• Management & Information Systems Review
• /
• v.35 no.3
• /
• pp.195-212
• /
• 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 Distribution Science
• /
• v.6 no.1
• /
• pp.63-77
• /
• 2008

The source of a business competition is man and the core of a business success depends on people's ability, efforts and cooperation. Therefore, modern managers are making varied efforts to perform the ethical management for the organization immersion and job satisfaction of the employees. The managers of the financial agencies including the enterprises competing in the global market, face numerous ethical issues and problems. Considering the reality that financial institutions are actively asked to perform the responsibility and duties sincerely, the tasks how the head of financial agency will accept the social study of the level of ethics and change the level of recognition, and how he will settle it as the natural feature in the institution, become an important management target. In addition, it is necessary to figure out how the ethical management of the head of the financial agency will affect the organizational immersion of the employees. Based on the objective of this study, we attempted to confirm how the ethical management will of the head of the financial institution would affect the organizational immersion, the employees' mental result variables. Through this study, it became necessary for the directors of the financial institutions to search for the methods to improve the system of management and enhance the observance will of the business ethics so that they may not cause the disposition of the violation of the business ethics owing to the enforcement to achieve the target of the results of the business or the error recognition of the norm. Further, the heads of banks will have to set a management policy focused on the democratic management and the ethical justice based on the participating methods to induce the cooperative commitment of the stock company employees not to be shifted from the globalization and the competitive society.

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

• Knowledge Management Research
• /
• v.23 no.1
• /
• pp.149-164
• /
• 2022

This paper analyzes the independent financial advisory business that is not yet active in Korea and proposes a plan to activate the independent financial advisory business using fintech technology. A bill was enacted in 2017 for the domestic independent financial advisory business, but it has not been activated much until now for various reasons. Although existing studies have proposed solutions in various ways, there is no clear solution yet. This paper proposes a new method of revitalizing the independent financial advisory business through fintech technology using the trust system that has recently attracted attention. Digital securities fintech technology using blockchain distributed ledger technology presents new possibilities in the real estate and music copyright markets, and related fintech venture companies continue to emerge in Korea. By combining these digital securities fintech technologies and the business process of ETF, a method was derived so that independent financial advisors can have their own financial products. The proposed model is more decentralized than the existing financial product sales structure, and presents the possibility of a protocol economy through a structure close to a private blockchain while complying with the existing financial order. This paper is meaningful in that it presented new solutions to completely different markets from information convergence perspectives on two completely different markets, and we hope that more business solutions will emerge through knowledge management activities that converge various perspectives in the future.

• Venture DIGEST
• /
• s.70
• /
• pp.22-23
• /
• 2005

지난 1월 27일 코스닥시장이 출범 8년만에 한국증권선물거래소로 통합됐다. 새로운 조직의 정비만큼이나 눈에 띄는 것은 코스닥시장본부의 새로운 사업 방침이다. 기술력과 성장 잠재력을 갖춘 기업에 코스닥시장의 문을 개방하고 과도한 규제를 개선할 예정이어서 벤처 재도약과 활성화에 도움을 줄 것이라는 기대를 얻고 있다.

• Digital Contents
• /
• no.2 s.81
• /
• pp.52-59
• /
• 2000

사이버 주식거래의 등장과 폭발적 증가는 단순히 기존의 판매망에 새로운 판매채널이 추가된 정도의 의미가 아니며, 또한 인터넷이라는 별도 영역에서의 또 다른 경쟁을 의미하는 것도 아니다. 증권회사가 인터넷의 전략적 활용이라는 선도적 자세를 갖고 어떻게 기존의 사업구조, 상품구조, 마케팅 구조, 영업구조, 전산시스템 구조의 개선을 추진하느냐가 디지털, 글로벌 경제시대에 선도기업으로 앞서나갈 수 있는 요소가 될 것이다.

• 프린팅코리아
• /
• v.8 no.8
• /
• pp.50-55
• /
• 2009

화폐만 위조의 대상이 아니다. 유사 화폐처럼 사용되는 상품권이라든가 증권, 신분증, 여권 등 그 가지를 함부로 훼손하면 안 되는 광범위한 차원의 각종 '보증서(certificate)'들이 모두 위조의 대상이 될 수 있다. 따라서 앞으로 한국의 보안인쇄기술은 다가올 디지털 사회에서 위조에 대한 불안을 해결하고 진위를 확인할 수 있는 첨단 보안 인쇄 요소 개발을 위한 노력이 절실하다.

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

• Venture DIGEST
• /
• s.80
• /
• pp.24-25
• /
• 2005

코스닥상장기업의 원활한 경영활동과 글로벌기업으로의 도약을 지원하기 위해 문을 연 코스닥상장법인협의회가 창립 6주년을 맞이했다. 코스닥상장기업을 지원하는 유일한 증권유관기관으로서 다양한 사업을 전개해 오고 있을 뿐 아니라, 끊임없는 변화와 쇄신으로 미래를 위해 준비하는 코스닥상장법인협의회의 활약상을 들여다보자.

• Korea Information Processing Society Review
• /
• v.11 no.4
• /
• pp.24-36
• /
• 2004

현대인이 많은 시간을 보내는 자동차는 더 이상 고전적 의미의 단순한 교통수단이 아니라, 사무실과 가정에 이은 ‘제 3의 디지털 라이프 공간’으로 변모해가고 있다. 사람들은 유무선 통신망을 이용하여 차량 내에서 차량항법. 긴급구조 서비스뿐만 아니라 인터넷, 이메 일, 원격회의, 증권, 금옹, 쇼핑 등의 다양한 서비스를 이용하기를 희망하고 있다. (중략)