• Journal of the Korea Convergence Society
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• v.6 no.4
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• pp.127-132
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• 2015

This study attempts to empirically investigate if relative momentum strategy is effective in the Korean stock market. The sample of the study is comprised of companies which are traded in both Kospi and Kosdaq stock markets in Korea for the period between 2001~2014. The study observes that the momentum strategy buying past winner stocks and selling past loser stocks is negatively correlated with the value strategy buying value stocks with high book to market ratio and selling glamour stocks with low book to market ratio. And each strategy is alternatively effective from period to period. The study demonstrates that the momentum strategy is effective when both strategies which are negatively correlated are treated as one system by estimating Fama and French's[1] 3 factor regression model.

• Management & Information Systems Review
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• v.37 no.1
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• pp.41-53
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• 2018

This study validates the trading rules based market anomalies and technical analysis in the Korean stock market. For the analysis, we built decile portfolios on the basis of corporate characteristics factors that clearly demonstrate specific patterns of stock returns including the firm size, book-to-market equity, and accruals. This portfolio was used to develop a portfolio based on the moving average trading strategy which was used for popular technical analysis tools, and then that was evaluated using the Sharpe ratio. We also created a zero-cost portfolio to identify the profitability and success rate of the moving average trading strategy. We lastly sought to ensure a more robust evaluation by calculating the Sortino ratio of the portfolio based on the moving average trading strategy with various lags. Key findings from this validation are as follows. First, a smaller firm size, a higher book-to-market equity, and lower accruals led to larger average returns. Second, the risk-adjusted performance of the moving average trading strategy was the highest in terms of the firm size, followed by book-to-market equity and accruals. Third, the returns of the zero-cost portfolios all had a positive value, with its overall success rate hovering over 68.8%, demonstrating the successfulness of the moving average trading strategy. Fourth, various evaluations revealed the economic usefulness of our trading strategy that used market anomalies and technical analysis.

• Journal of Industrial Convergence
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• v.2 no.2
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• pp.127-147
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• 2004

This paper examines the time-series relations among expected return, risk, and book-to-market(B/M) at the portfolio level. The time-series analysis is a natural alternative to cross-sectional regressions. An alternative feature of the time-series regressions is that they focus on changes in expected returns, not on average returns. Using the time-series analysis, we can directly test whether the three-factor model explains time-varying expected returns better than the characteristic-based model. These results should help distinguish between the risk and mispricing stories. We find that B/M is strongly associated with changes in risk, as measured by the Fama and French(1993) three-factor model. After controlling for changes in risk, B/M contains little additional information about expected returns. The evidence suggests that the three-factor model explains time-varying expected returns better than the characteristic-based model.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.5
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• pp.249-258
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• 2020

This study examines and analyzes the effect of innovation on the price to book value mediated by managerial ownership in Indonesian companies. In order to achieve the goals and objectives, the company increases its value by increasing shareholders. Improving the welfare of shareholders can be done through investment and financial policies, and is reflected in share prices in the capital market. The higher the share price, the better the owner's welfare, and the company's value will also increase. The population of this study is the manufacturing companies - as many as 162 - listed on the Indonesia Stock Exchange in 2012-2017. By using a purposive sampling method, 25 companies met the criteria for the sample. The data comes from the companies' annual report taken from the Indonesia Stock Exchange website. The data is further analyzed using partial least square (PLS). The results of the study showed that innovation has a significant effect on price to book value. The companies with high marketing innovation produce high company performance as well. The companies get a commensurate reward from marketing innovation activities to carry out continuous marketing innovations. In addition, managerial ownership does not mediate the relationship between innovation and price to book value.

• Journal of Information Technology Applications and Management
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• v.29 no.6
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• pp.145-157
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• 2022

Climate crisis is one of the most urgent and serious threats to the right to life. As AR picture books are particularly effective for safety education, this study aimed to produce an AR picture book featuring animals that are endangered due to the climate crisis. In order to increase the educational effect and enhance the climate sensitivity, this study developed a children's activity workbook (with follow-up activities) and a teacher's guide (with lesson plans) as a package. To this end, market research and surveys were first conducted. Next, through the management and support of the Korea Institute of Startup & Entrepreneurship Development, this research team produced a climate crisis themed AR picture book package through expert advice, help from outsourcing companies, and field application. The package was promoted through publicity in various forms of media. The contents of the AR-using picture book package of this case study were introduced and then advantages and disadvantages were discussed.

• East Asian Economic Review
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• v.19 no.3
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• pp.223-241
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• 2015

This paper examines the existence of value premium in the Chinese stock markets and empirically provides its explanation. Our results suggest that the value premium does exist in the Chinese markets, and investor sophistication is significant in explaining its existence. In particular, there is supporting evidence that the value premium could be driven by individual investors, whereas stocks that are mostly held by institutional investors are value-premium free. We briefly discuss the implications of our findings.

• Journal of the Korea Institute of Information and Communication Engineering
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• v.18 no.9
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• pp.2057-2065
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• 2014

New business The e-book industry is creating a convergence of ICT and printing culture. Even so, the system changes is not great in Korea. Global market players are going to creating a membership or community-type business model to take advantage of the terminal, platform, network, but the creative content production in Korea is limited. Since the discussion is limited to such devices or network services most, we suggest the possibility of modeling a multi-faceted. And the development of technology and services platform content is also important as a strategic approach to the development of the e-book industry. Most of all, we propose the application of content, technologies and services are developed.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.1
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• pp.53-59
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• 2021

This research aims to examine the model of investor herding behavior in making investment decisions in the Indonesian capital market, which is influenced by social and information impacting on the value of the Book Value Per Share (BVPS). The latest stock market conditions show that most investors make the same error pattern in making investment decisions that result in losses. The experiment involves two independent variables, namely, information about BVPS and social influence. This study used a 2×2 factorial design laboratory experimental method. Data collection was carried out through treatment of a sample of 100 individual investors listed on the Indonesia Stock Exchange. Univariate Two-Way Analysis of Variance (ANOVA) statistical tool was used to test the independent variable on the dependent variable. Research results showed that the social influence originating from expert investors is more influential than the Book Value Per Share (BVPS) information on the behavior of herding investors in making investment decisions. These findings suggest that investors know their psychological factors, thereby increasing self-control and investment analysis skills. Further research can use psychological bias and other indicators of accounting relevant information such as Earning Per Share (EPS) to test herding behavior in investment decision making in the capital market.

• The Journal of Society for e-Business Studies
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• v.17 no.4
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• pp.95-115
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• 2012

The e-Book market has rapidly grown as an innovative product which is mixed its traditional and technological characteristics. However, decreasing user resistance to the e-Book is very important to continually keeping up its market growth. Previous studies for user resistance have been studied as a negative barrier for various innovative products with importance of user resistance. Nevertheless, the factors for user' resistance to the e-Book field have not been found out considering both perceived value and switching cost. Especially, both innovative technology and user specifics should be considered when explaining user resistance to adopting e-Books. Thus, the purpose of this study is to understand the process for user resistance to the e-book and find out its antecedents with perceived value and switching cost at the same time. As a result, it appeared that triability, uncertainty and complexity affected perceived value and switching cost. The user-based antecedents like social norm and perceived value increased the effect of self-efficacy. Also, self-efficacy and perceived value decreased user resistance whereas switching cost increase user resistance to the e-Book perspective.

• Journal of Korean Medical classics
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• v.24 no.2
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• pp.23-50
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• 2011

"LeiGongPaoZhiLun" is the first pharmaceutical book, and there are various opinion on when LeiXiao(雷斅), the author lived. From the aspect of several data, it is appropriate most that LeiXiao live in the period of Sui(隋) Dynasty, like SuSong(蘇頌) in the Sung Dynasty said, This book was not made at one time by one person. At the beginning, it was written by LeiXiao and the later generations enlarged to finish. The original of "LeiGongPaoZhiLun" disappeared already but a large amount of this book was quoted to "ZhengLeiBenCao(證類本草)" to be preserved. The contents of "LeiGongPaoZhiLun" are the first professional book about processing of medicinal, in which most of processing of medicinal that is generally used today, is included and some methods are unused. Besides, the regulations of this book are specific, the range is broad, and theoretical frame is established for the first time. This book has abundant contents, in which several processing of medicinal are written. There are 10 methods such as steaming(蒸法), boiling(煮法), baking(炮法), stir-frying(炒法), calcining(煅法), long time boiling(煉法), scorching(燒法), baking after wrapping(煨法), immersing(浸法), washing(洗法), flying(飛法), etc. How to remove some section that is not used for drug, how to separate according to medical use and region to be applied, how to smash, how to cut, how to dry, container for medicine, warning for making a prescription, time to make medicine and amount of medicine, how to distinguish superior and inferior and origin, how to make medicine partially, etc, are contained in this book. The contents of "LeiGongPaoZhiLun" can be mixture of processing of medicinal of medical scientists and taoists. In conclusion, however, the effect by the later medical generations of "LeiGongPaoZhiLun" was not great on processing of medicinal. It stemmed from the difference of processing of medicinal in this very taoistic book that realistic difficulties were disregarded by taoists for training and practical purpose, treatment that is the reason that later medical generations used processing of medicinal. Consequently, there is no great relation between the development of processing of medicinal in the Sung Dynasty and this book. "LeiGongYaoXingFu(雷公藥性賦)" that was abundant in medical market in Ming(明) and Qing(清) period has no relation with "LeiGongPaoZhiLun" is kind of a distribution-purposed book that was mnge in or after Ming Dynasty. However, since a book that is said to be written by 'LiGao(李杲)'PaoZhihis nof a dijust borrowed and focus on a brief summery, it is not desirable for beginners to learn medical knowledge. "LeiGongPaoZhiLun" is the first pharmaceutical book and is a model to show how a science in the history of the herb medicine generated and developed and how such a book is changed and modified to make a change of value.