• 제목/요약/키워드: Down markets

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The Impacts of Speculative Trading on Commodity Prices After the Global Financial Crisis (금융위기 이후 투기 거래가 원자재 가격에 미친 영향)

  • Kim, Hwa-Nyeon
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.17 no.5
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    • pp.179-185
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    • 2016
  • This study verifies whether speculative trading in commodity markets acted as the primary cause of the increase in commodity prices after the global financial crisis using the Structural Vector Autoregressive (SVAR) model. The effects of speculative trading on commodity prices increased by a factor of 3 to 6 after the crisis compared to those before the crisis. Although the demand related variables, such as industrial production, affected commodity prices significantly before the crisis, their effects decreased after the crisis. Consequently, the rebound of commodity prices after the crisis was mainly caused by the increase in speculative money, fortified by the expansion of the global liquidity supply. The global liquidity may well increase in the future, because the U.S. Federal Reserve Board is likely to continue to increase its interest rate. This study claims that when global liquidity shrinks as a result of a change in the Fed's monetary policy stance, speculative trading will slow down, leading to a decline in commodity prices.

Evaluation of Sphere Faced Type Piston Nipple for Water Feed of Poultry (양계 급수용 구면 피스톤 니플의 성능 평가)

  • Kim, Key-Sun
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.8 no.5
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    • pp.961-967
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    • 2007
  • Automatic water feeding system for chickens is the one of the most important devices at poultry farms. Chickens drink water directly from a water feeder nipple of the automatic water feeder. Check valve inside the water feeder nipple is open when they drink water and is closed otherwise. There are two types of nipples. One is the piston nipple, and the other is the ball nipple. Because the nipple stick in the ball nipple can move freely, the sloping mechanism of the ball nipple works well. but it has complicated mechanism. On the other hand, the piston nipple has very simple structure, but its movement is limited so it can move only up-and-down. To overcome those limitation, the piston nipple with sphere valve seat face (sphere face piston nipple) has been developed and is just distributed at domestic markets. The experimental performance test of the commercialized sphere piston nipple has been conducted, and compared with the performance of the ball nipple and the piston nipple which are domestic products. As the result, sphere piston nipple shows excellent performance compared to that of the piston nipple but its performance is similar to ball type nipple.

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An IoT Patent Trend Analysis for Technological Convergence on Hyper Connected Society (초연결시대 기술융합을 위한 사물 인터넷 기술의 특허동향 분석)

  • Rho, Seungmin
    • Journal of the Korea Institute of Information and Communication Engineering
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    • v.19 no.11
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    • pp.2724-2730
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    • 2015
  • Internet of Things (IoT) is possibly the most widely discussed technological concept in today's technology circles. This technology is expected to dramatically change not only how we work but also how we live. The concept of IoT basically means a web of connected devices which can be controlled over a data network. With cost of technology required to control these devices going down and increasing internet connectivity through smartphones, IoT is expected to be an all pervasive technology in the next 10 years. In this paper, we study the technological landscape of this fast growing technology domain from an Intellectual Property (Patents) perspective. We find that the patent distribution in this domain is very fragmented with the top patent applicants in the field holding around 5% of the total patents. Especially, the US geography has seen the maximum patent filings and is closely followed by the big Asian markets of Japan and Korea.

The Characteristic of Social Problem: Solving Research of Public Research Institute (사례연구를 통해 본 공공연구기관의 사회문제 해결형 연구개발: 자원순환형 음식물 쓰레기 처리 시스템 개발)

  • Song, Wichin;Kim, Sueun;Sung, Jieun
    • Journal of Science and Technology Studies
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    • v.19 no.1
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    • pp.53-90
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    • 2019
  • The purpose of this study is to analyze a case of social problem- solving R&D project. The case is about a food waste disposer system built in housing complex The characteristics revealed through the case study are as follows. It has been performed by the 'Connect and Solution Development (C&SD)' strategy that could shorten the whole innovation process. In order to increase the economic and social acceptability of the system, researchers formed a dense network with citizens, firms and local governments and tried to improve existing law to make new markets for the system. Instead of developing a new system in a top-down approach, they chose to use existing technologies and entities to address social problems quicker and easier.

E-commerce Adoption of Small and Medium-Sized Enterprises During COVID-19 Pandemic: Evidence from South Asian Countries

  • HOSSAIN, Md Billal;WICAKSONO, Tutur;NOR, Khalil Md;DUNAY, Anna;ILLES, Csaba Balint
    • The Journal of Asian Finance, Economics and Business
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    • v.9 no.1
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    • pp.291-298
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    • 2022
  • COVID-19 has spread across the world in the last two years, confining people to their homes and shutting down businesses and markets. The world is currently experiencing a catastrophic economic and social crisis. To benefit people and to protect them, industries invented new products. These products were made by small and medium-sized businesses across the globe. In South Asia, there was also a rigorous lockdown, people were laid off, and SMEs adopted E-commerce to assist clients and customers. Therefore, the study aims to analyze the impact of the COVID-19 pandemic on E-commerce adoption through open innovation strategies in South Asian countries. 500 respondents were selected through an online questionnaire to collect data from different countries of South Asia. The prominent countries are; India, Pakistan, and Bangladesh. The results of the study show that perceived compatibility and complexity have a positive influence on E-commerce adoption. In normal circumstances, however, the open innovation model is feasible. Knowledge and experience sharing and management attitude have a moderate impact on E-commerce adoption. These results are beneficial for researchers and SME managers in South Asia to overcome the challenges of the COVID-19 pandemic and increase the number of skilled people employed. This study suggests that SMEs should hire skilled workers to upgrade their systems.

The Confrontational Co-existence of Development and Human Rights after Democratic Transition in Southeast Asia: A Civil Society Perspective (동남아시아의 민주화 이후 '개발'과 '인권'의 갈등적 공존: 시민사회의 시각)

  • Park, Eunhong
    • The Southeast Asian review
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    • v.19 no.2
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    • pp.173-218
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    • 2009
  • Bring this analysis down to people-centered development perspective and looking through democratization in the Philippines, Thailand and Indonesia, we find similarities and differences among them related with the intensity of conflicts between development and human rights in the process of democratization in line with global transformation. Civil society in the Philippines criticized the developmental path in the Philippines which failed to implement land reform and eradication of poverty under the transition from 'patrimonial oligarchy' to democracy. In Thailand the coalition of military and the royalists had consolidated its power since Sarit military regime, which later paved the way 'hybrid oligarchy' era. Most Thai civil society organizations has regarded their developmental experience rather as 'maldevelopment' which disregarded economic and social rights. It has been especially believed by Thai localists that the stimulation of local markets and the building of autonomic community society will form the alternative economy without going against the conservative banner of nation, religion and king. Thaksin as a populist successfully took advantage of Thai localist ethos in favour of taking the seat of power. He projected himself as a modernizer focused on economic growth and cleaner politics. However Thaksin's procedural legitimacy was overthrown by counterattacking from military-royalist alliance, pretexting that Thaksin caused internal conflicts and lacked morality. Soeharto's New Order regime which can be called 'administrative oligarchy' had an antipathy towards notions of economic and social rights as well as civil and political rights. In spite of the fact that the fall of Soeharto opened the political space for democratic civil society organizations which had long struggled with development aggression and human rights abuses, there have been continuously a strong political and military reaction against human rights activists, NGOs and ethnic minorities such as Aceh and Papua. Nevertheless, Indonesian democracy is more promising than Philippine's and Thai democracy in terms of comparatively less pre-modern legacies.

Increasing Returns to Information and Its Application to the Korean Movie Market

  • Kim, Sang-Hoon;Lee, Youseok
    • Asia Marketing Journal
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    • v.15 no.1
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    • pp.43-55
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    • 2013
  • Since movies are experience goods, consumers are easily influenced by other consumers' behavior. For moviegoers, box office rank is the most credible and easily accessible information. Many studies have found that the relationship between a movie's box office rank and its revenue departs from the Pareto distribution, and this phenomenon has been named "increasing returns to information." The primary objective of the current research is to apply the empirical model proposed by De Vany and Walls (1996) to the Korean movie market in order to examine whether the same phenomenon prevails in the Korean movie market. The other purpose of the present study is to provide managers with useful implications about the release timing of a movie by finding different curvatures that depend upon seasonality. The empirical test on the Korean movie market shows similar results as prior studies conducted on the U.S., Hong Kong, and U.K. movie markets. The phenomenon of increasing returns is generated by information transmission among consumers, which makes some movies become blockbusters and others bombs. The proposed model can also be interpreted in such a way that a change in the rank has a nonlinear effect on the movie's performance. If a movie climbs up the chart, it would be rewarded more than its proportion. On the other hand, if a movie falls down in the ranks, its performance would drop rapidly. The research result also indicates that the phenomenon of increasing returns occurs differently depending on when the movies are released. Since the tendency of the increasing returns to information is stronger during the peak seasons, movie marketers should decide upon the release timing of a movie based on its competitiveness. If a movie has substantial potential to incur positive word-of-mouth, it would be more reasonable to release the movie during the peak season to enjoy increasing returns. Otherwise, a movie should be released during the low season to minimize the risk of being dropped from the chart.

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Analysis of Trading Performance on Intelligent Trading System for Directional Trading (방향성매매를 위한 지능형 매매시스템의 투자성과분석)

  • Choi, Heung-Sik;Kim, Sun-Woong;Park, Sung-Cheol
    • Journal of Intelligence and Information Systems
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    • v.17 no.3
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    • pp.187-201
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    • 2011
  • KOSPI200 index is the Korean stock price index consisting of actively traded 200 stocks in the Korean stock market. Its base value of 100 was set on January 3, 1990. The Korea Exchange (KRX) developed derivatives markets on the KOSPI200 index. KOSPI200 index futures market, introduced in 1996, has become one of the most actively traded indexes markets in the world. Traders can make profit by entering a long position on the KOSPI200 index futures contract if the KOSPI200 index will rise in the future. Likewise, they can make profit by entering a short position if the KOSPI200 index will decline in the future. Basically, KOSPI200 index futures trading is a short-term zero-sum game and therefore most futures traders are using technical indicators. Advanced traders make stable profits by using system trading technique, also known as algorithm trading. Algorithm trading uses computer programs for receiving real-time stock market data, analyzing stock price movements with various technical indicators and automatically entering trading orders such as timing, price or quantity of the order without any human intervention. Recent studies have shown the usefulness of artificial intelligent systems in forecasting stock prices or investment risk. KOSPI200 index data is numerical time-series data which is a sequence of data points measured at successive uniform time intervals such as minute, day, week or month. KOSPI200 index futures traders use technical analysis to find out some patterns on the time-series chart. Although there are many technical indicators, their results indicate the market states among bull, bear and flat. Most strategies based on technical analysis are divided into trend following strategy and non-trend following strategy. Both strategies decide the market states based on the patterns of the KOSPI200 index time-series data. This goes well with Markov model (MM). Everybody knows that the next price is upper or lower than the last price or similar to the last price, and knows that the next price is influenced by the last price. However, nobody knows the exact status of the next price whether it goes up or down or flat. So, hidden Markov model (HMM) is better fitted than MM. HMM is divided into discrete HMM (DHMM) and continuous HMM (CHMM). The only difference between DHMM and CHMM is in their representation of state probabilities. DHMM uses discrete probability density function and CHMM uses continuous probability density function such as Gaussian Mixture Model. KOSPI200 index values are real number and these follow a continuous probability density function, so CHMM is proper than DHMM for the KOSPI200 index. In this paper, we present an artificial intelligent trading system based on CHMM for the KOSPI200 index futures system traders. Traders have experienced on technical trading for the KOSPI200 index futures market ever since the introduction of the KOSPI200 index futures market. They have applied many strategies to make profit in trading the KOSPI200 index futures. Some strategies are based on technical indicators such as moving averages or stochastics, and others are based on candlestick patterns such as three outside up, three outside down, harami or doji star. We show a trading system of moving average cross strategy based on CHMM, and we compare it to a traditional algorithmic trading system. We set the parameter values of moving averages at common values used by market practitioners. Empirical results are presented to compare the simulation performance with the traditional algorithmic trading system using long-term daily KOSPI200 index data of more than 20 years. Our suggested trading system shows higher trading performance than naive system trading.

The Concentration of Economic Power in Korea (경제력집중(經濟力集中) : 기본시각(基本視角)과 정책방향(政策方向))

  • Lee, Kyu-uck
    • KDI Journal of Economic Policy
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    • v.12 no.1
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    • pp.31-68
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    • 1990
  • The concentration of economic power takes the form of one or a few firms controlling a substantial portion of the economic resources and means in a certain economic area. At the same time, to the extent that these firms are owned by a few individuals, resource allocation can be manipulated by them rather than by the impersonal market mechanism. This will impair allocative efficiency, run counter to a decentralized market system and hamper the equitable distribution of wealth. Viewed from the historical evolution of Western capitalism in general, the concentration of economic power is a paradox in that it is a product of the free market system itself. The economic principle of natural discrimination works so that a few big firms preempt scarce resources and market opportunities. Prominent historical examples include trusts in America, Konzern in Germany and Zaibatsu in Japan in the early twentieth century. In other words, the concentration of economic power is the outcome as well as the antithesis of free competition. As long as judgment of the economic system at large depends upon the value systems of individuals, therefore, the issue of how to evaluate the concentration of economic power will inevitably be tinged with ideology. We have witnessed several different approaches to this problem such as communism, fascism and revised capitalism, and the last one seems to be the only surviving alternative. The concentration of economic power in Korea can be summarily represented by the "jaebol," namely, the conglomerate business group, the majority of whose member firms are monopolistic or oligopolistic in their respective markets and are owned by particular individuals. The jaebol has many dimensions in its size, but to sketch its magnitude, the share of the jaebol in the manufacturing sector reached 37.3% in shipment and 17.6% in employment as of 1989. The concentration of economic power can be ascribed to a number of causes. In the early stages of economic development, when the market system is immature, entrepreneurship must fill the gap inherent in the market in addition to performing its customary managerial function. Entrepreneurship of this sort is a scarce resource and becomes even more valuable as the target rate of economic growth gets higher. Entrepreneurship can neither be readily obtained in the market nor exhausted despite repeated use. Because of these peculiarities, economic power is bound to be concentrated in the hands of a few entrepreneurs and their business groups. It goes without saying, however, that the issue of whether the full exercise of money-making entrepreneurship is compatible with social mores is a different matter entirely. The rapidity of the concentration of economic power can also be traced to the diversification of business groups. The transplantation of advanced technology oriented toward mass production tends to saturate the small domestic market quite early and allows a firm to expand into new markets by making use of excess capacity and of monopoly profits. One of the reasons why the jaebol issue has become so acute in Korea lies in the nature of the government-business relationship. The Korean government has set economic development as its foremost national goal and, since then, has intervened profoundly in the private sector. Since most strategic industries promoted by the government required a huge capacity in technology, capital and manpower, big firms were favored over smaller firms, and the benefits of industrial policy naturally accrued to large business groups. The concentration of economic power which occured along the way was, therefore, not necessarily a product of the market system. At the same time, the concentration of ownership in business groups has been left largely intact as they have customarily met capital requirements by means of debt. The real advantage enjoyed by large business groups lies in synergy due to multiplant and multiproduct production. Even these effects, however, cannot always be considered socially optimal, as they offer disadvantages to other independent firms-for example, by foreclosing their markets. Moreover their fictitious or artificial advantages only aggravate the popular perception that most business groups have accumulated their wealth at the expense of the general public and under the behest of the government. Since Korea stands now at the threshold of establishing a full-fledged market economy along with political democracy, the phenomenon called the concentration of economic power must be correctly understood and the roles of business groups must be accordingly redefined. In doing so, we would do better to take a closer look at Japan which has experienced a demise of family-controlled Zaibatsu and a success with business groups(Kigyoshudan) whose ownership is dispersed among many firms and ultimately among the general public. The Japanese case cannot be an ideal model, but at least it gives us a good point of departure in that the issue of ownership is at the heart of the matter. In setting the basic direction of public policy aimed at controlling the concentration of economic power, one must harmonize efficiency and equity. Firm size in itself is not a problem, if it is dictated by efficiency considerations and if the firm behaves competitively in the market. As long as entrepreneurship is required for continuous economic growth and there is a discrepancy in entrepreneurial capacity among individuals, a concentration of economic power is bound to take place to some degree. Hence, the most effective way of reducing the inefficiency of business groups may be to impose competitive pressure on their activities. Concurrently, unless the concentration of ownership in business groups is scaled down, the seed of social discontent will still remain. Nevertheless, the dispersion of ownership requires a number of preconditions and, consequently, we must make consistent, long-term efforts on many fronts. We can suggest a long list of policy measures specifically designed to control the concentration of economic power. Whatever the policy may be, however, its intended effects will not be fully realized unless business groups abide by the moral code expected of socially responsible entrepreneurs. This is especially true, since the root of the problem of the excessive concentration of economic power lies outside the issue of efficiency, in problems concerning distribution, equity, and social justice.

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