed which involves selling price, production cost, rework cost and the cost which is incurred by imperfect quality. Methods for finding the optimal specification limits are derived for the case of piecewise linear loss function with an industrial case study.

• 조명전기설비학회논문지
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• 제29권2호
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• pp.97-103
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• 2015

This paper introduces two on-going projects for DC high temperature superconducting (HTS) cable systems in South Korea. This study proposes the application of DC HTS cable systems to enhance power transfer limits of a grid-connected offshore wind farm. In order to develop the superconducting DC transmission system model based on HTS power cables, the maximum transfer limits from offshore wind farm are estimated and the system marginal price (SMP) calculated through a Two-Step Power Transfer (TSPT) model based on PV analysis and DC-optimal power flow. The proposed TSPT model will be applied to 2022 KEPCO systems with offshore wind farms.

• Journal of Electrical Engineering and Technology
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• 제2권3호
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• pp.342-345
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• 2007

This paper presents an engineering approach to derive the optimum price levels of transacted power. In this paper, with the assumption that power import is possible through the system connection in Northeast Asia regions, the upper price limit of imported power deserving economic efficiency was derived with respect to the time and amount of power import. The proposed approach was demonstrated based on the data from the National Power Development Planning in 2004 with the WASP model.

• 경영과정보연구
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• 제33권2호
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• pp.119-133
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• 2014

본 연구는 종가기반의 변동성 대신 일중의 자료를 이용하여 산출된 범위변동성을 이용하여 가격제한 제도 변화 전 후의 변동성 추이를 살펴보고, 가격제한 제도가 실제로 주식시장의 가격안정성에 미치는 영향을 살펴보았다. 분석에 사용된 범위변동성은 Parkinson(1980; PK), Garman and Klass(1980; GK) Rogers and Satchell(1991; RS), Yang and Zhang(2000; YZ)가 제시한 범위변동성을 사용하였으며 추정된 범위변동성을 전체기간과 가격제한 완화 전 기간과 가격제한 완화이후기간으로 구분하여 비교분석하였다. 주요 결과는 다음과 같다. 첫째, 가격제한폭 완화 이후 코스닥시장의 개별기업 변동성이 가격제한폭 완화 이전 보다 감소한 것으로 나타났다. 이러한 결과는 4가지 범위변동성에서 동일하게 1% 유의수준에서 나타났다. 둘째, 고주가 주식이 저주가 주식보다 높은 변동성을 가지며, 가격제한폭 완화 후 변동성이 축소된 것으로 나타났다. 셋째, 시가총액과 변동성과는 의미 있는 관계를 가지지 않는 것으로 나타났다. 넷째, 범위변동성은 거래량이 낮은 주식이 거래량이 증가함에 변동성도 증가하는 것으로 나타났다. 그리고 가격제한폭 완화 이후 유동성이 가장 높은 주식의 변동성이 가장 크게 감소하였으며 거래량이 적은 주식은 미미한 영향을 미치는 것으로 나타났다. 다섯째, PK, GK, RS, YZ 범위변동성이 감소된 포트폴리오는 거래대금의 규모가 가장 큰 포트폴리오로 나타났으며, 변동성 변화가 가장 적은 포트폴리오는 거의 가격제한폭 완화의 영향을 받지 않는 것으로 나타났다. 이상의 결과는 가격제한폭 완화에 따라서 변동성이 감소하였으며, 특히 고주가, 대규모 거래량, 거래대금이 큰 주식의 변동성을 낮게 하여 단기적으로 주가 급등락을 막아 시장안정성에 도움을 주는 것을 확인하였다. 반면, 저주가, 소규모 거래량, 소규모 거래대금의 주식의 변동성에 대해서는 변화가 없는 것으로 나타나 현재 사용하고 있는 명시적이면서 고정적인 가격제한폭에 대한 제도적 개선이 필요한 것으로 판단된다.

• 조명전기설비학회논문지
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• 제17권4호
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• pp.87-93
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• 2003

본 연구는 잠재가격을 사용하여 고조파를 효과적으로 저감시키는 새로운 방법을 제시한다. 우선, 고조파를 효과적으로 저감시키기 위하여 각 모선에 잠재가격을 적용하였으며, 전력수전점과 각 모선에서의 고조파한계치 이내로 고조파를 저감시킬 수 있는 새로운 알고리즘을 개발하였다. 그 결과, 배전계통에서 경제적으로 필터의 크기와 위치를 결정할 수 있도록 하였다. 제안한 방법을 실제계통에 적용하고, 그 유용성을 검증하였다.

• 품질경영학회지
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• 제36권4호
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• pp.77-86
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• 2008

Due to the rapid growth in automated testing and manufacturing systems, screening inspection becomes very attractive. In this paper, we investigate the effects of limited capacity on screening inspection using a surrogate variable. The model is developed under the assumption that the reprocessed and nonreprocessed items are produced by the same manufacturing process and therefore their quality characteristics are independently and identically distributed. Profit models are constructed which involve four price/cost components; selling price, cost incurred by imperfect quality, reprocessing and quality inspection costs. Methods of finding the optimal screening limits are presented, and a numerical example is given. Sensitivity analyses are also performed to study the effect of a process standard deviation on this model.

• 품질경영학회지
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• 제28권2호
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• pp.1-16
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• 2000

This paper considers the problem of determining the optimal process mean and screening specification limits of a surrogate variable associated with product quality under two-stage screening procedure. In two-stage screening, the surrogate variable is inspected first to decide whether an item should be accepted, rejected or additional observations should be taken. If additional observations are required, the performance variable of interest is then observed to classify the undecided items. Assuming that the performance variable and the surrogate variable are jointly normally distributed, the optimal process mean and the screening limits are obtained by maximizing the expected profit which includes selling price, production, reprocessing, inspection and penalty costs. A numerical example is presented and numerical studies are performed to compare the proposed two-stage screening procedure with single-stage screening procedures.