• 한국중재학회지:중재연구
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• 제30권2호
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• pp.165-184
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• 2020

In this study, the factors affecting opportunism in the relationship between suppliers and key accounts were analyzed from the viewpoint of transaction cost theory, market power theory, and relationship marketing theory. As a result of the hypothesis test, Hypothesis 1 stating that demand volatility will have a positive effect on opportunism and Hypothesis 2 that transaction-specific investment will have a positive effect on opportunism were also supported. In addition, Hypothesis 3 stating that channel power will have a positive effect on opportunism was also supported. Lastly, Hypothesis 4 stating that relational commitment will have a negative effect on opportunism was not supported, along with Hypothesis 5 stating that transaction satisfaction will have a negative effect on opportunism. The theoretical and practical implications of this study are as follows. This study has identified the antecedents of opportunism by comprehensively applying the transaction cost theory, market power theory, and relationship marketing theory. In addition, this study can identify what a company should manage specifically to lower opportunism by identifying the antecedents of opportunism. The limitations of this study and the directions for future studies are as follows. First, not all of the antecedents of opportunism of key accounts have been extensively investigated from the viewpoint of the transaction cost theory, market power theory, and relationship marketing theory. In the future, it is necessary to identify additional factors. Second, the study was conducted only in the supplier's viewpoint. In future studies, it is expected that more accurate research results can be obtained by simultaneously examining not only the supplier's point of view but also the buyer's point of view.

• 한국항만경제학회지
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• 제35권2호
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• pp.61-76
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• 2019

본 연구의 목적은 BDI 변화가 한국 주가 변동성에 어떠한 영향을 미치는지를 분석하기 위하여 EGARCH 모형과 그랜저인과관계분석을 실시하였다. 주요 분석결과는 다음과 같이 요약할 수 있다. 첫째, 평균방정식을 보면, BDI 변화율은 대형주, 제조업, 서비스업과 화학에서 유의한 것으로 나타났으며, 다른 지수들은 유의하지 않은 것으로 나타났다. 그러나 음(-)의 값을 가지는 것으로 나타났으며, 이는 국내 주식시장이 해운시장 상황에 적절한 대응을 하지 못한다는 것을 의미할 뿐만 아니라, 원자재에 대한 수요의 증가가 실질적인 경기회복으로 이어지지 않고 있다는 것이다. 둘째, 분산방적식의 결과를 보면, BDI 변화율의 추정계수는 음(-)을 값을 가는지는 것으로 나타났으며, 규모별 변동성에서 BDI 변화율은 모든 지수에 유의한 것으로 나타났으며, 대형주에 비해 소형주 변동성에 미치는 영향이 더 큰 것으로 나타났다. 업종별 지수들의 분석결과에서는 제조업과 화학 부문을 제외하고 서비스업, 금융업, 건설업과 전기전자의 결과들에서는 통계적으로 유의하게 나타났다. BDI 변화가 건설업에 가장 큰 영향을 주는 것으로 나타났다. 셋째, 그랜저인과관계 검정결과를 보면, BDI 변화율이 금융업과 건설업을 선도하는 것으로 나타났다. BDI와 나머지 지수들 간에 선도관계가 나타나지 않았다. 따라서, 해상운임지수가 한국의 주식시장의 변동성의 움직임을 예측하는데 사용될 수 있다는 것을 보여주며, 투자자, 정책입안자에게 더 나은 결정을 할 수 있게 도움을 줄 수 있다.

• 정보과학회 컴퓨팅의 실제 논문지
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• 제21권10호
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• pp.631-638
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• 2015

최근 모바일 환경에서 작동 가능한 음성 인식 시스템에 대한 수요가 급격히 증대되고 있다. 본 논문은 음소 기반 한국어 음성 인식 시스템에 적용하기 위한 새로운 한국어 음소 경계 검출 방안을 제안한다. 먼저 입력 신호는 동일한 크기의 블록들을 구성한다. 제안하는 방식은 입력 음성 신호의 각 블록에 대해 계산되는 변동성 지표와, 부호가 동일한 인접 샘플들의 집합인, 블록 내의 각 벌크에 대해 계산되는 벌크 지표를 음소 경계 검출의 기반 지표로 사용한다. 두 가지 기반 지표를 결합하여 활용하는 세 개의 전용 인식 알고리즘을 사용하여, 모음, 유성 자음, 그리고 무성 자음을 차례로 인식하여 음소 간 경계를 검출한다. 실험 결과를 통해, 제안하는 방식을 사용함으로써 기존의 경계 검출 방식에 비해 오류율을 현저히 감소시킬 수 있음을 확인하였다.

• 아태비즈니스연구
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• 제13권2호
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• pp.39-50
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• 2022

Purpose - The purpose of this study is to examine how Korea's macroeconomic factors, such as GDP, CPI, Export, Import, Unemployment rate and USD/KRW exchange rate, are affected by the oil price shocks. Design/methodology/approach - This study used monthly and quarterly time-series data of each variable for the period 1983 to 2022, consisting of two sub-periods, to employ Granger causality test and GARCH method in order to identify the role of the oil price movement in macroeconomic factors in Korea. Findings - Korea's currency rate to the US dollar is negatively correlated with the price change of crude oil while the GDP change is positively correlated with the price change of crude oil with strong relationship between Export and Import in particular. The exchange rate and GDP growth are believed to be not correlated with the oil price change for the pre-GFC period. According to the Granger causality test, the price change in crude oil has a causal impact on CPI, Export and Import while other factors are relatively slightly affected. Transmission effect from the oil price to Export is found and there also exists volatility spillover from oil price to economic variables under examination. Comparing two sub-periods, CPI and Export volatility responds negatively to shocks in the oil price for the pre-GFC period while volatility of CPI and Unemployment reacts positively to the oil price shocks for the post-GFC period. Research implications or Originality - The findings of this study could be helpful for both domestic and international investors to build their portfolio for the risk management since rising WTI price can be interpreted as a result of global economic growth and ensuing increase in the worldwide demand of the crude oil. Consequently, the national output is expected to increase and the currency is also expected to be strong in the long run.

• The Journal of Asian Finance, Economics and Business
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• 제3권4호
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• pp.17-24
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• 2016

The purpose of this paper is to understand the underlying dynamics for the share market bubbles in China during the most recent decade. By using the behavioral finance theory and the Shanghai Composite index prices during the periods from 2005 to 2008 and from 2014 to 2015 as the study samples, we find that the large volatilities in the Chinese share market are closely related to information blockage, which impedes share prices to timely respond to economic conditions as well as external shocks and increases (decreases) the demand of shares when the supply is difficult to adjust. Although the Chinese government has introduced a series of programs designed to increase more reliable information to the public, the share market still tends to confront issues of information asymmetry. The potential reason is that the reforms did not change the long-stand situation in China, where individuals or groups related to government bureaucracy who play a dominant role in the society are given priority to gain access and obtain information that benefits. By identifying the main reasons for the large volatilities in the market, policy makers are given advice as to which areas they may need to focus on to improve future market performance.

• KIEE International Transactions on Power Engineering
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• 제5A권4호
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• pp.331-338
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• 2005

In this paper, an improved maintenance scheduling approach suitable for the competitive environment is proposed by taking account of profits and costs of generation companies and the formulated combinatorial optimization problem is solved by using Reactive Tabu search (RTS). In competitive power markets, electricity prices are determined by the balance between demand and supply through electric power exchanges or by bilateral contracts. Therefore, in decision makings, it is essential for system operation planners and market participants to take the volatility of electricity price into consideration. In the proposed maintenance scheduling approach, firstly, electricity prices over the targeted period are forecasted based on Artificial Neural Network (ANN) and also a newly proposed aggregated bidding curve. Secondary, the maintenance scheduling is formulated as a combinatorial optimization problem with a novel objective function by which the most profitable maintenance schedule would be attained. As an objective function, Opportunity Loss by Maintenance (OLM) is adopted to maximize the profit of generation companies (GENCOS). Thirdly, the combinatorial optimization maintenance scheduling problem is solved by using Reactive Tabu Search in the light of the objective functions and forecasted electricity prices. Finally, the proposed maintenance scheduling is applied to a practical test power system to verify the advantages and practicability of the proposed method.

• 아태비즈니스연구
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• 제9권4호
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• pp.85-97
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• 2018

This paper investigates factors underlying a decrease in trading values in KOSPI 200 futures/options market on the basis of the current state of the markets. Among the factors that could affect trading values in KOSPI 200 derivatives market, we focus on the market activity of underlying assets as it has an impact on the trading of financial derivatives. Trading value and volatility are designated as market activity and the empirical results confirm that the market activity of the underlying assets is significant in explaining the decrease in trading values in KOSPI 200 futures/options market. To figure out fundamental reasons of the decrease in trading values in this market, we examine mitigation of home bias and decrease in leverage incentives as they are presumed to have influence on KOSPI 200 index market. As the global and local financial environment is time-varying, the degree of home bias and the leverage demand also changes. It implies that institutional change and/or policy effort to promote the trading of KOSPI 200 financial derivatives should be made taking into account the fact that considerable portion of the change in trading values in financial derivatives market depends on the state of the market.

• 무역학회지
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• 제47권2호
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• pp.133-154
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• 2022

The Baltic Capesize Index (BCI), which is used as an indicator for marine transportation of steel raw materials, is one of the key economic indexes for managing the risk of loss due to rapid market fluctuations when steel companies establish business strategies and procuring plans for raw materials. Still, the conditions of supply and demand of steel raw materials has been extremely affected by volatility shocks from drastic events like the financial crisis such as the Lehman Brothers incident and changes in the external environment such as COVID-19. And, especially since the 2008 financial crisis, endeavors to predict the market conditions of the steel raw material is becoming more and more arduous for the deepening uncertainty and increased volatility of BCI, which has been used as a leading indicator of the real economy. This study investigates the correlation between the steel raw material market and the marine transportation market by estimating the spillover effect of information between markets. The vector error correction model (VECM) was used to analyze information transfer based on the correlation between the BCI and crude steel production, capesize fleet supply, raw material price, and cargo volume.

• 자원리싸이클링
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• 제22권5호
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• pp.3-12
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• 2013

수요확대가 전망되고 공급구조가 경직된 금속자원은 각국의 산업구조 및 자원확보 역량에 따라 리스크 관리가 필요하다. 이를 위해 금속자원의 위기성 평가가 다양화되고 있는데, 주로 희토류 등 희유금속이 위기물질 혹은 중요물질(Critical materials, Critical metal, Critical raw materials)로 선정되고 있다. 본 연구에서는 기술변화 및 수급불균형 등을 고려한 위기물질 선정체제 및 관리현황에 대해 살펴보고자 한다. 유럽, 미국 등은 신재생에너지 보급 확대에 따른 원재료 리스크를 평가하고 있으며, 일본은 자국 내 성장동력산업을 중심으로 핵심 원재료를 파악하고 있다. 영국은 자원채굴에 따른 환경부하를 고려하여 광종별 위기성을 평가하였다. 그리고 이러한 위기물질들의 가격시그널의 미약성, 비탄력적 공급구조, 기술변화에 민감한 수요변동성 등의 특징을 분석하였다.

• 무역학회지
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• 제47권1호
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• pp.13-24
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• 2022

This study was conducted because the global economic downturn caused by COVID-19 caused a surge in logistics costs and it was no longer possible to predict logistics costs using existing methods. For this study, we made the assumption that economic indicators affect logistics cost. Chapter 2 examines the current status of the liner market and factors affecting logistics costs. Based on this, Chapter 3 collects independent and dependent variables to determine the analysis model. As the independent variable, economic indicators of major countries constituting the SCFI were selected, and the dependent variables were the SCFI Europe Index and the SCFI USA Index. In Chapter 4, a panel analysis was conducted based on this, and it was confirmed that major economic indicators had a negative (-) effect on SCFI. This is contrary to the existing research results, which can be attributed to the special situation caused by COVID-19 and the imbalance of demand and supply by region. The results of this study are meaningful in that they can predict long-term logistics cost volatility without analyzing supply and demand, and can be applied to other studies as well.