• Korean Management Science Review
• /
• v.32 no.4
• /
• pp.57-67
• /
• 2015

It is a familiar Wall Street adage that "It takes volume to make prices move." Numerous researches have found the positive correlation between trading volume and price changes. Recent studies have documented that informed traders have strong influences on stock market prices through their trading with distinctive information power. Ever since 1992 capital market liberalization in Korea, it is said that foreign investors make consistent profits with their superior information and analytical skills. This study aims at whether we can make a profitable trading strategy by using the foreign investors' trading information. We analyse the relation between the KOSPI index returns and the foreign investors trading volume using GARCH models and VAR models. This study suggests the profitable trading strategies based on the documented relation between the foreign investors' trading volume and KOSPI index returns. We simulate the trading system with the real stock market data. The data include the daily KOSPI index returns and foreign investors' trading volume for 2001~2013. We estimate the GARCH and VAR models using 2001~2011 data and simulate the suggested trading system with the remaining out-of-sample data. Empirical results are as follows. First, we found the significant positive relation between the KOSPI index returns and contemporaneous foreign investors' trading volume. Second, we also found the positive relation between the KOSPI index returns and lagged foreign investors' trading volume. But the relation showed no statistical significance. Third, our suggested trading system showed better trading performance than B&H strategy, especially trading system 2. Our results provide good information for uninformed traders in the Korean stock market.

• The Journal of the Korea Contents Association
• /
• v.13 no.12
• /
• pp.369-378
• /
• 2013

The Korean Won-Dollar exchange markets showed radical price movements in the late 1990s and 2008. Therefore it provides good sources for studying volatility phenomena. Using the GARCH option models, I analysed how the prices of foreign exchange options react volatilities in the foreign exchange spot prices. For this I compared the explanatory power of three option models(Black and Scholes, Duan, Heston and Nandi), using the Won-Dollar OTC option markets data from 2006 to 2013. I estimated the parameters using MLE and calculated the mean square pricing errors. According to the my empirical studies, the pricing errors of Duan, Black and Scholes models are 0.1%. And the pricing errors of the Heston and Nandi model is greatest among the three models. So I would like to recommend using Duan or Black and Scholes model for hedging the foreign exchange risks. Finally, the historical average of spot volatilities is about 14%, so trading the options around 5% may lead to serious losses to sellers.

• Health Policy and Management
• /
• v.9 no.1
• /
• pp.156-177
• /
• 1999

The current method of rate adjustment for inflation is based on the evaluation of the financial performance of hospitals. The method has the disadvantage such as too complicated, expensive process as well as low reliability. This study, therefore, develops the 'Korean Medical Insurance Economic Index(MIEI)' as a new model for the rate adjustment with the use of the macro economic indices. In addition, we calculate the 1992∼1998 rate adjustment with the MIEI, and examines the validity of the MIEI by comparing with the conventional method. Medical costs are classified into nine categories : physician salaries, nurse·pharmacist·medical technician salaries, assistants & others salaries, material cost(by imports), material cost(by domestics), depreciation & rent paid(by imports), depreciation & rent paid(by domestics), power utilities, other administrative costs. Then the category weight which is the ratio of category in the total cost is calculated. Macro economic indices are selected for each cost category in order to reflect the concept of the each cost category and inflation during the year of 1992∼1998. Finally MIEI which integrate all category according to the category weight and selected macro indices is calculated. The mean of hospital MIEI which weighting by amount paid by insurers was cacluated. The result from the application of empirical data to the MIEI model is very similar to that of the current method. Furthermore, this method is very simple and also easy to get social consensus. This MIEI model can be replaced the current method based on the analysis of the financial performance for the adjustment of medical fees.

• Journal of the Korean Society for Aeronautical & Space Sciences
• /
• v.38 no.1
• /
• pp.12-21
• /
• 2010

This paper focuses on the hover performance experiment of a small-scale single rotor in partial ground conditions. In this study, small-scale rotor blade rotating device and floor panel are used to include partial ground effect. Thrust and torque were measured with varying collective pitch angles at fixed rotor rotating speed. The overlap distance between rotor and ground is d, the rotor diameter is D. It was shown that the ground effects have little effect on the rotor performance until d/D is 0.25. Four blade rotor has more increased thrust and more reduced power than those of two blade rotor because of stronger ground effect. In addition, it was also found that the thrust increases as a collective pitch angle become smaller. Based on these experiment results, we deduced new empirical equation considered blade number and partial ground effect.

• The Journal of the Korea Contents Association
• /
• v.9 no.8
• /
• pp.32-40
• /
• 2009

This research provides a new approach for implementing an educational content for Historic Education in order to provide an effective learning environment. From historic educational point of view, it is important to comprehend a historical fact in the context of the situation at that time. So, this paper suggests that the historic content should describe not only information about various relics and ruins but also historical relationship and background. In this system, we provide versatile type of contents to help learners for collecting manifold informations about their interesting era. And this system proffers natural and residential 3D environments, which give learners to understand conceivably and to think collectively. Using the interactions, the learners navigating this virtual world are able to construct their own information system through selecting a interested one among the offered contents in the system and consequently they are getting a scientific thinking power and a creative imagination.

• Journal of Distribution Science
• /
• v.15 no.2
• /
• pp.91-100
• /
• 2017

Purpose - Domestic franchise market has been grown steadily, reaching 50 trillion won in sales and 3,360 franchise headquarters in 2014. A franchise system is an effective business system for the franchisees to lower the failure rate due to the fact that the inexperienced entrepreneurs are supported by their headquarters through the franchisee contract. However, there are also conflicts between franchiser and franchisee behind the quantitative growth of domestic franchise industry. Therefore, it is very important to structure the causes of conflicts and to examine the effect of factors on the relationship commitment and performances. Research design, data, and methodology - In this study, the author divides the composite incompatibility between the franchise and the franchisee into goal incongruity, domain dissensus, and perceptual differences, and examines each dimension to the relationship with commitment and performances. To verify the proposed research model and test hypotheses, the author selected 200 franchise responses in food and beverage industry. The data were analyzed using SPSS 18.0 and AMOS structural equation modeling program. Results - The empirical findings provide goal incongruity and perceptual differences have a negative effect on the affective commitment, but not the calculative commitment. In addition, affective commitment and calculative commitment are found to have a positive effect on re-contractual intention and extended brand shop running intention, respectively. Affective commitment have a stronger effect on re-contractual intention than calculative commitment. Conclusions - First of all, the fact that goal incongruity and perceptual differences negatively affect the affective commitment, but it does not affect the calculative commitment. It means the relationship commitment in distribution channel are multi-dimensional concept that may be attributed to emotional or affective dimensions but may exist in terms of necessity or power-dependence. Second, the level of relationship commitment such as affective and calculative commitment to franchise headquarters positively affects the re-contractual intention and franchiser's extend brand shop running intention suggest that franchiser should encourage and support existing franchisee's commitment. Third, the fact that affective commitment has a greater effect on relationship performance than calculative commitment means to induce franchisee's affective commitment and to prevent the inconsistency between goals and perceptual differences.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.9 no.5
• /
• pp.1446-1452
• /
• 2008

Recently many Company are investing time and money in the implementation of the Knowledge Management System (KMS). The scales and methodologies of their investment fur KMS has various appearances according to company-size and also level of understanding about KMS systems. The interest in KMS is increased with the P. Druckers assertion that the economic power shifts to the person who can manage the "Knowledge". But there is also mistrust about ROI of KMS related with the management performances. In this paper The level of Codification and Personalization of Practice Types of KMS will be analyzed in order to make an empirical analysis about the Irrelevance between KMS-Investment and corporate performances. To complete this study, correlation- and average analysis will be performed. As the measurement parameters for the corporate performances, we use the 4 categories, Financial, Customer, Process and Education-Growth Aspect, of BSC (Balanced ScoreCard) concept.

• Korean Journal of Human Ecology
• /
• v.13 no.3
• /
• pp.477-484
• /
• 2004

This paper is an attempt to discuss theoretical and empirical issues embedded in a rapidly dispersing well-being lifestyle in Korea. Increase of people's interests in health and well-being reflects the fact that Korea has been developed socially and economically to the level for common people to pursue the quality of life beyond survival or basic standards of life. The term, well-being life style, was first constructed and has been dispersed through mass media. Media contributes to popularize health issues and to deliver the importance of lifestyle for health promotion to the general public. Well-being lifestyle, initiated by media and joined with commercialism, however, reveal certain negative sides as well. Health or healthy lifestyle in Western societies has been rooted theoretically in the change of health paradigm and the political emphasis on the lifestyle for health promotion in policy implications. Well-being lifestyle in Korea, in lack of theoretical and institutional foundations, is being substantially formed into distorted consumerism. Based on the sociological theories of stratification, it might be necessary to discuss the well-being consumerism in respect of tension among people with different consuming power and the destruction of solid market principles. Considering well-being consumerism as a risk factor to societal well-being, it is also necessary to examine conflicting or misleading information about well-being and to explore the scientific knowledge and principles. All these discussions and examination need to be done with interdisciplinary efforts. Especially, tasks for developing application principles for everyday life are on hands of researchers in living sciences.

• Proceedings of the Korean Institute of Information and Commucation Sciences Conference
• /
• 1999.05a
• /
• pp.389-393
• /
• 1999

The exact model of impact ionization events in which has influence on device efficiency, is to be necessary element for device simulation. Recently, a modified Keldysh formula with two set of power exponent of 7.8 and 5.6 is used to simulate carrier transport. This model is, however, not suitable as impact ionization model in low energy range since this ignore direction dependent properties of impact ionization. The impact ionization rate is highly anisotropic at low energy, while it becomes isotropic at higher energy range. Note that impact ionization events frequently occur in high energy range. For calculating impart ionization rate, we use full energy band structure derived from Fermi's golden rule and empirical pseudopotential method. We compare with calculated and experimental value, and investigate direction dependent conduction energy band structure along the direction of <100>, <110> and <111>. We know that the threshold energy of impact ionization is anisotropic and impact ionization rate is very deviated from modified Keldish formula, in relatively low energy range.

• Journal of the Korean Institute of Navigation
• /
• v.25 no.2
• /
• pp.159-172
• /
• 2001

The information technology(IT) development of telecommunication, along with the information analyzation over the world, enables the firms to process their inner and outer operations through Electronic Data Interchange (EDI) system. And the concept of logistics has become more important to the enterprises in strategic sense because it had aggrandized itself to more comprehensive and integrative concept. Also the world shipping market is more competitive than any other market. In these environment, to maintain competitive power, shipping firms process operations by Logistics Information system(LIS), And then, reduce the working processes, working time and its costs. So the LIS has become more important in developing our national logistics system and industry. Therefore, this study purposes on empirically analyzing the activation factors of shipping LIS and the relationship these, factors with logistic performances in the shipping industry. Considering environments of Shipping logistics information system, this study sets up the research model and hypothesis to examine the activation factors of shipping LIS and the relationship these factors with logistic performances. We used the field data on the 163 numbers of firms(29 overseas shipping companies and 133 forwarding Agency) to get the empirical evidence. According to the study results, The shipping LIS activation factors which the sample firms recognized as important: were top managers support, well structured communication channel, strategic plans connection and inner information analyzation level. And IS organization & human resources, IS discipline & training, software development, IS organizational alignment, database management system, information standardization, competitive advantage, financial support and government support represent partially significant. Also, the current shipping LISs main problems are expensive system cost, standardization of working processs, institutions imperfection and systems interaction defect. So these problems must be improved to activate shipping LIS.