• The Journal of Information Technology
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• v.7 no.3
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• pp.19-36
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• 2004

This study examines the relation between accruals components of earnings and stock return. Earnings are decomposed into four components: discretionary accruals, nondiscretionary accruals, nondiscretionary income and cash flow from operations. Because reported earnings in financial statement consist of cash flow from operations plus total accruals. We decompose total accruals into a discretionary accruals and a nondiscretionary accruals separately. This paper examines the incremental informational content of discretionary accruals and nondiscretionary accruals components of net income by regressing return on earnings' components in multivariate models. The empirical analysis is conducted on a sample of 1,580 firm-years comprising 158 firms during 1991-2003. discretionary accruals are obtained by decomposing total accruals into discretionary and nondiscretionary accruals conponents, using a pooled variation of the Jones model(1991). These findings suggest that the discretionary accruals(measured using a variation the Jones model) is priced by the stock market. Specifically, the discretionary accruals and cash flow from operations are positively associated with the stock return, and also nondiscretionary income, discretionary accruals are positively associated with the stock return. While this result is consistent with the market prices the discretionary accruals because it captures value-relevant information. Additional test report evidence consistent with nondiscretionary accruals conveying information about the stock return.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 1987.10a
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• pp.28-29
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• 1987

• Journal of Convergence for Information Technology
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• v.10 no.3
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• pp.67-75
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• 2020

This paper investigated the information spillover effect between stock market and bond market with the KOSPI daily index and MMF yield data. The overall analysis period is from May 2, 1997 to August 30, 2019. The empirical analysis was conducted by dividing the period from May 2, 1997 to December 30, 2008 before the global financial crisis, and from December 30, 2008 to August 30, 2019 after the global financial crisis, and the overall analysis period. The analysis shows that the EGARCH model considering asymmetric variability is suitable. The price spillover effect and volatility spillover effect existed in both directions between the stock market and the bond market, and the price transfer effect was greater in the period before the global financial crisis than in the period after the global financial crisis. Asymmetric volatility in information between stock and bond markets appears to exist in both markets.

• Journal of Internet Computing and Services
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• v.15 no.6
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• pp.15-26
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• 2014

This study focus on a economic value of the Big Data technologies by real options model using big data technology company's stock price to determine the price of the economic value of incremental assessed value. For estimating stochastic process of company's stock price by big data technology to extract the incremental shares, Generalized Moments Method (GMM) are used. Option value for Black-Scholes partial differential equation was derived, in which finite difference numerical methods to obtain the Big Data technology was introduced to estimate the economic value. As a result, a option value of big data technology investment is 38.5 billion under assumption which investment cost is 50 million won and time value is a about 1 million, respectively. Thus, introduction of big data technology to create a substantial effect on corporate profits, is valuable and there are an effects on the additional time value. Sensitivity analysis of lower underlying asset value appear decreased options value and the lower investment cost showed increased options value. A volatility are not sensitive on the option value due to the big data technological characteristics which are low stock volatility and introduction periods.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.41 no.2
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• pp.153-158
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• 2018

At the Bank of Korea, capital stock statistics were created by the PIM (perpetual inventory method) with fixed capital formation data. Asset classifications also included 2 categories in residential buildings, 4 non-residential buildings, 14 constructions, 9 transportation equipment, 28 machinery, and 2 intangible fixed assets. It is the Korean government accounting system which is developed much with the field of the national accounts including the valuation, but until 2008 it was consistent with single-entry bookkeeping. Many countries, including Korea, were single-entry bookkeeping, not double-entry bookkeeping which can be aggregated by government accounting standard account. There was no distinction in journaling between revenue and capital expenditure when it was consistent with single-entry bookkeeping. For example, we would like to appropriately divide the past budget accounts and the settlement accounts data that have been spent on dredging into capital expenditure and revenue expenditure. It, then, tries to add the capital expenditure calculated to FCF (fixed capital formation), because revenue expenditure is cost for maintenance etc. This could be a new direction, especially, in the estimation of capital stock by the perpetual inventory method for infrastructure (SOC, social overhead capital). It should also be noted that there are differences not only between capital and income expenditure but also by other factors. How long will this difference be covered by the difference between the 'new series' and 'old series' methodologies? In addition, there is no large difference between two series by the major asset classification level. If this is treated as a round-off error, this is a problem.

• Journal of the Korean Society for Railway
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• v.9 no.1 s.32
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• pp.36-42
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• 2006

Studied was a strategic plan for the Korean High-Speed Train system to penetrate the Chinese railway market in exchange of the technology of KHST. Firstly, taken was a glance at Chinese Government plans to extend total length of his railway lines and to construct the Beijing~Shanghai high-speed railway line. Then, disparity of railway technology in Korea and China was reviewed. From the review, SWOT Analysis were carried out to penetrate the foreign markets. Countermeasures to cope with SWOT were also considered. Strategical governmental supports and the establishment of the special organization to be in charge of penetration of KHST into foreign markets were proposed. Finally, also proposed was the transfer of KHST technology to Chinese counterparts in exchange of tangible benefits for Korean side. The benefits may include (1) adoption of KHST as the type of rolling stock for the Beijing~Shanghai line, (2) guarantee of participation in the project and royalty for the KHST technology used for the future high-speed railway line construction, (3) prior written approval and partnership when making its way to third country, and (4) participation of Korean construction companies in Chinese railway construction project, etc. Adoption of KHST in China indeed gives chance to integrate the high-speed railway network after reunification of Korean peninsular, and enhance the economic ties between two countries.

• Proceedings of the KSR Conference
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• 2005.11a
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• pp.907-914
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• 2005

Studied was a strategic plan for the Korean High-Speed Train system to penetrate the Chinese railway market in exchange of the technology of KHST. Firstly, taken was a glance at Chinese Government plans to extend total length of his railway lines and to construct the $Beijing\~Shanghai$ high-speed railway line. Then, disparity of railway technology in Korea and China was reviewed. From the review, SWOT Analysis were carried out to penetrate the foreign markets. Countermeasures to cope with SWOT were also considered. Strategical governmental supports and the establishment of the special organization to be charge of penetration of KHST into foreign markets were proposed. Finally, also proposed was the transfer of KHST technology to Chinese counterparts in exchange of tangible benefits for Korean side, The benefits may include (1) adoption of KHST as the type of rolling stock for the $Beijing\~Shanghai$ line, (2) guarantee of participation in the project and royalty for the KHST technology used for the future high-speed railway line construction. (3) prior written approval and partnership when making its way to third country, and (4) participation of Korean construction companies in Chinese railway construction project. etc. Adoption of KHST in China indeed gives chance to integrate the high-speed railway network after reunification of Korean peninsular, and enhance the economic ties between two countries.

• Proceedings of the Korea Inteligent Information System Society Conference
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• 1999.10a
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• pp.323-335
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• 1999

In this paper, we propose a new hybrid model of artificial neural networks(ANNs) and genetic algorithm (GA) to optimal feature transformation and feature weighting. Previous research proposed several variants of hybrid ANNs and GA models including feature weighting, feature subset selection and network structure optimization. Among the vast majority of these studies, however, ANNs did not learn the patterns of data well, because they employed GA for simple use. In this study, we incorporate GA in a simultaneous manner to improve the learning and generalization ability of ANNs. In this study, GA plays role to optimize feature weighting and feature transformation simultaneously. Globally optimized feature weighting overcome the well-known limitations of gradient descent algorithm and globally optimized feature transformation also reduce the dimensionality of the feature space and eliminate irrelevant factors in modeling ANNs. By this procedure, we can improve the performance and enhance the generalisability of ANNs.

• Journal of Korean Society for Quality Management
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• v.22 no.1
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• pp.214-218
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• 1994

An inventory supplies stock continuously at a constant rate. A deliveryman arrives according to a Poisson process. If the level of the inventory, when he arrives, exceeds a threshold, no action is taken, otherwise a delivery is made by a random amount. Costs are assigned to each visit of the deliveryman, to each delivery, to the inventory being empty and to the stock being kept. It is shown that there exists a unique arrival rate of the deliveryman which minimizes the average cost per unit time over an infinite horizon.

• Industrial Engineering and Management Systems
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• v.16 no.1
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• pp.118-128
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• 2017

Uncertain factors in finical markets make the prediction of future returns and risk of asset much difficult. In this paper, a model,assuming the admissible errors on expected returns and risks of assets, assisted in the multiperiod mean variance portfolio selection problem is built. The model considers transaction costs, upper bound on borrowing risk-free asset constraints, cardinality constraints and threshold constraints. Cardinality constraints limit the number of assets to be held in an efficient portfolio. At the same time, threshold constraints limit the amount of capital to be invested in each stock and prevent very small investments in any stock. Because of these limitations, the proposed model is a mix integer dynamic optimization problem with path dependence. The forward dynamic programming method is designed to obtain the optimal portfolio strategy. Finally, to evaluate the model, our result of a meaning example is compared to the terminal wealth under different constraints.