• Journal of Korean Society of Industrial and Systems Engineering
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• v.41 no.4
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• pp.81-90
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• 2018

Modern investment theory has empirically proved that stock returns can be explained by several factors such as market risk, firm size, and book-to-market ratio. Other unknown factors affecting stock returns are also believed to still exist yet to be found. We believe that one of such factors is the operational efficiency of firms in transforming inputs to outputs, considering the fact that operations is a fundamental and primary function of any type of businesses. To support this belief, this study intends to empirically study the relationship between firm efficiency and stock price performance. Firm efficiency is measured using data envelopment analysis (DEA) with inputs and outputs obtained from financial statements. We employ cross-efficiency evaluation to enhance the discrimination power of DEA with a secondary objective function of aggressive formulation. Using the CAPM-based performance regression model, we test the performance of equally weighted portfolios of different sizes selected based upon DEA cross-efficiency scores along with a buy & hold trading strategy. For the empirical test, we collect financial data of domestic firms listed in KOSPI over the period of 2000~2016 from well-known financial databases. As a result, we find that the porfolios with highly efficient firms included outperform the benchmark market portfolio after controlling for the market risk, which indicates that firm efficiency plays a important role in explaining stock returns.

• The Journal of the Institute of Internet, Broadcasting and Communication
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• v.11 no.1
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• pp.141-150
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• 2011

In this paper, we propose a Cross-Layer Cooperative Routing(CLCR) architecture to support transmission efficiency in mobile wireless sensor networks. The main features and contributions of the proposed architecture and method are as follows. First, the clustering which uses the location information of nodes is utilized as infrastructure. Second, a cross-layer strategy which uses the technologies of network layer, MAC layer, physical layer together to support transmission efficiency and channel efficiency for cooperative-aided routing and transmission. Third, we consider realistic approach in the view points of the mobile ad-hoc wireless sensor networks while conventional methods just consider fixed sensor network environments. The performance evaluation of the proposed method is performed via simulation using OPNET and theoretical analysis. The results of performance evaluation of the proposed CLCR show improvement of transmission efficiency by the proposed CLCR.

• International Journal of Fluid Machinery and Systems
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• v.4 no.1
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• pp.150-160
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• 2011

This study focuses on the Achard turbine, a vertical axis, cross-flow, marine current turbine module. Similar modules can be superposed to form towers. A marine or river hydropower farm consists of a cluster of barges, each gathering several parallel rows of towers, running in stabilized current. Two-dimensional numerical modelling is performed in a horizontal cross-section of all towers, using FLUENT and COMSOL Multiphysics. Numerical models validation with experimental results is performed through the velocity distribution, depicted by Acoustic Doppler Velocimetry, in the wake of the middle turbine within a farm model. As long as the numerical flow in the wake fits the experiments, the numerical results for the power coefficient (turbine efficiency) are trustworthy. The overall farm efficiency, with respect to the spatial arrangement of the towers, was depicted by 2D modelling of the unsteady flow inside the farm, using COMSOL Multiphysics. Rows of overlapping parallel towers ensure the increase of global efficiency of the farm.

• Journal of Korea Port Economic Association
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• v.30 no.4
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• pp.151-168
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• 2014

The purpose of this paper is to show the brief efficiency and clustering measurement way by using the game cross-efficiency model which is newly introduced in this paper for 13 container ports during 3 years(2009, 2010, and 2013) with 3 input variables(depth, total area, and number of crane) and 1 output variable(container TEU). The main empirical results are as follows. First, the average rankings of game cross-efficiency model are Ningbo, Hongkong, Shanghai, Dubai, Singapore, Qingdao, Kaosiung, Busan, Tokyo, Incheon, Nagoya, Manila, Gwangyang ports in order. Second, according to ANOVA analysis, three models show the similar results in terms of the efficiency rankings. Third, in the clustering analysis using dendrogram, group A(Shangahi and Busan), group B(Ningbo and Nagoya), and group C(Incheon and Manila) show the common clustering ports during 3 or 2 years. The policy implication of this paper is that Korean port policy planner should introduce the game cross-efficiency method when measuring the individual port efficiency. Also port authority should consider the merits of the clustering ports for improving the port management and operations.

• Korea Trade Review
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• v.41 no.3
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• pp.27-42
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• 2016

This study is to investigate seaport clustering by using meta-frontier and cross-efficiency models. Data covers the 13 Asian ports during 2009, 2010 and 2013 with 3 inputs(depth, total area, and number of cranes) and 1 output(TEU). Correlations coefficient from cross-efficiency matrix are used for measuring clustering dendrogram. After that, meta-frontier analysis for investigating whether the clustering using cross-efficiency method increases the meta-efficiency. Empirical main results are as follows: First, group efficiencies of Busan, Incheon, and Gwangyang ports are increased. Second, meta and group efficiencies of China ports are greater than those of Korean ports. Third, distortion of technology gap of Gwangyang is lower than that of Busan and Incheon. Fourth, Gwangyang, clustering with Ningbo, Chingtao, Tokyo and Caosung ports in 2009 and with Dubai port in 2013 can increase the efficiency. Fifth, to enhance the efficiency, Busan port should be clustered to group 2 in 2010 and group 1 in 2013, and Incheon port clustered to group 2 in 2010 and 2013. Fifth, it is empirically investigated that Busan, Incheon and Gwangyang ports can increase the efficiency by using Cross-efficiency and Meta-frontier models. Port policy planner should promote the clustering policy for Busan with Hong Kong, Shanghai, and Singapore, Incheon and Gwangyang with Chingtao, Nagoya, Ningbo, Tokyo, and Kaoshung ports.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.10
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• pp.783-793
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• 2020

The purpose of this study is to investigate whether the ECFA impacted the efficiency of banks in China and Taiwan from 2008 to 2017. This study follows Seiford and Zhu (2002), who recommend using the standard data envelopment analysis model to measure performance by increasing the desirable outputs and decreasing the undesirables. The finding was that overall technical efficiency increased from 2012 to 2017, reaching 0.575, 0.652, 0617, 0.689, 0.701 and 0.74, respectively. This result implies bank efficiency did indeed improve after China and Taiwan signed the ECFA cooperation agreement. The study found that the mean technical efficiency was 0.8756 in China, greater than Taiwan's mean of 0.3511, implying that Chinese banks experienced a greater increase in efficiency after signing the EFCA. One possible reason explored in this study is that China's economy is currently growing at the highest rate in the world, and the banks' efficiency has benefited from greater economic growth. This suggests that cross-strait sustained negotiations to consummate an agreement on trade in the services will be a very important mission in the future. This result also provides significant evidence suggesting that not accounting for undesirable output while estimating the evolution of the model may seriously distort efficiency results.

• Journal of Advanced Marine Engineering and Technology
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• v.36 no.7
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• pp.902-909
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• 2012

This study is aimed to develop a new type of micro cross-flow hydro turbine which has very simple structure and relatively high efficiency. Micro eco cross-flow hydro turbine (ECFT) is proposed to apply in the ranges of very low and middle specific speeds in order to extend the operational range of the turbine. In order to not only obtain a basic data for a new design method of ECFT but also improve the turbine efficiency, experiments and CFD analysis on the performance and internal flow characteristics of the turbine model are conducted. According to the present study results, anti-recirculation block (ARB) and relatively wide turbine width with high flow rate improve the turbine efficiency.

• KSII Transactions on Internet and Information Systems (TIIS)
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• v.11 no.11
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• pp.5360-5376
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• 2017

In this paper, we study the cross-layer design for the AMC/HARQ-based wireless networks, and propose a new dynamic transmission-mode selection scheme to improve system spectrum efficiency. In the proposed scheme, dynamic thresholds for transmission-mode selection in each packet transmission and retransmission are jointly designed under the constraint of the overall packet error rate. Comparing with the existing schemes, the proposed scheme is inclined to apply higher modulation order at the first several (re)transmissions, which corresponds to higher-rate transmission modes thus higher average system spectrum efficiency. We also extend the cross-layer design to MIMO (Multi-input Multi-output) communication scenarios. Numerical results show that the proposed new dynamic transmission-mode selection scheme generally achieves higher average spectrum efficiency than the conventional and existing cross-layer design.

• Journal of Korea Port Economic Association
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• v.31 no.1
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• pp.85-110
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• 2015

The purpose of this paper is to show the clustering trend and the empirical comparison and to choose the clustering ports for 3 Korean ports(Busan, Incheon and Gwangyang Ports) by using the Fuzzy(Average Index Transformation) DEA and Cross-efficiency models for 38 Asian ports during 11 years(2001-2011) with 4 input variables(birth length, depth, total area, and number of crane) and 1 output variable(container TEU). The main empirical results of this paper are as follows. First, clustering results by using Fuzzy(AIT)DEA show that 3 Korean ports[Busan(56.29%), Incheon(57.96%), and Gwangyang(66.80%) each]can increase the efficiency. Second, according to Cross-efficiency model, Busan(Hongkong, Kobe, Manila, Singapore, and Kaosiung etc.), Incheon(Aquaba, Dammam, Karachi, Mohammad Byin Oasim and Davao), and Gwangyang(Damman, Yokohama, Nogoya, Keelong, Kaosiung, and Bangkok) should be clustered with those ports in parentheses. Third, when both Fuzzy(AIT)DEA and Cross-efficiency models are mixed, the empirical result shows that 3 Korean ports[Busan(71.38%), Incheon(103.89%), and Gwangyang(168.55%) each]can increase the efficiency. The efficiency ranking comparison among the three models by using Wilcoxon Signed-rank Test was matched with the average level of 66%-67%. The policy implication of this paper is that Korean port policy planner should introduce the Fuzzy(AIT)DEA, and Cross-efficiency models with the mixed two models when clustering is needed among the Asian ports for enhancing the efficiency of inputs and outputs. Also, the results of SWOT analysis among the clustering ports should be considered.

• Journal of Information Display
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• v.1 no.1
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• pp.32-34
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• 2000

A new PDP cell structure called CSP(Charge Storage Pad) improves the luminous efficiency by 1.6 times and prevents cross talk between adjacent cells. The CSP, which is a conducting material, is inserted between the dielectric layer and the MgO film in the front plate. This CSP produces a longer time-averaged discharge path to get a high luminous efficiency and confines the discharge to prevent cross talk.