• Asia-Pacific Journal of Business
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• v.13 no.4
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• pp.79-89
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• 2022

Purpose - The purpose of this study was to examine the impact of ESG rating changes of companies listed in Korean Stock Exchange on stock returns. Design/methodology/approach - This study collected prices and ESG ratings of all the companies listed on the Korea Composite Stock Price Index. Based on yearly change of ESG ratings we grouped companies as 2 portfolios(upgrade and downgrade) and calculated portfolios' return. Findings - First, the difference in returns between upgraded and downgraded portfolios is small and statistically insignificant. Second, however, in the COVID-19 period (2020 ~ 2021), the upgraded portfolio outperforms the downgraded portfolio by 0.7 percentage points per month. The difference in returns between upgraded and downgraded portfolios is statistically significant after controlling for the Carhart four factors. Lastly, there are much higher volatility when the ESG rating changes are made of companies with low levels of ESG ratings. Research implications or Originality - This study is the first to examine the impact of ESG rating changes on stock returns in Korea. Furthermore, the findings can serve as a reference for managers who want to control a firm's risk by ESG rating changes. Practically, asset managers can use the findings to construct portfolios that are less risky or more profitable than the market portfolio.

• Annual Conference on Human and Language Technology
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• 2023.10a
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• pp.101-104
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• 2023

본 연구는 현대 사회에서 빅데이터의 중요성이 강조되는 가운데, 온라인 시장의 확장과 소비자들의 다양한 소비 행태 변화를 반영한 가격지표 개발을 목표로 한다. 통계청의 기존 통계조사 방법론에 대한 한계를 극복하고, 온라인 쇼핑몰 데이터에서 필요한 정보를 추출하고 가공하기 위해 대규모 언어 모델(LLM)을 활용한 인공지능 기술을 적용해보고자 한다. 초기 연구 결과로 공개 Polyglot을 활용하여 비정형 자료 처리와 품목분류에 응용해 보았으며, 제한된 학습 데이터를 사용하여도 높은 정확도의 처리 결과를 얻을 수 있었으며, 현재는 적용 품목을 확장하여 더욱 다양한 품목에 방법론을 적용하는 연구를 진행 중이다.

• Korea Trade Review
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• v.47 no.2
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• pp.133-154
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• 2022

The Baltic Capesize Index (BCI), which is used as an indicator for marine transportation of steel raw materials, is one of the key economic indexes for managing the risk of loss due to rapid market fluctuations when steel companies establish business strategies and procuring plans for raw materials. Still, the conditions of supply and demand of steel raw materials has been extremely affected by volatility shocks from drastic events like the financial crisis such as the Lehman Brothers incident and changes in the external environment such as COVID-19. And, especially since the 2008 financial crisis, endeavors to predict the market conditions of the steel raw material is becoming more and more arduous for the deepening uncertainty and increased volatility of BCI, which has been used as a leading indicator of the real economy. This study investigates the correlation between the steel raw material market and the marine transportation market by estimating the spillover effect of information between markets. The vector error correction model (VECM) was used to analyze information transfer based on the correlation between the BCI and crude steel production, capesize fleet supply, raw material price, and cargo volume.

• Proceedings of the Korean Society of Computer Information Conference
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• 2024.01a
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• pp.453-454
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• 2024

본 연구는 경기 변동에 따라 대중들의 소비가 민감한 사업군을 도출해내고, 서울시 열린데이터 광장의 소비데이터를 분석하여 해당 기업의 경영 전략을 제시하는데 목적이 있다. 2023년 물가지수(CPI)는 8월 3.4%, 9월 3.7%, 10월 3.8%로 유례없는 상승 추이를 보이고 있다. 또한, KDI(한국개발연구원)는 2024년 소비는 고물가 기조로 인하여 상품소비의 부진이 지속되어 기업 매출이 전년(1.9%)과 유사하게 1.8% 증가하는데 그칠 전망이라고 예측하였다. 이렇게 대중들의 소비가 줄어들고 있는 경기 상황에서 기업이 손실을 막기 위해 취할 수 있는 대응 전략을 수립하는데 이 연구가 도움이 되리라고 사료된다.

• Asia-Pacific Journal of Business
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• v.15 no.2
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• pp.71-88
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• 2024

Purpose - This study provides an overview of existing research and practices related to market risk premiums(MRP), and empirically estimates the MRP in Korea, particularly using the related option prices. We also seek to improve the current MRP practices and explore alternative solutions. Design/methodology/approach - We present the option price-based MRP estimation method, as proposed by Martin (2017), and implement it within the context of the Korean stock market. We then juxtapose these results with those derived from other methods, and compare the characteristics with those of the United States. Findings - We found that the lower limit of the MRP in the Korean stock market shows a much lower value compared to the US. There seems to be the possibility of a market crash, exchange rate volatility, or a lack of option trading data. We investigated the predictive power of the estimated values and discovered that the weighted average of the results of various methodologies using the Principal Component Analysis (PCA) is superior to the individual method's results. Research implications or Originality - It is required to explore various methods of estimating MRP that are suitable for the Korean stock market. In order to improve the estimation methodology based on option prices, it is necessary to develop the methods using the higher-order(third order or above) moments, or consider additional risk factors such as the possibility of a crash.

• Journal of the Korean association of regional geographers
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• v.23 no.2
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• pp.403-419
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• 2017

This study analyzed the forces to drive the change of urban green spaces in Daegu from 1989 to 2009. First, the loss and fragmentation of green spaces in the past 20 years were spatially identified by performing the hot spots analysis for the cell-based spatial metrics quantifying the size and diversity of green spaces. Next, seven drivers such as slope, distance to roads, land price, population density, ratios of residential, commercial, and industrial areas were selected based on the previous studies and the direction of the association between the loss and fragmentation of green spaces and seven drivers was analyzed with the stepwise logistic regression. Finally, the relative importance of the seven drivers and their interactions in the past 20 years were analyzed with the geographical detector. The results show that the loss of green spaces was concentrated on a part of the Anshim housing development district from 1989 to 2009 and green spaces were highly fragmented around the housing development districts such as Seongseo, Anshim, Dalseong-gun and Chilgok. The forces to drive the loss and fragmentation of green spaces in these areas were different at the administrative levels, but the drivers such as slope and ratios of residential and industrial areas were commonly significant. These drivers were positively correlated with largest patch index(LPI) quantifying the loss of green spaces while they were negatively correlated with Shannon's diversity index(SHDI) measuring the fragmentation of green spaces. In other words, the loss and fragmentation of urban green spaces in Daegu appeared around such regions with lower slope and lower ratios of residential and industrial areas. The relative importance of drivers for LPI was listed as ratio of industrial area, land price, and ratio of commercial area in descending order whereas that of drivers for SHDI was listed as ratio of industrial area, land price, and distance to roads in descending order. Also, the interaction between slope and ratio of residential area had a great impact on LPI and SHDI. The ratio of industrial area was a single driver to most significantly explain the loss and fragmentation of urban green spaces in Daegu in the past 20 years. The interaction between slope and ratio of residential area was greater than the independent influence of a single driver. This study will provide the base data to build a sustainable urban green policy for the city of Daegu in the near future.

• Korean Journal of Occupational Health Nursing
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• v.14 no.2
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• pp.93-107
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• 2005

Purpose: The purpose of this study is to identify the trends of studies on work-related musculoskeletal disorder and to suggest the direction of future research. Method: 144 research thesis for a degree on work-related musculoskeletal disorder were systematic reviewed and published from Jan. 1990 to Mar. 2005. The analyzed using descriptive statistics, an actual number, percentage. Result: As its result the work-related musculoskeletal disorder research which is announced from domestic the doctorate dissertation at the 2004 year 42 the most many 144 dissertation middle most to be 129 in master degree dissertation was 15 in Ph D degree. Dissertation contents character the contents against the result relation that it analyzes especially and a condition and an obstacle was many most at 84. Research plan in most description investigation research 121 the dissertation field to be the especially public health (hygiene, industry and environment) at this 57 most many research object person distribution manufacturing industry in the research object one dissertation was many most at the 40. The tools which are used in each measurement in the question tool which it uses most the question price of land which uses the condition investigation ticket which it made from the NIOSH and the ANSI most many 33, the hazard which analyzes a work attitude in the tool which it uses the RULA was many most at 14. In the stress test tool social psychological healthy measurement PWI (Psychological Wellbeing Index) the dissertation which uses the Job Strain of the Karasek Model to be many most at 19 PWI (Psychological Wellbeing Index) 7 easy use. Work-related musculoskeletal disorder measurement hazard in physiological index and the machinery and tools which it uses there were 9 researches to use an electromyogram most plentifully. With the effect goes to a work-related musculoskeletal disorder they are 33 where the age is many most from general quality. From healthy act with the relation of smoking the year to be many from 16 dissertations. Work of the corpse an attitude (the attitude which is inappropriate) with 5 and the work market the work burglar is many most at 9, the society-support of 36 where the stress is many psychologically most, the stress and service also the most many duty discretion (authority and autonomy) is 6 at the duty demand boat song 9. The service career to be many is 22 of extraordinarily with relation of service. Conclusion: It is recommended the research which it sees being limited in only domestic thesis for a degree the international comparative study to become accomplished. It comes to think with the fact that it will be necessary to make the protocol which it conforms in the civil official guide the test researches for the protocol or arbitration program which is standardized are necessary. Prevention and the civil official of work relation bones and sinews standing total disease hazard scientific base one program is necessary with base.

• Journal of Technology Innovation
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• v.28 no.2
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• pp.1-36
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• 2020

While the policy intervention of each country for the promotion of renewable energy is strengthened, Korea introduced Feed-in Tariff (FIT) in 2002 to directly support the development of renewable energy. But in 2012, the shift of policy instrument that from FIT to Renewable Portfolio Standard (RPS) is occurred. This is a unique background that is currently found only in Korea, and new answers that focus on the outcomes of the shift of policy instruments are needed in addition to the existing discussion of comparison of FIT and RPS. Therefore, this study analyzed the change of policy efficiency after the shift to RPS using Data Envelopment Analysis(DEA) and Malmquist Index. In the result of analysis, a difference in the improvement of policy efficiency after in shift to RPS is found among each renewable energy source. This result is because renewable energy companies voluntarily entered the market only for energy sources that have secured technology or price competitiveness, and this indicates that the performance of renewable energy after the RPS shift has been concentrated on specific energy sources. As a result of this study, considering that the goal of renewable energy policy is to expand distribution and to drive growth engines, multi-faceted analysis is required in consideration of technology and market in selecting policy instruments.

• Journal of Korean Society of Rural Planning
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• v.24 no.2
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• pp.59-67
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• 2018

As high-rise buildings came in, the landscape of rural areas and natural landscapes often got damaged. Therefore, this study aims to prevent this, grasp the extent of the influence of the surrounding landscape, to grasp the range of height that can be permitted and present the direction of landscape management of agriculture and natural landscape. This study tried to grasp the range of height by using price sensitivity analysis method for two apartment and apartment complex which entered DangJin city and SeoSan city. First, in the case of a two apartment, the range of the height allowable section was from the 6th floor to the 11th floor in close range view, and it was a section from the 7th floor to the 12th floor in medium range view. In the case of the apartment complex, the range of the height allowable range was from the 10th floor to the 17th floor in close range view, the 9th floor to the 16th floor in medium range view. The stress index was found to be positive in a two apartment in close range view, and in the apartment complex case. therefore it was better to set it to a lower in the Range of Acceptable Height(RAH). Second, it showed no difference in the sensitivity of landscape to gender. Thirdly, the results of the landscape sensitivity analysis of major and non-major showed the difference in the medium range view picture of the apartment complex. Majors are lower than the point of minimum height(PMinH) than non-Majors. In the case of major, the stress index was 1.4. it turned out that it was better to make a decision closer to point of minimum height (PMinH). In the case of non-major, the stress index was -1.3. it was also able to accept decision close to the point of maximum height (PMaxH). Since the results of the above research gave changes only in the variable of the height of the landscape, we can not grasp the point of interaction with other variables, and future research is considered necessary.

• Journal of Korean Society of Transportation
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• v.20 no.6
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• pp.45-56
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• 2002

In this research we estimated regional gross fixed capital stock of transport sector, such as road railroad, airport and seaport during 1968-1997 in Korea. We also compared our estimation results with those of Korea and Japan. As basic analytic method, we used the regional allocation method. To estimate regional gross fixed capital stock of transport sector, we used the basic data on national wealth surveys in 1997, regional land price index and regional facilities index in transport sectors. We used the most reasonable data in the process of estimation after reviewing the collected data In order to get the reasonable capital stock by regions. we chose the allocation index which can minimize the difference between the estimated result and the real regional capital stock in the process to allocate the total gross capital into the regions. Compared our results with those of other researches in Korea, estimates in our research project could be said more accurate than those.