• Management Science and Financial Engineering
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• v.17 no.2
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• pp.85-97
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• 2011

In this study we examine the long term behavior of stock returns. The analysis reveals that negative autocorrelations of the returns exist for a super-long horizon as long as 10 years. This pattern, however, contrasts to predictions of previous stock price models which include random walks. We suggest the introduction of a fractionally integrated process into a nonstationary component of stock prices, and demonstrate empirically the existence of the process in NYSE stock returns. The predicted values of autocorrelation from our stock price model confirm the super-long term behavior of the returns observed in regression, indicating that inefficiency in the stock market could remain for a long time.

• International Journal of Advanced Culture Technology
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• v.4 no.3
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• pp.39-47
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• 2016

The state adopts the policies based on the goals pursued by the state and provides a basic policy for administrative activities related to early childhood education. Therefore, early childhood education policy should be established organically in consultant with the social consent in advance. In most countries will bear the costs of child care and early childhood education can reduce the financial burden of parents and early childhood education consumers are able to understand the will of the government to support the child care services, which they need in a variety of way. The conflict is deepening - among policy officials, front-line institutions participating in policy implementation, and parents - surrounding the infant and early childhood education. And the conflict has caused the difference between this policy and claims that cannot find hardly a solution. In this study, we argue how the policy differences between groups involved in the policy to analyze the influence, to find the policy conflict resolution strategies.

• Journal of Information Technology Services
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• v.3 no.2
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• pp.53-64
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• 2004

For many reasons, SI(Systems Integration) projects can fail. Sometimes, they can result in considerable financial losses to the organizations that undertake them. These projects are abandoned or redirected. However, the cost of project abandonment or redirection can represent a tremendous waste of organizational resources. By managing failure factors carefully, project managers can prevent projects from failing. Types of project failure can be categorized into escalation and de-escalation. Project escalation is that, as projects progress, the project scopes keep increasing. Project de-escalation is that, as projects progress, the project scopes keep decreasing. This study examine relative importance of risk factors that cause project escalation and de-escalation.

• The Journal of Economics, Marketing and Management
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• v.6 no.1
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• pp.25-30
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• 2018

Purpose - This paper mainly studied the role of the logistics legal system in promoting international transport logistics, building marine economy international cooperation demonstration zone and deepening the economic and financial cooperation etc between China and Korea. Research design, data, and methodology - The study conducted a survey on China and Korea's 2012-2017 years data. After empirically analyzing the data, we believe that cultural industry in Korea and China will maintain its growth momentum. Results - This study explored the way to establish an integrated logistics system between China and Korea to match the e-commerce certification system, online payment system and logistic distribution, thereby gradually promoting economic development and logistics integration in Asia. Conclusions- China-Korea FTA can encourage private flow to take on enterprises. In terms of improving logistics efficiency, reducing logistics costs and establishing a unified logistics industry standardization system. This will accelerate logistics industry integration in Northeast Asia, build a unified logistics management center in Northeast Asia, and promote a new model of integrated logistics cooperation in Northeast Asia. Therefore, it has a practical and reference significance.

• Management & Information Systems Review
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• v.39 no.2
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• pp.17-37
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• 2020

The purpose of this study is to investigate the global spillover effects through the existence of linear and nonlinear causal relationships between the US, European and BRIC financial markets after the period from the introduction of the Euro, the financial crisis and the subsequent EU debt crisis in 2007~2010. Although the global spillover effects of the financial crisis are well described, the nature of the volatility effects and the spread mechanisms between the US, Europe and BRIC stock markets have not been systematically examined. A stepwise filtering methodology was introduced to investigate the dynamic linear and nonlinear causality, which included a vector autoregressive regression model and a multivariate GARCH model. The sample in this paper includes the post-Euro period, and also includes the financial crisis and the Eurozone financial and sovereign crisis. The empirical results can have many implications for the efficiency of the BRIC stock market. These results not only affect the predictability of this market, but can also be useful in future research to quantify the process of financial integration in the market. The interdependence between the United States, Europe and the BRIC can reveal significant implications for financial market regulation, hedging and trading strategies. And the findings show that the BRIC has been integrated internationally since the sub-prime and financial crisis erupted in the United States, and the spillover effects have become more specific and remarkable. Furthermore, there is no consistent evidence supporting the decoupling phenomenon. Some nonlinear causality persists even after filtering during the investigation period. Although the tail distribution dependence and higher moments may be significant factors for the remaining interdependencies, this can be largely explained by the simple volatility spillover effects in nonlinear causality.

• East Asian Economic Review
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• v.20 no.2
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• pp.169-190
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• 2016

This paper tests the weak-form efficient market hypothesis for Korean industry-sorted portfolios. Based on a panel variance ratio approach, we find significant mean reversion of stock returns over long horizons in the pre Asian currency crisis period but little evidence in the post-crisis period. Our empirical findings are consistent with the fact that Korea accelerated its integration with international financial market by implementing extensive capital liberalization since the crisis.

• Journal of Korean Society of Rural Planning
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• v.1 no.1
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• pp.89-98
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• 1995

This paper is intended to review the major problems of rural settlement development and attempts to find the direction to enhance the effectiveness of rural settlement development policies and strategies. Small amount of financial resources being mobilized, similar policies for rural settlement development have been implemented sectionally by the respective sectoral goverment bodies. It has resulted in a lot of coulict and ineffectiveness in the process of rural settlement development To rationalize the rural settlement development, there should be some change in the current practice of the project: integration of development efforts, consideration of regional situation and settlement system, and introduction of principles and criteria suitable for rural settlement planning.

• Bulletin of the Korean Mathematical Society
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• v.59 no.2
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• pp.507-528
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• 2022

We propose a path integral method to construct a time stepwise local volatility for the stock index market under Dupire's model. Our method is focused on the pricing with the Monte Carlo Method (MCM). We solve the problem of randomness of MCM by applying numerical integration. We reconstruct this task as a matrix equation. Our method provides the analytic Jacobian and Hessian required by the nonlinear optimization solver, resulting in stable and fast calculations.

• Information Systems Review
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• v.11 no.2
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• pp.45-66
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• 2009

A number of companies are considering for merger and acquisition (M&A) as one of business strategies for their growth and survival. However, many of them do not create the synergy they had sought, and failed M&A, often result in negative outcomes in terms of productivity, market share, profitability and turnover of qualified employees. There have been numerous research studies conducted to analyze the factors that determine the success and failure of M&A, and it has been found that with the increasing dependence of many companies on information systems, post-M&A IS (information systems) integration success has a critical effect on the success of M&A. However, there have been very few studies on post-M&A IS integration success, and most have been restricted to integration of IS organizations or physical information systems. In order to conduct a comprehensive research on the factors that affect the success of post-M&A IS integration, this study surveyed preceding researches on not only information systems but also strategic management, economics, finance, HRM (human resource management) and organization management. Based on the findings, a comprehensive and integrated model of the influential factors on post-M&A IS integration has been proposed. The proposed model categorizes the factors into perspectives of M&A, strategy, organization, HRM and IS, and provides an empirical evaluation of each factor on the success of IS integration based on comparative case studies.

• Knowledge Management Research
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• v.9 no.1
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• pp.97-116
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• 2008

The purpose of this study lies in examining how knowledge management was applied to PMI(Post Merger Integration) in bank merger. Individuals and organizations in Korea have experienced a lot of changes since the 1997 foreign exchange crisis. In such a situation, individuals came to think the only thing to rely on was personal knowledge. Since organizations had to lay off workers in order of their birth year, not based on whether or not individuals had the knowledge necessary for the organizations, they needed to have such a system that could use their explicit knowledge and even outside knowledge or customers' knowledge as IT developed by changing individuals' tacit knowledge into explicit knowledge as needed in order to continue to maintain their competitiveness and for their own development. Thus, each firm started to pitch for the introduction of knowledge management. Individuals started to store their own experience and knowledge in their homepages or blogs. It was Woori Bank, the merged bank of Hanil Bank and Commercial Bank of Korea, that introduced the knowledge management system and Shared Service Center, in which knowledge creation is available, for the first time in the banking business. Its previous name was Hanbit Bank. Hanbit Bank wanted to construct an advanced bank system, bringing in their chief information officer(CIO) from a foreign bank and introducing an IT software used in Spanish banks to adjust all banking processes to it. However, they could not help giving up the plan in the middle of the road since there was a great difference between Spain and Korea in the financial system and more than 30% of software package had to be changed. In this situation, PMI was delayed, and customer inconvenience continued, which made the integration of organizational cultures slow down. As a breakthrough in this situation, knowledge management was introduced. To integrate knowledge of two organizations in the process of PMI is an important job for all merger candidates. This study aims at presenting the successful results from using knowledge management as a means to PMI ahead of other financial institutions so they can apply them to their organizations. PMI was not achieved properly after the two banks had been merged as Hanbit, but entering the era of Woori Bank, workers were integrated under one standard organization following the organizational and knowledge integration, and knowledge management was introduced for an efficient sharing of knowledge among members. A great number of mergers have occurred up to now, but Woori Bank is the first case that used knowledge management as a means to both PMI and competitiveness enhancement. Probably it was an appropriate time when Woori Bank introduced knowledge management as it was organized. Since Hanil Bank and Commercial Bank of Korea had not introduced knowledge management until then, it could use knowledge management as a means to PMI. Using knowledge management, it could create a new organizational culture and increase competitiveness in the banking industry.