• 산경연구논집
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• 제12권3호
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• pp.43-49
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• 2021

Purpose: This study attempted to examine the risk of stock price plunge according to the firm's management strategy. Prospector firms value innovation and have high uncertainties due to rapid growth. There is a possibility of lowering the quality of financial reporting in order to meet market expectations while withstanding the uncertainty of the results. In addition, managers of prospector firms enter into compensation contracts based on stock prices, thus creating an incentive to withhold negative information disclosure to the market. Prospector firms' information opacity and delays in disclosure of negative information are likely to cause a sharp decline in share prices in the future. Research design, data and methodology: This study performed logistic analysis of KOSPI listed firms from 2014 to 2017. The independent variable is the strategic index, and is calculated by considering the six characteristics (R&D investment, efficiency, growth potential, marketing, organizational stability, capital intensity) of the firm. The higher the total score, the more it is a firm that takes a prospector strategy, and the lower the total score, the more it is a firm that pursues a defender strategy. In the case of the dependent variable, a value of 1 was assigned when there was a week that experienced a sharp decline in stock prices, and 0 when it was not. Results: It was found that the more firms adopting the prospector strategy, the higher the risk of a sharp decline in the stock price. This is interpreted as the reason that firms pursuing a prospector strategy do not disclose negative information by being conscious of market investors while carrying out venture projects. In other words, compensation contracts based on uncertainty in the outcome of prospector firms and stock prices increase the opacity of information and are likely to cause a sharp decline in share prices. Conclusions: This study's analysis of the impact of management strategy on the stock price plunge suggests that investors need to consider the strategy that firms take in allocating resources. Firms need to be cautious in examining the impact of a particular strategy on the capital markets and implementing that strategy.

• East Asian Economic Review
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• 제27권3호
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• pp.213-242
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• 2023

This paper investigates whether the price of cryptocurrency is determined by the US dollar index, the price of investment assets such gold and oil, and the implied volatility of the KOSPI. Overall, the returns on cryptocurrencies are best predicted by the trading volume of the cryptocurrency both in-sample and out-of-sample. The estimates of gold and the dollar index are negative in the return prediction, though they are not significant. The dollar index, gold, and the cryptocurrencies seem to share characteristics which hedging instruments have in common. When investors take notice of the imminent market risks, they increase the demand for one of these assets and thereby increase the returns on the asset. The most notable result in the out-of-sample predictability is the predictability of the returns on value-weighted portfolio by gold. The empirical results show that the restricted model fails to encompass the unrestricted model. Therefore, the unrestricted model is significant in improving out-of-sample predictability of the portfolio returns using gold. From the empirical analyses, we can conclude that in-sample predictability cannot guarantee out-of-sample predictability and vice versa. This may shed light on the disparate results between in-sample and out-of-sample predictability in a large body of previous literature.

• 국제학술발표논문집
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• The 5th International Conference on Construction Engineering and Project Management
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• pp.308-314
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• 2013

Although global construction spending has experienced slow growth due to consecutive economic crises, global contractors have consistently attempted to expand their overseas market share, leading to more intense competition among contractors in the international construction market. In this market environment, owners, clients and financial institutions require reasonable and systematic criteria to effectively assess the business capabilities of international construction firms. However, the existing evaluation methods for construction firms rarely consider overseas-focused business capabilities. To address this problem, this study proposes a quantitative approach to assessing the overseas business capabilities of international construction firms. The limitations of existing approaches are reviewed, and the capabilities required to perform overseas businesses are analyzed through expert interviews. Finally, 18 evaluation indices are suggested in four categories: technology resources, project management, experience and performance, and sustainability. The relative weight of each index is determined according to the Analytical Hierarchy Process (AHP) method, and a preliminary investigation of 11 Korean construction firms is conducted. The proposed method is expected that it will provide the rational criteria for international owners, clients, and financial institutions for decision-making and for evaluating international contractors.

• 한국항해항만학회지
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• 제46권4호
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• pp.351-358
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• 2022

본연구는 매출액 기준 세 가지 분석에 따라 국적외항선사들의 시장 지배력 변화를 분석하고 이를 통해 정부의 선택과 집중에 기반한 해운 재건정책 전략의 효과를 살펴보고자 하였다. 세 가지 분석 결과 모두 2019-2021년 최근 3년간 CR₄(Concentration Ratio)값 및 HHI(Hirschman-Herfindahl Index)값이 증가하여 국적외항선사의 시장구조는 경쟁시장에서 다소 집중된 시장으로 변했음을 알 수 있었다. 특히, 원양컨테이너선사(i.e. HMM과 SM상선)의 시장 점유율이 역내아시아선사 및 부정기선사에 비해 크게 상승하였으며, 컨테이너 정기선 해운시장의 경우 독점시장 또는 고집중적 과점시장화가 된 것으로 나타났다. 타 시장에 비해 원양 컨테이너 운임의 높은 상승은 원양컨테이너 선사의 시장지배력 강화에 매우 큰 영향을 미쳤으며 여기에 정부지원으로 인한 선대확충으로 초과 수익을 달성했다고 볼 수 있다. 결과론적으로 정부의 선대확대전략은 기대 이상의 결과를 낸 것으로 해석할 수 있으나 우리나라 국적선사의 시장구조가 견고해 졌는지 결론을 내기는 한계가 있다.

• 한국항해항만학회지
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• 제34권7호
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• pp.567-575
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• 2010

Ningbo Port develops quickly in recent years and with the combination of Ningbo Port and Zhoushan Port, it becomes another important port in the Shanghai International Shipping center. Competition between the two biggest ports in this area can't be avoided. The goal of this paper is investigating the competence of port from two angles, which are spatial structure of the ports cluster and neighboring ports' attraction to cargoes at conjunct hinterlands. The paper firstly uses the HHI index model and shift-share method to qualitatively and quantitatively analyze the data of container throughputs of ports in the shipping center, in order that investigates the spatial structure of ports cluster. Basing on above researches, the paper employs the location quotient to study Shanghai port and Ningbo port's hinterland distributions at Zhejiang province. The conclusion of this study:(I)the ports cluster of the Shanghai International Shipping Center is highly centralized, and undergoes a porcess of first centralization then decentralization since the mid of 90s, last century. (2)Hinterlands of Shanghai port includes: Hangzhou, Jiaxing, Huzhou and Quzhou districts; Hinterlands of Ningbo port includes: Ningbo, Taizhou and Zhoushan districts.

• 한국주거학회논문집
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• 제26권1호
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• pp.139-150
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• 2015

The number of 1 or 2 households is rapidly increasing due to the participants of women in the working society, the increment of unmarried men, and the change in family structure. The current housing market and the housing administration focuses more on the bigger number of households so that single person households are being neglected. As more individuals move to the capital, living in the city for a single person household has become very difficult. Sharing has become an important aspect among the society and shared housings have hit the minds of single person households as a new way of living. Comprehensive properties, boarding houses, housings for studying (Go-Si-Won), and officetels match the ideas of shared housings. The absent of clear standards on private rooms and shared facilities is making the living very challenging. This study aim to understand foreign (England, Australia, and Japan) institutional characteristics for shared housings to build foundations in order to bring in shared housings into Korea. The residential concept can not be applied to shared housings in Korea directly since the idea of living is different for each nation and its cultural distinctions. However, a clear classification and standards on shared housings depending on the size of the house and number of residents are needed alongside with an index of principles and residential criteria.

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.523-531
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• 2021

Vietnam's Oil and gas industry make a significant contribution to the Gross Domestic Product of Vietnam. The ongoing COVID-19 pandemic has hit every industry hard, but perhaps the one industry which has taken the biggest hit is the global oil and gas industry. The purpose of this article is to examine how the COVID-19 pandemic affects the share price of the Vietnam Oil and Gas industry. The event study method applied to Oil and Gas industry index data around three event days includes: (i) The date Vietnam recognized the first patient to be COVID-19 positive was January 23, 2020; (ii) The second outbreak of COVID-19 infection in the community began on March 6, 2020; (iii) The date (30/3/2020) when Vietnam announced the COVID-19 epidemic in the whole territory. This study found that the share price of the Vietnam Oil and Gas industry responded positively after the event (iii) which is manifested by the cumulative abnormal return of CAR (0; 3] = 3.8% and statistically significant at 5 %. In the study, event (ii) has the most negative and strong impact on Oil and Gas stock prices. Events (i) favor negative effects, events (iii) favor positive effects, but abnormal return change sign quickly from positive to negative after the event date and statistically significant shows the change on investors' psychology.

• 유통과학연구
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• 제14권10호
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• pp.47-57
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• 2016

Purpose - This study's purpose is to investigate the market structure of the Korean duty free shop industry that has received recent attention from researchers and practitioners. By raising the question of whether or not the Korean duty free shop industry is unequivocally monopolistic, a wider viewpoint is provided. The study seeks to offer insights and managerial implications for marketers and policy makers who are in charge of regulating major Korean duty free shops. Research design, data, and methodology - The authors use secondary data from various sources, including Korea Customs Service and the Moodie Report, to investigate the structure of the duty free shop industry of Korea. Based on several theories, they present various criteria and statistical evidence such as K-firm concentration ratio, HHI, consumer substitutability, excess profit, and marketing costs. Results - In terms of consumer substitutability, it is difficult to confirm whether or not the Korean duty free shop industry is monopolistic. Notwithstanding monopoly characteristics in terms of market share, neither the company Lotte nor Shilla appear to have market dominating power. It is not easy for either of them to control prices or to achieve a much lower operational profit ratio due to a dominant bargaining power. Moreover, the license is not an economic rent. In this situation, it is not easy for these companies to obtain an excessive profit. Conclusions - Considering that most global duty free shops are trying to go upscale to improve bargaining power, it does not seem likely that rigid regulations are needed in the industry. Even though the Korean duty free industry ostensibly has a monopolistic structure, government and policy-makers should look beyond the surface. They should take global and other reasonable criteria into consideration when they establish or change regulation policies. Thorough understanding and appropriate support are needed for the Korean duty free shop industry. Additionally, duty free shops should position themselves as global companies struggling against unlimited international competition, rather than Korean domestic companies. At the same time, they need to give customers appropriate information about the benefits they provide.

• 한국콘텐츠학회논문지
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• 제15권8호
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• pp.460-472
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• 2015

본 연구의 목적은 가나증권거래소 종합지수를 바탕으로 가나 증권 시장에서 주말 효과 및 1월 효과가 나타나고 있는지를 분석하고자 하는 것이다. 이를 위해 가나 증권시장에 상장된 기업을 대상으로 2005년 1월 4 일부터 2013년 12월 31일까지 9년간의 일별종가와 종합지수를 나타내는 ASI 및 CI를 토대로 회귀분석을 이용하여 두 효과를 검증하였다. 회귀분석 결과에 따르면 가나 증권 시장에서는 주말효과가 나타나지 않아 선행 연구 결과와 다르게 나타났으며 이는 연구기간과 연구 자료가 다르기 때문인 것으로 사료된다. 월간효과의 회귀 분석 결과, ASI가 사용된 2005년부터 2010년까지 6년의 기간 전체를 대상으로 분석한 결과 4월 효과가 나타났으며, ASI가 사용된 기간을 3년을 기준으로 두 개의 기간으로 구분하여 분석한 결과 2005년부터 2007년까지의 기간은 4월 효과가 보이지 않지만 2008년부터 2010년까지 기간의 경우에는 4월 효과가 나타났다. CI가 사용된 2011년부터 2013년까지 기간의 경우에는 1월 효과가 존재하는 것으로 나타났다.

• 한국산림과학회지
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• 제79권2호
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• pp.187-195
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• 1990

천원군지역(天原郡地域))의 특산물(特産物)인 호도를 대상(對象)으로 유통과정(流通過程)에서 발생(發生)하는 각종(各種) 유통구조(流通構造) 및 가격형성과정(價格形成過程)을 분석(分析)해 본 결과(結果)는 다음과 같다. 1. 산지(産地)에서의 판매방법(販賣方法)은 개별판매(個別販賣)가 89.58%, 산임조합(山林組合) 등(等)을 통(通)한 계통출하(系統出荷)가 10.42%이며, 개별출하(個別出荷)의 농가수취율(農家收取率)은 54.93%, 계통출하(系統出荷)의 농가수취율(農家收取率)은 84.58%로 계통출하(系統出荷)로의 유도(誘導)가 필요(必要)하다. 2. 수집(蒐集) 위탁상(委託商)의 상위(上位) 3계소(系所) 집중솔지수(集中率指數)(CR3)는 0.8626으로 과점형태(寡占形態)의 시장구조(市場構造)를 나타내고 있어, 공동판매(共同販賣) 등(等)을 통(通)하여 시장교섭력(市場交涉力)을 증대(增大)시킬기구(機構)가 필요(必要)하다. 3. 호도의 주유통경로(主流通經路)는 농가(農家)-수집(蒐集) 위탁상(委託商)-도매상(都賣商)-소매상(小賣商)-소비자(消費者)로 전체생산량(全體生産量)의 49.63%가 이 경로(經路)로 판매(販賣)되었다. 따라서 생산자(生産者)와 소비자(消費者)를 위(爲)한 유통구조(流通構造)로의 개선(改善)이 필요(必要)하다. 4. 수집(蒐集) 위탁상(委託商)을 판매처(販賣處)로 선택(選擇)한 동기중(動機中) 편리(便利)함이 45.00%로 가장 많고, 다음이 생산량(生産量)이 적어서 20.00%로 나타난 것으로 보아 산림조합(山林組合), 농협(農協) 등(等)에 의(依)한 수매절차(收買節次)의 간소화(簡素化), 수매시기(收買時期), 수매물량기준(收買物量基準) 등(等)을 완화(緩和)시킬 필요(必要)가 있다. 5. 농가수취율(農家收取率)과 유통(流通)마진은 각각(各各) 54.93%, 45.07%로 농가수취율(農家收取率)은 다른 상품(商品)에 비(比)해 다소(多少) 높은편이나 유통(流通)마진 45.07% 중(中) 36.70%가 소매단계(小賣段階)에 집중(集中)되어 있고, 상품(商品)의 표준화(標準化), 규격화(規格化)가 요구(要求)된다. 6. 생산농가(生産農家)의 궁핍판매(窮乏販賣) 및 홍수출하(洪水出荷)로 계절지수(季節指數)는 4월(月)이 115.74로 가장 높으며, 11월(月)이 83.63으로 가장 낮아 계통조직(系統組織) 등(等)을 통(通)한 선대구매(先貸購買), 저장(貯藏) 등(等)을 통(通)한 가격안정대책(價格安定對策)이 필요(必要)하다.