• Title/Summary/Keyword: Expected Returns

Search Result 132, Processing Time 0.027 seconds

Efficient Utilization of Public Bicycle Stations (공영자전거 스테이션의 효율적 활용 방안에 관한 연구)

  • Park, Ki Jun;Jung, Hun Young
    • KSCE Journal of Civil and Environmental Engineering Research
    • /
    • v.42 no.1
    • /
    • pp.75-81
    • /
    • 2022
  • Public bicycles are a representative eco-friendly transportation means that can reduce carbon emissions and play an important role in first/last mile mobility and that can be linked to public transportation in the future MaaS era. In 2008, Changwon City started operating donor bicycles for the first time in Korea. However, as the infrastructure of public bicycles has expanded without a theoretical basis for over 10 years, operating costs are increasing due to a decrease in operational efficiency, which makes it difficult to quantitatively expand the service. In this study, a method for calculating the number of stands suitable for the use of public bicycles was presented, and an efficiency index was developed to evaluate the efficiency of public bicycle infrastructure. The method presented in this study was found by examining the relationship between numbers of rentals and returns of public bicycles and the number of bicycle holders. It is expected that the results can be used by other local governments.

A Study on Stowage Automation Algorithm for Cargo Stowage Optimization of Vehicle Carriers (차량 운반선의 화물 적재 최적화를 위한 적재 자동화 알고리즘 연구)

  • JI Yeon Kim;Young-Jin Kang;Jeong, Seok Chan;Hoon Lee
    • The Journal of Bigdata
    • /
    • v.7 no.2
    • /
    • pp.129-137
    • /
    • 2022
  • With the development of the 4th industry, the logistics industry is evolving into a smart logistics system. However, ship work that transports vehicles is progressing slowly due to various problems. In this paper, we propose an stowage automation algorithm that can be used for cargo loading of vehicle carriers that shortens loading and unloading work time. The stowage automation algorithm returns the shortest distance by searching for a loading space and a movable path in the ship in consideration of the structure of the ship. The algorithm identifies walls, ramps and vehicles that have already been shipped, and can work even with randomly placed. In particular, it is expected to contribute to developing a smart logistics system for vehicle carriers by referring to the ship's master plan to search for vehicle loading and unloading space in each port and predict the shortest movable path.

Developing the Automated Sentiment Learning Algorithm to Build the Korean Sentiment Lexicon for Finance (재무분야 감성사전 구축을 위한 자동화된 감성학습 알고리즘 개발)

  • Su-Ji Cho;Ki-Kwang Lee;Cheol-Won Yang
    • Journal of Korean Society of Industrial and Systems Engineering
    • /
    • v.46 no.1
    • /
    • pp.32-41
    • /
    • 2023
  • Recently, many studies are being conducted to extract emotion from text and verify its information power in the field of finance, along with the recent development of big data analysis technology. A number of prior studies use pre-defined sentiment dictionaries or machine learning methods to extract sentiment from the financial documents. However, both methods have the disadvantage of being labor-intensive and subjective because it requires a manual sentiment learning process. In this study, we developed a financial sentiment dictionary that automatically extracts sentiment from the body text of analyst reports by using modified Bayes rule and verified the performance of the model through a binary classification model which predicts actual stock price movements. As a result of the prediction, it was found that the proposed financial dictionary from this research has about 4% better predictive power for actual stock price movements than the representative Loughran and McDonald's (2011) financial dictionary. The sentiment extraction method proposed in this study enables efficient and objective judgment because it automatically learns the sentiment of words using both the change in target price and the cumulative abnormal returns. In addition, the dictionary can be easily updated by re-calculating conditional probabilities. The results of this study are expected to be readily expandable and applicable not only to analyst reports, but also to financial field texts such as performance reports, IR reports, press articles, and social media.

Mean-shortfall portfolio optimization via sorted L-one penalized estimation (슬로프 방식을 이용한 평균-숏폴 포트폴리오 최적화)

  • Haein Cho;Seyoung Park
    • The Korean Journal of Applied Statistics
    • /
    • v.37 no.3
    • /
    • pp.265-282
    • /
    • 2024
  • Research in the area of financial portfolio optimization, with the dual goals of increasing expected returns and reducing financial risk, has actively explored various risk measurement indicators. At the same time, the incorporation of various penalty terms to construct efficient portfolios with limited assets has been investigated. In this study, we present a novel portfolio optimization formula that combines the mean-shortfall portfolio and the SLOPE penalty term. Specifically, we formulate this optimization expression, which differs from linear programming, by introducing new variables and using the alternating direction method of multipliers (ADMM) algorithms. Through simulations, we validate the automatic grouping property of the SLOPE penalty term within the proposed mean-shortfall portfolio. Furthermore, using the model introduced in this paper, we propose and evaluate four different types of portfolio compositions relevant to real-world investment scenarios through empirical data analysis.

A Study on Risk Sharing of PPI Project Demand Risk (민간투자사업 수요위험 분담 방식에 관한 연구)

  • Shin, Sung-Hwan
    • Korean Journal of Construction Engineering and Management
    • /
    • v.13 no.2
    • /
    • pp.102-109
    • /
    • 2012
  • One of key success factors in PPI(Public Private Investment) is the structure of risk sharing between the public and the private, and the determination mechanism of fair return to private participants relative to the risk that private participants undertake. In Korea, two basic types of PPI exist. One is BTO and the other is BTL. In BTO, most risks are taken by the private whereas the opposite is the case in BTL. No intermediate form exists. As a result, BTO type projects had difficulty in attracting private participants because of the excessive risks. In this study, one intermediate form is studied where demand risk is shared between the public and the private. In the setting where the public authority takes all the project revenues and then pays ladder type payments to private participants depending upon the level of project revenues, appropriate level of fixed payments is endogenously derived using the real option pricing model. From the fixed payments, expected investment returns are calculated based upon a certain distributional assumption. The results of this study is expected to help introducing diverse forms of PPI in Korea.

Plant growth and fruit enlargement among different watermelon (Citrullus lanatus) cultivars in continuous chilling night temperature conditions (지속적인 야간 저온에 의한 수박 품종별 식물체 생장 및 과실 비대 양상)

  • Oak Jin Lee;Hee Ju Lee;Seung Hwan Wi;Tae Bok Kim;Sang Gyu Kim;Won Byoung Chae
    • Korean Journal of Environmental Biology
    • /
    • v.39 no.4
    • /
    • pp.486-494
    • /
    • 2021
  • Watermelon (Citrullus lanatus (Thunb.) Matsum. & Nakai) is sensitive to low temperature and shows retarded growth under 10℃. Although early transplanting guarantees higher returns, it requires cost and labor to maintain the appropriate temperature for plant growth. Therefore, cultivars tolerant to chilling stress is necessary to reduce the cost and labor requirements. The purpose of this study is to analyze data on plant growth and fruit enlargement under continuous chilling night temperature to develop new cultivars tolerant to chilling temperature. Two cultivars expected to have chilling tolerance and another cultivar sensitive to chilling temperature were grown in greenhouses with chilling and optimal night temperature conditions. In the early growth stage after transplanting, the cultivars expected to have chilling tolerance showed better vine length, fresh weight and dry weight. However, one of the tolerant cultivars showed significantly lower vine length, leaf length and width, and petiole length than the sensitive cultivar during pollination period and later growth stage, showing genotype specific responses. The fruit length, width, and weight were also significantly lower in the tolerant cultivar. The fruit set ratio was significantly higher in the chilling sensitive cultivar than the two tolerant cultivars. These results suggest that the present chilling tolerant cultivars in watermelon were selected based on their performance in the early growth stage, and further studies on chilling tolerance in different growth and development stages are required to develop cultivars adapted to various forcing cultivation systems.

A Study on the Moderating Effect of Perceived Voluntariness in the Organizational Information System Usage and Performance (정보시스템 사용과 성과에 있어서 자발성의 조절효과에 관한 연구)

  • Lee, Seung-Chang;Lee, Ho-Geun;Jung, Chang-Wook;Chung, Nam-Ho;Suh, Eung-Kyo
    • Asia pacific journal of information systems
    • /
    • v.19 no.2
    • /
    • pp.195-221
    • /
    • 2009
  • According to an industry report, a large number of organizations have invested in Organizational Information System(OIS) in the past few years. Several research results indicate that successful investments in OIS lead to productivity enhancement, while failed ones result in undesirable consequences such as financial losses and dissatisfaction among employees. In spite of huge investments, however, many organizations have failed in achieving the hoped-for returns from OIS. Thus, understanding user acceptance, adoption, and usage of new IS(Information Systems) is an important issue for IS practitioners. Indeed, study of the user acceptance of new information system has been one of the most important research topics in the contemporary IS literature. Several theoretical models are tested to examine 'user acceptance' and 'usage behavior' in IS context. While many research models incorporate 'ease of use' or 'usefulness' as important factors in explaining user acceptance, Technology Acceptance Model(TAM) has been one of the most widely applied models in user acceptance and usage behavior. Even in recent IS studies that employ theories of innovation diffusion in the area of IS implementation, a major focus has been on the user's perception of information technologies. In this research, we study 'voluntariness' as an important factor in IS acceptance by users. Voluntariness is defined as "the degree to which the use of the innovation is perceived as being voluntary, or of free will" When examining the diffusion of accepting OIS, a thoughtful consideration should be given to 'perceived voluntariness.' Current article has following research questions: 1) What models are appropriate to explain the success of OIS? and 2) How does the 'voluntariness' affect the success of OIS? In order to answer these questions, a research model is proposed to describe the detailed nature of association among three independent variables (IT usage level, task interdependency, and organizational support), a mediating variable (IS usage), a dependent variable (perceived performance), and a moderating variable(perceived voluntariness). The central claim of this article is that organizations hardly realize expected returns from OIS investments unless perceived voluntariness is effectively managed after operating OIS. As an example of OIS in this study we have selected the Intranet of Republic of Korea Air Force (ROKAF). ROKAF has implemented the Intranet in an attempt to improve communication and coordination within the organization. To test our research model and hypotheses, survey questionnaires were first sent out to 400 Intranet users. With the assistance of ROKAF, Intranet users were initially identified among its members, and subjects were randomly drawn from the pool. 377 survey responses were finally returned. The unit of measurement and analysis in this research is a personal level. Path analysis based on structural equation modeling was used to test research hypotheses. Construct validity represents accordance between the theoretical base concept of constructs and its measurement items. Tests for the reliability and discriminant validity are accepted, thus verifying our survey instrument. In this research, we have proposed a conceptual framework to highlight the importance of perceived voluntariness after organization deploys OIS. The results of our analysis present several key finding. First, all three independent variables (IT usage level, task interdependency, and organizational support) have significant effects on IS usage, which will eventually improve performance. Thus, IS usage plays a mediating role between antecedent variables (IT usage level. task interdependency, and organizational support) and performance improvement. Second, the effect of the task dependency was the highest for IS usage among the three antecedent variables. This is highly plausible since one of the Intranet's major capabilities is to facilitate communication among members within an organization. Accordingly, we conclude that the higher the task dependency, the higher Intranet usage. The effect of user's IT usage level was the second, while the effect of the organizational support was the third. Finally, the perceived voluntariness plays a pivotal role in enhancing perceived performance in personal level after launching the Intranet. Relationships among investigated variables were significantly different between groups with a high level and a low level of voluntariness. The impact of the Intranet usage on the performance was greater in the higher level voluntariness group than in the lower one. For the lower level voluntariness group, the user's IT usage had the highest effect on the Intranet usage among the three antecedent variables. In short, our study suggests that the higher the perceived voluntariness is the more IS usage will be. Perceived voluntariness was found to have a moderating effect on the relationships among user IT usage level, task interdependency, IS usage, and perceived performance, supporting all the hypotheses on the moderating effect. Most of all, user IT usage level has the strongest influence on IS usage, indicating that users with superior IT usage are more likely to enjoy a high level of perceived performance.

The Effect of Audit Quality on Crash Risk: Focusing on Distribution & Service Companies (감사품질이 주가급락 위험에 미치는 영향: 유통, 서비스 기업을 중심으로)

  • Chae, Soo-Joon;Hwang, Hee-Joong
    • Journal of Distribution Science
    • /
    • v.15 no.8
    • /
    • pp.47-54
    • /
    • 2017
  • Purpose - According to agency theory, managers have incentives to adjust firm revenues to meet earnings expectations or delay bad news disclosure because of performance-based compensation and their reputation in the market. When the bad news accumulates, stock prices fail to reflect all available information. Thus, market prices of stocks are higher than their intrinsic value. After all, bad news crosses the tipping point, it comes out all at once. That results in stock crashes. Auditors can decrease stock crash risk by reducing agency costs through their informational role. Especially, stock price crash risk is expected to be lower for firms adopting high-quality audits. We focus on distribution and service industry to examine the relation between audit quality and stock price crash risk. Industry specialization and auditor size are used as proxies for auditor quality. Research design, data and methodology - Our sample contains distribution and service industry firms listed in KOSPI and KOSDAQ during a period of 2004-2011. We use a logistic regression to test whether auditor quality influences crash risk. Auditor quality was measured by industry specialist auditor and Big4 / non-Big4 dichotomy. Following the approach in prior researches, we use firm-specific weekly returns to measure crash risk. Firms experiencing at least one stock price crash in a specific week during year are classified as the high risk group. Results - The result of analyzing 429 companies in distribution and service industry is summarized as follows: Above all, it is shown that higher audit quality has a significant negative(-) effect on the crash risk. Crash risk is alleviated for firms audited by industry specialist auditors and Big 4 audit firms. Therefore, our results show that hypotheses are supported. Conclusions - This study is very meaningful as the first study which investigated the effects of high audit quality on stock price crash risk. We provide evidence that high-quality auditors reduce stock price crash risk. Our finding implies that the risk of extreme losses can be reduced through screening of high-quality auditors. Therefore investors and regulators may utilize our findings in their investment and rule making decisions.

An Exploratory Study Regarding the Effects of Corporate Resources and Perceptions toward Environmental Regulations on Willingness to Accept Self-regulation Programs: From Strategic Views (전략적 관점에서 본 기업 자원과 역량이 자율규제 순응에 미치는 영향에 관한 연구)

  • Cho, Chun Han;Kim, Jae Geun;Rhee, Tae Sik
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
    • /
    • v.8 no.4
    • /
    • pp.81-93
    • /
    • 2013
  • The study attempted to explain the differences among the willingness of companies to accept the self-regulation. The study exemplified the $CO_2$ emissions record labelling program, as a self-regulation program which is considered as a concrete action for corporate social responsibility and substantiality management movement. The study investigated how companies respond to the request from a government to accept the program, which may be potentially contributed to both higher social and financial performance. It is hypothesized that first the company may decide whether the acceptance decision is strategic or non-strategic issues. when considered as non-strategic, the decision will be made on the basis of short term expected returns and costs comparison. It is hypothesized that when considered as strategic, the decision will be strongly influenced by the type of corporate perceptions toward environmental regulations, which has been accumulated by past experiences. Also, the study investigated the good management theory and the slack resources theory which differently predict the direction between social performances and financial performances. The results identified the significant relationships among most variables and supported the slack resources theory. Further, the ethical perception positively influenced the willingness to accept the self-regulation.

  • PDF

The effects of becoming holding companies on corporate governance and business concentration (지주회사체제가 기업지배구조의 효과성과 사업집중화에 미치는 영향)

  • Yoon, Ji Eui;Nam, Giseok;Kim, Duk Ho;Kim, Joongwha
    • Journal of Digital Convergence
    • /
    • v.12 no.10
    • /
    • pp.121-134
    • /
    • 2014
  • This study investigated the stock market reaction to the announcement of conversion to holding company and its influence on the market value and corporate governance before and after the event. Generally, it is known that the conversion to holding company strengthens corporate governance because of diversification effects. Accordingly, it is expected that holding companies have a significantly positive influence on the short and long term stock value and improve firm performance. The results are as follows. First, companies have significantly positive short-term abnormal returns for a day. It confirms the stock market reaction hypothesis. Second, it is found that corporate governance is improved in two ways, protection of stock holders' right and distribution of corporate income in the year after converting to holding companies. However, the degree of business concentration appears to be decreased but the result is statistically insignificant after the conversion. Third, there is no significant positive relation between market performance and both protection of stock holders' right and distribution of corporate income. Thus, the results do not adequately support the hypothesis between corporate transparency and market performance.