• The Korean Journal of Financial Management
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• v.17 no.2
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• pp.175-209
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• 2000

본 연구는 프로그램매매가 주가지수 선물시장 및 현물 주식시장의 수익률 변동성에 미치는 효과에 대해서 일중 수익률 및 프로그램매매자료를 이용하여 분석을 시도하였다. 실증분석을 통해서 관찰된 결과를 살펴보면 대부분 선진국 시장에서 보고된 결과와 일치하였다. 우선 프로그램매매가 증가할수록 현물 주식시장에서의 변동성은 증대하는 것으로 나타났으나 선물시장에서는 그러한 일관성 있는 관계를 발견하지 못하였다. 프로그램매매 발동 직후 선물 및 현물시장의 수익률은 반전현상을 나타냈으며 특히 현물시장의 가격변화가 선물시장에 비해서 큰 것으로 관찰되었다. 그러나 이러한 선물시장과 현물시장에 있어서의 가격반전 현상이 시장 유동성에 미치는 경제적 영향은 선물만기일과 같이 특정시간대에 프로그램매매가 집중되지 않는 한 경미한 것으로 판단되었다. 프로그램매매 특히 차익거래는 선물 가격과 현물 가격간의 균형 관계가 일시적인 수급상황에 따라 이발될 경우 이를 다시 균형 상태로 회복시켜 줌으로써 시장의 효율성을 증대시키는 주요한 연결통로로서의 역할을 수행한다. 특히 두 시장간의 균형 상태는 선물 시장보다는 현물 주식시장에서의 활발한 매매 활동을 통하여 이루어짐을 알 수 있었다. 결론적으로 국내시장에서 차익거래는 시장의 위험을 증대시키는 부정적인 측면보다는 시장의 효율성을 증진시키는 긍정적인 순기능이 많은 것으로 관찰되었다.

• The Korean Journal of Financial Management
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• v.26 no.3
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• pp.65-101
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• 2009

The effects of program trading halts system (sidecar) on information asymmetry of program trading stocks, index arbitrage stocks, and non-index arbitrage stocks in the Korean stock market are examined. Effective spread and number of program trade of each stock are used as proxy variables for information asymmetry. The main results are as follows; Firstly, we find that effective spreads of program trading stocks in the post-halt period decrease significantly following the halt period. This means that sidecar has the effect of reducing information asymmetry in the Korean stock market. Secondly, the mitigation effect of information asymmetry of program trading stocks works only in buy-program trading stocks, but not in sell-program trading stocks. Thirdly, the results show that there are no distinct differences for index arbitrage group and non-index arbitrage group surrounding the sidecar events. In other words, program trading halts system has a mitigating effect of information asymmetry in not only index arbitrage trading stocks but also non-index arbitrage stocks. Fourthly, this mitigation effect works only in buy-sample not in sell-sample like in program trading stocks. And lastly, the analyses result of number of program trade shows that number of program trade of almost of sample stocks increases after the sidecar events. This implies that the information asymmetry is not fully resolved during the halt period and the effect of news inducing sidecar is continuing after the event.

• The Korean Journal of Financial Management
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• v.24 no.3
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• pp.91-131
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• 2007

In the paper, the effects of sidecar on index arbitrage trading and non-index arbitrage trading in the Korean stock market are examined. The analyses of return, volatility, and liquidity dynamics illustrate that there are no distinct differences for index arbitrage group and non-index arbitrage group surrounding the sidecar events. For further analysis, we construct pseudo-sidecar sample and analyse the effects of the actual sidecar and pseudo-sidecar on arbitrage sample and non-index arbitrage sample. The result of analysis using pseudo-sidecar shows that the differences between index arbitrage group and non-index arbitrage group are larger in pseudo-sidecar sample than in actual sidecar sample. This means that former results can be explained by temporary order clustering in one side before and after the event. Sidecar has little effect on non-index arbitrage group, however, it has relatively large effect on arbitrage group. These results imply that it needs to redesign the sidecar system of the Korean stock market which applies for all program trading including arbitrage and non-index arbitrage trading.

• The Journal of the Institute of Internet, Broadcasting and Communication
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• v.20 no.6
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• pp.15-20
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• 2020

Recently, the real estate is of high interest. This is because real estate, which was considered only a residential environment in the past, is recognized as a stable investment target due to the ever-growing demand on it. In particular, in the case of the domestic market, despite the decrease in the number of people, the number of single-person households and the influx of people to large cities are accelerating, and real estate prices are rising sharply around the metropolitan area. Therefore, accurately predicting the prospects of the future real estate market becomes a very important issue not only for individual asset management but also for government policy establishment. In this paper, we developed a program to predict future real estate market prices by learning past real estate sales data using machine learning techniques. The data on the market price of real estate provided by the Korea Appraisal Board and the Ministry of Land, Infrastructure and Transport were used, and the average sales price forecast for 2022 by region is presented. The developed program is publicly available so that it could be used in various forms.

• The KIPS Transactions:PartB
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• v.8B no.6
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• pp.633-640
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• 2001

Mobile agent is a software program that provides autonomy and mobility for the users in the networked computers by deciding its own movement place. Since mobile agent does not keep up the network connection and migrate its executable code under its own control, it can be often used in the unstable network conditions such as the wireless network and the heavy traffic network. In this paper, we show that the electronic commerce system can be developed efficiently to retrieve and trade the goods in the mobile computing environment by using the mobile agent paradigm. Multiple mobile agents migrate into the market directly, then negotiate and trade autonomously relevant goods and services. The execution result and executable code of the mobile agent are returned to the home place and reported to the users. We show that the mobile agent paradigm is suitable to build the mobile electronic commerce system by designing and prototyping the mobile market system.

• Proceedings of the Safety Management and Science Conference
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• 2007.04a
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• pp.471-476
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• 2007

본 논문의 목적은 과거의 산업 포트폴리오 수익률이 확률추세로부터 어떻게 전체 주식시장과 두 가지 거시경제 변수인 경기동행지수와 산업생산 등을 예측할 수 있는 지를 알아보는 데에 있다. 이를 위하여 본 연구에서는 연구모형을 설정한 후 세 가지 검정절차를 제시하고 이를 실증적으로 분석하였다. 당월의 전체 주식시장 수익률은 과거의 시차를 지닌 특정 산업부문 포트폴리오 수익률에 대하여 양(+)의 상관관계를 유지하고 있다는 '예측 1'과 전체 주식시장의 수익률은 특정 산업부문의 수익률에 대하여 선행성을 지닐 수 없다는 '예측 2'에 대한 검정 결과는 '예측 1'과 '예측 2'가 지지되고 있음을 파악할 수 있었다. 그리고 산업별 포트폴리오 수익률과 거시경제변수 간의 높은 상관관계를 토대로 하여 전체주식시장 수익률 예측을 가능하게 하는 업종 정보의 점진적 확산 현상이 발생하게 되는가를 검토하기 위하여 각 산업들의 포트폴리오 수익률과 전체 주식시장 수익률이 VAR모형을 토대로 볼 경우 Granger 인과관계를 갖고 있는 지를 분석하였다. 분석결과 21개 업종은 각 산업별 포트폴리오 수익률이 전체 주식시장 수익률을 5% 수준에서 통계적으로 유의한 영향을 주고 있음을 알 수 있었다. 이들 21개의 산업별 포트폴리오 수익률은 경제적으로도 중요한 의미를 지니고 있어 산업제품의 가격 상승과 하락이 경제에 미치는 영향을 파악할 수 있다. 특히 음료 업종에서 전체 주식시장 수익률과 상호간의 인과성을 나타내었으며, 인터넷과 화장품 업종에서는 전체 주식시장 수익률이 이들 업종에 대하여 일방적인 영향을 보이고 있음을 알 수 있었다.>$mgN\;{\cdot}\;L^{-1}$ 및 0.000-0.804 $mgN\;{\cdot}\;L^{-1}$이였다. 규소농도는 0.0-6.2 $mgSi\;{\cdot}\;L^{-1}$의 범위로 3-5월에 매우 낮았으며, 계절적인 변화가 뚜렷히 나타났다. 저질의 입자는 0-125인 silt및 coarse silt로 이루어져 있으며, COD는 51.4-116.9 $mgO_2\;{\cdot}\;gdw^{-1}$로 평균 93.0 $mgO_2\;{\cdot}\;gdw^{-1}$ 이였다. 저질내의 TP및 TN의 농도는 각각 0.04-1.46 $mgP\;{\cdot}\;gdw^{-1}$ 및 0.12-1.03 $mgN\;{\cdot}\;gdw^{-1}$이었다. 표층의 엽록소 a의 정점별 평균값은 정점 1, 2 및 3에서 각각 15.6, 15.2 및 16.0 $mg\;{\cdot}\;m^{-3}$으로 유사하였다. 식물플랑크톤은 총 49종이 출현하였으며, 생물량은 50-23, 350 cells ${\cdot}\;mL^{-1}$로 2001년 9월에 가장 많았다. 이 시기의 우점종은 녹조류인 Schroederia judayi이였으며, 생물량은 20,417 cells ${\cdot}\;mL^{-1}$이였다. 송지호의 수질을 개선하기 위해서는 인위적으로 화학성층을 파괴시켜 심충에 용존산소를 공급시켜야 할 것으로 판단되며, 모래톱으로 인해 막혀져 있는 해수

• The Journal of the Institute of Internet, Broadcasting and Communication
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• v.16 no.3
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• pp.155-161
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• 2016

In current algorithm trading system, general users need to program their algorithms using programing language and APIs provided from financial companies. Therefore, such environment keeps general personal investors away from using algorithm trading. Therefore, this paper focuses on developing user-friendly algorithm trading system which enables general investors to make their own trading algorithms without knowledge on program language and APIs. In the system, investors input their investment criteria through user interface and this automatically creates their own trading algorithms. The proposed system is composed with two parts: server intercommunicating with financial company server to send and to receive financial informations for trading, and client including user convenience-based user interface representing secondary indexes and strategies, and a part generating algorithm. The proposed system performance is proven through simulated-investment in which user sets up his investment strategy, algorithm is generated, and trading is performed based on the algorithm

• Proceedings of the Korea Contents Association Conference
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• 2005.11a
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• pp.228-233
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• 2005

Recently, there are requires for auction system by growing up internet. This paper says if the customers add wonted goods to wanted list, the system automatically announce information to the customer via Inter Web browsing, whenever the proper goods to register to the auction system by seller. The system provides registration customer information, registration goods, wanted goods. And the application program can be downloaded from the Web System. Especially, this paper provides us very convenience check up service using the mobile phone, we can check our wanted goods or auction lists without regarding to place or time, we can alse purchase the goods more rapidly and easily.

• The Journal of Natural Sciences
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• v.14 no.1
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• pp.83-121
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• 2004

This study was carried out to examine how solid the production foundation of rice in Chung-Nam Province is, and, if not, to probe alternative measures through the size of farms specializing in rice, of which direction would be a pivot of rice industry-oriented policy. The results obtained can be summarized as follows : 1. The amount of rice production in Chung-Nam Province is highest in Korea and the size of paddy field area is the second largest : This implying that the probability that rice production in Chung-Nam Province would be severely influenced by a global trend of market conditions. The number of farms specializing in rice becoming the core group of rice farming account for 7.7 percent of the total number of farm household in Korea. Average field area financial support which had been input to farm household by Government had a noticeable effect on the improvement of the policy of farm-size program. 2. Farm-size program in Chung-Nam Province established from 1980 to 2002 in creased the cultivation size of paddy field to 19,484 hectares, and this program enhanced the buying and selling of farmland and the number of farmland bargain reached 6,431 household and 16,517 hectares, respectively, in 1995-2002. Meanwhile, long-term letting and hiring of farmland appeared so active that the bargain acreage reached 6,970 hectares, and farm involved was 7,059 households, however, the farm-exchange-and-unity program did not satisfy our expectation, because the retirement farm operators reluctantly participated to sell their farms. Another reason that had delayed the bargain of farms rested on the general category of social complication attendant upon the exchange and unity operation for scattered farm. Such difficulties would work negative effects out to carry on the target of farm-size work in general. 3. The following measures were presented to propel the farm-size promotion program : a. Occupation shift project, followed by the social security program for retirement and elderly farm operators, should be promptly established and also a number of types of incentives for promoting the letting and hiring work and farm-exchange-and-unity program would also be set up. b. To establish the effective key system of rice production, all the farm operators should increase the unit area yield of rice and lower the production cost. To do so, a great deal of production teams of rice equipped with managerial techniques and capabilities need to be organized. And, also, there should be appropriate arrays of facilities including information system. This plan is desirable to be in line with a diversity of the structural implement of regional integration based on farm system building. c. To extend the size of farm and to improve farm management, we have to devise the enlargement of individual size of farm for maximized management and the utilization of farm-size grouping method. In conclusion, it can be said that the farm-size project in Chung-Nam Province which has continued since the 1980s was satisfactorily achieved. However, we still have a lot of problems to be solved to break down the barrier for attainment of the desirable farm-size operation work.. Farm-size project has fairly close relation with farm specialization in rice and, thus, the positive support for farm household including the integrated program for both retirement farmers and off-farm operators should be considered to pursue the progressive development of the farm-size program, which is key means to successful achievement of rice farming enforcement in Chung-Nam Province.

• Korean journal of communication and information
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• v.43
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• pp.385-426
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• 2008

This paper focuses on how international marriages among Asians have been represented by the Korean media. Due to globalization, the so-called 'ethnoscape' has changed, and so ethnicity or racial identity within the boundaries of the nation-state changed. The recent diaspora of Asian women into Korea through international marriages has reflected how globalization has proceeded at a regional or local level. This paper attempts to analyze Koreanmedia discourses on the Asian female diaspora. This study analyzes what kind of generic forms TV dramas, other shows(TV reality programs, TV journalistic programs), movie and internet have employed to represent international marriages and how they have portrayed the subjectivities of the Asian female diaspora. This study discuss how this representation has been contested by the 'realities' of their international marriages. By examining how the Korean mainstream media have dealt with the conflicting issues of the Asian female diaspora, this paper intends to look critically at how local discursive practices have substantiated the changing ethnoscape. As a result of the study, this paper can find international marriages among Asians have been represented by Korean media still patriarchal system in male-oriented society. The otherness of Asian women justify the strong work of household affairs, and so justified life is standardized 'a kind of daughter- in-law', 'a complaisant daughter-in-law' in the process of migration. Also the otherness of Asian women standardized 'a victor' or 'a harmer' through international marriage of money that commercialized 'sexuality'. After all Korea media discourse on Asian women's international marriage, the gender issues on it have not been focused on a serious level.