• The Journal of Asian Finance, Economics and Business
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• v.9 no.9
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• pp.1-8
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• 2022

This paper studies market efficiency from a weak form aspect using opening and closing prices of the Shanghai stock exchange composite index (SSEC) and Shenzhen stock exchange composite index (SZSEC) under the expected return theory. Classical methods (autocorrelation and runs test) are used to examine the features of stock returns, and little evidence against mutual independence of returns is found. We predict daily returns of SSEC and SZSEC with AR(p) and VAR(p) models (in this paper, p = 5 is taken as a one-week lag) and perform a virtual experiment on two indexes based on the predicted value of daily returns from AR(p) or VAR(p) model. From the results of AR(p) and VAR(p) for two indexes, we attempt to find out how the market efficiency level changes when the information from the other market is under consideration as we check the market efficiency level in one market. We find that SSEC in 2014-2016 and SZSEC in 2015-2016 are inefficient from the result of autocorrelation, that SSEC in 2016 and SZSEC in 2013 are not efficient from the result of runs test, that the stock market is efficient except 2005, 2009, 2010 and 2017 in SSEC and 2005, 2016 and 2017 in SZSEC and that SSEC is more influenced by SZSEC but SSEC influences SZSEC less from the result of the virtual experiment.

• Korean Journal of Construction Engineering and Management
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• v.11 no.5
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• pp.41-52
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• 2010

Even though REITs (Real Estate Investment Trusts) are listed on the stock market, REITs have characteristics that allow them to invest in real estate and financing for real estate development. Therefore REITs is related with stock market and construction business and real estate business. Using time-series analysis, this study analyzed REITs in relation to construction businesses, real estate businesses, and the stock market, and derived influence factor of REITs. We used the VAR (vector auto-regression) and the VECM (vector error correction model) for the time-series analysis. This study classified three steps in the analysis. First, we performed the time-series analysis between REITs and construction KOSPI(The Korea composite stock price index) and the result showed that construction KOSPI influenced REITs. Second, we analyzed the relationship between REITs and construction commencement area of the coincident construction composite index, office index and housing price index in real estate business indexes. REITs and the housing price index influence each other, although there is no causal relationship between them. Third, we analyzed the relationship between REITs and the construction permit area of the leading construction composite index. The construction permit area is influenced by REITs, although there is no causal relationship between these two indexes, REITs influenced the stock market and housing price indexes and the construction permit area of the leading composite index in construction businesses, but exerted a relatively small influence in construction starts coincident with the composite office indexes in this study.

• Journal of Construction Engineering and Project Management
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• v.2 no.4
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• pp.32-41
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• 2012

In recent times, multi-centralization and decentralization as well as large Capital area and suburbanization in the spatial structure of capital area. With rapid growth, urbanization and industrialization are unsystematic, and growth inequality between regions caused negative effects such as discordant centralization and decentralization, fluctuating land value, and gap between living conditions. Accordingly, this study analyzed urban spatial indexes by the self-governed body in the capital area such as Seoul, Incheon, and Gyeonggi province for the analysis of the regional inequality phenomenon. We examined the characteristics of temporal and spatial changes in urban spatial structure in the capital area by utilizing the distribution pattern and density of city indexes such as population, employment, etc, and then drew the commonality of those factors through factor analysis. We evaluated the drawn results through the city standard index by each city, conducted factor score analysis, and identified the interaction between each factor and Housing Purchase Price Composite Indices index, housing rent price index(Housing Jeonse Price Composite Indices), land price fluctuation rate, diffusion ratio of house, and financial independence.

• The Korean Journal of Applied Statistics
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• v.28 no.1
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• pp.103-114
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• 2015

The role of small and medium enterprises as an economic growth factor has been accentuated; consequently, the need to develop a business forecast model and indexes that accurately examine business situation of small and medium enterprises has increased. Most current business model and indexes concerning small and medium enterprises, released by public and private institutions, are based on Business Survey Index (BSI) and depend on subjective (business model and) indexes; therefore, the business model and indexes lack a capacity to grasp an accurate business situation of these enterprises. The business forecast model and indexes suggested in the study have been newly developed with Principal Component Analysis(PCA) and weight method to accurately measure a business situation based on reference dates addressed by the National Statistical Office(NSO). Empirical studies will be presented to prove that the newly proposed business model and indexes have their basis in statistical theory and their trend that resembles the existing Composite Index.

• Earthquakes and Structures
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• v.23 no.5
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• pp.445-462
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• 2022

To investigate and evaluate the seismic damage behaviors of steel reinforced recycled concrete (SRRC) filled circular steel tube composite columns, in this study, the cyclic loading tests of 11 composite columns was carried out by using the load-displacement joint control method. The seismic damage process, hysteretic curves and performance indexes of composite columns were observed and obtained. The effects of replacement rates of recycled coarse aggregate (RCA), diameter thickness ratio, axial compression ratio, profile steel ratio and section form of profile steel on the seismic damage behaviors of composite columns were also analyzed in detail. The results show that the failure model of columns is a typical bending failure under the combined action of horizontal loads and vertical loads, and the columns have good energy dissipation capacity and ductility. In addition, the replacement rates of RCA have a certain adverse effect on the seismic bearing capacity, energy consumption and ductility of columns. The seismic damage characteristics of composite columns are revealed according to the failure modes and hysteretic curves. A modified Park-Ang seismic damage model based on the maximum displacement and cumulative energy consumption was proposed, which can consider the adverse effect of RAC on the seismic damage of columns. On this basis, the performance levels of composite columns are divided into five categories, The interlayer displacement angle and damage index are used as the damage quantitative indicators of composite columns, and the displacement angle limits of composite columns at different performance levels under 80% assurance rate are calculated as 1/105, 1/85, 1/65, 1/28, and 1/25 respectively. On this basis, the damage index limits corresponding to each performance level are calculated as 0.045, 0.1, 0.48, 0.8, and 1.0 respectively. Finally, the corresponding relations among the performance levels, damage degrees, interlayer displacement angles and damage indexes of composite columns are established. The conclusions can provide reference for the seismic design of SRRC filled circular steel tube composite columns, it fills the vacancy in the research on seismic damage of steel reinforced recycled concrete (SRRC) filled circular steel tube composite columns.

• IE interfaces
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• v.19 no.3
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• pp.190-201
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• 2006

With the rapid growth in the demand and supply of web service, the search for superior services has become a prominent issue. Furthermore, much emphasis and attention are being placed on composite web services, where individual services are combined together to form a single workflow to satisfy the demand of the customers. In today's era of excessive expansion of web services, this study intends to propose the execution plan architecture for composite web services to accomplish the following three goals. The first goal is to derive a feasible plan which maximize user satisfaction for composite web services by implementing an execution plan architecture that reflects the Quality of Service criteria. Secondly, this study also aims at analyzing and selecting the indexes that adequately reflects its quality and its nonfunctional property. Finally, this study intends to apply the concept of constraint satisfaction problem and heuristics to reduce the execution duration of the process.

• Structural Engineering and Mechanics
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• v.36 no.4
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• pp.463-479
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• 2010

Based on damage accumulation of multi-grid composite walls, a method of dynamic reliability estimations is proposed. The multi-grid composite wall is composed of edge frame beam, edge frame columns, grid beams, grid columns and filling blocks. The equations including stiffness, shear forces at filling blocks cracking and multi-grid composite walls yielding, ultimate displacement, and damage index are obtained through tests of 13 multi-grid composite wall specimens. Employing these equations in reliability calculations, procedures of dynamic reliability estimations based on damage accumulation of multi-grid composite walls subjected to random earthquake excitations are proposed. Finally the proposed method is applied to the typical composite wall specimen subjected to random earthquake excitations which can be specified by a finite number of input random variables. The dynamic reliability estimates, when filling blocks crack under earthquakes corresponding to 63% exceedance in 50 years and when the composite wall reach limit state under earthquakes corresponding to 2-3% exceedance in 50 years, are obtained using the proposed method by taking damage indexes as thresholds. The results from the proposed method which show good agreement with those from Monte-Carlo simulations demonstrate the proposed method is effective.

• Journal of Distribution Science
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• v.17 no.1
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• pp.11-19
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• 2019

Purpose - We document the impact of economic policy uncertainty (EPU) in the US and China on the dynamic spillover effect of macroeconomics such as stock price, housing price in Korea. Research design, data, and methodology - We use the nine variables to analyze the effect which produces a result among the EPU indexes of the US and China on economic variables which is the consumer price index (CPI), housing purchase price composite index, housing lease price, the stock price index in banking industry, construction industry and distribution industry, and composite leading indicator from January 1995 to December 2016 with the Vector Error Correction Model. Result - The US EPU index has significantly a negative relation on the CPI, housing purchase price index, housing lease price index, the stock price index in banking industry, construction industry, and distribution industry in Korea. Conclusions - We find the dynamic effect of the EPU indexes in the US and China on the macroeconomics returns in Korea. This study has an empirical evidence that the economy market in Korea is influenced by the EPU index of the US rather than it of China. The higher EPU, the more risky the economy of in Korea.

• Journal of Korean Institute of Industrial Engineers
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• v.39 no.1
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• pp.30-45
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• 2013

Predicting monthly electricity price has been a significant factor of decision-making for plant resource management, fuel purchase plan, plans to plant, operating plan budget, and so on. In this paper, we propose a sophisticated prediction model in terms of the technique of modeling and the variety of the collected variables. The proposed model hybridizes the semi-supervised learning and the artificial neural network algorithms. The former is the most recent and a spotlighted algorithm in data mining and machine learning fields, and the latter is known as one of the well-established algorithms in the fields. Diverse economic/financial indexes such as the crude oil prices, LNG prices, exchange rates, composite indexes of representative global stock markets, etc. are collected and used for the semi-supervised learning which predicts the up-down movement of the price. Whereas various climatic indexes such as temperature, rainfall, sunlight, air pressure, etc, are used for the artificial neural network which predicts the real-values of the price. The resulting values are hybridized in the proposed model. The excellency of the model was empirically verified with the monthly data of electricity price provided by the Korea Energy Economics Institute.

• Steel and Composite Structures
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• v.37 no.4
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• pp.431-446
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• 2020

This paper presents the flexural performance of double skin composite beams (DSCBs) at different Arctic low temperatures. 12 DSCBs were prepared and tested under two-point loading at different Arctic low temperatures of 20, -30, -50, and -70℃. The studied parameters include low-temperature level (T), steel-faceplate thickness (t), shear span ratio (λ), and spacing of headed studs (S). The experimental investigations under two-point loading tests showed that flexural failure occurred to all DSCBs, even including the specimen designed with the small λ ratio of 2.9. The ultimate strength behaviours of DSCBs were improved due to the improved mechanical properties of constructional materials and the confinement on shear connectors. The DSCB subjected to two-point loading and low temperatures exhibits a five-stage working mechanism. The stiffness and strength indexes of DSCBs increase linearly with temperature and t value increasing, while decreasing as shear span ratio boosts. In the contrast, the change of S value from 150 to 200 mm has little effect on the ultimate strength behavior of DSCB.