• Journal of the Korea Academia-Industrial cooperation Society
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• v.13 no.9
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• pp.3900-3914
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• 2012

This study examined the background of the recent global financial crisis and the concept of one of the financial derivatives such as the credit default swap(CDS) or synthetic CDO(collateral debt obligations), given the rapid growing and changing the over-the-counter derivative markets in their volume and structures. In comparison with the previous literature such as the study of Park & Kim (2011), this research empirically performed more thorough and comprehensive investigations to find any financial characteristics or attributes to determine the CDS spreads. Regarding the results obtained from the multiple regression models, the explanatory variables such as STYIELD3, SLOPE, INASSETS, and VOLATILITY, showed their statistically significant effects on all the tested dependent variables(DVs). Another procedure such as the principle component analysis(PCA), was also performed to account for additional IDVs as possible determinants of the dependent variables. Subsequent to this analysis, larger coefficients of each corresponding eigenvector such as BETA, PFT2, GROWTH, STD, and BLEVERAGE were found to be possible financial determinants. For robustness, all the IDVs were employed to be tested in the 'full' regression model with stepwise procedure. As a result, STYIELD3, SLOPE, and VOLATILITY, and BETA showed their statistically significant relationship with all the dependent variables of the CDS spreads.

• Journal of Digital Convergence
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• v.13 no.11
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• pp.45-55
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• 2015

This study used for KOSPI, KOSDAQ, entertainment culture and digital contents index that is related to cultural contents industry. There was investigated the each stock price index and return trends for a total 597 weeks to July 2015 from March 2004. They looked the content-related stocks about investment worth to comparative analysis the return, volatility, correlation, synchronization phenomena etc. of each stock index. When we saw the growth potential of the cultural contents industry forward, looked forward to the investment possibility of related stocks. Analysis Result cultural content related stocks showed a higher rate after the last 2008 global financial crisis. Recent as high interest in the cultural contents industry, we could see that the investment merit increases slowly. In the future, the cultural content industry is expected to continue to evolve. The increase of investments value in the cultural content related businesses is much expectation.

• Journal of the Korean Ceramic Society
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• v.37 no.2
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• pp.186-193
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• 2000

Effects of 1.0 mol% CoO addition on sintering and the electrical properties of ZnO-Bi2O3-Sb2O3(ZBS) varistor system with 3.0 mol% co-addition of Sb2O3 and Bi2O3 at various Sb/Bi ratio (0.5, 1.0, and 2.0) were investigated. Cobalt had little influence on the liquid-phase formation and the pyrochlore decomposition temepratures of ZBS, while densification was mainly dependent on Sb/Bi ratio: when Sb/Bi=0.5, excess Bi2O3 irrelevant to the formation of pyrochore(Zn2Sb3Bi3O14) forms eutectic liquid at ~75$0^{\circ}C$ which promotes densification and grain growth; with Sb/Bi=2.0, the second phase Zn7Sb2O12 formed by excess Sb2O3 irrelevant to the formation of the pyrochlore retards densification up to ~100$0^{\circ}C$. These phases caused the coarsening and uneven distribution of the second phase particles on the grain boundaries of ZnO above the pyrochlore decomposition temperature(~105$0^{\circ}C$), which led to broad size dist-ribution of ZnO; the specimen with Sb/Bi=1.0 showed homogeneous microstructure compared with the others, which enabled improved varistor characteristics. Doping of Co increased the nonlinearity and the potential barrier height of ZBS, which is thought to stem from improved sintering behavior such as homogenized microstructure due to size reduction and even distribution of the second phase and suppressed volatility of Bi2O3, as well as the improvement in the potential barrier structure via increased donor and interface electron trap densities.

• KSBB Journal
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• v.24 no.5
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• pp.453-457
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• 2009

Contamination of marine environment with hazardous and toxic chemicals is more common these days. Bioremediation is the application of microorganism or microbial processes to degrade environmental contaminant. Because of low water solubility and volatility of diesel, bioremediation is more efficient than physical and chemical methods. The objective of this study is biodegradation of diesel in sea water by using Rhodococcus fascians which is isolated petroleum-contaminated soil. R. fascians was cultured on sea water containing diesel to determine the diesel degradability. Changes in biodegradability of diesel with various inoculum sizes, diesel concentrations, initial pH, and culture temperature were analyzed by TPH analysis using gas chromatography. The inoculum size 2% was effective for biodegrdation of diesel in sea water by R. fascians. When diesel concentration was 5%, the growth of cell was inhibited by the toxicity of diesel. The optimal temperature and initial pH for degradation of diesel in sea water were $27^{\circ}C$ and pH 8.

• Health Policy and Management
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• v.12 no.4
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• pp.1-17
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• 2002

This study was attempted to identify the liquidity trends and determinants of private hospitals in Korea different. Data used in this study were collected from 98 hospitals with complete general data of present conditions as well as financial statements(balance sheets, income statements). They were chosen from hospitals that passed the standardization audit undertaken by the Korean Hospital Association from 1996 to 2000 for the purpose of accrediting training hospitals. The dependent variables in this study were used current ration and quick ratio as a proxy indicator for liquidity. The independent variables were ownership type, hospital type, location, bed size, period of establishment, short-term liabilities to total assets, long-term liabilities to total assets, borrowings to total assets, fixed asset ration, net profit to total assets, operating margin to gross revenue, growth rate of net worth to total assets, total asset turnover, and business risk(volatility of profit). The major findings of this study were as follows. Trends of liquidity(current ratio, quick ratio) had been continuously decreased. Especially, There were very distinct decreasing trends of personal hospitals and less than 300beds, which weakened liquidity. The factors had significant effect on current ratio were short-term debt to total assets(-), fixed asset ratio(-), business risk(+). High short-term debt to total assets, high fixed asset ratio and high business risk significantly decreased in liquidity. The factors that significantly affected on quick ratio were short-term debt to total assets(-), borrowings to total assets(+), fixed asset ratio(-), business risk(+).

• Resources Recycling
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• v.22 no.5
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• pp.3-12
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• 2013

It is necessary to manage risk of metals which are has rigid supply structures and expected demand expansion, considering to industry structure and resource securing capacity of each country. Countries conducted various criticality analyses and selected mainly rare metals as critical materials(or Critical metals or Critical raw materials). This study examined cases of metals risk evaluation and management which are based on technology changes and imbalance supply-demand. EU and U.S.A evaluated risk on metals needed as supply expansion of renewable energy. Japan forecasted demand of rare metals needed in Japan's growth engine industry. U.K analyzed criticality of metals, considering environmental burden occurred from mining to refining. Critical materials has features such as weak price signal, inelastic supply structure, demand volatility in technology change.

• Journal of Digital Convergence
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• v.17 no.10
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• pp.169-176
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• 2019

Recently, the Korean economy is congested with Japan's economic retaliation, the US-China trade war, the Bank of Korea's 0.25% base rate cut and Korea's economic growth forecast revision. The purpose of this study is to analyze the KOSPI, CPI, Treasury bonds(3 years) Interest rate & sales performance of all industries, and examine the impact of each index on the KOSPI. The analysis period is from January 2003 to June 2019, and the effect of each index on the KOSPI is analyzed. In numerical analysis, we performed correlation coefficients and regression analysis. In the model analysis, the distribution, quadrant, scatter, box-plot and impulse response were examined. This study examined the volatility and dynamic characteristics of each index. As a result, the KOSPI showed a high correlation with sales and Treasury bonds, but showed a very low correlation with the CPI. The KOSPI will continue to be affected by sales and interest rates.

• Knowledge Management Research
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• v.21 no.4
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• pp.265-285
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• 2020

The inbound tourism market is recognized as a vital sector of the tourism industry today, but it is highly volatile due to each country's economic, social, and cultural variables. The causes of volatility vary according to the inbound country, and we intend to revitalize the stabilized tourism industry by minimizing risks. In this study, the portfolio theory was applied to derive the optimal combination for each country to achieve the minimum risk level's maximum growth rate. The number of inbound travelers and the average expenditure per person was simultaneously applied. As a result of the analysis, the best mix by country based on the number of inbound travelers was the UK, the United States, Germany, China, and Japan. Based on average spending, each country's best combinations were Thailand, Middle East, Singapore, Japan, Russia, Hong Kong, and Germany. It is expected to be able to establish a plan to operate the Korean inbound tourism market strategically.

• Journal of Korea Trade
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• v.24 no.1
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• pp.1-34
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• 2020

Purpose - In this study, we investigate determinants of hedging with derivatives and its effect on firm value and firm risk for Korean firms. Design/methodology - To avoid the endogeneity problem pointed out in previous studies, we use a two-stage analysis by using gains and losses from derivatives as instrument variable for hedging with derivatives. Findings - Our analysis on the determinants of hedging shows that firms that are more leveraged and less profitable, and with more growth opportunities are likely to hedge through derivatives. Additionally, large firms, firms less diversified into industry, and firms more diversified geographically are likely to use derivatives. Our two-stage analysis shows that indicators of hedging with derivatives have an insignificant effect on firm value, and the indicator of futures/forwards use and of swaps use have significant negative effect on firm value. Whereas, the extent of hedging with derivatives has positive effect on firm value for all types of foreign currency derivatives, which suggests that moderately low hedgers use derivatives inefficiently, but extensive hedgers use derivatives properly. With regard to firm risk, hedging with derivatives increases market-based risk, but decreases accounting-based risk. Thus, we conclude that Korean firms use derivatives to manage operational volatility rather than to manage market risk, and accounting-based risk reduction through hedging is not directly translated into higher firm value. Originality/value - This is not the first study to investigate hedging behavior of Korean firms, but the sample period that that this study analyzed is the longest and various method are used to control the endogeneity problem. We investigate not only total foreign currency derivatives but also by types of derivatives, including futures/forwards, options, and swaps.

• Journal of Intelligence and Information Systems
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• v.28 no.4
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• pp.287-308
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• 2022

The explosive growth of cryptocurrency, led by Bitcoin has emerged as a major issue in the financial market recently. As a result, interest in cryptocurrency investment is increasing, but the market opens 24 hours and 365 days a year, price volatility, and exponentially increasing number of cryptocurrencies are provided as risks to cryptocurrency investors. For that reasons, It is raising the need for research to reduct investors' risks by dividing cryptocurrency which is not suitable for recommendation. Unlike the previous studies of maximizing returns by simply predicting the future of cryptocurrency prices or constructing cryptocurrency portfolios by focusing on returns, this paper reflects the tendencies of investors and presents an appropriate recommendation method with interpretation that can reduct investors' risks by selecting suitable Altcoins which are recommended using Apriori algorithm, one of the machine learning techniques, but based on the similarity and association rules of Bitocoin.