• The Journal of Asian Finance, Economics and Business
• /
• 제7권7호
• /
• pp.95-104
• /
• 2020

This study examines the effect of fintech on retail banks stock return listed in Indonesia Stock Exchange for the period of 2016-2018 as today's new technology lead to the emergence of fintech companies playing the same role as retail banks in the financial industry. This study is conducted quantitatively using monthly data from January 2016 to October 2018 and uses fintech as independent variable, proxied by fintech funding frequency and fintech funding value. Data transformation is conducted due to data volatility. The data of fintech funding, both frequency and value, is transformed into standardized fintech funding and growth of fintech funding. The data is obtained from Crunchbase, while the data of stock returns is obtained from Investing. This study further analyzes the data using Fama French Three-Factor Model and panel data regression. We found that fintech has no significant effect on retail banks' stock returns listed in Indonesia Stock Exchange for the period of 2016-2018. The findings of the study provide some useful insights in understanding fintech companies' current position to retail banks in Indonesia. This study also suggests banking institutions, fintech companies, policy-makers, and others to take advantageous steps in building inclusive financial sectors.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권11호
• /
• pp.1-10
• /
• 2021

This paper compares the performance of Fama-French three-factor and five-factor models using a dataset of 20 Pakistani commercial banks for the period 2011 to 2020. We focus on an emerging economy as the findings from earlier studies on developed countries cannot be generalized in emerging markets. For empirical analysis, twelve portfolios were developed based on size, market capitalization, investment strategy, and growth. Subsequently, we constructed five Fama-French factors namely, R_M, SMB, HML, RMW, and CMA. The OLS regression technique with robust standard errors was applied to compare the predictive power of both the Fama-French models. Further, we also compared the mean-variance efficiency of the Fama-French models through the GRS test. Our empirical analysis provides three unique and interesting findings. First, both asset pricing models have similar predictive power to explain the expected portfolio returns in most cases. Second, our results from the GRS test suggest that there is no noticeable difference in the mean-variance efficiency of one asset pricing model over the other. Third, we find that all factors of both Fama-French models are statistically significant and are important for explaining the volatility of expected commercial bank returns in the context of Pakistan.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권7호
• /
• pp.1-9
• /
• 2021

This paper investigates the impact of the domestic and global outbreak of the coronavirus (COVID-19) pandemic on the trading size of the Malaysian stock (MS) market. The theoretical model posits that stock markets are affected by their response to disasters and events that arise in the international or local environments, as well as to several financial factors such as stock volatility and spread bid-ask prices. Using daily time-series data from 27 January to 12 May 2020, this paper utilizes the traditional Augmented Dickey and Fuller (ADF) technique and Zivot and Andrews with structural break' procedures for a stationarity test analysis, while the autoregressive distributed lag (ARDL) method is applied according to the trading size of the MS market model. The analysis considered almost all 789 listed companies investing in the main stock market of Malaysia. The results confirmed our hypotheses that both the daily growth in the active domestic and global cases of coronavirus (COVID-19) has significant negative effects on the daily trading size of the stock market in Malaysia. Although the COVID-19 has a negative effect on the Malaysian stock market, the findings of this study suggest that the COVID-19 pandemic may have an asymmetric effect on the market.

• International Journal of Computer Science & Network Security
• /
• 제21권4호
• /
• pp.65-74
• /
• 2021

The rapid change in gold price is an issue of concern in the global economy and financial markets. Gold has been used as a means for trading and transaction around the world for long period of time and it plays an integral role in monetary, business, commercial and financial activities. More importantly, it is used as economic measure for the global economy and will continue to play an important economic vital role - both locally and globally. There has been an explosive growth in demand for efficient and effective scheme to predict gold price due its volatility and fluctuation. Hence, there is need for the development of gold price prediction scheme to assist and support investors, marketers, and financial institutions in making effective economic and monetary decisions. This paper primarily proposed an intelligent based system for predicting and characterizing the gold market trend. The simulation result shows that the proposed intelligent gold price scheme has been able to predict the gold price with high accuracy and precision, and ultimately it has significantly reduced the prediction error when compared to baseline neural network (NN).

• 유통과학연구
• /
• 제20권7호
• /
• pp.23-33
• /
• 2022

Purpose: Although foreign capital flows have played a vital role in fostering the economic growth in recipient countries, there are some concerns about the adverse impact of international capital flows on the banking stability. Hence, the study revisits this issue to explore the relationship between the different types of foreign investments and banking stability in ASEAN region. Research design, data and methodology: Based on the bank-level data of 96 commercial banks and country-level in six ASEAN countries from 2008 to 2019, we perform the multivariate regression analysis and provide a variety of robustness tests. Results: Our empirical evidence shows the volatility of foreign portfolio investments has significantly negative effect on the banking stability, besides that of foreign other investments has the similar influence but the result is relatively less pronounced in some robustness tests. Additionally, increasing trade cooperation and international distribution may lead countries to face higher risk of banking instability driven from these international investments. Meanwhile, the impact of foreign direct investments is positive, but the evidence is the least obvious. Conclusions: Our findings suggest policy-makers in ASEAN and emerging nations as a whole should carefully consider when building policies-related to mitigate the adverse impact of foreign capital flows.

• 한국콘텐츠학회논문지
• /
• 제22권8호
• /
• pp.339-346
• /
• 2022

세계 경제 및 국내 경제에 큰 영향을 준 코로나바이러스 감염증(이하 COVID-19) 위기는 경영자의 미래 실적에 대한 전망에 영향을 줄 수 있다. 본 연구는 경영자의 미래 실적에 대한 전망은 원가 운영에 영향을 미치기 때문에, COVID-19 위기 또한 원가 운영에 영향을 줄 수 있다고 보아 COVID-19 위기가 원가의 하방경직성에 미치는 영향이 영업 불확실성에 따라 달라지는지 살펴보고자 한다. 2018년부터 2020년까지 유가증권 시장 및 코스닥 시장의 비금융업 상장법인을 대상으로 분석한 결과, 매출 성장률의 변동성이 낮은 그룹에서 COVID-19 위기가 원가의 하방경직성을 강화하는 것으로 나타났다. 본 연구는 COVID-19 위기가 원가의 하방경직성에 미치는 영향이 기업의 영업 불확실성에 따라 다르다는 실증 결과를 제시하였다는 점에서 공헌점이 있다.

• 한국대기환경학회:학술대회논문집
• /
• 한국대기환경학회 2006년도 춘계학술대회 논문집
• /
• pp.55-56
• /
• 2006

This thesis describes the use of measured aerosol size distributions and size-resolved hygroscopic growth to examine the physical and chemical properties of several particle classes. The primary objective of this work was to investigate the optical and cloud forming properties of a range of ambient aerosol types measured in a number of different locations. The tool used for most of these analyses is a differential mobility analyzer / tandem differential mobility analyzer (DMA / TDMA) system developed in our research group. To collect the data described in two of the chapters of this thesis, an aircraft-based version of the DMA / TDMA was deployed to Japan and California. The data described in two other chapters were conveniently collected during a period when the aerosol of interest came to us. The unique aspect of this analysis is the use of these data to isolate the size distributions of distinct aerosol types in order to quantify their optical and cloud forming properties. I used collected data during the Asian Aerosol Characterization Experiment (ACE-Asia) to examine the composition and homogeneity of a complex aerosol generated in the deserts and urban regions of China and other Asian countries. An aircraft-based tandem differential mobility analyzer was used for the first time during this campaign to examine the size-resolved hygroscopic properties of particles having diameters between 40 and 586 nm. Asian Dust Above Monterey (ADAM-2003) study was designed both to evaluate the degree to which models can predict the long-range transport of Asian dust, and to examine the physical and optical properties of that aged dust upon reaching the California coast. Aerosol size distributions and hygroscopic growth are measured in College Station, TX to investigate the cloud nucleating and optical properties of a biomass burning aerosol generated from fires on the Yucatan Peninsula. Measured aerosol size distributions and size-resolved hygroscopicity and volatility were used to infer critical supersaturation distributions of the distinct particle types that were observed during this period. The predicted CCN concentrations were used in a cloud model to determine the impact of the different aerosol types on the expected cloud droplet concentration. RH-dependent aerosol extinction coefficients are calculated at a wavelength of 550 nm.

• 한국융합학회논문지
• /
• 제10권12호
• /
• pp.215-221
• /
• 2019

블록체인 기반 예술품 거래 플랫폼의 발전은 최근 암호화폐 시장의 회복에도 불구하고 다시 활성화되지 못하고 있는 실정이다. 본 논문에서는 블록체인 기반 예술품 거래 플랫폼이 활성화되지 못하고 있는 원인을 암호화폐 가격의 큰 변동성에서 찾았으며, 그 해결책으로서 Stablecoin 형태의 암호화폐와 기존 암호화폐를 이원화하여 거래하는 시스템을 제안한다. 암호화폐 이원화를 통해 제안하는 시스템은 예술품 가격의 안정성과 블록체인 시스템의 가치 성장이라는 사용자의 요구사항을 모두 만족시킬 수 있다. 또한, 제안하는 시스템은 이원화된 두 가지 암호화폐의 사용과 시가총액의 비율이 시장 원리에 따라 조절되어 안정적으로 균형을 이룰 수 있을 것으로 기대된다. 마지막으로 제안하는 암호화폐 이원화는 거래 대상의 가치 안정성과 블록체인 시스템의 가치 성장이 동시에 요구되는 다른 응용 분야에서도 쓰일 수 있을 것으로 예상된다.

• 한국결정성장학회지
• /
• 제26권4호
• /
• pp.145-149
• /
• 2016

플라즈마 조성, ICP source power, rf chuck power 등의 공정변수가 GaN epitaxy층의 식각특성에 미치는 영향을 조사하였다. $GaF_x$ 화합물 보다 더 높은 휘발성을 가지는 $GaCl_x$ 식각 생성물 형성이 가능한 $Cl_2/Ar$ 플라즈마가 $SF_6/Ar$ 플라즈마보다 더 높은 식각속도를 나타내었다. 또한, $Cl_2/Ar$ 플라즈마에서 Ar 비중이 증가함에 따라 물리적 식각 기구 활성화로 인해 식각 이방성이 향상됨을 확인하였다. 두 가지 플라즈마 조성 모두에서 ICP source power와 rf chuck power가 증가함에 따라 식각속도가 지속적으로 증가함을 확인하였고, $13Cl_2/2Ar$, 750W ICP power, 400 W rf chuck power, 10 mTorr 조건에서 최고 251.9 nm/min의 식각속도를 확보하였다.

• 중소기업연구
• /
• 제43권1호
• /
• pp.1-33
• /
• 2021

기업은 연구개발 활동을 통하여 성장기회를 포착하며 성장하기 때문에, 효율적인 연구개발 활동은 성장의 필요조건이다. 본 연구는 우리나라 상장기업들의 기업규모별 연구개발비의 특성을 살펴보고, 이를 통하여 소규모 기업의 성장가능성을 타진한다. 1982년부터 2014년까지 유가증권시장에 상장된 기업표본을 대상으로 분석한 결과는 다음과 같다. 첫째, 시가총액 상위 20%의 기업(대규모 기업)은 하위 20%의 기업(소규모 기업)이나 중위 60% 기업(중규모 기업)에 비하여 높은 수준의 연구개발비를 지출해왔는데, 이 연구개발 지출규모의 차이는 큰 폭으로 확대되어 왔다. 또한 당기의 연구개발비와 미래 5년 기간의 연구개발비의 상관관계를 추적한 연구개발 지출의 지속성은 소규모 기업에서 유의적으로 가장 낮게 나타났다. 둘째, 대규모 (소규모) 기업의 연구개발 지출은 다른 기업들의 연구개발 지출에 비하여 미래 5년간의 수익성을 더 크게 (더 적게) 견인하는 것으로 나타났다. 연구개발을 통한 가격결정력을 분석한 추가분석에서는 대규모기업과는 대조적으로 소규모기업의 연구개발 활동은 상품시장에서의 가격결정력을 제고하지 못하고 있다는 것을 보여주었다. 셋째, 미래 수익성의 변동성으로 살펴본 연구개발 지출의 위험도는 소규모 기업에서 가장 높았고, 연구개발지출이 미래 특허출원으로 귀결될 가능성도 가장 낮았다. 넷째, 이처럼 대규모 기업이 효율적인 연구개발 투자를 지속적으로 늘려가는 상황에서, 연구개발 지출여력이 가장 낮은 소규모 기업이 향후 5년간 더 큰 규모의 기업으로 성장할 가능성은 다른 규모의 기업의 성장가능성보다 유의하게 낮게 나타났다. 마지막으로, 소규모기업과 대규모기업의 연구개발지출의 차이가 클수록 산업내 경쟁구도가 더욱 집중화되는 것으로 나타났다. 본 연구의 결과는 연구개발 활동의 관점에서 소규모 기업의 성장한계(small business growth trap)에 대한 설명을 제시한다.