• The Korean Journal of Financial Management
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• v.20 no.2
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• pp.201-234
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• 2003

This paper examines the day of the week effect focusing on the effect of the settlement procedures on the stock price in seven major international stock markets. Settlement dates or procedures may have an effect on rate of return distributions in international stock markets. Those Settlement procedures are different among various international stock markets. Furthermore, several international stock markets change their systems of settlement procedures. On the New York stock exchanges, stock transactions are settled in five business days after the transaction. However, they changed settlement procedures from five business days to three business days from 1995. Those settlement procedures on the London stock exchanges and the Paris stock exchanges were changes from the fixed settlement date systems to the fixed settlement lag systems. Thus, this paper examines the effect of the changes in settlement procedures on the stock price in several stock markets. I found that changes of settlement dates or procedures have an effect on the rate of return distributions for specific days in some stock markets. This paper also examines the day of the week effect for seven international stock markets. I found that strong weekend effect before the period of 1990. However, the weekend effect has disappeared during the period from 1990 to 2002 in international stock markets.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.56 no.7
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• pp.1205-1210
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• 2007

Several mechanisms are introduced for the procurement of capacity adequacy. In the competitive electricity market, however, it is a GENCO that makes generation investment decision. A GENCO will invest a new generator when it can get more profit than cost. There requires a model to evaluate profit with respect to a new generation investment. In the view of long-term investment, evaluation of a profit of a generator in the electricity market is quite different from that of short-term operation. In this paper, a new profit-evaluation model is proposed for the long-term generation investment. It can treat the probabilistic characteristics of generators, ie, forced-outage-rates, which affect profit of generators.

• The Southeast Asian review
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• v.27 no.1
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• pp.1-52
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• 2017

This study aims to compare the state building process focusing on the founding presidents of South Korea, which was a colony of the defeated state of World War II and the Philippines, the colony of the victorious state. To this end, it compares the lives of the presidents, mainly the founding president of Korea Syngman Rhee and Manuel Quezon who led the autonomy of the Philippines and established the Commonwealth government, in the contexts of the state building process of the two countries. In each country, the leaders had to address the core tasks for founding the states in common. Firstly, after the independence or the acquisition of state autonomy, both countries adopted a constitution based on the presidential system with the strong authority of the presidents influenced by the United States. Secondly, the two countries after the independence were operated on the basis of anti-communism at the forefront of the Cold War. In addition, they also carried out land reform to bring the peasants into the system for supporting anti-communism. Lastly, the two countries also faced the same issues of liquidating the Japanese colonial legacies. Therefore the study examines the establishment of the constitution, settlement of anti-communism line, the land reform issues, and liquidation of Japanese colonialism or occupation in each country. The Philippines attained 'constitutional independence' in 1935 and experienced political development faster than any other post-colonial country in Asia. However, except for the establishment of the constitution, the early leaders were not able to address the principal issues for state building. As land reform failed, landowners became economically and politically dominant. The Philippines, where the modern citizen class has not arisen suffered from the political and economic recession. In Korea, despite the Korean War and division of the country, the founding president Syngman Rhee attempted to solve the tasks. As a result, he was able to lay the track of liberal democracy against communism and also settled Japanese colonial legacy as much as it was allowed. In particular, through land reform, he has laid the basis for the nation-state and economic development and has set up the girders of Korean economy by adopting the market economy system. Although there are merits and demerits, compared with the leaders of other countries especially with the Philippines, it is no doubt that Syngman Rhee has played an essential role in establishing the state as a founding president.