• Title/Summary/Keyword: Composite Indicators

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Analysis of KOSPI·Apartment Prices in Seoul·HPPCI·CLI's Correlation and Precedence (종합주가지수·서울지역아파트가격·전국주택매매가격지수·경기선행지수의 상관관계와 선행성 분석)

  • Choi, Jeong-Il;Lee, Ok-Dong
    • Journal of Digital Convergence
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    • v.12 no.5
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    • pp.89-99
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    • 2014
  • Correlation of KOSPI from stock market and Apartment Prices in Seoul HPPCI from real estate market has been found from this research. Furthermore, from the comparison of those indicators' flows, certain precedence was found as well. The purpose of this research is to analyze correlation and precedence among KOSPI, Apartment price in Seoul, HPPCI and CLI. As for predicting KOSPI of stock market and real estate market, it is necessary to find out preceding indices and analyzing their progresses first. For 27 years from the January 1987 to December 2013, KOSPI has been grown by 687%, while CLI showed 443%, Apartment of Seoul showed 391%, HPPCI showed 263% of growth rate in order. As the result of correlation analysis among Apartment of Seoul, CLI, KOSPI and HPPCI, KOSPI and HPPCI showed high correlation coefficient of 0.877, and Apartment of Seoul and CLI showed that of 0.956 which is even higher. Result from the analysis, CLI shows high correlation with stock and real estate market, it is a good option to watch how CLI flows to predict stock and real estate market.

Hysteretic behaviors and calculation model of steel reinforced recycled concrete filled circular steel tube columns

  • Ma, Hui;Zhang, Guoheng;Xin, A.;Bai, Hengyu
    • Structural Engineering and Mechanics
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    • v.83 no.3
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    • pp.305-326
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    • 2022
  • To realize the recycling utilization of waste concrete and alleviate the shortage of resources, 11 specimens of steel reinforced recycled concrete (SRRC) filled circular steel tube columns were designed and manufactured in this study, and the cyclic loading tests on the specimens of columns were also carried out respectively. The hysteretic curves, skeleton curves and performance indicators of columns were obtained and analysed in detail. Besides, the finite element model of columns was established through OpenSees software, which considered the adverse effect of recycled coarse aggregate (RA) replacement rates and the constraint effect of circular steel tube on internal RAC. The numerical calculation curves of columns are in good agreement with the experimental curves, which shows that the numerical model is relatively reasonable. On this basis, a series of nonlinear parameters analysis on the hysteretic behaviors of columns were also investigated. The results are as follows: When the replacement rates of RA increases from 0 to 100%, the peak loads of columns decreases by 7.78% and the ductility decreases slightly. With the increase of axial compression ratio, the bearing capacity of columns increases first and then decreases, but the ductility of columns decreases rapidly. Increasing the wall thickness of circular steel tube is very profitable to improve the bearing capacity and ductility of columns. When the section steel ratio increases from 5.54% to 9.99%, although the bearing capacity of columns is improved, it has no obvious contribution to improve the ductility of columns. With the decrease of shear span ratio, the bearing capacity of columns increases obviously, but the ductility decreases, and the failure mode of columns develops into brittle shear failure. Therefore, in the engineering design of columns, the situation of small shear span ratio (i.e., short columns) should be avoided as far as possible. Based on this, the calculation model on the skeleton curves of columns was established by the theoretical analysis and fitting method, so as to determine the main characteristic points in the model. The effectiveness of skeleton curve model is verified by comparing with the test skeleton curves.

Effectiveness and characteristics of technology transfer consortia in public R&D sector: The case of Korean TT consortia (공공연구부문에서의 기술이전컨소시엄의 효과와 특성 연구: 공공기술이전컨소시엄 사례를 중심으로)

  • Park, Jong-Bok;Ryu, Tae-Kyu
    • Journal of Korea Technology Innovation Society
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    • v.10 no.2
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    • pp.284-309
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    • 2007
  • Technology transfer (TT) consortium is an affiliation of two or more public research institutions (PRIs) that participate in a common technology transfer activity or pool their resources together, with the objective of facilitating technology transfer. Based on empirical analysis of five regional TT consortia (2002-2006) operating in Korea, this paper suggests their effectiveness by employing a TT performance index (TTPI) and identifies possible characteristics involved, such as motivations, facilitators, barriers, and challenges. TTPI devised in the paper is a new composite TT performance index to measure how much the TT performance of a PH changed in a designated year compared to a base year. All the performance indicators of TTPI are well-structured based on the unique TT process that is prevalent in Korea. Further, TTPI can bring different size and focus of PRIs to the same scale for comparison by double-normalizing. The paper tests the effectiveness of TT consortium for the escalation of TT performances in member PRIs by highlighting the differences of TTPI's between 2005 and 2001. As a result, the paper found that the escalation of TTPI for member PRIs was greater than that for non-member PRIs. As for the characteristics of TT consortia, their respective factors obtained by TT expert survey were computed with proportion tests of differences (Z tests) to compare two perspectives between intramural and extramural groups. One of key findings is that there is general homogeneity in stakeholder perspectives regarding motivations, facilitators, barriers, and challenges. Some notable responses are as follow; the most probable motivation to join TT consortium is to share or exchange TT competences for enhanced performance. Second, the most probable facilitator is professional capability of consortium-hired personnel. Third, the foremost probable barriers to effective TT consortium are frequent change of consortium director and passive participation of member PRIs. Lastly, both publicizing TT consortia and developing performance metrics are the most important for the improvement of TT consortia. The understanding of the characteristics of TT consortia increases the likelihood of accelerated success, because TT consortia path from formation to termination encompasses many concepts, processes, principles, and factors. Finally, an analysis of the survey data combined with expert interview and observation data led the authors to derive five conditions as being critical to viable TT consortia in Korea at early stage of technology transfer systems. These conditions include policy infrastructure, proactive participation, excellent professionals, personal motivation, and teaming mechanisms. It is expected that the Korean evidence is a starting point to develop and refine the theory of TT consortia and for additional studies in other countries.

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WHICH INFORMATION MOVES PRICES: EVIDENCE FROM DAYS WITH DIVIDEND AND EARNINGS ANNOUNCEMENTS AND INSIDER TRADING

  • Kim, Chan-Wung;Lee, Jae-Ha
    • The Korean Journal of Financial Studies
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    • v.3 no.1
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    • pp.233-265
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    • 1996
  • We examine the impact of public and private information on price movements using the thirty DJIA stocks and twenty-one NASDAQ stocks. We find that the standard deviation of daily returns on information days (dividend announcement, earnings announcement, insider purchase, or insider sale) is much higher than on no-information days. Both public information matters at the NYSE, probably due to masked identification of insiders. Earnings announcement has the greatest impact for both DJIA and NASDAQ stocks, and there is some evidence of positive impact of insider asle on return volatility of NASDAQ stocks. There has been considerable debate, e.g., French and Roll (1986), over whether market volatility is due to public information or private information-the latter gathered through costly search and only revealed through trading. Public information is composed of (1) marketwide public information such as regularly scheduled federal economic announcements (e.g., employment, GNP, leading indicators) and (2) company-specific public information such as dividend and earnings announcements. Policy makers and corporate insiders have a better access to marketwide private information (e.g., a new monetary policy decision made in the Federal Reserve Board meeting) and company-specific private information, respectively, compated to the general public. Ederington and Lee (1993) show that marketwide public information accounts for most of the observed volatility patterns in interest rate and foreign exchange futures markets. Company-specific public information is explored by Patell and Wolfson (1984) and Jennings and Starks (1985). They show that dividend and earnings announcements induce higher than normal volatility in equity prices. Kyle (1985), Admati and Pfleiderer (1988), Barclay, Litzenberger and Warner (1990), Foster and Viswanathan (1990), Back (1992), and Barclay and Warner (1993) show that the private information help by informed traders and revealed through trading influences market volatility. Cornell and Sirri (1992)' and Meulbroek (1992) investigate the actual insider trading activities in a tender offer case and the prosecuted illegal trading cased, respectively. This paper examines the aggregate and individual impact of marketwide information, company-specific public information, and company-specific private information on equity prices. Specifically, we use the thirty common stocks in the Dow Jones Industrial Average (DJIA) and twenty one National Association of Securities Dealers Automated Quotations (NASDAQ) common stocks to examine how their prices react to information. Marketwide information (public and private) is estimated by the movement in the Standard and Poors (S & P) 500 Index price for the DJIA stocks and the movement in the NASDAQ Composite Index price for the NASDAQ stocks. Divedend and earnings announcements are used as a subset of company-specific public information. The trading activity of corporate insiders (major corporate officers, members of the board of directors, and owners of at least 10 percent of any equity class) with an access to private information can be cannot legally trade on private information. Therefore, most insider transactions are not necessarily based on private information. Nevertheless, we hypothesize that market participants observe how insiders trade in order to infer any information that they cannot possess because insiders tend to buy (sell) when they have good (bad) information about their company. For example, Damodaran and Liu (1993) show that insiders of real estate investment trusts buy (sell) after they receive favorable (unfavorable) appraisal news before the information in these appraisals is released to the public. Price discovery in a competitive multiple-dealership market (NASDAQ) would be different from that in a monopolistic specialist system (NYSE). Consequently, we hypothesize that NASDAQ stocks are affected more by private information (or more precisely, insider trading) than the DJIA stocks. In the next section, we describe our choices of the fifty-one stocks and the public and private information set. We also discuss institutional differences between the NYSE and the NASDAQ market. In Section II, we examine the implications of public and private information for the volatility of daily returns of each stock. In Section III, we turn to the question of the relative importance of individual elements of our information set. Further analysis of the five DJIA stocks and the four NASDAQ stocks that are most sensitive to earnings announcements is given in Section IV, and our results are summarized in Section V.

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