• 아태비즈니스연구
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• 제11권4호
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• pp.243-254
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• 2020

Purpose - This paper explores whether overnight returns measured from the last closing price to today's opening price explain the cross-section of stock returns. Design/methodology/approach - This study is conducted using the Korean stock market data from 1998 to 2018, obtained from DataGuide database. The analysis begins with portfolio-level tests, followed by firm-level cross-sectional regressions. Findings - First, when decile portfolios sorted on the daily average of overnight returns in the previous months, the highest decile portfolio exhibits a significant negative risk-adjusted return. This suggests that stocks with higher average overnight returns are temporarily overvalued due to buying pressure from investors. Second, at least 6 months of persistence exists in average overnight returns, which is in line with the results reported by Barber, Odean and Zhu (2009) that investor sentiment persists over several weeks. Finally, Fama-MacBeth cross-sectional regression of expected returns after controlling for a variety of firm characteristic variables such as firm size, book-to-market ratio, market beta, momentum, liquidity, short-term reversal, the slope coefficient for overnight returns remains negative and statistically significant. Research implications or Originality - Overall, the evidence consistently suggests that overnight return is considered as a new priced factor in the cross-section of expected returns. The findings of this paper not only adds to finance literature, but also could be useful to practitioners in making stock investment decision.

• 한국조리학회지
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• 제22권6호
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• pp.52-60
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• 2016

This study attempts to measure the financial performance of the food distribution company. In order to achieve the goal, this study have measured the ratios of ROE, ROA applying the DuPont analysis, which have been demonstrated with tables to show the change periodically. DuPont analysis is based on analysis of Return on Equity (ROE) & Return on Investment (ROI). The return on equity disaggregate performance into three components: Net Profit Margin, Total Asset Turnover, and the Equity Multiplier. The return on investment consists of Assets Turnover (Operating Income${\times}$Total Assets) and Profit Margin (EBIT${\times}$Operating Income). From the study it if found that Hyundae Green Food's Financial performance is high followed by Foodmerce and then Dongwon home food and Lotte Food. The four companies are significant at their level. In conclusion, ROE & ROI is the most comprehensive measure of profitability of a firm. It considers the operating and investing decisions can be made as well as the financing and their leverage-related decisions.

• 농촌지도와개발
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• 제18권4호
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• pp.983-1010
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• 2011

The purpose of this study was to examine the implication for the return farm and rural training program through the analyzed trainees' satisfaction and general characteristics. This study polled 89 trainees who presented the Return farm and rural training program by Jeju Agricultural Research and Extension Service. and the results of analysis are as follows. First, trainees' general characteristics appeared very various at an age structure, stage and type of return farm and rural. Second, the overall satisfaction level for the training program was normal but it was different according to the trainees' general characteristics, stage and type of Return farm and rural. This result was due to the unilateral training program. Consequently, it required a lot of efforts for the improvement of satisfaction through reflecting the trainees' properties in the training plan.

• 한국농공학회논문집
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• 제57권1호
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• pp.69-78
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• 2015

The objective of this study was to investigate characteristics of irrigation return flow from paddy block in a reservoir irrigated district during growing seasons. The irrigation return flow was divided into three parts, quick return flow from irrigation canal (RFI), quick return flow from drainage canal (RFD), and delayed return flow (DRF). The RFI was calculated from water level and stage-discharge relationships at the ends of the irrigation canals. The DRF was estimated using measured infiltration amount from paddy fields of the irrigated district. A combined monitoring and modeling method was used to estimate the RFD by subtracting surface runoff from surface drainage. The paddy block irrigated from the Idong reservoir was selected to study the irrigation return flow components. The results showed that daily agricultural water supply (AWS), the RFI, and the RFD were $27.4mm\;day^{-1}$, $4.9mm\;day^{-1}$, and $19.8mm\;day^{-1}$, respectively in May, which were greater than other months (p<0.05). The return flow ratio of the RFI and the RFD were the greatest in July (34.6%) and May (72.3%), respectively. The daily AWS was closely correlated with the RFD (correlation coefficients of 0.76~0.86) in except for July with, while correlation coefficient with the RFI were 0.56 and 0.42 in June and July, respectively (p<0.01). The total irrigation return flow was 1,965 mm in 2011, and 1,588 mm in 2012, resulting in total return flow ratio of 84.6% and 79.1%, respectively. This results indicate that substantial amounts of agricultural water were returned to streams as irrigation return flow. Thus, irrigation return flow should be fully considered into the agricultural water resources planning in Korea.

• 산업경영시스템학회지
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• 제18권36호
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• pp.349-363
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• 1995

The purpose of the study was to estimate and analyze the rates of return to educational investment. The study was designed to estimate the social and private rates of return to educational investment by school level and sex in order to measure education's economic value with a viewpoint of human capital theory. The produced result of this study are as follows. The social rates of return to education turned out to be male high school 7.94%, male junior college 3.74%, male university 8.50% female high school 4.30%, female junior college 10.11%, female university 6.92%. The private rates of return to education turned out to be male high school 8.41%, male junior college 3.39%, male university 8.38%, female high school 7.90%, female junior college 10.34%, female university 7.33%, In order to measure economic value of educational investment, rates of return to education were compared with those to physical capital investment. Social rates of return to education turned out to be profitable for female junior college, while for private rates of return to education turned out to be profitable in all school levels except for male junior college.

• 정보보호학회논문지
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• 제22권5호
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• pp.1069-1078
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• 2012

컴퓨터 시스템의 안전성을 위협하는 주요 취약점으로 메모리 관련 취약점이 알려져 있으며, 최근 들어 이러한 메모리 취약점을 이용한 시스템 상에서의 실제 공격 또한 증가하고 있다. 이에 따라 시스템을 보호하기 위해서 다양한 메모리 보호 메커니즘들이 연구되고 운영체제를 통해 구현되어 왔지만, 더불어 이를 우회할 수 있는 공격 기법들 또한 발전하고 있다. 특히 버퍼 오버플로우 공격은 Return to Library, Return-Oriented Programming 등의 공격 기법으로 발전되어왔으며, 최근에는 Return-Oriented Programming 공격 기법에 대한 보호 방법 등의 연구로 인해 이를 우회하는 Jump-Oriented Programming 공격 기법이 등장하였다. 따라서 본 논문에서는 메모리 관련 공격 기법 중 최근 등장한 Jump-Oriented Programming 공격 기법에 대해 살펴보고, 이에 대한 특징을 분석한다. 또한, 분석된 특징을 통한 바이너리 수준에서의 탐지 메커니즘을 제안하고, 실험을 통해 제안하는 방법이 Jump-Oriented Programming 공격에 대한 탐지가 가능함을 검증한다.

• 산경연구논집
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• 제8권5호
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• pp.77-85
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• 2017

Purpose - The purpose of this study is to investigate the variables that lead consumers to visit traditional markets and buy market goods. Thus, the current research examined the relationship between satisfaction and return intention as among the factors influencing loyalty. Research design, data, and methodology - This study was conducted to examine the effects of the perceived level of factors on loyalty and how it influenced consumers' visits to traditional markets in 125 adult adolescents and women living in Mok-po area. The results of the questionnaire were obtained. The statistical data of the questionnaire were verified by SPSS. Results - In this study, consumers' perception level of eight loyalty factors can be perceived by the traditional Korean market. The empirical analysis is summarized as follows. First, by selecting five representative variables influencing intention to return to traditional markets, Mok-po area consumers were affected by the intention to revisit according to the intensity of recognition level among these variables. Second, the higher the perceived level of product price, quality of access (accessibility) among the factors that consumers perceive as important factors in visiting traditional markets were heightened. Third, Mokpo residents are aware of the main important factors of visiting the market such as receiving a friendly atmosphere (image) about traditional market, market environment (hygiene and cleanliness), connection with the local economy, and customer service such as kindness, refund and return. These loyalty factors did not affect consumers' intention to revisit. In other words, image, environment, regional economic linkage, and these factors did not have a positive effect on revisit intention. Conclusions - The empirical analysis of this study suggests that factors that directly affect loyalty among the key factors that play a major role in visiting traditional markets should be identified and developed as loyalty factors. It is necessary to identify the key factors influencing the satisfaction and loyalty of traditional market users, and operate a system that systematically and comprehensively manages and evaluates them. In order to do this, the government, the local governments, and related organizations should regularly conduct loyalty and satisfaction surveys on visa recognition levels and establish strategies for dramatic improvement measures.

• 유통과학연구
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• 제21권5호
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• pp.11-18
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• 2023

Purpose: The purpose of this article is to determine whether there are differences in the level of return and risk of the conventional and Islamic capital markets. Research design, data and methodology: This study takes data on the Jakarta Islamic Index (JII) and the Liquid-45 (LQ45) stock groups in the 2017 to 2020 period. The research approach used is quantitative research with a type of comparison. The data used secondary data sourced from the closing price of shares on the Indonesia Stock Exchange. The statistical method used to test the hypothesis is a different test or independent sample t-test. Results: There is a significant difference between the rate of return and investment risk in JII and LQ-45. The rate of return and risk of investing in LQ-45 is higher than that of JII. Conclusions: There is a significant difference in the rate of return on investment in Jakarta Islamic Index (JII) and LQ-45, including conventional stock Liquid-45 (LQ-45) is higher than the rate of return on shares of JII shares. There is a significant difference in the level of investment risk in the Jakarta Islamic Index (JII) and the Liquid-45 (LQ-45), where the risk level for the LQ-45 is higher than that of the JII shares.

• 한국철도학회:학술대회논문집
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• 한국철도학회 2007년도 춘계학술대회 논문집
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• pp.1694-1700
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• 2007

In the electrified section, both of return current and signal current are flowing in the same rail in common. But signal current shall be allowed to flow in the specific track circuit and not in the other circuit while the traction return current shall come back to power sub-station. This paper presents measuring system that use both sensor and antenna. The aim of the system is to achieve the difference in current between the two rails and the presence of trimming capacitors. In order to improve the transmission level, trimming capacitors are connected between the two rails at constant spacing. To maintain the balance of traction return current, rails of both sides may be jointed by the so-called SVPMM. The traction return current is sometimes unbalanced owing to the ill-contact of SVPMM. In this paper, we propose a diagnosis method based on a short-circuited current(Icc), trimming capacitors and traction return current measured by Korail inspection vehicles. Whether Icc is good or bad depends not only on the presence of trimming capacitors but also on the unbalance of the traction return current.

• 경영과정보연구
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• 제27권
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• pp.131-147
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• 2008

The study examines common component existing in five Asian countries from 1991 to 2007. To do this, the daily stock market indices of Korea, Malaysia, Thailand, Indonesia, and the Philippines were used. Using a Vector Autoregressive Model this paper analyzes causal relations and dynamic interactions between five Asian stock markets. The findings in this study indicate that level of five Asian stock markets' stock return linkages are low. First, from the statistics for pair-wise Granger causality tests, I find Granger-causal relationship between Korea and Indonesia and between Malaysia and and Indonesia. Second, from the results of response function and the statistics of variance decomposition, I find that week shocks to Korean stock market return on Malaysia, Indonesia, Thailand, and the Philippines stock market returns. The results indicate increased Asian stock market linkages but the level is very low. This implies that the benefits of diversification within the five Asian stock markets are still existed.