• Journal of the Korean Geographical Society
• /
• v.31 no.3
• /
• pp.558-576
• /
• 1996

Since 1978. China has progressed her reforms of her economy. In this process, refroms in rual area have been operated with top priority. The system of collective economy had been changed into that of private economy. Rural farming and land-use system had been changed also. The household responsibility system took the place of a People's Commune. That was the system that could inspire farm-household with a will to work, and hence, increase the productivity of agriculture. However, with the developement of market mechanism in the later 1980s, that system got inadequate to new situation. For instance, incentives of a will to work slowly decreased, agricultural productivity did not increase, and labor forces were tremendously transferred to non-agricultural sector. This situation created the demand for a new system of rural land policy and use. This paper intends to describe changes of new system of land use in rual China. Those changes are as follows. 1. The system of land-circulation has been spread widely. 2. 'Liangtianzhi' (the system of two kind land-use) divided the land into two kinds, 'kouliangtian' (the land of food) and 'zerentian' (the land of obligation). The one is allocated in proportion to the per capita, and to support farm-household' and function, the other is allocated in proportion to the labor force, in order to increase the commercial function of land. 4. 'Guimojingying' (management of scale): For overcomint the disadvantage of dispersal of land, the relative concentration of land was required. 4. 'Gufenzhi' (a joint-stock system) is practised for the purpose of establishing clear-cut lines of land ownership. 5. 'Sihuangpaimai' (auction the use right of four kinds of wasteland) is for full-using of the wasteland. It can be apprehended that these systems and policies were the process of adaption to market mechanism. In these, rural China could escape form the disorder due to rapid changes, and overcome the existing contradiction.

• Management & Information Systems Review
• /
• v.33 no.1
• /
• pp.45-63
• /
• 2014

A trading system is a computer trading program that automatically submits trades to an exchange. Mechanical a trading system to execute trade is spreading in the stock market. However, a trading system to trade a single asset might occur instability of the profit because payoff of this system is determined a asset movement. Therefore, it is necessary to develop a trading system that is trade two assets such as a pair trading that is to sell overvalued assets and buy the undervalued ones. The aim of this study is to propose a relative value based trading system designed to yield stable and profitable profits regardless of market conditions. In fact, we propose a procedure for building a trading system that is based on the rough set analysis of indicators derived from a price ratio between two assets. KOSPI 200 index futures and S&P 500 index futures are used as a data for evaluation of the proposed trading system. We intend to examine the usefulness of this model through an empirical study.

• KOREAN JOURNAL OF PACKAGING SCIENCE & TECHNOLOGY
• /
• v.28 no.3
• /
• pp.171-174
• /
• 2022

Cosmetic packing materials tend to be difficult to recycle when discarded due to the cosmetic industry's pursuit of aesthetics, functionality, and high value-added design. Pump packaging, which is widely used for the good preservation and discharge of cosmetics contents, is difficult to be separated and recycled because of a metal spring, which is in charge of pump resilience. In this study, a polypropylene spring was developed to replace the existing metal spring to improve the recyclability of the pump packaging for cosmetics, and was uni-materialized by applying to the cosmetic packing materials with 0.2 ml of discharge amount. In addition, performance test was conducted to verify the equivalence with the existing metal spring pumps as grounds for the commercialization of metal-free uni material pump packaging. The decompression leak test showed no leakage and displayed 14.8~17.5 N of pressing strength, 2.3~8.8 % of deviation in dispensing volume, and 4 occasions of pumping for initial discharge.

• The Journal of the Convergence on Culture Technology
• /
• v.8 no.6
• /
• pp.813-818
• /
• 2022

As the theme of a theme park space with limited space emerged as a keyword, many experiments and research were conducted in the field. In the domestic market, not only the creation of new spaces, but also the need to develop marginalized spaces and seek complementary points through new interpretations of actual spaces, but they show physical limitations. This study newly redefined and analyzed the concept of space by approaching and interpreting virtual space as a new space. By exploring real-world examples and analyzing the results, we also derive the results that the possibility of realistic media in the virtual world is an exemplary alternative to complementing the expansion and limitations of the space. Realistic media has a wide range of content provision in selective development such as AR and VR, and the theme park's characteristic of providing various contents for quarterly concepts even if the development budget and time are small, which has a significant impact on the development of realistic media. Currently, theme parks are attracting countless majors and officials related to realistic media through metaverse. As it is attracting attention in such a new market, we look forward to seeing a lot of research and experiments in the project.

• Environmental and Resource Economics Review
• /
• v.31 no.2
• /
• pp.233-260
• /
• 2022

In this paper, we analyzed how oil price fluctuations affect stock price by industry using the non-parametric quantile causality test method. We used weekly data of WTI spot price, KOSPI index, and 22 industrial stock indices from January 1998 to April 2021. The empirical results show that the effect of changes in oil prices on the KOSPI index was not significant, which can be attributed to mixed responses of diverse stock prices in several industries included in the KOSPI index. Looking at the stock price response to oil price by industry, the 9 of 18 industries, including Cloth, Paper, and Medicine show a causality with oil prices, while 9 industries, including Food, Chemical, and Non-metal do not show a causal relationship. Four industries including Medicine and Communication (0.45~0.85), Cloth (0.15~0.45), and Construction (0.5~0.6) show causality with oil prices more than three quantiles consecutively. However, the quantiles in which causality appeared were different for each industry. From the result, we find that the effects of oil price on the stock prices differ significantly by industry, and even in one industry, and the response to oil price changes is different depending on the market situation. This suggests that the government's macroeconomic policies, such as industrial and employment policies, should be performed in consideration of the differences in the effects of oil price fluctuations by industry and market conditions. It also shows that investors have to rebalance their portfolio by industry when oil prices fluctuate.

• Journal of Industrial Convergence
• /
• v.21 no.2
• /
• pp.133-138
• /
• 2023

Due to social phenomena such as rapid aging in Korea, nuclear familyization, single marriage, and low birth rate, the number of Companion animals and the number of households with Companion animals are increasing due to the increase in single-person households. In fact, one out of every four households has a pet, and the scale of the industry is expected to reach 6 trillion won in 2027. In particular, in a situation where the Companion animal cosmetics market is in the spotlight amid the diversification of the pet industry, there is a great lack of research on related research and industry development methods. Accordingly, this study attempted to search and analyze academic data, patented technologies, and the latest data related to pet cosmetics and provide them as basic data for the Companion animal cosmetics industry, and the results are as follows. Academic data included verification of the effectiveness of natural materials to improve the skin condition of dogs, analysis of the pet cosmetics industry, and research on ICT-converged pet cosmetics, and the industry was mainly cleaning cosmetics, with pet shampoo launches in Amorepacific, LG Household & Healthcare, and Aekyung. In the patented technology for pets, a patent has been registered for natural product material composition and formulation ratio for skin moisturizing, skin improvement, thinning, and inflammation symptom relief. As a result of this award, it was confirmed that research and development are still insufficient compared to the consumption demand of the pet cosmetics market, and it is believed that industry analysis and development research in related fields should be actively carried out.

• Korea Trade Review
• /
• v.41 no.1
• /
• pp.67-90
• /
• 2016

This study examines whether there is any significant relation between executive compensation and future firm performance for the Korean export manufacturing small and medium-sized firms. We sorted the whole sample firms into the sub-groups of 10 deciles by firm size and the KSIC standard. We found the following empirical results. First, Korean export manufacturing small and medium-sized firms typically showed lower or even negative profitability in terms of return on equity and operating profit ratio to sales. Foreign equity ownership is very low with an average of 3.77%. Second, for the firms with higher ratio of excess executive compensation to asset had lower future firm performance. It implies that the typical owner-manager in Korean export manufacturing SMEs earns excess pay, but do not contribute much to firm performance. Third, as for future cumulative abnormal returns for future one- and three-year periods, firms with higher owner-executive pay had lower returns compared with firms with lower pay. So the stock market investors set a lower value on them. Fourth, there is a positive relation between excess executive pay and executive overconfidence, and it implies that owner-CEOs with higher pay may become overconfident, thereby lowering future firm performance somehow.

• Journal of Korea Port Economic Association
• /
• v.39 no.4
• /
• pp.269-283
• /
• 2023

Based on daily data from January 4, 2016 to September 27, 2022, the impact of extreme movements of BDI on shipping companies' network connectivity was analyzed using CoVaR network connectivity. The main results and policy implications are as follows. First, according to the copula model results, the Student-t copula was selected as the most suitable model for COSCO, HMM, HRAG, MAERSK, and WAN. EVER was selected as a time-varying Gumbel copula, and YANG was selected as a time-varying rotated-Gumbel copula. Second, as a result of analysis using the TVP-VAR model, the linkage between shipping companies tended to increase when the BDI turned into an extreme risk state. In the comparison of net connectivity, the roles of COSCO and EVER changed. In addition, in the analysis of net pairwise connectivity, it was found that the change in the extreme risk state of BDI also affected the connectivity of shipping companies. In particular, EVER, WAN, and COSCO showed large changes. Taken together, the extreme fluctuations in BDI changed the role of Asian shipping companies, intensifying competition among shipping companies and strengthening risk delivery. It was confirmed that BDI has a great influence on the network connectivity of shipping companies and has an important influence on the stability of the stock market network. Therefore, the results of this study should consider not only the connectivity of shipping companies according to market conditions, but also the connectivity in extreme situations.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.16 no.4
• /
• pp.25-58
• /
• 2021

This study investigated the corporate growth with more emphasis on longitudinal characteristics, not the results of companies with relatively more emphasis on cross-sectional, in the 21st-century entrepreneurial context. As of the end of 2019, sampled 479 global unicorn companies, and 333 high-growth companies with revenue of more than $100 million among 5,000 private companies in the U.S. with a compound annual growth rate (CAGR) exceeding 15% for the past three years. They were examined with 3 perspectives in terms of corporate growth that 1) the growth of enterprise value, 2) the pace of growth, and 3) the effectiveness of growth. As a result of our study, the corporate growth of the perspective of creating enterprise value had a relatively higher relationship with the characteristics of industries and markets. The pace of growth was more fully explained by the characteristics of the industry and the market environment and the choice of strategies that make up a valid combination. In addition, growth in terms of the effectiveness of corporate performance was influenced by the choice of strategy, the characteristics of the industry and market environment, and its business age, the proxy variable of resource accumulation, comprehensively. This study through a sample based on companies with an enterprise value of more than $1 billion and annual revenue of more than $100 million can be a valid reference in terms of creating milestones and roadmaps for scale-up of early-stage startups, particularly in terms of practitioners' point of view. It also provides a critical reference for overcoming the limitations of mainstream theories of the 20th century and developing the theory of corporate growth that fits the 21st-century entrepreneurial context.

• Journal of Intelligence and Information Systems
• /
• v.17 no.3
• /
• pp.187-201
• /
• 2011

KOSPI200 index is the Korean stock price index consisting of actively traded 200 stocks in the Korean stock market. Its base value of 100 was set on January 3, 1990. The Korea Exchange (KRX) developed derivatives markets on the KOSPI200 index. KOSPI200 index futures market, introduced in 1996, has become one of the most actively traded indexes markets in the world. Traders can make profit by entering a long position on the KOSPI200 index futures contract if the KOSPI200 index will rise in the future. Likewise, they can make profit by entering a short position if the KOSPI200 index will decline in the future. Basically, KOSPI200 index futures trading is a short-term zero-sum game and therefore most futures traders are using technical indicators. Advanced traders make stable profits by using system trading technique, also known as algorithm trading. Algorithm trading uses computer programs for receiving real-time stock market data, analyzing stock price movements with various technical indicators and automatically entering trading orders such as timing, price or quantity of the order without any human intervention. Recent studies have shown the usefulness of artificial intelligent systems in forecasting stock prices or investment risk. KOSPI200 index data is numerical time-series data which is a sequence of data points measured at successive uniform time intervals such as minute, day, week or month. KOSPI200 index futures traders use technical analysis to find out some patterns on the time-series chart. Although there are many technical indicators, their results indicate the market states among bull, bear and flat. Most strategies based on technical analysis are divided into trend following strategy and non-trend following strategy. Both strategies decide the market states based on the patterns of the KOSPI200 index time-series data. This goes well with Markov model (MM). Everybody knows that the next price is upper or lower than the last price or similar to the last price, and knows that the next price is influenced by the last price. However, nobody knows the exact status of the next price whether it goes up or down or flat. So, hidden Markov model (HMM) is better fitted than MM. HMM is divided into discrete HMM (DHMM) and continuous HMM (CHMM). The only difference between DHMM and CHMM is in their representation of state probabilities. DHMM uses discrete probability density function and CHMM uses continuous probability density function such as Gaussian Mixture Model. KOSPI200 index values are real number and these follow a continuous probability density function, so CHMM is proper than DHMM for the KOSPI200 index. In this paper, we present an artificial intelligent trading system based on CHMM for the KOSPI200 index futures system traders. Traders have experienced on technical trading for the KOSPI200 index futures market ever since the introduction of the KOSPI200 index futures market. They have applied many strategies to make profit in trading the KOSPI200 index futures. Some strategies are based on technical indicators such as moving averages or stochastics, and others are based on candlestick patterns such as three outside up, three outside down, harami or doji star. We show a trading system of moving average cross strategy based on CHMM, and we compare it to a traditional algorithmic trading system. We set the parameter values of moving averages at common values used by market practitioners. Empirical results are presented to compare the simulation performance with the traditional algorithmic trading system using long-term daily KOSPI200 index data of more than 20 years. Our suggested trading system shows higher trading performance than naive system trading.