• Korean small business review
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• v.41 no.1
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• pp.29-51
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• 2019

This study investigates how SMEs' (small and medium-sized enterprises) financing strategies affect firm valuation. Given that information asymmetry is engaged in firm valuation in the stock market, investors interpret the meanings of debt financing depending on how SMEs construct the portfolio of financing strategies (retained earnings vs debt financing), thereby making investment decision. Specifically, given that SMEs' debt financing has two meanings in the market signals, called "benefit" and "cost", this study postulates that firm valuation will be differently made by investors, depending on how they interpret the meanings of debt financing under choice competition between retained earnings and debt financing. In this study, we argue that under choice competition, as a SME's debt proportion increases, the "cost" signal outweighes the "benefit" signal, thereby decreasing firm valuation. Moreover, the effect of such signal can be contingent on the SME's characteristics-firm visibility. These ideas are examined using 363 U.S. SMEs ranging from 1971 to 2010. The fixed-effects models estimating Tobin's q show that under choice competition, a SME's debt proportion has a negative impact on firm valuation and that the firm's high visibility mitigates the effect of "cost" signal. In conclusion, this study sheds new light on how investors' interpretations of SMEs' financing strategies affect firm valuation.

• Korean Journal of Construction Engineering and Management
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• v.8 no.1 s.35
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• pp.96-106
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• 2007

This study aims to evaluate the financial impact of construction firms' business diversification. Specifically, from the construction firms' perspective, this study attempted to present basic investment model by analyzing the effect of investment in residential facilities for retired seniors. Analyses results indicated that the financial impact, in terms of sales volume and gross profit, varies according to the size of firms. The results drawn from this study could be a valuable source when construction firms plan to invest and operate residential facility for retired seniors in order to diversify their business portfolio and stabilize financial structure.

• Journal of Engineering Education Research
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• v.11 no.1
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• pp.24-33
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• 2008

The purpose of the study was to analyze system of accreditation for mechanical engineering education between A university in Korea and M university in U.S.A. which were evaluated in 2007 under EC2000. Literature review through self-study report and homepage of two programs was used to accomplish objectives of the study. Strengths of U.S.A for accreditation evaluation system were systematic curriculum operation, design education with cooperation system, course-based evaluation system for program outcome, supportive circumstances for research of faculty and guidance to students. On the other hands, strengths of Korea were likely to use quantitative data for educational improvement and were able to systematic guide to students with portfolio. In the future, plan and research for design education, curriculum operation and program outcome evaluation are needed to establish ABEEK evaluation.

• Journal of Korean Home Economics Education Association
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• v.30 no.4
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• pp.165-185
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• 2018

The purpose of the study was to show the development process of the total instructional alignment based on the 2015 revised technology home economics curriculum, and to present the detailed aspects of this task. The results of this study were as follows: First, the clarity phase of the performance established the annual evaluation plan to ensure the consistency of the achievement standard, the learning objectives and the assessment objectives through an analysis of the curriculum. Second, the development phase of the performance tasks and the grading criteria analyzed the contents area and determined the performance assessment task. The performance assessment consisted of a portfolio and project activity types, and also comprised of knowledge markets, as well as e-NIE tasks, including individual tasks and collective tasks. Third, the performance assessment and the results phase were conducted after planning the class operation according to the instructors' directions and arrangement of the schedule into block classes. Afterwards, the performance assessment tasks were revised by the teaching-learning community and class reflection on practical application. As these results demonstrate, developing performance tasks that are centered on the learner's development processes can contribute to teachers' expertise and improvement of instruction.

• Journal of Engineering Education Research
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• v.10 no.1
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• pp.77-85
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• 2007

Though accreditation demands considerable ongoing effort on the part of the college, about 10 percent of Korean engineering colleges has been accredited for 5years by ABEEK. It is true that engineering accreditation contributed the Korean engineering education to improve. Many engineering colleges which had prepared the engineering accreditation developed the integrating system for the engineering education, and over 50 engineering education research centers which assisted to programs in accreditation were founded. Also the faculty commitment to quality programs and excellence in teaching, continuous counseling for students, portfolio guiding and continuous quality improvement(CQI) etc. were performed for accreditation preparation. The engineering colleges preparing accreditation has made efforts for satisfying accreditation criteria, but it is difficult of modifying education systems which have been maintained by now. In addition, engineering colleges need guideline how to satisfy standards. The purpose of this study is to analyze draft statement of 4 universities which were evaluated in 2006 and to suggest the minimal resources for engineering colleges to prepare accreditation.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.16 no.6
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• pp.3807-3818
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• 2015

The objective of this study is to develop an on-line system for improving undergraduate students' competency development. After drawing elements necessary for the competency development such as assessment and planning, competency development, analysis of competency assessment, portfolio, analysis of job ability and community, based on the literature research related to competency and the analysis of the existing system, the direction of the system design was set up. The system was developed by using Microsoft Windows operating system in Windows server, ORACLE ver.10 as its database management system, and JSP and JAVA as its programing language. Reviewing errors and improvements of the system, it was modified and complemented. In order to examine the content functional utilization of the final competency development system, the utilization was verified. The competency development system for undergraduate students can be used as on-line space filled with the internalization of knowledge, self-directed competency development, convenience of record management and interactions between students-professors-alumna, owing to its functions such as boosting competency activities, cultivating career-pioneering ability and introspecting. When it is rare to find researches on the competency development system for undergraduate students, it is expected to be helpful to the development of competency education and the career education for undergraduate students as a new alternative for the competency development.

• Environmental and Resource Economics Review
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• v.28 no.1
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• pp.121-145
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• 2019

This paper investigates the relationship between the oil price and the major petroleum products prices at the trading hubs such as Singapore, North West Europe and the US New York Harbor. We focus on the lead-lag relationship between the weekly petroleum prices from 2009 to 2016 based on the vector error correction model. We find that the oil price leads the prices of petroleum products in the long term, while there is bidirectional causality in the short term. On the other hand, prices of petroleum products in regions with high import dependency, such as Europe gas oil and jet fuel price, are exogenous in the long term. We also present evidence that prices of petroleum products in region with a large global-market share lead prices in other regions. However, if the region is in an over-production situation and low industry concentration, it may lose its price leadership due to intense competition. The result in this study can provide a useful information to petroleum refining companies in forecasting fluctuations of product price, and hence in planning their regional arbitrage trading activities.

• Journal of the Korea Society of Computer and Information
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• v.27 no.11
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• pp.147-155
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• 2022

In this study, we developed a system to dynamically balance a daily stock portfolio and performed trading simulations using gradient boosting and genetic algorithms. We collected various stock market data from stocks listed on the KOSPI and KOSDAQ markets, including investor-specific transaction data. Subsequently, we indexed the data as a preprocessing step, and used feature engineering to modify and generate variables for training. First, we experimentally compared the performance of three popular gradient boosting algorithms in terms of accuracy, precision, recall, and F1-score, including XGBoost, LightGBM, and CatBoost. Based on the results, in a second experiment, we used a LightGBM model trained on the collected data along with genetic algorithms to predict and select stocks with a high daily probability of profit. We also conducted simulations of trading during the period of the testing data to analyze the performance of the proposed approach compared with the KOSPI and KOSDAQ indices in terms of the CAGR (Compound Annual Growth Rate), MDD (Maximum Draw Down), Sharpe ratio, and volatility. The results showed that the proposed strategies outperformed those employed by the Korean stock market in terms of all performance metrics. Moreover, our proposed LightGBM model with a genetic algorithm exhibited competitive performance in predicting stock price movements.

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

• The Journal of the Convergence on Culture Technology
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• v.9 no.1
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• pp.89-94
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• 2023

Recently, credit risk in the Chinese corporate bond market has increased significantly, and there is a possibility that banks that have invested in corporate bonds may become insolvent. The purpose of this study is to empirically analyze the effect of Chinese commercial banks' investment in securities on financial performance. The analysis results are as follows. First, it is estimated that as the share of securities investment by Chinese commercial banks increases, the bank's profitability decreases. It was found that investment in securities did not have a positive impact on profitability due to the increase in credit risk in the corporate bond market and the increase in marginal companies. Second, it is estimated that as the proportion of securities investment by Chinese commercial banks increases, the bank's soundness deteriorates. As credit risk in China's capital market is increasing, continuous management of non-performing assets is required. Chinese commercial banks need portfolio management through securities investment in addition to loan assets to improve profitability. However, volatility should be managed by adjusting the scale of securities management to an appropriate level.