• 대한산업공학회지
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• 제43권3호
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• pp.203-212
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• 2017

Emissions Trading System (ETS) is utilized in many countries, including South Korea, as an efficient policy to abate GHG (Greenhouse Gas) emissions. Grandfathering on the basis of historic emissions is used as the way to allocate permits in South Korea. It, however, has caused an increase in the emission permits and lack of equity. To overcome these drawbacks, we propose an alternative DEA model for centralized allocation of emission abatement to evaluate the amount of emissions abatement by company based on the energy efficiency. In addition, an empirical analysis of 36 assigned companies for ETS in Korean metal industry is conducted to validate the feasibility of the proposed model. The result of the analysis shows that energy-efficient companies achieve reduced target of the emissions abatement and companies with low energy efficiency score are turned out to have contrary outcome, against the result of applying Grandfathering.

• 경영과학
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• 제27권3호
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• pp.33-41
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• 2010

A lot of researches find negative volatility risk premium in options market. We can make a trading profit by exploiting the negative volatility premium. This study proposes negative volatility risk premium hypotheses in the KOSPI 200 stock price index options market and empirically test the proposed hypotheses with intra-day short straddle strategy. This strategy sells both at-the-money call option and at-the-money put option at market open and exits the position at market close. Using MySQL 5.1, we create our database with 1 minute option price data of the KOSPI 200 index options from 2004 to 2009. Empirical results show that negative volatility risk premium exists in the KOSPI 200 stock price index options market. Furthermore, intra-day short straddle strategy consistently produces annual profits except one year.

• 자원ㆍ환경경제연구
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• 제10권1호
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• pp.65-93
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• 2001

This study provides allocation methods and transaction instances of introducing pilot projects of $SO_2$ emission trading that recently rises as an scheme for effective emission regulation to internalizing environmental externalities. The emissions caps that is the total endowment of $SO_2$ emission permits are calculated in each emission plant by considering methods for distributing those permits-by giving them away or by selling them at auction. The method adopted in this study has several defects in application of the reality. However, this study may have contributions to cognize the importance of, allowance trading among the participants and to firstly design the allocations of emission permits for each plant using real emission data.

• 통상정보연구
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• 제6권2호
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• pp.65-84
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• 2004

Korean Government has provided special support to Korean export industry during past 40 years. However, due to the agreement on UR and appearance of WTO, the Government can't provide most of the subsidies which were allowed before WTO era. Hence, export insurance system became more useful tool since it's one of the few allowed subsidies under WTO. This study tries to find the impacts of export insurance systems on the exports in Korea, the United States, and Japan. Firstly, this study surveyed the export insurance systems of Korea, the United States, and Japan. Then, using a regression analysis it analysed the effects of export insurance systems upon the exports in Korea, the United States, and Japan respectively. The period of data is from 1980 to 1999. The results of the regression analysis for export insurance showed significant and positive effects of both Korean and Japanese but the United States showed insignificant and positive upon the exports.

• Journal of the Korean Data and Information Science Society
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• 제22권1호
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• pp.37-47
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• 2011

주가지수 옵션시장에는 많은 투자전략이 개발되어 있다. 그중 차익거래 전략은 시장이 효율성 유지측면에서 매우 중요한 역할을 하고 있다. 본 연구는 이러한 차익거래 전략 중 박스스프레드 전략을 적용하여 과거 옵션 데이터를 통해 사후 검증하고 러프 집합을 이용해 수익성을 향상시키고자 한다. 옵션 데이터는 2002년 1월부터 2006년 12월까지 실제 증권거래소에서 거래되었던 틱 데이터를 기반으로 하고 있으며 비주얼 베이직을 이용해 9시부터 오후 3시까지의 1분 마다의 종가인 1분봉으로 변형하여 분석을 하였다. 박스스프레드 전략은 낮은 위험, 낮은 이익 구조를 가지고 있다. 기존의 전략을 과거 데이터를 기반으로 백 테스팅 해보고 러프 집합을 이용하여 거래 진입 시점을 제한함으로써, 동일 위험 대비 좀 더 높은 수익구조를 만들어 낼 수 있는 전략을 구사한다면 낮은 위험으로 안정적 수익을 취할 수 있다.

• 대한안전경영과학회지
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• 제6권2호
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• pp.211-229
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• 2004

The basis of cyber trading has been sufficiently developed with innovative advancement of Internet Technology and the tendency of stock market investment has changed from long-term investment, which estimates the value of enterprises, to short-term investment, which focuses on getting short-term stock trading margin. Hence, this research shows a Short-term Stock Price Forecasting System on Learning Agent System using DTA(Decision Tree Algorithm) ; it collects real-time information of interest and favorite issues using Agent Technology through the Internet, and forms a decision tree, and creates a Rule-Base Database. Through this procedure the Short-term Stock Price Forecasting System provides customers with the prediction of the fluctuation of stock prices for each issue in near future and a point of sales and purchases. A Human being has the limitation of analytic ability and so through taking a look into and analyzing the fluctuation of stock prices, the Agent enables man to trace out the external factors of fluctuation of stock market on real-time. Therefore, we can check out the ups and downs of several issues at the same time and figure out the relationship and interrelation among many issues using the Agent. The SPFA (Stock Price Forecasting System) has such basic four phases as Data Collection, Data Processing, Learning, and Forecasting and Feedback.

• Asia pacific journal of information systems
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• 제12권3호
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• pp.115-133
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• 2002

The past research have suggested that the Inter-Organizational E-Commerce based on the Inter-Organizational Systems(IOSs) has direct impact on the Inter-Organizational Relationships(IORs) in general. Considering the importance of this issue, however, few empirical research have been conducted. The objective of this study is to examine the impact of the level of Inter-Organizational E-Commerce on the performance of IORs in particular. Reviewing the literature, we suggested a research model and developed ten hypotheses to be tested. We conducted a survey and collected data from 125 companies which were using. EDI systems. The data were analyzed using LISREL 8.30. The major findings are: (1) The volume of E-Commerce has a positive impact on the commitment of trading partners. (2) High quality of information sharing and high degree of standardization improve the trust and the commitment between trading parties. (3) The trust and the commitment are critical precedent variables of cooperation. (4) The more partners cooperate each other, the more transaction cost will be reduced and as a result, the more financial performance will improve. A discussion on the result of the hypotheses test is followed by a discussion on the academic and practical implications of this study.

• 한국벤처창업학회:학술대회논문집
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• 한국벤처창업학회 2018년도 추계학술대회
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• pp.269-275
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• 2018

Electronic commerce, the act of trading online, with its myriad of potential has been seldom looked at within the context of developing countries. E-commerce presents SMEs in developing economies the opportunity to adequately compete on a global stage. The exponential growth of e-commerce in developed economies further widens the financial gap between developed and developing economies. This study looks at a practical e-commerce adoption framework for Ghanaian SMEs and by extension, developing economies and looks at the net benefits that are available to current adopters. The study uses structural equation modeling, using Partial least squares (PLS) regression to analyze the data in the research. Using PLS algorithms as well as bootstrapping calculations. It combines the use of surveys (154) and interviews (38) as means of data collection. The findings of the research indicate that there is a need for legislation on e-commerce trading to regulate the trade in Ghana, with policies such as e-contracting and e-signature laws among others. Also, a current call for an expansion of the mobile payment methods within the country. For the private investor, a ripe market for logistics services. The study also proposes a simple guideline for SMEs looking to adopt or expand their e-commerce usage, that considers technological, organizational and environmental factors that come to play within e-commerce adoption.

• The Journal of Asian Finance, Economics and Business
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• 제8권8호
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• pp.85-91
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• 2021

This research aims to analyze the impact of Financial Risk (FR), Information Asymmetric (IA), and Earning Power (EP) on Real Earning Management (REM) of listed trading companies in IDX Indonesia. This study aims to analyze the influence of FR, IA, EP, on REM through Operating Cash Flow, Production expense, and Discretionary Expense. The study employs an unbalanced panel of data set from 2014 to 2018 on the activity of all trading companies (15 in total) as selected samples of 48 feasible samples from 144 existing data. The sample used a non probability sampling method with a purposive sampling technique. This research was classified as causative and tested by multiple linear regression model with cross-sectional analysis. The result indicated a significant impact of FR on REM through PROD and DISX but not through COF. How ever, IA, and EP showed significant impact on REM by means of COF but not go by PROD and DISX..The findings in this study contribute to the users of financial reports particularly the stakeholders in defining the determinants of real earning management practices among firms when it comes to decision making.

• 융합경영연구
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• 제10권2호
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• pp.1-13
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• 2022

Purpose: The findings are expected to be used as basic data for policy establishment for systematic support and upbringing of small and medium-sized suppliers through the current status and characteristics of the industrial structure of the MRO consumable materials industry as a whole and the market trend. Research design, data, and methodology: This survey is conducted in 2019 mainly for companies that operate consumable materials delivery business, and the survey size is about 25,000 in advance (selected) and about 2,000 in the main survey. Using cluster analysis and multidimensional scaling, we derive the visualization of the homogeneous grouping of cases and the relationship structure between them. Results: Based on the attributes of reason for not having an online trading system, it is classified into three and four clusters for industry and company size, respectively, and the feature and pattern of each individual can be are relatively evaluated and visualized. Conclusions: Small and medium-sized consumable material suppliers specialize in products rather than fierce pricing strategies or external expansion strategies and it is more effective to establish a plan to promote the growth of both large and small enterprises through cooperation with large corporations.