• Asia-Pacific Journal of Business
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• v.11 no.2
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• pp.15-25
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• 2020

Purpose - The purpose of this study is to examine whether the change of settlement procedures have an impact on the distribution of day of the week effect in the UK and French markets or not. U.K and France changed their systems from fixed settlement date systems to fixed settlement lag systems Design/methodology/approach - This study adopted the data of the specific stock market indices such as FTSE 100 in the U.K market and FRCAC 40 in the French market, This study constructs a test of the differences in mean returns across the days of the week by computing the regression equations for each country index. Findings - First, this study found that the evolving settlement procedures in stock exchanges have an effect on stock return of day of the week. Second, long-run improvements in market efficiency may have diminished the effects of certain anomalies in recent periods. Improvements in market efficiency and evolving settlement systems may cause the disappearance of the weekend effect. Research implications or Originality - The Implication of this study is that recent settlement systems contributed to the disappearance of the weekend effect and explains improvements in market efficiency and diminishments of market anomaly. This study may be the first study which examines whether evolving settlement systems have an effect on the disappearance of the weekend effect in the market or not.

• Proceedings of the Korean Geotechical Society Conference
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• 2002.10a
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• pp.350-357
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• 2002

The scale effect should be considered to determine the bearing capacity and settlement of footings from Plate-Load Test, because of the size difference between a footing and a loading plate. To analyze characteristics of bearing capacity and settlement according to the difference of loading plate sizes, model tests were peformed with four different sizes of square plate, which is B=10, 15, 20 and 25cm respectively, on five different kinds of subsoil, which is pure sand(100:0), sand-clay mixed soil(75:25, 50:50, 25:75), and pure clay(0:100). Based on the analyzed results, this paper also proposed a method of bearing capacity and settlement determination, where scale effect is considered depending on the mixing ratio of sand and clay. Applying the formular proposed in this research to field problems, it is expected that evaluation of bearing capacity and settlement of footings can be more reliable and more economic construction can be achieved.

• The Korean Journal of Financial Management
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• v.20 no.2
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• pp.201-234
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• 2003

This paper examines the day of the week effect focusing on the effect of the settlement procedures on the stock price in seven major international stock markets. Settlement dates or procedures may have an effect on rate of return distributions in international stock markets. Those Settlement procedures are different among various international stock markets. Furthermore, several international stock markets change their systems of settlement procedures. On the New York stock exchanges, stock transactions are settled in five business days after the transaction. However, they changed settlement procedures from five business days to three business days from 1995. Those settlement procedures on the London stock exchanges and the Paris stock exchanges were changes from the fixed settlement date systems to the fixed settlement lag systems. Thus, this paper examines the effect of the changes in settlement procedures on the stock price in several stock markets. I found that changes of settlement dates or procedures have an effect on the rate of return distributions for specific days in some stock markets. This paper also examines the day of the week effect for seven international stock markets. I found that strong weekend effect before the period of 1990. However, the weekend effect has disappeared during the period from 1990 to 2002 in international stock markets.

• Geotechnical Engineering
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• v.14 no.6
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• pp.127-138
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• 1998

In refuse landfills, a considerable amount of settlement occurs due to the decomposition of refuse over several years. In this paper, several prediction methods are applied to the measured settlement data of fresh refuse sites. The effect of biological decomposition on the settlement characteristics is investigated in predicting the long-term settlement of refuse landfill sites in view of the predicted settlement curves and the amount of long-term settlement. Irrespective of the applied models, the long term settlement may not be correctly estimated if the model parameters do not contain the decomposition effects. Among the proposed several prediction methods, Gibson & Lo model and hyperbolic model seem to represent the long-term settlement characteristics, but the power creep law seems to considerably overestimate the long-term settlement.

• KDI Journal of Economic Policy
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• v.42 no.1
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• pp.57-95
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• 2020

As a case study of an ex-post evaluation of regulations, in this paper I evaluate the 'uniform settlement rate requirement', a regulation that was introduced in 1986 and that was applied to the international telephone market in the U.S. for more than 20 years. In a bilateral market between the U.S. and a foreign country, each U.S. firm and its foreign partner jointly provide international telephone service in both directions, compensating each other for terminating incoming calls to their respective countries. The per-minute compensation amount for providing the termination service, referred to as the settlement rate, is determined by a bargaining process involving the two firms. In principle, each U.S. firm could have a different settlement rate for the same foreign country. In 1986, however, the Federal Communications Commission introduced the Uniform Settlement Rate Requirement (USRR), which required all U.S. firms to pay the same settlement rate to a given foreign country. The USRR significantly affected the relative bargaining positions of the U.S. and foreign firms, thereby changing negotiated settlement rates. This paper identifies two main routes through which the settlement rates are changed by the implementation of the USRR: the Competition-Induced-Incentive Effect and the Most-Favored-Nation Effect. I then empirically evaluate the USRR by estimating a bargaining model and conducting counterfactual experiments aimed at measuring the size of the two effects of the USRR. The experiments show remarkably large impacts due to the USRR. Requiring a uniform settlement rate, for instance, results in an average 32.2 percent increase in the negotiated settlement rates and an overall 13.7 percent ($3.43 billion) decrease in the total surplus in the U.S. These results provide very strong evidence against the implementation of the USRR in the 1990s and early 2000s.

• Journal of Industrial Technology
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• v.20 no.A
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• pp.93-100
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• 2000

This research is to investigate the self-weight consolidation settlement and desiccation shrinkage settlement of soft marine dredging clay by performing numerical and experimental works. Large column test were carried out investigate the consolidation settlement considering effect of the self-weight and desiccation shrinkage, and centrifuge model test was also carried out investigate self-weight consolidation settlement. Results of centrifuge model and large column experiments about changes of settlement with time were analyzed by using the numerical technique of explicit finite difference method considering effect of the self-weight and desiccation based on the finite strain consolidation theory. Centrifuge model test results were in relatively good agreements with analyzed results in terms of self-weight consolidation settlement with time. Large column test results showed quite different values from the numerically estimated one, carried by experimental conditions.

• Communications for Statistical Applications and Methods
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• v.27 no.6
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• pp.689-699
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• 2020

This study investigates the effect of life settlement on the monopolistic insurance market. In particular, we consider liquidity cost, which is the cost incurred to the insurer to meet the request of surrender, and trading cost, which is the transaction cost of the policyholders for the settlement. We first show that the introduction of a life settlement can increase insurance demand and enhance consumer welfare even when the trading cost is higher than the liquidity cost. That is, even if the settlement market is less efficient than the insurance market, both insurance demand and consumer welfare can be increased. Second, the insurer's profit can also be increased when settlement is introduced because not only can the insurer save the liquidity cost but also the demand of insurance increases. Lastly, insurance demand does not always decrease when both costs increase. Depending on the population distribution over the liquidity risk, the demand of insurance can be increased or decreased.

• Journal of the Korean Geotechnical Society
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• v.19 no.5
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• pp.343-354
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• 2003

The scale effect should be considered to determine the bearing capacity and settlement of footings from Plate-Load Test, because of the size difference between a footing and a loading plate. To analyze characteristics of bearing capacity and settlement according to the difference of loading plate sizes, model tests were performed with four different sizes of square plate, which are B=10, 15, 20 and 25cm, on five different kinds of subsoil. Based on the analyzed results, this paper also proposes a method of bearing capacity and settlement determination, where scale effect is considered depending on the mixing ratio of sand and clay. Until now, uneconomic constructions have been conducted because of unreasonable evaluation in estimating bearing capacity and settlement of footings from Plate-Load Test in fields. In the application of the formula proposed in this research to field problems, it is expected that evaluation of bearing capacity and settlement of footings can be more reliable and more economic construction can be achieved.

• Proceedings of the Korean Geotechical Society Conference
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• 1999.02a
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• pp.62-70
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• 1999

Artesian pressure exists in Yangsan site, the maximum value of which has been measured as high as 5 t/m$^2$. This paper deals with the prediction of consolidation settlement for the site with artesian pressure. The consolidation settlement at the site has been accelerated using vertical band drains. Since the artesian pressure gives lower effective stress than a static condition, its effect should be considered in the settlement prediction. This case study shows that the prediction of settlement and pore pressure dissipation agrees well with the measurements, when considering the artesian effect.

• Structural Engineering and Mechanics
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• v.80 no.5
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• pp.491-501
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• 2021

A difference in subgrade settlement between two rails of a track manifests as lateral differential subgrade settlement. This settlement causes unsteadiness in the motion of trains passing through the corresponding area. To illustrate the effect of lateral differential subgrade settlement on the dynamic response of a vehicle-track coupling system, a three-dimensional vehicle-track-subgrade coupling model was formulated by combining the vehicle-track dynamics theory and the finite element method. The wheel/rail force, car body acceleration, and derailment factor are chosen as evaluation indices of the system dynamic response. The effects of the amplitude and wavelength of lateral differential subgrade settlement as well as the driving speed of the vehicle are analyzed. The study reveals the following: The dynamic responses of the vehicle-track system generally increase linearly with the driving speed when the train passes through a lateral subgrade settlement area. The wheel/rail force acting on a rail with a large settlement exceeds that on a rail with a small settlement. The dynamic responses of the vehicle-track system increase with the amplitude of the lateral differential subgrade settlement. For a 250-km/h train speed, the proposed maximum amplitude for a lateral differential settlement with a wavelength of 20 m is 10 mm. The dynamic responses of the vehicle-track system decrease with an increase in the wavelength of the lateral differential subgrade settlement. To achieve a good operation quality of a train at a 250-km/h driving speed, the wavelength of a lateral differential subgrade settlement with an amplitude of 20 mm should not be less than 15 m. Monitoring lateral differential settlements should be given more emphasis in routine high-speed railway maintenance and repairs.