• Current Research on Agriculture and Life Sciences
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• v.4
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• pp.163-168
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• 1986

This study was carried out to compare the conditions of Korean and Japanese forestry. Two countries were appeared same trend in forestry condition, so our forestry in future can be estimated with compared Japanese forestry, but the results obtained are as follows ; 1) The average forest area per capita of the world, Japan and Korea are 0.9, 0.23 and 0.16 ha, respectively, this means that Korean forest area is not sufficient. The growing stock of forest per capita is $22.5m^3$ in Japan and $3.9m^3$ in Korea, but timber consumptions per capita are $1m^3$ in Japan and $0.2m^3$ in Korea. Those mean that both countries have not a plentiful resource of forestry. 2) The forestry production activity becomes gradually stagnation. Both in Korea and Japan, the reforestation and stumpage felling area show gradually decreasing tendency, the artificial forest ratio of total forest area is, at present, 28% in Korea and 40% in Japan. 3) In forestry demand aspect, the ratio of imported timber is 79% in Korea and 62.4% in Japan. Because the price index of timber is lower than the general price index, the dullness of forestry-related industries is expected in future. 4) The forestry labour supply has gradually difficulty because of the reduction in farming labour. 5) The managements of national forests show deficit operation, at present, both in Korea and Japan. The results above mentioned are derived form the poor forest resources, therefore, it is considered that rather more and continuous investment is necessary, but also forestry should be invested in the territorial conservation aspect.

• Information Systems Review
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• v.9 no.1
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• pp.105-120
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• 2007

With the fast development of the Internet and the increasing dependence on information infrastructures, companies are faced with various information security threats such as information leakages, modifications, and information breaches. South Korea is one of the leading countries in the Internet usage, but is ranked relatively low when it comes to information security. In fact, many Korean firms have suffered financial losses and damaged corporate images from the information security breaches. However, because of the difficulties in quantifying the costs of the information security breaches, Korean companies tend to delay their investment decisions on information security. The purpose of this study is to measure the cost of information security breach and the economic value of security investment using the event study methodology. Our results show that the announcement of an information security breach negatively influenced the market value of the corresponding company. The effect was statistically significant at the significance level of p=0.05. The breached companies lose, on average, 0.86% of their market values on the day of the announcement - an average loss in market capitalization of $55 million. On the other hand, the investment on information security had no effect on the stock price or the market value of the firm.

• The Korean Journal of Financial Studies
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• v.3 no.1
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• pp.233-265
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• 1996

We examine the impact of public and private information on price movements using the thirty DJIA stocks and twenty-one NASDAQ stocks. We find that the standard deviation of daily returns on information days (dividend announcement, earnings announcement, insider purchase, or insider sale) is much higher than on no-information days. Both public information matters at the NYSE, probably due to masked identification of insiders. Earnings announcement has the greatest impact for both DJIA and NASDAQ stocks, and there is some evidence of positive impact of insider asle on return volatility of NASDAQ stocks. There has been considerable debate, e.g., French and Roll (1986), over whether market volatility is due to public information or private information-the latter gathered through costly search and only revealed through trading. Public information is composed of (1) marketwide public information such as regularly scheduled federal economic announcements (e.g., employment, GNP, leading indicators) and (2) company-specific public information such as dividend and earnings announcements. Policy makers and corporate insiders have a better access to marketwide private information (e.g., a new monetary policy decision made in the Federal Reserve Board meeting) and company-specific private information, respectively, compated to the general public. Ederington and Lee (1993) show that marketwide public information accounts for most of the observed volatility patterns in interest rate and foreign exchange futures markets. Company-specific public information is explored by Patell and Wolfson (1984) and Jennings and Starks (1985). They show that dividend and earnings announcements induce higher than normal volatility in equity prices. Kyle (1985), Admati and Pfleiderer (1988), Barclay, Litzenberger and Warner (1990), Foster and Viswanathan (1990), Back (1992), and Barclay and Warner (1993) show that the private information help by informed traders and revealed through trading influences market volatility. Cornell and Sirri (1992)' and Meulbroek (1992) investigate the actual insider trading activities in a tender offer case and the prosecuted illegal trading cased, respectively. This paper examines the aggregate and individual impact of marketwide information, company-specific public information, and company-specific private information on equity prices. Specifically, we use the thirty common stocks in the Dow Jones Industrial Average (DJIA) and twenty one National Association of Securities Dealers Automated Quotations (NASDAQ) common stocks to examine how their prices react to information. Marketwide information (public and private) is estimated by the movement in the Standard and Poors (S & P) 500 Index price for the DJIA stocks and the movement in the NASDAQ Composite Index price for the NASDAQ stocks. Divedend and earnings announcements are used as a subset of company-specific public information. The trading activity of corporate insiders (major corporate officers, members of the board of directors, and owners of at least 10 percent of any equity class) with an access to private information can be cannot legally trade on private information. Therefore, most insider transactions are not necessarily based on private information. Nevertheless, we hypothesize that market participants observe how insiders trade in order to infer any information that they cannot possess because insiders tend to buy (sell) when they have good (bad) information about their company. For example, Damodaran and Liu (1993) show that insiders of real estate investment trusts buy (sell) after they receive favorable (unfavorable) appraisal news before the information in these appraisals is released to the public. Price discovery in a competitive multiple-dealership market (NASDAQ) would be different from that in a monopolistic specialist system (NYSE). Consequently, we hypothesize that NASDAQ stocks are affected more by private information (or more precisely, insider trading) than the DJIA stocks. In the next section, we describe our choices of the fifty-one stocks and the public and private information set. We also discuss institutional differences between the NYSE and the NASDAQ market. In Section II, we examine the implications of public and private information for the volatility of daily returns of each stock. In Section III, we turn to the question of the relative importance of individual elements of our information set. Further analysis of the five DJIA stocks and the four NASDAQ stocks that are most sensitive to earnings announcements is given in Section IV, and our results are summarized in Section V.

• The Journal of the Convergence on Culture Technology
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• v.8 no.5
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• pp.697-703
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• 2022

Due to the recent economic downturn caused by Covid-19 and the unstable international situation, many investors are choosing the derivatives market as a means of investment. However, the derivatives market has a greater risk than the stock market, and research on the market of market participants is insufficient. Recently, with the development of artificial intelligence, machine learning has been widely used in the derivatives market. In this paper, reinforcement learning, one of the machine learning techniques, is applied to analyze the scalping technique that trades futures in minutes. The data set consists of 21 attributes using the closing price, moving average line, and Bollinger band indicators of 1 minute and 3 minute data for 6 months by selecting 4 products among futures products traded at trading firm. In the experiment, DNN artificial neural network model and three reinforcement learning algorithms, namely, DQN (Deep Q-Network), A2C (Advantage Actor Critic), and A3C (Asynchronous A2C) were used, and they were trained and verified through learning data set and test data set. For scalping, the agent chooses one of the actions of buying and selling, and the ratio of the portfolio value according to the action result is rewarded. Experiment results show that the energy sector products such as Heating Oil and Crude Oil yield relatively high cumulative returns compared to the index sector products such as Mini Russell 2000 and Hang Seng Index.

• Management & Information Systems Review
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• v.35 no.1
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• pp.189-206
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• 2016

It was required to attach the documents on the details of external audit including the number of the participants in external audit, audited parts and audit times under the Article 7-2 on the audit report to the accounting audit report from 2014 in accordance with the amendment to the Act on External Audit of Stock Companies. This study aim to calculate the audit fee based on the estimated cost of service calculation of the government contribution agencies by reflecting the implementation of the revised external audit. This study calculated the audit fee for the target company (a listed company assumed to have no internal control risks and relevant audit risks for unqualified opinion in the previous year, 100 billion won of total amount of asset, manufacturing company in the previous year and preliminary client request) by putting together four items of expenditure including employment costs, expenditure, general management expenses and profit in accordance with the calculation system of cost of service under the State Contract Act. Then, it used the data collected from the documents on the details of the revised external audit after requesting estimation on the target company with the estimated cost to Big-4 accounting firms to identify the participants and times of the accounting audit. The employment costs applied 150% of participation rate of the base price of employment costs for the academic research service cost in 2014, the expenditure used the average value of accounting firms of corporate business management analysis of the Bank of Korea (2013), the general management expenses applied 5% of the general management rate of service business under Article 7-1 of the Enforcement Rule of the Act on Contracts to which the State is a Party and the profit applied 10% of profit rate of service business under Article 7-2 of the Enforcement Rule of the Act on Contracts to which the State is a Party. Based on the calculation of the estimated costs by applying the above, the audit fee was estimated at 50,617,769won. Although the result is not the optimal audit fee, it may be used as a basic scale to compare the audit fees of companies without criteria. Also, such amendment to the Act on External Audit of Stock Companies may improve independence of auditors and transparency of the accounting system rather than previous announcing only the total audit times.