• Journal of KIISE:Computing Practices and Letters
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• v.11 no.5
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• pp.458-463
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• 2005

The total asset management system is used for banks or financial institutions for the management of trusteed assets or own assets and it is divided into three systems: the front-office system, the middle-office system and the back-office system by its business areas and functionalities. This kind of asset management system is a huge and complex system handling large data and various financial products, and requires professional knowledges like accounting, financial product specific knowledge, compliance and regulations, etc. It also performs high level computation for NAV calculation and risk measurement on every day Therefore, it needs absolute stability, extendability and efficiency and should handle the frequent change of regulation and products and connectivity with outdoor institutions. In this paper, we report our successful development of such a system and discuss issues regarding its efficient system design and system construction.

• Land and Housing Review
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• v.11 no.1
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• pp.49-57
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• 2020

본 연구는 기업의 투자효율성이 투자부동산 비중에 미치는 영향을 살펴보았다. 경영자의 사적이익 추구현상과 대리인비용이 클수록 나타나는 과잉투자성향이 기업의 투자부동산 비중을 증가시키는지 분석하였다. 이를 위해 2007년부터 2018년까지 유가증권시장과 코스닥시장의 5,781개의 기업-연도를 대상으로 분석하였으며 투자효율성은 McNichols and Stubben(2008)의 연구방법론으로 측정하였다. 분석결과는 다음과 같다. 첫째, 투자 비효율성이 커질수록 기업의 투자부동산 비중이 증가하는 것으로 나타났다. 이는 투자 비효율성이 높을수록 나타나는 대리인비용과 경영자의 제국건설성향이 투자부동산 비중과 유의한 관련성을 갖는다는 것을 의미한다. 둘째, 유가증권시장과 코스닥시장으로 구분하여 분석한 결과에서는 코스닥시장에서 유의성을 확인할 수 없었다. 즉, 투자 비효율성이 커질수록 나타나는 투자부동산의 비중은 유가증권시장에서 관찰되었다. 셋째, 투자 비효율성을 과잉투자와 과소투자로 구분하여 분석한 결과에서는 과잉투자성향이 증가할수록 투자부동산의 비중이 증가하였으나 과소투자와는 관련성이 나타나지 않았다. 이상의 연구결과는 그 간의 선행연구에서 주로 투자부동산과 기업 가치의 관련성에 초점을 맞추었던 반면, 대리인비용과 투자부동산 비중 간의 실증적 증거가 부족한 가운데 추가적인 학문적, 실무적 시사점을 갖는다.

• International Area Studies Review
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• v.13 no.3
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• pp.527-549
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• 2009

This paper investigates the relation of invert U-shape between the M/B ratio and leverage ratio by market, firm size, and a level of technology of firm. Our sample consists of 510 manufacturing firms continually listed on the Korea Securities Market and Kosdaq Market from January 1, 2001 to December 31, 2008. The total sample consists of the Korea Securities Market(large firms, high technology industry) sample of 2,248(1,816, 1,704) observations and the Kosdaq Market(small and medium firms, high technology industry) sample of 1,632(2,264, 2,376) observations. The empirical results show that the relation of invert U shape appears on the sample of the Kosdaq Market, small and medium firms, and high technology industry. However, the relation doesn't appear on the sample of the Korea Securities Market, large firms, and low technology industry. These mutually different results may be caused by the relatively low M/B ratio of the latter.

• Proceedings of the Korea Technical Association of the Pulp and Paper Industry Conference
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• 2003.11a
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• pp.385-385
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• 2003

• 한국데이터정보과학회:학술대회논문집
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• 2006.11a
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• pp.181-182
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• 2006

• The monthly packaging world
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• s.375
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• pp.59-63
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• 2024

• 한국IT서비스학회:학술대회논문집
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• 2007.11a
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• pp.210-215
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• 2007

본 연구는 한국증권선물거래소 유가증원시장에 상장된 정보통신제조업체를 대상으로 기술혁신 결정요인을 분석하였다. 연구모형은 Romer(1990)에서 시작되는 내생적 경제성장 모험의 지식생산함수를 이용하였으며, 기술혁신의 측정은 특허청의 기업별 특허출원수를 활용하였다. 분석결과 연구개발집약도, 기술수준, 수출비중, 자본집약도는 기술혁신에 양(+)의, 반면 관계사 매입.매출비중은 기술혁신에 음(-)의 유의한 영향을 미치는 것으로 나타났다. 특히 관계사 매출비중보다 매일비중이 자사의 기술혁신에 보다 나쁜 영향을 미침을 확인하였다. 이는 경영자에게 자사의 기술혁신을 위해 무엇보다 관계사 매입비중을 감소시킬 것을 보여준다.

• Journal of the Korean Data and Information Science Society
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• v.28 no.5
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• pp.1109-1123
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• 2017

This paper examines there is any differences among determinants of cash holdings and marginal value of cash depending on the life-cycle of firm. To accomplish these objective, we collect financial and market data of KRX listing firms for a period of 2001-2013. We present evidence of significant effect of life-cycle on the cash holdings determinants and marginal value of cash. Specially, the effect of investment opportunity related variable are varies through life-cycle. The results also suggest that marginal values of cash in the introduction stage and exit stage is higher than those in other stages. Overall, this means that the motive of cash holdings in Korean firms is weak. and shareholders place different value on a firm's cash holdings depending on the life-cycle.

• Management & Information Systems Review
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• v.35 no.3
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• pp.195-212
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• 2016

Utilizing intra-day volume weighted average price (VWAP) based on 1 minute return data of stocks traded on the Korean Stock Exchange, this paper examines and analyzes abnormal returns in reaction to patent listing disclosures as well as the cumulative abnormal returns, traded volumes, the interaction of VWAP spreads, the reaction of volumes, the reaction of VWAP spreads and the realized returns obtained from trading using an event driven arbitrage strategy. The results of the aforementioned research topics are follows. First, our analysis suggests that on average, 0.92% positive cumulative returns arise 1 minute after the patent listing disclosure announcement with high statistical significance, thereby reconfirming that the Korean stock market is a semi-strong form of the efficient market. Employing 3 separate panel tests differentiated by the size factor, we find that the abnormal returns of small sized stocks were less than the returns of medium sized stocks, which goes to support recent research findings suggesting that the size premium is no longer existent in the Korean stock market. Secondly, we show that among the event driven type strategies, the most outstanding realized returns are from the market making strategies. Furthermore, placing market order trades only at the bid or ask price resulted in negative returns. This implies that strategies utilizing a combination of market orders and limit orders, order cancelations ratios and order flows can enhance realized returns.

• Journal of Convergence for Information Technology
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• v.10 no.11
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• pp.302-312
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• 2020

This study examined whether there is a difference in cost asymmetry between a corporate listed on KOSDAQ and a corporate listed on KOSPI, and whether there is a difference in cost asymmetry depending on the size of the listed corporate. In the previous study, cost asymmetry was examined only for listed corporate, but the difference in size between KOSDAQ-listed corporate and KOSPI-listed corporate was not examined. However, according to many studies, since the characteristics of corporate and firm risks are different between corporate listed on KOSPI and corporate listed on KOSDAQ, or even for listed corporate, such an impact may affect the decision-making of internal resource allocation. The analysis was conducted that there would be a difference in the impact. For this study, the results of analyzing the KOSPI and KOSDAQ markets from 2011 to 2019 using the cost behavior model of Anderson et al. (2003), There was a difference in cost behavior in the KOSPI and KOSDAQ markets. Overall, as in previous studies, Cost Stickiness was appeared. but in the case of the KOSPI market, Cost Stickiness was mitigated.It was found that corporate with large corporate size made the decision to dispose of idle resources more clearly when sales decreased. In addition, it was observed that the higher the foreign investor's ownership ratio, the KOSPI market, and the larger the corporate size, the more clearly the Stickiness of cost was mitigated. This study expands research on cost asymmetry and reveals that there is a difference between the KOSPI market and the KOSDAQ market, and between the size of the corporate, and has a differentiation from previous studies.