• Korea Petroleum Association Journal
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• no.10 s.200
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• pp.98-101
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• 1997

태국을 비롯한 동남아 국가들은 90년대 후반 이후 경제성장 둔화, 경상수지 악화, 금융제도 불안 등으로 기초경제여건이 취약해진 가운데 통화의 고평가 심리가 팽배해지면서 지난 7월 통화가치가 급락하는 외환위기를 겪었음 이번의 외환위기는 금융규제완화 및 자본 자유화로 금융의 범세계화가 진전되면서 한 국가의 외환위기가 인접국으로 신속히 확산되는 동조화 현상 (Spill-over effect)이 보편화되고 있음을 보여주었음. 그러나 우리나라의 경우 기초경제여건, 시장개방도, 원화의 국제화 정도 등을 감안할 때 최근의 동남아 외환위기가 국내로 파급될 가능성은 없는 것으로 평가됨. 외환위기를 예방하기 위하여는 국제수지 등 기초경제여건의 개선과 함께 탄력적인 환율운용, 적정 외환보유액의 확보 및 중앙은행간 협력업체의 강화 등을 통해 급격한 외화유출입에 대한 대응능력을 높여 나가야 할 것임

• Journal of Intelligence and Information Systems
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• v.21 no.3
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• pp.117-129
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• 2015

As the Internet becomes ubiquitous, a large volume of information is posted on the Internet with exponential growth every day. Accordingly, it is not unusual that investors in stock markets gather and compile firm-specific or market-wide information through online searches. Importantly, it becomes easier for investors to acquire value-relevant information for their investment decision with the help of powerful search tools on the Internet. Our study examines whether or not the Internet helps investors assess a firm's value better by using firm-level data over long periods spanning from January 2004 to December 2013. To this end, we construct weekly-based search volume for information technology (IT) services firms on the Internet. We limit our focus to IT firms since they are often equipped with intangible assets and relatively less recognized to the public which makes them hard-to measure. To obtain the information on those firms, investors are more likely to consult the Internet and use the information to appreciate the firms more accurately and eventually improve their investment decisions. Prior studies have shown that changes in search volumes can reflect the various aspects of the complex human behaviors and forecast near-term values of economic indicators, including automobile sales, unemployment claims, and etc. Moreover, search volume of firm names or stock ticker symbols has been used as a direct proxy of individual investors' attention in financial markets since, different from indirect measures such as turnover and extreme returns, they can reveal and quantify the interest of investors in an objective way. Following this line of research, this study aims to gauge whether the information retrieved from the Internet is value relevant in assessing a firm. We also use search volume for analysis but, distinguished from prior studies, explore its impact on return comovements with market returns. Given that a firm's returns tend to comove with market returns excessively when investors are less informed about the firm, we empirically test the value of information by examining the association between Internet searches and the extent to which a firm's returns comove. Our results show that Internet searches are negatively associated with return comovements as expected. When sample is split by the size of firms, the impact of Internet searches on return comovements is shown to be greater for large firms than small ones. Interestingly, we find a greater impact of Internet searches on return comovements for years from 2009 to 2013 than earlier years possibly due to more aggressive and informative exploit of Internet searches in obtaining financial information. We also complement our analyses by examining the association between return volatility and Internet search volumes. If Internet searches capture investors' attention associated with a change in firm-specific fundamentals such as new product releases, stock splits and so on, a firm's return volatility is likely to increase while search results can provide value-relevant information to investors. Our results suggest that in general, an increase in the volume of Internet searches is not positively associated with return volatility. However, we find a positive association between Internet searches and return volatility when the sample is limited to larger firms. A stronger result from larger firms implies that investors still pay less attention to the information obtained from Internet searches for small firms while the information is value relevant in assessing stock values. However, we do find any systematic differences in the magnitude of Internet searches impact on return volatility by time periods. Taken together, our results shed new light on the value of information searched from the Internet in assessing stock values. Given the informational role of the Internet in stock markets, we believe the results would guide investors to exploit Internet search tools to be better informed, as a result improving their investment decisions.

• The Korean Journal of Applied Statistics
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• v.21 no.2
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• pp.221-231
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• 2008

This study attempts to perform the statistical tests for the comovement of the stock prices between Korea and U.S. by using the weekly data instead of the usual daily data. The restoring pattern, from the short-run disequilibrium to the long-run equilibrium point, is also carefully estimated if the long-run relationships exist between the stock prices. The cointegrating relations between the stock prices appear to begin to hold during the period of the financial crisis. It is found to be consistently estimated that the equilibrium error is slowly eliminated till the end of the financial crisis, while quickly removed after the period.

• 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.

• Industry Promotion Research
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• v.9 no.2
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• pp.13-22
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• 2024

The purpose of this study is to derive passenger trends and change rates for each airline and identify directionality and synchronization phenomenon. Data by each airlines was collected from the National Statistics Forum of Statistics Korea, and we used a total of 156 monthly data from January 2011 to December 2023. In this study, the rate of change was calculated for domestic Full Service Carriers (Korean Air, Asiana Airlines) and Low Cost Carriers (Jeju Air, Jin Air, T'way, foreign airlines). As a result of the analysis, the correlation was found to be high for KOREA in that order: Asiana, Korean Air, Jeju Air, T'way, Jin Air, foreign airlines. The rate of increase was highest in that order: T'way, Jin Air, Jeju Air, foreign airlines, Asiana, Korean Air. In the Scatter analysis, Asiana and Korean Air showed a very strong synchronization with KOREA. In addition, Jeju Air, T'way, Jin Air and foreign airlines also showed the same direction toward KOREA to a certain degree. In the Box-Box Plot analysis, it was determined that each airline experienced a number of unusual sudden fluctuations due to the outbreak of COVID-19. Passengers have a wider range of choices due to the emergence of Low Cost Carriers, and as a result, expectations for airline service are increasing. Airlines will need to make appropriate environmental improvements to satisfy these needs for corporate development.

• Journal of Digital Convergence
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• v.19 no.10
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• pp.195-202
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• 2021

The purpose of this study is to classify national ships into passenger ships, cargo ships, oil tankers, tugboats, barges, and other ships by use, and compare the rate of change and direction respectively. In this study, a total of 123 monthly data were searched from January 2011 to March 2021 in Statistics Korea's KOSIS "Traffic Logistics => Operating Vessel Statistics => Possesion State of National Vessels". To this end, we calculated the rate of change from the previous month for each ship and performed numerical analysis and model analysis. In the correlation analysis, the Total showed a high relationship in the order of Towing, Barge, Oil, Cargo and Ferry. In the regression analysis, each ship was found to be statistically significant and varied independently of each other. The increase rate was highest in the order of Ferry, Oil, Towing, Barge and Cargo during the last analysis period. In the analysis of Scatter Charts, Towing and Barge showed more than a certain level of synchronization with respect to the Total. The synchronization phenomenon for each ships was calculated to be rather low, indicating that the correlation between each ships was low. However, the correlation between Oil and Towing, Oil and Barge and Towing and Barge is relatively high, indicating a relatively large correlation.

• Proceedings of the Korea Society of Costume Conference
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• 2003.05a
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• pp.41-41
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• 2003

하루가 다르게 점차 빨라지고 있는 유행주기와 동조성의 거부 즉 개성화추구현상이 두드러짐에 따라서 패션상품 및 화장품 구매행동도 변하고 있다. 따라서 본 연구는 시시각각 변화고 있는 소비자들의 소비태도와 유행추세에 따라 화장품 회사들의 다양한 판매촉진 전략 중에서 화장품 기획세트를 중심으로 심미적 가치관이 높고, 외모에 관심이 많은 20대 유행선도자들의 화장품 기획세트 구매동기와 구매태도, 구매반응, 구매실태를 알아본 후 본 연구를 바탕으로 화장품 기획세트 판매촉진의 효율적인 개발과 전략수립에 도움을 주고자 한다.

• The Korean Journal of Applied Statistics
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• v.24 no.1
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• pp.1-10
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• 2011

This study investigates the dynamic structure of interdependence on the domestic and related major stock markets by employing a statistical framework. Finance theory predicts potential gains by international portfolio diversification if returns from investment in different national stock markets are not perfectly correlated or not cointegrated. The benefit of international diversification is limited when national stock markets are cointegrated because of the limited amount of independent variation by the presence of common factors. The statistical tests suggest that international diversification appears to be favorable after the period of the comovement of the stock prices caused by 1997 Asian financial crisis. The result reflects the increase in overseas investment and purchase of overseas funds after the early 2000's.

• Journal of Ocean Engineering and Technology
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• v.33 no.2
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• pp.196-202
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• 2019

In this study, the excessive noise and vibration phenomena of a high-speed Ro/Ro passenger ship were analyzed, and a countermeasure was taken based on them. This ship was granted a comfort class notation by the classification society, which was COMFORT-VIBRATION-II and COMFORT-NOISE-CREW-II. However, unfortunately, excessive noise and vibration in the aft part of the ship were delivered from the twin shaft propellers, and therefore the Class Requirement was not satisfied before delivery. In order to obtain the class notation, all of the concerned parties came to an agreement to reduce the noise and vibration level during operation after delivery because a seasonal ferry service was already scheduled and the cabin was fully booked. The root cause of the massive amount of noise and vibration was mainly the propeller-induced excitation pulse and beating that occurred from the mismatch of the rotating speeds of the two shaft lines. A 1st order vibrating force and beating phenomena existed in the propeller. Thus, a reduction of the excitation force, elimination of the beating phenomena, and decrease of the noise level at the aft area cabins and public spaces were required. In addition, structural reinforcements were conducted using pillars and additional girders at the aft part of the decks.

• Journal of the Korean Data and Information Science Society
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• v.22 no.3
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• pp.423-436
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• 2011

Many of the theoretical studies have considered herd behavior as a source of the volatility in financial markets, but there have been few empirical studies on the dynamic herding due to the technical difficulty of detecting herd behavior with time-series data. In this context, this paper proposes a new method for measuring time-varying herd behavior based on QR-GARCH model. Using daily data of KOSPI stocks, this paper provides some empirical evidence for strong and volatile herding among traders of stocks of medium firms, and shows that time-varying herd behavior in traders of some stocks has persistent autocorrelation.