• Journal of the Korea Academia-Industrial cooperation Society
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• v.21 no.5
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• pp.60-68
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• 2020

Owing to the complexity and modernization of weapon systems, the role of the defense industry in producing military companies has become increasingly important. In the past defense industries, price competitiveness is a key factor in product choice. On the other hand, product quality is becoming increasingly important compared to price competitiveness. In particular, improving the quality efficiency of small and medium defense suppliers is a necessary part of realizing completed weapon systems, and measures are required to evaluate the quality efficiency of small and medium defense suppliers objectively. This study measured the efficiency of quality using DEA, which is one of the decision methodologies. To use DEA, the number of employees (QA Team) and the number of improvement requirements (Through the activity of onsite quality-support team in aeronautical system center) were set as the input variables. In addition, the output variables were based on sales and the number of certification acquisitions (QMS). To analyze the quality efficiency of small and medium defense suppliers in the aeronautical field, both CCR and BCC models were analyzed, and the scale efficiency values were derived. Strategic development plans for small and medium defense suppliers can be guided using the research results.

• Management & Information Systems Review
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• v.37 no.4
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• pp.63-74
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• 2018

Recently, in the asset management industry, the smart beta strategy, which has an intermediate nature between passive and active strategies, is attracting attention. In this smart beta strategy, value, momentum, low volatility, and quality index are widely used. In this study, we analyzed the quality index which is not clear and complicated to calculate. According to the MSCI methodology, the quality index was calculated using three variables: return on equity, debt to equity, and earnings variability. In addition, we use the index using only return on equity variable, the index using only two variables of return on equity and debt to equity, and the KOSPI index as comparison targets for the quality index. In order to evaluate the performance of the indices used in the analysis, the arithmetic mean return, the coefficient of variation, and the geometric mean return were used. In addition, Fama and French (1993) model, which is widely used in related studies, was used as a pricing model to test whether abnormal returns in each index are occurring. The results of the empirical analysis are as follows. First, in all period analysis, quality index was the best in terms of holding period returns. Second, the quality index performed best in the currency crisis and the global financial crisis. Third, abnormal returns were not found in all indices before the global financial crisis. Fourth, in the period after the global financial crisis, the quality index has the highest abnormal return.

• Journal of Korea Game Society
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• v.15 no.6
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• pp.41-54
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• 2015

Despite a great performance of Korean online game in Chinese online game market, Korean companies were faced with decreasing market positions in China from 2006. To overcome this problem, I will suggest a research model about determinant of repurchase behavior of on-line game user and moderation effect of online review. Data collected from questionnaire survey were used in empirical analysis on research hypothesis through moderated multiple regression method. There are several conclusions as such; first, perceived value and loyalty of consumer have great positive relationships with repurchase behavior. Second, online review has positive direct influence on repurchase behavior and moderation effect of relationships among them. Third, game company has great efforts to develop online games and game contents which were guaranteed before in price, quality, information, and accurate consideration of online review.

• The Korean Journal of Financial Management
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• v.19 no.2
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• pp.1-25
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• 2002

본 논문은 한국의 대표적인 두 시장, 코스닥시장과 증권거래소간의 투자전략을 비대칭적 정보가정에서 모형화하고, 정보상의 비대칭요소를 추정하여 최적포트폴리오를 구하는데 목적이 있다. 정보상에 비대칭적 시장들에서는 그 시장에 독특한 위험프리미엄이 존재하게 되는데, 이는 시장간의 효율적 포트폴리오를 구성하는데 있어서 비체계적 위험과 체계적 위험간의 구분이 불분명해지는 상황을 의미하며, 따라서 최적포트폴리오도 보다 복잡한 구조를 갖게 된다. 본 연구는 분석적 차원에서 정보상에 비대칭적인 것으로 가정되는 두 자본시장, 즉 코스닥시장과 증권거래소에서의 최적포트폴리오 전략을 살펴보고, 두 시장간의 비대칭성이 주는 의미와 그것이 최적 투자정책에 미치는 영향의 정도를 분석하고, 비대칭적인 두 시장에서의 균형조건을 살펴본다. 먼저, 최적포트폴리오 전략을 살펴보고, 자산가격 움직임에 있어서 차익거래의 영향을 분석하며 이에 대한 정보상으로 비대칭적인 두 시장간의 포트폴리오 전략과의 관계도 분석하였다. 이어서 비대칭적 상황을 발생시키는 다양한 요소들을 살펴보며 이와 같은 정보비대칭요소가 기대수익수준에 미치는 영향을 분석하기 위해 확률과정의 최적화 방법을 이용하여 추정하였다. 따라서 관련정보를 보유하지 못한 일반투자자들의 경우, 이 추정치를 이용하여 새로운 포트폴리오를 구성하게 될 것이다. 이 또한 불편추정치로서 최적포트폴리오로서의 역할을 하고 있는 것으로 해석된다. 그러나 비대칭요소 추정치의 정확도를 높이기 위해서는 정보를 확보하여야 하며 이에 따라 정보비용도 증가하게 되며 이 또한 최적포트폴리오의 수익성에 영향을 미치게 된다. 따라서 정보비용수준을 포트폴리오의 수익성을 고려하여 결정하여야 하며 이 점에 있어서 본 연구는 어떤 조건하에서 정보비용을 감안한 코스닥시장에의 투자결정이 이루어질 수 있는지를 분석하고 그 기준을 확률적 방법을 이용하여 제시하였다.

• Journal of Broadcast Engineering
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• v.19 no.3
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• pp.385-395
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• 2014

This study analyzes empirically main factors of willingness-to-pay for mobile IPTV emphasized as a key service in mobile environment. By structure equation analysis, the results shows that service diversity has influence on usefulness and service quality influences both usefulness and ease-to-use. Secondly, usability has positive impact on attitude and satisfaction. Thirdly, attitude and satisfaction influence willingness-to-pay. These result mean that quality assurance(ex, QoS) and improvement of usability are essential for revenue improvement revenue in mobile IPTV. And also this study can give empirical implications for service portfolio, pricing and bundling strategy as a leading study for mobile IPTV.

• International Area Studies Review
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• v.15 no.1
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• pp.31-58
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• 2011

The purpose of this paper is to analyze the effects of real and monetary disturbances and economic interactions between two large countries, and to examine how wage indexation affects the transmission of real and monetary disturbances and affects the fiscal and monetary policies of a large country. A two large country model is built, and is theoretically analyzed. We conducted an empirical investigation to apply theoretical findings to the Japanese and US economic interactions in response to real and monetary disturbances originating in one or the other country. Empirical evidence on Japan-USA economic interactions shows that Japan is much more affected by the US economic policy than the USA is affected by the Japanese economic policy. The economic impacts of real and monetary disturbances on the Japanese and US economies are smaller when the Japanese and US wage indexing parameters are lower.

• Management & Information Systems Review
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• v.29 no.2
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• pp.1-25
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• 2010

This study attempted to empirically test the determinants of stock returns in Korean stock market applying multi-factor model proposed by Haugen and Baker(1996). Regression models were developed using 16 variables related to liquidity, risk, historical price, price level, and profitability as independent variables and 690 stock monthly returns as dependent variable. For the statistical analysis, the data were collected from the Kis Value database and the tests of forecasting power in this study minimized various possible bias discussed in the literature as possible. The statistical results indicated that: 1) Liquidity, one-month excess return, three-month excess return, PER, ROE, and volatility of total return affect stock returns simultaneously. 2) Liquidity, one-month excess return, three-month excess return, six-month excess return, PSR, PBR, ROE, and EPS have an antecedent influence on stock returns. Meanwhile, realized returns of decile portfolios increase in proportion to predicted returns. This results supported previous study by Haugen and Baker(1996) and indicated that firm-characteristic model can better predict stock returns than CAPM. 3) The firm-characteristic model has better predictive power than Fama-French three-factor model, which indicates that a portfolio constructed based on this model can achieve excess return. This study found that expected return factor models are accurate, which is consistent with other countries' results. There exists a surprising degree of commonality in the factors that are most important in determining the expected returns among different stocks.

• The Korean Journal of Financial Management
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• v.14 no.3
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• pp.23-56
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• 1997

본 연구는 주식의 시장가치와 거래빈도, 기관지분비율, 거래량 등에 따라 주식수익률의 시계열상관이 일정한 패턴을 갖는 것으로 나타나고 있다는 사실을 실증적으로 확인하고, 주식수익률의 시계열상관에 주된 영향을 미치는 요인을 횡단면 분석방법을 이용하여 살펴보고 있다. 1985년부터 1995년까지의 기간에 걸친 일별수익률자료를 이용하여 분석한 결과를 요약하면, 1) 규모, 거래빈도, 기관지분비율, 거래량 등이 작은 주식들로 구성된 포트폴리오일수록 수익률이 강한 양의 자기상관을 갖게 되며, 또한 그러한 변수들의 크기가 큰 주식들로 구성된 포트폴리오의 수익률에 대하여 후행하는 관계에 있다는 보여주고 있다. 2) Lo and MacKinlay(1990a)의 비거래모형을 이용한 분석결과에서는 한국주식수익률의 시계 및 상관이 전적으로 비거래로 인하여 나타나는 현상이 아니라는 것을 보여주고 있다. 3) 시계열상관의 정도를 나타내는 후행척도를 상기한 변수들에 대하여 회귀분석한 결과는 모든 변수들이 주식수익률의 시계열상관에 동시적으로 영향을 주고 있다는 것을 보여준다. 특히 시계열상관을 야기하는 요인들 중에서 거래빈도는 분석기간에 관계없이 항상 시계열상관에 음의 영향을 미치는 것으로 나타나고 있다. 기관지분비율과 거래량은 분명히 시계열상관에 음의 영향을 미치지만, 분석기간에 따라 유의성에 다소 차이를 보여주고 있다. 수익률의 변동성은 전반기의 경우에 시계열상관과 음의 관계를, 후반기의 경우에는 양의 관계를 갖는 것으로 나타나고 있다. 이러한 검증결과들로 미루어, 한국주식수익률의 시계열상관은 주가의 반응에 영향을 주게되는 시장구조나 투자패턴 등이 전 후반기에 있어서 서로 다르기 때문에 나타나는 현상으로 보인다.력(事前賣却努力)이 협의발행하에서 더 높았으나 발행일 직후의 주가회복은 보이지 않아 인수방식에 따른 가격안정화(價格安定化) 노력의 차이는 없었다. 발행기업들간의 주가차별화의 정도를 분석한 결과 협의발행에서 인회활동(認淮活動) (certification effects)을 더 잘 할 수 있다는 사실을 지지하지 못했다.범위(範圍)에 벗어나 한국주식시장(韓國株式市場)에서 주식시장(株式市場)의 비효율성(非效率性)을 배제할 수 없는 것으로 나타났다. 뿐만 아니라 차기에도 이어지고 화폐량과 소득이 주가의 결정에 영향을 미치고 있으며 다른 금융변수(金融變數)들은 영향을 미치지 않고 있다. 그러나 실질화폐잔고와 실질주가 장단기수익비율 화폐차등수익률과 소득변화률과는 장기적(長期的) 정상적(定常的) 균형관계(均衡關係)를 형성하고 있다. 따라서 장기적 관점에서 증권시장은 경제성장을 위한 통화정책과 각 분야의 균형적 성장을 유발할 수 있는 재정정책(財政政策)이 요청되고 있다. 위의 논의에서 유추할 수 있는 것은 화폐의 영향을 완화시키기 위하여 option시장의 개발과 농산물, 광물, 기타 실물 및 금융에 대한 선물시장의 개설이 요청된다. 이와 같은 시장을 통하여 통화 정책이 증권시장에 미치는 과도한 효과를 축소시켜 합리적이고 건전한 증권시장(證券市場)의 발전(發展)과 금융시장(金融市場)의 원활한 발전이 이룩될 수 있을 것이다. 자본시장이론(資本市場理論)에서는 화폐는 무시하고 실물적인 관점에서 증권가격의 결정을 연구하거나 위험분석에 주안점이 주어져 왔었다. 본 연구를 통하여 통화정책의 결과가 자본시장에 직접적으로 영향을 미치고 있음을 확인하였다. 통화금융정책과 주가의 유기적 관계를 확인한 본 논문의 결과를 정책당국이 참고하여

• Environmental and Resource Economics Review
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• v.13 no.2
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• pp.219-243
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• 2004

Generally, electricity market has monopoly market structure because of need of enormous investment for infrastructure. However, the introduction of competition in network industry as electricity is a tendency of the world with decreasing the effects of economy of scale due to the advancement of technology. Now, electricity industry restructuring is in progress but the competition in electricity retail market is not in force yet in Korea. Whether a effective competition exist or not is very important to policy decision maker who drive restructuring, but there are small numbers of quantitative researches on that. In this study, we estimated the effectiveness of competition in the electricity retail market through switching costs. If switching costs are high, consumers actually can be locked in incumbent firm in spite of introduction of competition. Therefore switching is a critical factor to determine effectiveness of competition and to estimate the size of switching costs quantitatively can proffer the information about whether the competition in the electricity retail market is effective or not in the future. We estimated switching costs using consumer' stated-preference data by conjoint analysis. In according to estimation results, the cost of switching process is not so high, but the relative brand loyalty of an incumbent company is significantly high. And the price is considered as the most important factor choosing an electric service commodity. Based on the empirical results, it is possible to analyze the relationship between suppliers' competitiveness resulted from management efficiency and customers' switching possibilities. The paper therefore provides guidance for suppliers in deciding to enter into retail competition and for policy makers in introducing retail competition. And it has a significance of estimating the switching costs directly.

• Journal of Navigation and Port Research
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• v.43 no.1
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• pp.72-78
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• 2019

The second-hand ship market provides immediate access to the freight market for shipping investors. When introducing second-hand vessels, the precise estimate of the price is crucial to the decision-making process because it directly affects the burden of capital cost to investors in the future. Previous studies on the second-hand market have mainly focused on the market efficiency. The number of papers on the estimation of second-hand vessel values is very limited. This study proposes an artificial neural network model that has not been attempted in previous studies. Six factors, freight, new-building price, orderbook, scrap price, age and vessel size, that affect the second-hand ship price were identified through literature review. The employed data is 366 real trading records of Panamax second-hand vessels reported to Clarkson between January 2016 and December 2018. Statistical filtering was carried out through correlation analysis and stepwise regression analysis, and three parameters, which are freight, age and size, were selected. Ten-fold cross validation was used to estimate the hyper-parameters of the artificial neural network model. The result of this study confirmed that the performance of the artificial neural network model is better than that of simple stepwise regression analysis. The application of the statistical verification process and artificial neural network model differentiates this paper from others. In addition, it is expected that a scientific model that satisfies both statistical rationality and accuracy of the results will make a contribution to real-life practices.