• The Korean Journal of Financial Studies
• /
• v.9 no.1
• /
• pp.221-244
• /
• 2003

This study is aimed to investigate the effects of foreign exchange rates on stock market returns. For the United States, the United Kingdom, Germany, Japan and Korea, the cross-correlation precedence of foreign exchange rate on stock market is found in the case of Germany and Korea. But that of stock market is not observed in any case. We performed three kinds of causality and exogeneity test of Granger test, Sims test and Geweke-Meese-Dent test. The analyses on the full period show the time-lag causal, exogeneous relation of foreign exchange rates with Granger, Sims and GMD test for Korea. The United Kingdom presents the significance with Granger and Sims test while Germany reveals the time-lag relation with Granger and GMD test. When we divide the period into two parts with the Louvre Accord, the first part give the less degree of time-lag relation. But in the second period the three kinds of causality and exogeneity test propose consistent time-lag relation with foreign exchange rates on stock markets for the United Kingdom and Korea with the three test methods. And Granger's test prove German foreign exchange market have a time-lag relation on stock market.

• Journal of Korean Society of Industrial and Systems Engineering
• /
• v.21 no.48
• /
• pp.133-144
• /
• 1998

International capital movement has made progress at global liberalization of finance and foreign exchange, international monetary norm changing into floating exchange rate system, easiness of collection of information and trade at improvement of information communication technology from early of 1970's. Results of empirical test for relation between foreign exchange rate or various determination factors of foreign exchange rate and interest rate are followed by next sentences. First, according to relation between foreign exchange rate and interest rate, correlation for each of variables after OECD entrance is increased. But, long-term & short-term interest rate is affected by Hanbo & Kia's bankruptcy, continuous large scale corporates bankruptcy and crisis of foreign exchange. Therefore, financial instability is occured. If portfolio investment fund has been inflow as it is mollified by continuous shortage of foreign exchange and fall of country's credit rating, it is expected to have positive effect for long-term & short-term interest rate from appreciation of won against dollar. Second, results from relation between determination factor of foreign exchange rate and interest rate are followed by next sentences. If surplus of current account and goods account is continued, yield of corporate bond is to be stable. But, margin of surplus is expected to diminish after second quarter 98, and difference between external and domestic interest (after adjusting foreign exchange rate) is to be diminished. And if net inflows of foreign investor's fund (stock and bond) is diminished, it is to have negative effect for yield of corporate bond. According to foreign investor's investment movement of previous years, hedge fund were stayed at least during two years in Mexico. It means that sudden capital outflow is not to be happened at Korea. But if external factors from depreciation of yen and China's renminbi are instable, interest rate is expected to increase from capital's outflows. Third, if it is to decrease instability of foreign exchange rate from increase in surplus of future current account, credit rating's upwardness, stability of yen and renminbi, foreign exchange rate is expected to be stable. It is expected to have continuous stability from short-term interest rate to long-term interest rate in this empirical test.

• Proceedings of the Safety Management and Science Conference
• /
• 2002.11a
• /
• pp.305-319
• /
• 2002

International capital movement has made progress at global liberalization of finance and foreign exchange, international monetary norm changing into floating exchange rate system, easiness of collection of information and trade at improvement of information communication technology from early of 1970's. Results of empirical test for relation between foreign exchange rate or various determination factors of foreign exchange rate and interest rate are followed by next sentences. First, according to relation between foreign exchange rate and interest rate, correlation for each of variables after OECD entrance is increased. But, long-term ＆short-term interest rate is affected by Hanbo ＆ Kia's bankruptcy, continuous large scale coporates bankruptcy and crisis of foreign exchange. Therefore, financial instability is occured. If portfolio investment fund has been inflow as it is mollified by continuous shortage of foreign exchange and fall of country's credit rating, it is expected to have positive effect for long-term & short-term interest rate from appreciation of won against dollar. Second, results from relation between determination factor of foreign exchange rate and interest rate are followed by next sentences. If surplus of current account and goods account is continued, yield of corporate bond is to be stable. But, margin of surplus is expected to diminish after second quarter 98, and difference between external and domestic interest (after adjusting foreign exchange rate) is to be diminished. And if net inflows of foreign investor's fund (stock and bond) is diminished, it is to have negative effect for yield of corporate bond. According to foreign investor's investment movement of previous years, hedge md were stayed at least during two years in Mexico. It means that sudden capital outflow is not to be happened at Korea. But if external factors from depreciation of yen and China's renminbi are instable, interest rate is expected to increase from capital's outflows. Third, if it is to decrease instability of foreign exchange rate from increase in surplus of future current account, credit rating's upwardness, stability of yen and renminbi, foreign exchange rate is expected to be stable. It is expected to have continuous stability from short-term interest rate to long-term interest rate in this empirical test.

• 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.

• Proceedings of the Safety Management and Science Conference
• /
• 2005.11a
• /
• pp.569-579
• /
• 2005

International capital movement has made progress at global liberalization of finance and foreign exchange, international monetary norm changing into floating exchange rate system, easiness of collection of information and trade at improvement of information communication technology from early of 1970's. Results of empirical test for relation between foreign exchange rate or various determination factors of foreign exchange rate and interest rate are followed by next sentences. First, according to relation between foreign exchange rate and interest rate, correlation for each of variables after OECD entrance is increased. 'But, long-term & short-term interest rate is affected by Hanbo & Kia's bankruptcy, continuous large scale coporates bankruptcy and crisis of foreign exchange. Therefore, financial instability is occured. If portfolio investment fund has been inflow as it is mollified by continuous shortage of foreign exchange and fall of country's credit rating, it is expected to have positive effect for long-term & short-term interest rate from appreciation of won against dollar. Second, results from relation between determination factor of foreign exchange rate and interest rate are followed by next sentences. If surplus of current account and goods account is continued, yield of corporate bond is to be stable. But, margin of surplus is expected to diminish after second quarter 98, and difference between external and domestic interest (after adjusting foreign exchange rate) is to be diminished. And if net inflows of foreign investor's fund (stock and bond) is diminished, it is to have negative effect for yield of corporate bond. According to foreign investor's investment movement of previous years, hedge fund were stayed at least during two years in Mexico. It means that sudden capital outflow is not to be happened at Korea.

• Korean Journal of Occupational Health Nursing
• /
• v.8 no.2
• /
• pp.212-220
• /
• 1999

This study was designed to determine anxiety factors and levels of anxiety of foreign industrial workers. One hundred and seventy five workers were researched who were working in Guro Working Complex, Ansan City and Sungnam City Working Complex asking 60 questionnaires from Feb. 25, 1996 to April 12, 1996. The results were as follows ; 1. The 30.3% of foreign workers were from Nepal. 17.7% from Bangladesh 10.9% from Srilanka, 14.9% from Philippines, 1.1% from Ghana. 80% of foreign workers were male, 77.7% were single and most of then were in the age from 25 to 34. 37.1% of foreign workers had not lived in Korea less than 12 months, 58.8% graduated from college, 33.7% from highschool, and more than half lived in a dormitory. 2. On the anxiety level related to subject workers' general characteristics, the workers level from Nepal recorded the highest point 2.70 statistically showing a significant difference(P=0.0003). On the physical anxiety level, the workers from Nepal recorded a significantly low point comparing with Jamaica, Burma, Vietnam and Nigeria(P=0.01). 3. Emotional anxiety level marked the highest on the workers living as a tenant comparing with the workers in dormitory. 4. On anxiety factors, the emotional anxiety recoded the highest, the social anxiety and the somatic anxiety. 5. On the relation between the anxiety factor, the somatic anxiety factor had a relation with emotional, environmental, and occupational factors and on the other relation between the anxiety factor and emotional factor had a relation with environmental, social, cultural factors. Moreover, the environmental factor had a relation with the cultural factor, social factor had a relation with the cultural factor, and cultural factor was related to the occupational factor.

• Korean Journal of Occupational Health Nursing
• /
• v.6 no.1
• /
• pp.14-22
• /
• 1997

This study was designed to determine anxiety factors and levels of anxiety of foreign industrial workers. One hundred and seventy five workers were researched who were working in Guro Working Complex, Ansan City and Sungnam City Working Complex asking 60 questionnaires from Feb. 25, 1996 to April 12, 1996. The results were as follows ; 1. The 30.3% of foreign workers were from Nepal, 17.7% from Bangladesh, 10.9% from SriLanka, 14. 9% from Philippines, 1.1% from Ghana. 80% of foreign workers were male, 11.1% were single and most of them were in the age from 25 to 34. 37.1% of foreign workers had not lived in Korea less than 12 months, 58.8% graduated from college, 33.7% from high school, and more than half lived in a dormitory. 2. On the anxiety level related to subject workers' general characteristics, the anxiety level from Nepal recorded the highest point 2.70 statistically showing a significant difference(p=0.0003). On the physical anxiety level, the workers from Nepal recorded a significantly low point comparing with Jamaica, Burma, Vietnam and Nigeria(p=0.01). 3. Emotional anxiety level marked the highest on the workers living as a tenant comparing with the workers in dormitory. 4. On anxiety factors, the emotional anxiety recoded the highest, the social anxiety and the somatic anxiety. 5. On the relation between the anxiety factor, the somatic anxiety factor had a relation with emotional, environmental, and occupational factors and on the other relation between the anxiety factor and emotional factor had a relation with environmental, social, cultural factors. Moreover, the environmental factor had a relation with the cultural factor, social factor had a relation with the cultural factor, and cultural factor was related to the occupational factor.

• Journal of the Korean Society of Costume
• /
• v.33
• /
• pp.105-115
• /
• 1997

The fashion clothing market is changing due to the appearance of new consumer group. And the import of foreign brand clothing is highly increasing. The purpose of this study is to help the domestic apparel companies set better market-ing strategy by studying the relation between fashion ivolvement and the purchase be-havior of foreign brand clothing. Subjects were 498 new generation women living Seoul metropolitan area. Data were obtained by questionnaire and analyzed by SPSS package. The main findings of this study are as follows; 1. The result of factor-analysis of the fashion involvement's variables were classified into 8 factors. 2. Consumer's main purpose of buying new clothes were To coordinate clothes with each other' 3. Consumers evaluated every clothing factors: color fit etc of foreign brand very highly except the price. 4. The factor that consumers consider most when choosing clothes is color design fit de-tail texture and brand knowledge in order. 5. the advertizing method that consumers care the most was shop and window display. 6. 'Because design and color are good' were the most important factor as motive of buying foreign brand clothing. 7. Most consumers still bought domestic brand clothing. 7. Most consumers still bought domestic brand clothing. 8. Monthly income and purchase of foreign brand were positively related 9. All variables 2of fashion involment were positively related with the purchase of foreign brand 10. Consumers with higher monthly income did not care much about 'Weather or occasion' when buying clothes. And consumers living in Kangnam(compared with consumers linving in Kangbuk) cared more about personality and bought more foreign brand. 'Social and econ-omic status' were highly related with monthly income residence and purchase of foreign brand clothing 11. Older consumers cared more about color figure texture and fit than younger con-sumer. Monthly income were positively re-lated with design color and figure. Residence were highly related with color and figure. Pur-chase of foreign brand clothing were positively related with design color figure and fit. 12. Younger consumers cared more about brand knowledge. And the purchase of foreign brand clothing were positively related with de-sign detail and brand knowledge. 13. Consumers with foreign brand's purchase experience showed negative relation between ;foreign brand's purchasing experience' and 'Weather or occasion' 14. Consumers with no foreign brand's pur-chasing experience showed negative relation between fashion innovativeness and figure. 15. Consumers with no foreign brand's pur-chasing experience showed positive relation between fit and fashion opinion exchange. The study shows that colors is most import-ant factor in purchasing clothes. And imported brands are very strong in terms of proposing various and unique colors. not all brands succeeded in Korea. Those brands that failed to group consumers have the following problems. Therefore it is critical to review the above factors when importing the foreign brand.

• Korean Journal of Mathematics
• /
• v.18 no.4
• /
• pp.409-424
• /
• 2010

We observed the symptoms that occur to students who dislike mathematics when they study mathematics and the data that mathematics is related to foreign language. This study investigated the relation between mathematics and foreign language. Continuous immersion aids not only in acquiring language but also in learning mathematics. For continuous immersion, it is essential to organize small class. We organized small class and compared large class with small class about how the relation between mathematics and language appears in achievement, rate of presence, rate of submission of report, and attitude and enthusiasm. Based on the result, we try to find out the way to increase understanding mathematics and level up the achievements.

• Management & Information Systems Review
• /
• v.2
• /
• pp.355-390
• /
• 1998

The purpose of this study was to determine the conflict plan of the foreign worker in Korea. The concrete purpose of this study as follows : First, To Analyze Conflict factor of job according to the foreign worker conflict. Second, To present rethinking plan of job and efficiency management foreign worker in Korea. The Subject of this study were consisted of 308 foreign worker form 408 small and medium business in taejon city, Chung-Nam. Conflict factor of job was measured according to questionare used in precedent study. Statistical treatment were the mean, Standard, Deviation, One-way ANOVA analysis. The conclusions of the paper research were as follows. First, Foreign worker showed occasionally lower degree conflict of job. Second, Woman foreign worker had higher conflict of job than man foreign worker in wage, working condition, human relation, communication. Third, The foreign worker is short In Job-experience. therefore, efficiency management of job was fall. Fourth, The relationships between Korea-worker and foreign-worker were conflict in communication, human relation. Fifth, The relationships between Korea-worker and foreign-worker were conflict wage-discrimination. Sixth, The more education-level had lower conflict. Seventh, According to cultural characteristic had different.