• The Korean Journal of Financial Management
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• v.21 no.1
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• pp.1-32
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• 2004

This paper investigates the stock price and the volume behavior on the ex-dividend day using the December fiscal year firms listed on the Korea Stock Exchange from 1998 to 2000. Using the samples of voluntarily preannounced dividend-raying firms prior to the end of fiscal you, this study corrects the major limitations on previous studies -Kim, S. (1997) and Kim, S. (2003)- which were based on the perfect foresight assumption for firms' upcoming dividends. Also, this paper examines the information content of dividend more properly, since the preannounced date for the upcoming dividend payment is employed for the first time as the event date. Empirical results show that the announcement effects of cash and/or stock dividend is significant around the event date. The ex-dividend day stock returns are negative as expected for the samples of voluntarily preannounced cash dividend-paying firms.

• The Korean Journal of Financial Management
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• v.26 no.1
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• pp.165-188
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• 2009

This paper has suggested the methodology for the frontier portfolios and the optimal portfolio under the mean-VaR framework, not assuming the normal distribution and considering the investor's preferences for the higher moments of return distributions. It suggested the grid and rank approach which did not need an assumption about return distributions to find the frontier portfolios. And the optimal portfolio was selected using the utility function that considered the 3rd and the 4th moments. For the application of the methodology, weekly returns of the developed countries index, the emerging market index and the KOSPI index were used. After the frontier portfolios of the mean-variance framework and the mean-VaR framework were selected, the optimal portfolios of each framework were compared. This application compared not only the difference of the standard deviation but also the difference of the utility level and the certainty equivalent expressed by weekly expected returns. In order to verify statistical significances about the differences between the mean-VaR and the mean-variance, this paper presented the statistics which were obtained by the historical simulation method using the bootstrapping. The results showed that an investor under the mean-VaR framework had a tendency to select the optimal portfolio which has bigger standard deviation, comparing to an investor under the mean-variance framework. In addition, the more risk averse an investor is, the bigger utility level and certainty equivalent he achieves under the mean-VaR framework. However, the difference between the two frameworks were not significant in statistical as well as economic criterion.

• Advanced Industrial SCIence
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• v.2 no.3
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• pp.22-28
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• 2023

In this study, we conducted research on the automated trading of U.S. stocks through a volatility strategy using the Fear and Greed index. Volatility in the stock market is a common phenomenon that can lead to fluctuations in stock prices. Investors can capitalize on this volatility by implementing a strategy based on it, involving the buying and selling of stocks based on their expected level of volatility. The goal of this thesis is to investigate the effectiveness of the volatility strategy in generating profits in the stock market.This study employs a quantitative research methodology using secondary data from the stock market. The dataset comprises daily stock prices and daily volatility measures for the S&P 500 index stocks. Over a five-year period spanning from 2016 to 2020, the stocks were listed on the New York Stock Exchange (NYSE). The strategy involves purchasing stocks from the low volatility group and selling stocks from the high volatility group. The results indicate that the volatility strategy yields positive returns, with an average annual return of 9.2%, compared to the benchmark return of 7.5% for the sample period. Furthermore, the findings demonstrate that the strategy outperforms the benchmark return in four out of the five years within the sample period. Particularly noteworthy is the strategy's performance during periods of high market volatility, such as the COVID-19 pandemic in 2020, where it generated a return of 14.6%, as opposed to the benchmark return of 5.5%.

• YAKHAK HOEJI
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• v.58 no.4
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• pp.262-267
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• 2014

Unused medication disposal is a burden due to the cost of disposing as well as the cost of the drugs. Investigating medication returns is expected to suggest areas of intervention to reduce unused medications. Purpose: The aim of this study was to examine types, quantity, costs, active pharmaceutical ingredients, and therapeutic category of the medications returned to community pharmacies. Method: From January 15, 2014 to February 28, 2014, the medications returned to the 17 community pharmacies in Gimhae, Jinju, and Incheon, Korea were examined. The pharmacists and student volunteers worked cooperatively to identify the medications and analyze drug cost of prescription pill medications returned to the pharmacies. Results: A total of 2,720 pills of prescription medication were analyzed and 91 active pharmaceutical ingredients were identified. According to the Anatomical Therapeutic Chemical (ATC) classification, the most predominant group was A (alimentary tract and metabolism) with 33.3%, followed by N (nervous system) with 15.0%. With regard to the drug cost of groups, group A was the highest with 26.6%, followed by J01 (antibacterials for systemic use) with 20.2% and N (nervous system) with 18.3%. The total cost of the oral pill prescription medications was 468,477 won. Conclusion: The result from this study implies that unused drugs impose a significant cost to the health care system in Korea. In this study, medicines used to treat gastrointestinal conditions were returned most frequently with the highest drug cost. Further research in nationwide level is necessary to establish strategies to reduce the wastage of unused medicines.

• Journal of Digital Convergence
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• v.18 no.6
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• pp.1-7
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• 2020

Amid growing interest in recycling around the world, the amount of waste is increasing despite the separate discharge efforts of each household, and it is difficult to find accurate data on recycling household waste. Also, recycling segregation is already settled in our daily lives, but we face a serious problem in which a significant portion of the recyclables collected are re-waste. In this study has been proposed a cash compensation system for recyclables, which is paid cash when the recyclables are washed clean and discharged. The cash compensation system proposed in this study could re-use 100% of the discharged recyclables, resulting in rewards for good deeds for individuals, greater returns for businesses and reduced disposal costs for local governments. In addition, it is expected that the government will be able to secure data related to the recycling of domestic waste, which will contribute to the management of recyclables at the national level.

• The Korean Journal of Financial Management
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• v.24 no.1
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• pp.85-107
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• 2007

In this study, I analyzed determinant factors of mutual fund return. The samples was distributed into three types according to the ratio of included stocks in funds. The proxies of mutual funds were set up three ways(returns of fund). As a result of the analysis, I found that growth positively affect to fund return, abnormal return and adjusted abnormal return in all samples. While, according to three types of sample, expected and unexpected fund cash flows had differently effect on fund return. Inferentially, it seemed that the ratio of included stocks in fund was the cause of that. But price pressure hypothesis are not supported. In conclusion, it was not found the possibility of stock market disturbance in this analysis.

• Journal of Internet Computing and Services
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• v.17 no.4
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• pp.27-34
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• 2016

The referents of internet addresses are no longer limited to web sites. A new address service by the international organization for the internet address (ICANN) introduces an open space for the TLD (Top Level Domain) strings so that each service, content, product, and other linguistic expressions may be allowed. The open TLD addresses are more suitable for representing the address of service units, contents, or products. In this paper, as an alternative to static Internet address service to return a consistent mapping result regardless of a user-specific different requirements, we design a dynamic internet address mapping model that returns mapping result to suit user particular requirements. In addition, we propose a method for implementing a internet address service without any changes in the existing domain protocols. It may implement a dynamic internet address by attaching to a encoded user's metadata and environment data within a internet address representation, and adding the module for dynamic mapping to the name servers. Through this proposal, trying to expand the functions of internet address, it is expected to be able to provide customized informaiton retrieval services for each user by using just internet address.

• Spatial Information Research
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• v.18 no.3
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• pp.23-32
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• 2010

LIDAR data are useful for forest applications such as bare-earth DEM generation for forest areas, and estimation of tree height and forest biomass. As a core preprocessing procedure for most forest applications, this study attempts to develop an efficient method to detect forest areas from LIDAR data. First, we suggest three perceptual cues based on multiple return characteristics, height deviation and spatial distribution, being expected as reliable perceptual cues for forest area detection from LIDAR data. We then classify the potential forest areas based on the individual cue and refine them with a bi-morphological process to eliminate falsely detected areas and smoothing the boundaries. The final refined forest areas have been compared with the reference data manually generated with an aerial image. All the methods based on three types of cues show the accuracy of more than 90%. Particularly, the method based on multiple returns is slightly better than other two cues in terms of the simplicity and accuracy. Also, it is shown that the combination of the individual results from each cue can enhance the classification accuracy.

• Atmosphere
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• v.26 no.4
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• pp.553-563
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• 2016

Land evaporation contribution to precipitation over East Asia is studied to understand terrestrial moisture source of continental precipitation. Moisture recycling of precipitation relying on terrestrial evaporation is estimated based on the analysis method of Van der Ent et al. (2010). We utilize HadGEM2-AO simulations for the period of 1970~1999 and 2070~2099 from RCP8.5. Globally, 46% of terrestrial precipitation is depending from continental evaporation. 58% of terrestrial evaporation returns as continental precipitation. Over East Asia, precipitation has been affected by local evaporation and transported moisture. The advection of upwind continental evaporation results from the prevailing westerlies from the midwestern of Eurasian continent. For the present-day period, about 66% of the precipitation over the land of East Asia originates from land evaporation. Regionally, the ratios change and the ratios of precipitation terrestrial origin over the Northern inland and Southern coast of East Asia are 82% and 48%, respectively. Seasonally, the continental moisture recycling ratio is larger during summer (JJA) than winter (DJF). According to RCP8.5, moisture recycling ratio is expected to change. At the end of the 21st century, the impact of continental moisture sources for precipitation over East Asia is projected to be reduced by about 5% compared to at the end of 20th century. To understand the future changes, moisture residence time change is investigated using depletion and replenishment time.

• Journal of Labour Economics
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• v.24 no.1
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• pp.125-147
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• 2001

It is expected that labor mobility and inter-industry labor turnover would rise due to the rapid changes in the industrial structure and legal institutions of layoffs after the 1997 economic crisis in Korea. One aspect of economic costs of labor mobility is demise of accumulated skills of workers. Workers' skills could be decomposed into three parts, general skills, firm-specific skills, and industry-specific skills. Using data from the panal data of Korea Labor Institute(KLIPS), I show that the net return to seniority is markedly reduced once industry-experience are controlled for. The returns to industry-specific experience are relatively high. Particularly, the experience in one-digit industry is more important for the white-collar workers, while the experience in three-digit industry is also important for the blue-collar workers. Therefore, it seems that the economic cost of labor mobility would be diverse between the skills and between the working classes.