• Journal of Navigation and Port Research
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• v.41 no.2
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• pp.71-78
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• 2017

This paper aims to investigate the time-varying systematic risk of the stocks of Korean logistics firms. For this purpose, the period from January 1991 to October 2016 was examined with respect to 21 logistics companies that are listed on the Korea Exchange. The systematic risk of the logistics stocks is measured in terms of the Capital Asset Pricing Model (CAPM) beta for which the sensitivity of a stock is compared to the return changes of the whole market. Overall, the betas of the stocks of the Korean logistics companies are significantly lower than those of the market unity; however, it was revealed that the logistics betas are not constant, but are actually time-varying according to different economic regimes, which is consistent with the previous empirical findings. This finding is robust across different measurements of the logistics betas. In addition, the impact of macroeconomic factors on the logistics betas was examined. The present study shows that the logistics betas are positively associated with foreign exchange-rate changes.

• Proceedings of the KIEE Conference
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• 2001.11b
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• pp.77-82
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• 2001

As electric power systems have been moving from vertically integrated utilities to a deregulated environment, the charging of reactive power management is a new challenging theme for market operators. This paper proposes a new methodology to compute the costs of providing reactive power management service in a competitive electrical power market. The proposed formulation, which is basically different from those shown in the literature, consists of two parts. One is to recover investment capital costs of reactive power supporting equipment based on a reactive power flow tracing algorithm. The other is to recover operational costs based on variable spot prices using the optimal power flow algorithm. The charging shapes resulted from the proposed approach exhibit a quite good meaning viewed from a practical sense. It turns out that reactive power charges are mostly due to recovery of capital costs and slightly due to recovery of operational costs. The method can be useful in providing additional insight into power system operation and can be used to determine tariffs of a reactive power management service.

• Journal of the Korean Statistical Society
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• v.4 no.2
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• pp.113-125
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• 1975

The money market has been existing in various forms for a long time. Until 1972, however, the market had supplied mainly short-term loans of commercial banks and loans of informal money lenders to business corporations. There was no market for notes and commercial papers of business corporations. Consequently, business corporations had to rely primarily upon commercial banks for short-term credit loans to supplement their working capital. The interest rate on loans of commercial banks had been set below a free market equilibrium rate and thereby, generated excess demands for the loans. Unsatisfied potential borrowers thus had to turn to informal money lenders for short-term cerdit loans of prohibitively high interest rate. Since 1972 investment and finance companies have been operating in the money market and their role in mobilizing short-term loans is increasing. This paper aims at estimating the equilibrium size of the money market.

• Communications for Statistical Applications and Methods
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• v.25 no.2
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• pp.185-197
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• 2018

Measuring market fear is an important way of understanding fundamental economic phenomena related to financial crises. There have been several approaches to measure market fear or panic level in a financial market. Recently, herd behavior has gained its popularity as important economic phenomena explaining the fear in the financial market. In this paper, we investigate herd behavior in global stock markets with a focus on intercontinental comparison. While various risk measures are available for the detection of herd behavior in the market, we use the standardized herd behavior index in Dhaene et al. (Insurance: Mathematics and Economics, 50, 357-370, 2012b) and Lee and Ahn (Dependence Modeling, 5, 316-329, 2017) for the comparison of herd behaviors in global stock markets. A global stock market data from Morgan Stanley Capital International is used to study herd behavior especially during periods of financial crises.

• Asia Marketing Journal
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• v.15 no.3
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• pp.53-77
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• 2013

As advertising and promotions are categorized as operating expenses, managers tend to reduce marketing budget to improve their short term profitability. Gauging the value and accountability of marketing spending is therefore considered as a major research priority in marketing. To respond this call, recent studies have documented that financial market reacts positively to a firm's marketing activity or marketing related outcomes such as brand equity and customer satisfaction. However, prior studies focus on the relation of marketing variable and financial market variables. This study suggests a channel about how marketing activity increases firm valuation. Specifically, we propose that a firm's marketing activity increases the level of the firm's product market information and thereby the dispersion in financial analysts' earnings forecasts decreases. With less uncertainty about the firm's future prospect, the firm's managers and shareholders have less information asymmetry, which reduces the firm's cost of capital and thereby increases the valuation of the firm. To our knowledge, this is the first paper to examine how informational benefits can mediate the effect of marketing activity on firm value. To test whether marketing activity contributes to increase in firm value by mitigating information asymmetry, this study employs a longitudinal data which contains 12,824 firm-year observations with 2,337 distinct firms from 1981 to 2006. Firm value is measured by Tobin's Q and one-year-ahead buy-and-hold abnormal return (BHAR). Following prior literature, dispersion in analysts' earnings forecasts is used as a proxy for the information gap between management and shareholders. For model specification, to identify mediating effect, the three-step regression approach is adopted. All models are estimated using Markov chain Monte Carlo (MCMC) methods to test the statistical significance of the mediating effect. The analysis shows that marketing intensity has a significant negative relationship with dispersion in analysts' earnings forecasts. After including the mediator variable about analyst dispersion, the effect of marketing intensity on firm value drops from 1.199 (p < .01) to 1.130 (p < .01) in Tobin's Q model and the same effect drops from .192 (p < .01) to .188 (p < .01) in BHAR model. The results suggest that analysts' forecast dispersion partially accounts for the positive effect of marketing on firm valuation. Additionally, the same analysis was conducted with an alternative dependent variable (forecast accuracy) and a marketing metric (advertising intensity). The analysis supports the robustness of the main results. In sum, the results provide empirical evidence that marketing activity can increase shareholder value by mitigating problem of information asymmetry in the capital market. The findings have important implications for managers. First, managers should be cognizant of the role of marketing activity in providing information to the financial market as well as to the consumer market. Thus, managers should take into account investors' reaction when they design marketing communication messages for reducing the cost of capital. Second, this study shows a channel on how marketing creates shareholder value and highlights the accountability of marketing. In addition to the direct impact of marketing on firm value, an indirect channel by reducing information asymmetry should be considered. Potentially, marketing managers can justify their spending from the perspective of increasing long-term shareholder value.

• Korean Business Review
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• v.1
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• pp.193-218
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• 1987

• International Journal of Computer Science & Network Security
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• v.22 no.3
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• pp.67-76
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• 2022

COVID-19 struck labor markets around the world, exposing and exacerbating the gender inequalities within the human capital structure. The last, in its turn, jeopardizes the return of the national economies to the growth trajectory undermined by pandemic impact. The authors assume that COVID-19 disproportionately affected the employment rates of women and men, which led to increased gender inequality in the labor market, which, in turn, affected GDP growth rates in the EU. To prove this hypothesis two research questions are discovered: 1) whether there was a different correlation between the number of COVID-19 cases in the EU and indicators of the labor market for women and men; and 2) whether there was a link between the growth of gender inequality in the EU labor market and the GDP dynamics in these countries. The analysis of the correlation between the number of cases of COVID-19 and indicators of the labor market in the EU revealed faster growth of women's unemployment rates compared to men's ones as the COVID-19 incidence unfolded. Multiple linear regression and factor analysis have been used to investigate the influence of gender inequality in the labor market on GDP dynamics. Despite the methodological limitations, the proposed model is both a sound argument and an analytical basis in favor of gender-responsive economic recovery backed by the systematic and consistent gender equality policy of a government.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.1 no.2
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• pp.157-192
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• 2006

Since the late 1990s, the Korean Venture Capital Industry has been remarkably grown in the aspect of quality and quantity. Korean government expects that the Venture company and Venture Capital Industry would contribute to the recovery of depressed Korean economy and restructuring of the high cost and low efficiency economic structure. Korean government reinforces supporting policies for the Venture Capital and Venture Business. Venture Capital is defined as the form of high risk and high profit investment capital growing the small & medium enterprises to competitive ones through capital and management support and collecting the capital. According to the Gompers and Lerners the venture capital cycle consists of raising investment capital, screening the investment opportunity and invest the money. And later, sold the retained stock to the other investor or to the company. This stage called EXIT Consequently, the function of the venture capital, which supply the fund and the business consultation to venture business, have been emphasized and how to effectively run this capital have been recognized as the way to develop the venture business. In this regard, the problem in Korean Venture Capital Market is as follows. First, most of the sources of fund depends on the government support and this conflict with the nature of risk capital because the government capital emphasis the stability than profitability. And secondly, the efficiency of the venture capital system in Korea do not reach that of the advanced countries due to many kinds of restriction and the rack of support. Consequently, the Activation Schemes for Korean Venture Capital Firms are as follows. First, the sources of venture capital need to diversify from angels to institutional investors such as banks, pensions, fund of fund. And Lastly, the internal management and operational system of venture capital companies should be strengthened by quality to that of global Venture Capital Firms.

• Journal of Labour Economics
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• v.32 no.2
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• pp.61-93
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• 2009

In this paper, we estimate the wage premium of English skills in the Korean labor market using Korean Labor and Income Panel Study(KLIPS) data. In a simple OLS model, we find that people with some English skills in terms of self evaluation or job requirement earn 30% more than those who do not have English skills. But in a small sample of relatively young people, higher English lest scores do not raise earnings. When we add SAT scores in the wage equation, there is no wage premium of English skills, and in the IV estimation, we find no "English premium". These results consistently imply that while there is a large wage premium of English skills in the Korean labor market, it reflects unobservable ability for the most part. Meanwhile some of the regression results favor human capital theory over screening theory as an explanation of the nature of the wage premium of English skills.

• The Journal of Fisheries Business Administration
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• v.26 no.1
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• pp.55-77
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• 1995

This study analyzed the structure of imported fisheries, focusing especially on the following factors of live fisheries import : First of all, it is confirmed that the import of live fisheries expands when domestic production decreases. To put it concretely, the structure of domestic live fish supply is based upon the production of aquaculture, the shift from export to domestic use, and imported live fisheries. These all coexist, expand, and grow together. Secondly, the structure of the consumer's market - the background of expanding and growing live fisheries-is currently diversifying with quality and quantity from a local area consumer system based upon regional markets, to a wider ranged system based upon the food industry and retailing market. The existence of the consumer markets is premised upon a stable supply structure, in terms of material and price. Thirdly, in terms of trade policy, control of imports instantly reduces import goods. But it is reasonable to say that there is not any logical effectiveness of denying the stable growth of low market capital under the background of strong consummer expansion. Fourthly, the attitude of the import related managener organization is directly related to the degree to which it is connected to live fish import. It is demanded that such a managing organization possess suitable facilities, specializaed knowledge, and management skill of live fisheries. So it is predicted that newly introducing the importing of live fisheries is not simple. It indirectly shows that the capital which relates to live fisheries are connected with the importing og live fish fisheries.