• International Area Studies Review
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• v.18 no.3
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• pp.67-88
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• 2014

The Chinese stock market has increasingly strengthened its market power on other stock markets due to rapid growth of its economy. In this context, this study investigated return spillover effect as well as asymmetric volatility spillover effect using a VAR-Bivariate EGARCH model among stock markets(China, US, Japan, Korea). Furthermore, we conjectured the impact of 2008 global financial crisis on the spillover effect of the Chinese stock market. In our empirical results, the Chinese stock market has a weak return spillover effect to other markets(US, Japan, Korea), but after the global financial crisis, its return spillover effect becomes stronger among other stock markets. In addition, the Chinese stock market have strengthened its asymmetric volatility spillover effect on other stock markets after the Global financial crisis. As a result, the Chinese stock market has an strong influence on other stock markets.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.2
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• pp.747-757
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• 2021

The primary purpose of the study is to investigate the volatility spillover from financial uncertainty (FU) of the United States (US) to the stock markets of SAARC member countries including India, Sri-Lanka, Pakistan, and Bangladesh. The empirical literature overlooked SAARC countries and the FU index. Based on the estimation method, the data of FU is available for three different forecast horizons including 1-month, 3-months, and 12-months. For empirical analysis, monthly data is used from February 2013 to September 2019. EGARCH model is employed to investigate the volatility spillover effects. The findings of the study show that the spillover effect of FU varies with the forecast horizon. The FU with a higher forecast horizon has a significant spillover effect on more countries. The spillover effect of US financial uncertainty is negative in most of the SAARC countries. Bangladesh stock market is influenced by FU with all three forecast horizons whereas the volatility of the Pakistan stock market is not influenced by FU with any forecast horizon. The findings are consistent with the concept of "limited trade openness" in the financial markets of emerging economies. The emerging economies avoid financial market openness to minimize the risk of spillover of other countries.

• Korea Trade Review
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• v.47 no.4
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• pp.177-195
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• 2022

This study analyzed the volatility spillover effect between international non-ferrous metal futures markets using the BEKK-GARCH model. Statistical data are futures price data of copper (CU), aluminum (AL), nickel (NI), tin (SN) from Shanghai Futures Exchange (SHFE) and London Metal Exchange (LME) from April 1, 2015 to December 31, 2021. Combining the research results, first, in the case of copper, aluminum, and nickel, it was found that there was a two-way volatility spillover effect between the Shanghai and London markets, and the international influence of the London market was greater. Second, in the case of the tin, it was found that the Shanghai market has a volatility spillover effect on the London market from stage I, and it is strengthened in stage II. Third, in the case of nickel, it was found that there was a two-way volatility spillover effect in the first stage, but in the second stage, the London market had a unidirectional volatility spillover effect with respect to the Shanghai market. This study confirmed that China's influence in the international non-ferrous metal futures market is gradually increasing. In addition, it suggested that international investors can engage in arbitrage and hedging using China's non-ferrous metal futures market.

• Management & Information Systems Review
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• v.29 no.2
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• pp.97-118
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• 2010

This paper explores the mean and volatility spillover effects among Chinese, Korean, and the U.S. stock markets during the Asian and global financial crises. We found that, during the Asian Financial crisis, there was no mean spillover effect to the Chinese stock markets. However, there were reciprocal mean spillover effects between the U.S. and the Korean market. This implies that Korean market was open, while Chinese market was secluded from the international financial market at that time. The negative volatility spillover effect between the U.S. and China reinforces this finding. During the global financial crisis, there was reciprocal mean spillover effect between the U.S. and China, and between the U.S. and Korea. This may reflect the fact that Chinese market has opened to the international financial market. However, the volatility spillover effect does not exist between China and the U.S., while the U.S. and Korea has reciprocal volatility spillover effect to each other. These findings may imply that China is still in the process of opening her stock market to international investors.

• Applied Chemistry for Engineering
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• v.10 no.8
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• pp.1109-1113
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• 1999

sothemal reduction at $50^{\circ}C$ using $Pt/MoO_3$ or $Pt/MoO_3/SiO_2$ made by dry impregnation or physical mixture of $Pt^{\circ}$ and $MoO_3$ demonstrated that the $H_2$ uptake vis $H_2$ spillover from Pt into $MoO_3$ was enhanced as calcination temperature was increased. Surface area of exposed Pt crystallites measured by CO chemisorption was decreased with higher calcination temperature. In addition, TEM showed that $MoO_x$ overlayers were formed on Pt crystallites after calcination at $400^{\circ}C$. Consequentially, it was found that this increased active contact sites between Pt and $MoO_3$ due to surface morphological change was one of the dominant factors for this increased $H_2$uptake via $H_2$ spillover from Pt crystallites into $MoO_3$.

• Safety and Health at Work
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• v.12 no.3
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• pp.377-383
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• 2021

Background: This study investigated the longitudinal associations between the degrees of positive and negative spillover in work-life balance (WLB) at baseline and reports of depressive mood at a 2-year follow-up in Korean women employees. Methods: We used a panel study design data of 1386 women employees who participated in the Korean Longitudinal Survey of Women and Families in both 2014 and 2016. Depressive mood was measured using the "10-item Center for Epidemiologic Studies Depression Scale." Associations between the positive and negative spillover in WLB at baseline and reports of new incidence of depressive mood at 2-year follow-up were explored using a multivariate logistic regression model. Results: Negative spillover in WLB at baseline showed a significant linear association with reports of depressive mood at 2-yearfollow-up after adjusting for age, education level, marital status, number of children, and positive spillover (P = 0.014). The highest scoring group in negative spillover (fourth quartile) showed a significant higher odds ratio of 1.95 compared with the lowest scoring group (first quartile; P = 0.036). Conclusion: Positive spillover in WLB showed a U-shaped association with depression. The degrees of positive and negative spillover in WLB among Korean women employees at baseline were associated with new incidence of depressive mood within 2 years. To prevent depression of female workers, more discrete and differentiated policies on how to maintain healthy WLB are required.

• International Area Studies Review
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• v.15 no.3
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• pp.451-470
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• 2011

Many countries are committed to absorb foreign direct investments (FDIs). One of the strong motivations is the improvement of innovative capability through the technology spillover of FDI firms. The effect of FDI technology spillover has been widely researched not only on country level, but industry level. With the evolution of globalization and global sourcing of multinational companies, it is necessary to reexamine the relationship between innovation ability of an industry and spillover effect of FDI. This paper investigates the technology spillover effect of FDI on the innovation of Chinese firms. We gathered the data of 34 industries form various sources of Chinese government and the time span is 2001-2008. By using industry level panel data, we set panel data analysis model. In the model, there are two explanatory variables: backward and foreward integration. The analysis result shows that technology spillover of FDI has significant effect on the innovation of foreward integration FDI.

• Journal of the Korean Operations Research and Management Science Society
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• v.26 no.1
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• pp.61-69
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• 2001

This paper presents a two stage game model which examines the effect of learning-by-doing and spillover. Increases in the firm’s cumulative experience lower its unit cost in future period. However, the firm’s rival also enjoys the experience via spillover. Unlike previous theoretical research model, a cost asymmetric market entry game model is developed between the incumbent firm and new entrant. Mathematical results show that the incumbent firm exploits the learning curve to gain future cost advantage, and that the diffusion of learning to the new entrant induces the incumbent firm to choose decreasing output strategically. As a main result, we show that the relative magnitude between the learning and spillover rate determines the market share ratio of competing firms.

• Journal of Information Technology Applications and Management
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• v.17 no.3
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• pp.151-162
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• 2010

Recent developments in financial market liberalization and information technology are accelerating the interdependence of national stock markets. This study explores the information spillover effect of the US stock market on the overnight and daytime returns of the Korean stock market. We develop a profitable intra-day trading strategy based on the information spillover effect. Our study provides several important conclusions. First, an information spillover effect still exists from the overnight US stock market to the current Korean stock market. Second, Korean investors overreact to both good and bad news overnight from the US. Therefore, there are significant price reversals in the KOSPI 200 index futures prices from market open to market close. Third, the overreaction effect is different between weekdays and weekends. Finally, the suggested intra-day trading system based on the documented overreaction hypothesis is profitable.

• Proceedings of the KSME Conference
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• 2000.04a
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• pp.499-504
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• 2000

Since large space structures(LSS) such as a space station, a solar power station satellite, etc., are theoretically distributed parameter and infinite-dimensional system, they have to be modeled into large finite-dimensional systems for control system design. Besides, there are fundamental problems in active vibration control of the large flexible structures. For example, a modeled large finite-dimensional system must be controlled with a much smaller dimensional controller. This causes the spillover phenomenon which degrades the control performances and reduces the stability margin. Furthermore, it may destabilize the entire feedback control system. In this paper, we proposed a novel control method for spillover suppression in the control of large flexible structures by using eigenstructure assignment. Its effectiveness in spillover suppression is investigated and verified by the numerical experiments using an example of the simply supported flexible beam which is modeled to have four controlled modes and eight uncontrolled modes.