• Korea Trade Review
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• v.48 no.4
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• pp.189-208
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• 2023

This paper analyzed the dynamic conditional correlation between the Korean ETS market, energy market and stock market. This paper conducted an empirical analysis using daily data of Korea's carbon credit trading price, WTI crude oil futures price, and KOSPI index from February 2, 2015 to December 30, 2021. First, the volatility of the three markets was analyzed using the GARCH model, and then the dynamic conditional correlations between the three markets were studied using the bivariate DCC-GARCH model. The research results are as follows. First, it was found that the Korean ETS market has a higher rate of return and higher investment risk than the stock market. Second, the yield volatility of the Korean ETS market was found to be most affected by external shocks and least affected by the volatility information of the market itself. Third, the correlation between the Korean ETS market and the stock market was stronger than that of the WTI crude oil futures market. This paper analyzed the correlation between the Korean ETS market, energy market, and stock market and confirmed that the level of financialization in the Korean ETS market is quite low.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.6
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• pp.133-145
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• 2023

This paper examines whether investors have adapted to the venture capital(VC) investment style. VC firms invest in privately held companies and generate returns by selling them after the lock-up period expires. We analyze the impact on stock prices before and after the lock-up period expiration, and compare the Cumulative Abnormal Return(CAR) between the past period(2015-2017) and the recent period(2020-2022) to investigate the effect of the second venture boom. The main findings are as follows. First, unlike in the past, stock price returns around the lock-up period expiration have been lower than the KOSDAQ index in recent years. Second, the impact on stock prices is significant for both 1-month and 12-month lock-up periods. Specifically, it is confirmed that stocks held by venture capital and professional investors with a 1-month lock-up period respond in advance to their information after the second venture boom. Finally, we find that there is a difference in CAR depending on whether or not the company received VC investment after the second venture boom. Based on our findings, we suggest that VC firms need to revise their exit strategies to improve performance. This includes finding ways to reduce information asymmetry and fees, as well as developing strategies to mitigate market volatility. Additionally, the current lock-up period for VCs should be reconsidered as it may increase the risk of stock price decline. We recommend that the government revise the scope and duration of lock-up periods to protect investors after IPO.

• Information Systems Review
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• v.26 no.1
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• pp.289-313
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• 2024

Korean pharmaceutical and bio-health companies began applying for FDA approval in 2000. However, drug companies in South Korea are not required to obtain FDA approval to market their products on the South Korean market, and the approval process is highly resource-intensive. This study utilizes event study methodology to examine the information effect of US FDA approval announcements on the stock prices of pharmaceutical and bio-health companies listed on South Korean stock markets. The study's results show that FDA approval announcements caused abnormal increases in corporate stock prices, indicating that these announcements have a transnational information effect on South Korean companies' value. Furthermore, the results show that the impact of FDA approval announcements on stock prices is greater for small companies than mid-sized and large companies and in bio and healthcare industries than in the traditional pharmaceutical industry. This impact is also more significant on the KOSDAQ (Korea Securities Dealers Automated Quotation) companies than the KOSPI (Korean Composite Stock Price Index) companies and after the expansion of stock price limits. These findings signal that the information effect is more significant when regulatory controls are weaker. The results also indicate that obtaining FDA approval brings above-normal returns for companies and that FDA application is a high-risk, high-return investment.

• Journal of Distribution Science
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• v.12 no.4
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• pp.31-39
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• 2014

Purpose - This study investigates the following two issues. First, we attempt to find the important determinants of housing investment and to identify their significance rank using survey panel data. Recently, the expansion of global uncertainty in the real estate market has directly and indirectly influenced the Korean housing market; households demonstrate a sensitive reaction to changes in that market. Therefore, this study aims to draw conclusions from understanding how the impact of financial strength of the household is related to house investment. Second, we attempt to verify the effectiveness of diverse indices of financial strength such as DTI, LTV, and PIR as measures to monitor the housing market. In the continuous housing market recession after the global crisis, the government places top priority on residence stability. However, the government still imposes forceful restraints on indices of financial strength. We believe this study verifies the utility of these regulations when used in the housing market. Research design, data, and methodology - The data source for this study is the "National Survey of Tax and Benefit" from 2007 (1st) to 2011 (5th) by the Korea Institute of Public Finance. Based on this survey data, we use panel data of 3,838 households that have been surveyed continuously for 5 years. We sort the base variables according to relevance of house investment criteria using the decision tree model (DTM), which is the standard decision-making model for data-mining techniques. The DTM method is known as a powerful methodology to identify contributory variables for predictive power. In addition, we analyze how important explanatory variables and the financial strength index of households affect housing investment with the binary logistic multi-regressive model. Based on the analyses, we conclude that the financial strength index has a significant role in house investment demand. Results - The results of this research are as follows: 1) The determinants of housing investment are age, consumption expenditures, income, total assets, rent deposit, housing price, habits satisfaction, housing scale, number of household members, and debt related to housing. 2) The impact power of these determinants has changed more or less annually due to economic situations and housing market conditions. The level of consumption expenditure and income are the main determinants before 2009; however, the determinants of housing investment changed to indices of the financial strength of households, i.e., DTI, LTV, and PIR, after 2009. 3) Most of all, since 2009, housing loans has been a more important variable than the level of consumption in making housing market decisions. Conclusions - The results of this research show that sound financing of households has a stronger effect on housing investment than reduced consumption expenditures. At the same time, the key indices that must be monitored by the government under economic emergency conditions differ from those requiring monitoring under normal market conditions; therefore, political indices to encourage and promote the housing market must be divided based on market conditions.

• Journal of Nutrition and Health
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• v.30 no.10
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• pp.1244-1257
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• 1997

The goals of the School Lunch Program(SLP) are to provide school children with approximately one -third of their daily nutrition requirements at a reasonable price, to foster good food habits, and to contribute to a better understanding of nutrition. In order to provide guidelines and appropriate nutritional information for SLP planning, and to identify inexpensive sources of each nutrient, representative SLP menus were analyzed for nutrient density using the Index of Nutritional Quality(INQ) and for nutrient cost. Recipes and prices of 776 meals were collected from 10 SLP primary schools in Seoul and Kyunggi province in Korea during 1995. From 4829 menu items in 776 meals, the 100 most frequently used menus were selected as representative SLP menus. From these 100 menus, eleven categories of menu were identified according to cooking methods and ingredients. Selected menus were placed into these 11 groups, with 3 to 5 menus in each except the milk group which contained only milk. The mean nutrient content, INQs, and nutrient-cost ratios were calculated for each menu and menu group. Among the 100 representative SLP menus, 'Jiajang-rice' contained the highest energy per serving portion. 'Grilled pollack ' was the highest in protein, 'Seasoned spinach ' in vitamin A, 'Spagehetti' in vitamin B1 , niacin and iron, 'Kongjorim'(hard-boiled bean with sauce) in vitamin B2 , strawberry in vitamin C, and 'fish stew ' and milk in calcium. Among the 11 menu groups, the 'One-dish' group was found to be the highest in energy , protein, vitamin A, B$_1$ and iron. The milk group was a good source of vitamin B$_2$ and calcium . The meat side dish group (panbroiled, fried or steamed )was the most suitable for providing niacin. The fruit group provided the highest level of vitamin c per portion. The nutrient densities(INQs) were found in the soup group (protein), Kimchi group(vitamin A), fruit group(vitamin B$_1$ and C), milk group(vitamin B$_2$ and calcium), stew group(niacin )and vegetable side dish group(energy, protein, vitamin B$_1$ and niacin) , vegetable side dish group(vitamin A), milk group(vitamin B$_2$ and calcium) , fruit and Kimchi groups(vitamin C), and stew group(iron). This information should be useful for school dietitians in planning most nutritious SLP menus with limited budgets. It could also be used for basic guidelines in nutrition education, and for future improvement of the SLP in Korea.

• Journal of the Korean Association of Geographic Information Studies
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• v.9 no.2
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• pp.20-29
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• 2006

Modeling urban climate caused by land use conversion is critical for human welfare and sustainable development, but has hampered because detailed information on urban characteristics is hard to obtain. With the advantage of satellite observations and the new statistical boundary system, this paper measures the economic and environmental effects of green area loss due to land use conversion in urban areas. To perform this purpose, data were collected from the various sources basic statistical unit data from the National Statistical Office, digital maps from the National Geographic Information Institute, satellite images, and field surveys when necessary. All data (maps and attributes) are built into the geographic information system (GIS). This paper also utilizes Landsat TM 5 imagery of Daegu city to derive vegetation index and to measure average surface temperature. The satellite data were examined using standard image processing software, ERDAS IMAGINE, and the results of the digital processing were presented with ARCVIEW(v.3.3). SAS package was used to perform statistical analyses. This study presents that there exists a strong relationship between land use change and climatic change as well as land price change. Based on results of the analysis, this paper suggests that planners should implement effective tools and policies of urban growth management to detect environmental quality and to make right decisions on policies concerning smart urban growth.

• The Journal of Society for e-Business Studies
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• v.21 no.4
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• pp.55-67
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• 2016

Global courier companies have been devoting to get more customers and profits with different service because of the worse profits from price competition. So, the effort of improving satisfaction of customers through improving courier service qualities is more important than any other time. However, the previous way to measure courier service has limitation that costs lots of time and money from off-line survey. This limitation could be overcome with less effort and costs if utilizing on-line social big data analysis and it is so helpful to improve competitiveness of courier companies. Therefore, I have collected comments from domestic and international courier companies from big data on social network service, analyzed the satisfaction of customers by R and verified the result by comparing with American Customer Satisfaction Index (ACSI) and Korea National Customer Index (NCSI) in this research. I found out the result depicts clear correlation between SNS analysis and customer satisfaction. This study can be the foundation to predict customer satisfaction easily by utilizing real time SNS information.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.35 no.2
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• pp.447-453
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• 2015

This study proposed evaluation indices and weights for objectively evaluating the validity of rail station area development site. In this study, evaluation indices were selected by quantification, application of a new rail station, sustainability of data collection, correlation of indices and expert decision-making. As a result, 8 indices such as railway and subway demand, the ratio of land price etc. were selected and these indices could be classified into demand, feasibility and regionality. AHP (Analytic Hierarchy Process) result showed that the weights of demand (0.486) and feasibility (0.369) were more important than that of regionality (0.145). The application result on 75 existing railway stations showed that an important consideration of railway station area development site was a rail and subway demand on Seoul metropolitan area and was a feasibility on local area. Therefore, the selection of a rail station area development site may be determined based on demand and feasibility. In addition, these results are expected to be utilized as basic data for making decisions on the rail station area development at an initial stage.

• Management & Information Systems Review
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• v.38 no.4
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• pp.79-93
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• 2019

This study analyzed the information effect of KOSPI200 market and KOSPI200 futures market and volume synchronized probability of informed trading (VPIN). The data period is 760 days from July 8, 2015 to August 9, 2018, and the intraday trading data is used based on the trading period of the KOSPI 200 Index. The findings of the empirical analysis are as follows. First, as a result of regression analysis of the same parallax, when the level of VPIN is high, the return and volatility of KOSPI200 are high. Second, the KOSPI200 returns before and after the VPIN measurement and the return of the KOSPI200 future had a positive relationship with the VPIN. The cumulative returns of KOSPI200 futures were positive for about 15 minutes.Finally, we find that portfolios with high levels of VPIN showed high KOSPI200 and KOSPI200 futures return. These results confirmed the applicability of VPIN as a trading strategy index. The above results suggest that KOSPI200 and KOSPI200 futures markets will be able to explore volatility and price changes, and also be useful indicators of financial market risk.

• Transactions of the Korean Society of Mechanical Engineers A
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• v.39 no.11
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• pp.1123-1129
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• 2015

A pair of two-way valves typically is used in automotive washing machines, where the water flow direction is frequently reversed and highly pressurized clean water is sprayed to remove the oil and dirt remaining on machined engine and transmission blocks. Although this valve system has been widely used because of its competitive price, its application is sometimes restricted by surging effects, such as pressure ripples occurring in rapid changes in water flow caused by inaccurate valve control. As an alternative, one three-way reversing valve can replace the valve system because it provides rapid and accurate changes to the water flow direction without any precise control device. However, a cavitation effect occurs because of the complicated bottom plug shape of the valve. In this study, the cavitation index and percent of cavitation (POC) were introduced to numerically evaluate fluid flows via computational fluid dynamics (CFD) analysis. To reduce the cavitation effect generated by the bottom plug, the optimal shape design was carried out through a parametric study, in which a simple computer-aided engineering (CAE) model was applied to avoid time-consuming CFD analysis and difficulties in achieving convergence. The optimal shape design process using full factorial design of experiments (DOEs) and an artificial neural network meta-model yielded the optimal waist and tail length of the bottom plug with a POC value of less than 30%, which meets the requirement of no cavitation occurrence. The optimal waist length, tail length and POC value were found to 6.42 mm, 6.96 mm and 27%, respectively.