• 아태비즈니스연구
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• 제12권3호
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• pp.37-50
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• 2021

Purpose - This study aimed to examine the behavior surrounding the Initial Public Offering (IPO) event of firms within the same conglomerate and the impact of under-pricing and Return on Equity(ROE) on a firm's abnormal stock returns. Design/methodology - This study collected data from 166 South Korean Chaebols, consisting of 355 firms distributed as 202 listed on Korea Composite Stock Price Index (KOSPI) and 153 firms listed on Korean Securities Dealers Automated Quotations (KOSDAQ) from 2000 to 2020. The Capital Asset Pricing Model (CAPM) and the multiple regression analysis were hired to analyze the data. Findings - First, we found an adverse price reaction of IPO listing in the same chaebol group, and firms with higher under-pricing affect other firms' stock prices more adversely within the conglomerate. Next, we explored a negatively significant relation between ROE and the chaebol firms' stock returns during IPO events. Research implications - The novelty of this study is there are not many empirical studies on the impact of IPO within a conglomerate. So, the findings of this study contribute to the literature for analyzing stock's abnormal returns within a conglomerate.

• 유통과학연구
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• 제21권3호
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• pp.93-100
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• 2023

Purpose: The purpose of this paper is to confirm whether stocks belonging to the distribution industry in Korea have reversals, following large daily stock price changes accompanied by large trading volumes. Research design, data, and methodology: We examined whether there were reversals after the event date when large-scale stock price changes appeared for the entire sample of distribution-related companies listed on the Korea Composite Stock Price Index from January 2004 to July 2022. In addition, we reviewed whether the reversals differed depending on abnormal trading volume on the event date. Using multiple regression analysis, we tested whether high trading volume had a significant effect on the cumulative rate of return after the event date. Results: Reversals were confirmed after the stock price shock in the Korean distribution industry and the return after the event date varied depending on the size of the trading volume on the event day. In addition, even after considering both company-specific and event-specific factors, the trading volume on the event day was found to have significant explanatory power on the cumulative rate of return after the event date. Conclusions: Reversals identified in this paper can be used as a useful tool for establishing a trading strategy.

• Steel and Composite Structures
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• 제46권5호
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• pp.673-687
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• 2023

In this study, the weight and the connections type layout of low-rise eccentrically braced frame (EBF) have been optimized based on performance-based design method. For this purpose, two objective functions were defined based on two different aspects on rigid connections, in one of which minimization and in the other one, maximization of the number of rigid connections was considered. These two objective functions seek to increase the area under the pushover curve, in addition to the reduction of the weight and selection of the optimum connections type layout. The performance of these objective functions was investigated in optimal design of a three-story eccentrically braced frame, using two meta-heuristic algorithms: Enhanced Colliding Bodies Optimization (ECBO) and Enhanced Vibrating Particles System (EVPS). Then, the reliability indices of the optimal designs for both objective functions were calculated for the story lateral drift limits using Monte-Carlo Simulation (MCS) method. Based on the reliability assessment results of the optimal designs and taking the three levels of safety into account, the final designs were selected and their specifications were compared.

• Journal of the Korean Society for Industrial and Applied Mathematics
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• 제26권1호
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• pp.23-48
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• 2022

In this paper, we provide predictive models for the market price of fruits, and analyze the performance of each fruit price predictive model. The data used to create the predictive models are fruit price data, weather data, and Korea composite stock price index (KOSPI) data. We collect these data through Open-API for 10 years period from year 2011 to year 2020. Six types of fruit price predictive models are constructed using the LSTM algorithm, a special form of deep learning RNN algorithm, and the performance is measured using the root mean square error. For each model, the data from year 2011 to year 2018 are trained to predict the fruit price in year 2019, and the data from year 2011 to year 2019 are trained to predict the fruit price in year 2020. By comparing the fruit price predictive models of year 2019 and those models of year 2020, the model with excellent efficiency is identified and the best model to provide the service is selected. The model we made will be available in other countries and regions as well.

• Steel and Composite Structures
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• 제42권1호
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• pp.59-74
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• 2022

This study introduces a general reliability-based, performance-based design framework to design frames regarding their uncertainties and user-defined design goals. The Iterative-R method extracted from the main framework can designate a proper R (i.e., response modification factor) satisfying the design goal regarding target reliability index and pre-defined probability of collapse. The proposed methodology is based on FEMA P-695 and can be used for all systems that FEMA P-695 applies. To exemplify the method, multiple three-dimensional, four-story steel special moment-resisting frames are considered. Closed-form relationships are fitted between frames' responses and the modeling parameters. Those fits are used to construct limit state functions to apply reliability analysis methods for design safety assessment and the selection of proper R. The frameworks' unique feature is to consider arbitrarily defined probability density functions of frames' modeling parameters with an insignificant analysis burden. This characteristic enables the alteration in those parameters' distributions to meet the design goal. Furthermore, with sensitivity analysis, the most impactful parameters are identifiable for possible improvements to meet the design goal. In the studied examples, it is revealed that a proper R for frames with different levels of uncertainties could be significantly different from suggested values in design codes, alarming the importance of considering the stochastic behavior of elements' nonlinear behavior.

• Steel and Composite Structures
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• 제47권3호
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• pp.339-353
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• 2023

The primary objective of the current study is to optimize and evaluate the seismic performance of steel momentresisting frame (MRF) structures considering soil-structure interaction (SSI) effects. The structural optimization is implemented in the context of performance-based design in accordance with FEMA-350 at different confidence levels from 50% to 90% by taking into account fixed- and flexible-base conditions using an efficient metaheuristic algorithm. Nonlinear response-history analysis (NRHA) is conducted to evaluate the seismic response of structures, and the beam-on-nonlinear Winkler foundation (BNWF) model is used to simulate the soil-foundation interaction under the MRFs. The seismic performance of optimally designed fixed- and flexible-base steel MRFs are compared in terms of overall damage index, seismic collapse safety, and interstory drift ratios at different performance levels. Two illustrative examples of 6- and 12-story steel MRFs are presented. The results show that the consideration of SSI in the optimization process of 6- and 12-story steel MRFs results in an increase of 1.0 to 9.0 % and 0.5 to 5.0 % in structural weight and a slight decrease in structural seismic safety at different confidence levels.

• 아태비즈니스연구
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• 제13권4호
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• pp.79-89
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• 2022

Purpose - The purpose of this study was to examine the impact of ESG rating changes of companies listed in Korean Stock Exchange on stock returns. Design/methodology/approach - This study collected prices and ESG ratings of all the companies listed on the Korea Composite Stock Price Index. Based on yearly change of ESG ratings we grouped companies as 2 portfolios(upgrade and downgrade) and calculated portfolios' return. Findings - First, the difference in returns between upgraded and downgraded portfolios is small and statistically insignificant. Second, however, in the COVID-19 period (2020 ~ 2021), the upgraded portfolio outperforms the downgraded portfolio by 0.7 percentage points per month. The difference in returns between upgraded and downgraded portfolios is statistically significant after controlling for the Carhart four factors. Lastly, there are much higher volatility when the ESG rating changes are made of companies with low levels of ESG ratings. Research implications or Originality - This study is the first to examine the impact of ESG rating changes on stock returns in Korea. Furthermore, the findings can serve as a reference for managers who want to control a firm's risk by ESG rating changes. Practically, asset managers can use the findings to construct portfolios that are less risky or more profitable than the market portfolio.

• 산업융합연구
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• 제20권5호
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• pp.77-82
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• 2022

소프트웨어 자산을 평가하기 위해 정형화되지 않은 평가 방법으로 자산의 평가가 이루어져왔다. 본 연구에서는 기존의 소프트웨어 자산에 대한 복잡도의 측정으로부터 확보된 최적화된 자산의 사용성을 평가하고자 한다. 자산의 내부정보에 대한 논리적 복잡도를 측정하여 아키텍처의 복잡성에 대한 척도를 이용하였으며, 재사용성에 관여된 지표를 측정하여 소프트웨어 자산의 사용성과 어떠한 관계를 갖는지 평가하였다. 따라서 HVs는 두 가지 유형의 자산에 대하여 다양한 자산의 구성 방식에 따라 일정한 비율을 유지하며 적용되는 특성을 갖고 있는 것을 알 수 있다. 그러므로 자산의 사용성면에서 최적화된 자산은 가능한 다양성을 확보한 상태에서 아키텍처 설계과정에 정형성을 갖고 적용할 수 있을 것이다.

• Steel and Composite Structures
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• 제45권3호
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• pp.349-367
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• 2022

In this research, an approach combining a semi-analytical method and an analytical method is presented to investigate the static and dynamic post-buckling behavior of the sandwich functionally graded (FG) porous cylindrical shells exposed to external pressure. The sandwich cylindrical shell considered is composed of a viscoelastic core and two FG porous (FGP) face layers. The viscoelastic core is made of Kelvin-Voigt-type material. The material properties of the FG porous face layer are considered continuous through each face thickness according to a porosity coefficient and a volume fraction index. Two types of sandwich FG porous viscoelastic cylindrical shells named Type A and Type B are considered in the research. Type A shell has the porosity evenly distributed across the thickness direction, and Type B has the porosity unevenly distributes across the thickness direction. The FG face layers are considered in two cases: outside metal surface, inside ceramic surface (OMS-ICS), and inside metal surface, outside ceramic surface (IMS-OCS). According to Donnell shell theory, von-Karman equation, and Galerkin's method, a discretized nonlinear governing equation is derived for analyzing the behavior of the shells. The explicit expressions for static and dynamic critical buckling loading are thus developed. To study the dynamic buckling of the shells, the governing equation is examined via a numerical approach implementing the fourth-order Runge-Kutta method. With a procedure presented by Budiansky-Roth, the critical load for dynamic post-buckling is obtained. The effects of various parameters, such as material and geometrical parameters, on the post-buckling behaviors are investigated.

• Steel and Composite Structures
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• 제44권5호
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• pp.651-676
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• 2022

Most of the experimental, theoretical, and numerical studies on the stability of functionally graded composites are deterministic, while there are full of complex interactions of variables with an inherently probabilistic nature, this paper presents a non-intrusive framework to investigate the stochastic nonlinear buckling behaviors of porous functionally graded cylindrical shells exposed to inevitable source-uncertainties. Euler-Lagrange equations are theoretically derived based on the three variable refined shear deformation theory. Closed-form solutions for the shell buckling loads are achieved by solving the deterministic eigenvalue problems. The analytical results are verified with numerical results obtained from finite element analyses that are conducted in the commercial software ABAQUS. The non-intrusive framework is completed by integrating the Monte Carlo simulation with the verified closed-form solutions. The convergence studies are performed to determine the effective pseudorandom draws of the simulation. The accuracy and efficiency of the framework are verified with statistical results that are obtained from the first and second-order perturbation techniques. Eleven cases of individual and compound uncertainties are investigated. Sensitivity analyses are conducted to figure out the five cases that have profound perturbative effects on the shell buckling loads. Complete probability distributions of the first three critical buckling loads are completely presented for each profound uncertainty case. The effects of the shell thickness, volume fraction index, and stochasticity degree on the shell buckling load under compound uncertainties are studied. There is a high probability that the shell has non-unique buckling modes in stochastic environments, which should be known for reliable analysis and design of engineering structures.