• East Asian Economic Review
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• v.23 no.4
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• pp.333-351
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• 2019

We use a data-mining bootstrap procedure to investigate the predictability test in the eight Asia-Pacific regional stock markets using in-sample and out-of-sample forecasting models. We address ourselves to the data-mining bias issues by using the data-mining bootstrap procedure proposed by Inoue and Kilian and applied to the US stock market data by Rapach and Wohar. The empirical findings show that stock returns are predictable not only in-sample but out-of-sample in Hong Kong, Malaysia, Singapore, and Korea with a few exceptions for some forecasting horizons. However, we find some significant disparity between in-sample and out-of-sample predictability in the Korean stock market. For Hong Kong, Malaysia, and Singapore, stock returns have predictable components both in-sample and out-of-sample. For the US, Australia, and Canada, we do not find any evidence of return predictability in-sample and out-of-sample with a few exceptions. For Japan, stock returns have a predictable component with price-earnings ratio as a forecasting variable for some out-of-sample forecasting horizons.

• Proceedings of the Korean Society of Agricultural Engineers Conference
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• 2002.10a
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• pp.373-376
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• 2002

It is reported that Korea is a county of water shortage. The government make plans to construct dam to cope with this problem. But, it become difficult to construct dam, because of public opinion of residents and objection of environmentalist. In the sense, the government set up new policy of demand-management which means water saving. It is known that the efficiency of agricultural water is so poor that the first target to save water is focussed on agricultural water. In the study, the function of agricultural water was evaluated and it is found that it is not a waste, but a good ability on eco-system by return flow.

• Journal of Korean Institute of Industrial Engineers
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• v.39 no.5
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• pp.440-449
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• 2013

We consider a reverse supply chain with a production facility and a recovery facility, and address the joint control of production and disposal decisions for sustainable operations. Demands are satisfied from on-hand inventory of serviceable products, replenished via manufacturing or remanufacturing. Sold products may be returned after usage and each returned product is disposed of or accepted for recovery. Accepted returned products are converted into serviceable products after remanufacturing process. Formulating the model as a Markov decision process, we characterized the structure of the optimal production and disposal policy as two monotone switching curves under a special condition. Three types of heuristic policies are presented and their performance is numerically compared.

• Journal of Korean Society of Water and Wastewater
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• v.23 no.1
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• pp.89-96
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• 2009

Feasibility which is complimented before Social Overhead Capital Project and National Policy Project is analyzed by economic and political benefits. The projects will be performed if the benefits are bigger than the project cost. In this study, feasibility was examined at various viewpoints on sewer rehabilitation projects implemented with private capitals. To achieve the feasibility analysis, the B/C (Benefit/Cost Ratio), IRR (Internal Rate of Return) and the returns ratio of the Build Transfer Lease project implemented in 2007 at W city were estimated. At the same time, the correlation with B/C and benefit sensitivity of concessionary rate fluctuation were analyzed to evaluate the efficiency and feasibility of the seven sewer rehabilitation projects promoted by a local autonomous entity.

• Journal of Environmental Science International
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• v.14 no.10
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• pp.897-904
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• 2005

The purposes of this study were to investigate ecotourism goals of conservation and increasing residents' benefits based on perceptions from the stakeholders of the Upo wetland. The stakeholders are residents, five villages' reprensentatives, people who were residents but now live out of the area, civil officals, and environmental NGO staffs of he Upo wetland. The results of this study were as follows: While the perceptions of environmental conservation among interviewees were positive, the residents' perceptions about residents' benefits were very negative in the Upo wetland. People who used to reside and then moves out had pride about the Upo and they wanted to return to live in the Upo wetland area. Even though the wetland is named as one of the most well known ecotourism sites by the Ministry of Environment and Korean National Ecotourism Organization(KNTO), the Upo wetland area is not an ecotourism site yet based on the definition of ecotourism goals which seek generating conservation and residents' benefits in this study. There are suggestions for this wetland area. The conservation policy with the residents' benefits are strongly recommended.

• Journal of the Korean Society of Costume
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• v.47
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• pp.101-112
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• 1999

This study examined 1) retail buyer's reasons for buying imported apparel and brand license business and 2) types of information sources which they searched for the businesses 3) types of product/vendor selective criteria Seventy subjects of one hundred samples responded. They were designers merchandisers of apparel companies and buyers of department stores. The results of empirical studies were summarized as follows: 1) Buyers & merchandisers recognized domestic market responses as the most important information source for selecting foreign brand. The critical problem of buying and brand license was deficiency of professionals in fashion retail 2) Buyers & merchandisers primarily recognized brand identity and exclusive style of the product when selecting puoduct or vendor. 3) Buyers & merchandisers primarily recognized return policy and good delivery of the vendor when selecting vendor 4). There were relationships among incormation sources selective criteria of product/vendor and buyer's characteristics.

• The Korean Journal of Financial Management
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• v.1 no.1
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• pp.133-149
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• 1985

The theory of option pricing has undergone rapid advances in recent years. Simultaneously, organized option markets have developed in the United States and Europe. The closed form solution for pricing options has only recently been developed, but its potential for application to problems in finance is tremendous. Almost all financial assets are really contingent claims. Especially, Black and Scholes(1973) suggest that the equity in a levered firm can be thought of as a call option. When shareholders issue bonds, it is equivalent to selling the assets of the firm to the bond holders in return for cash (the proceeds of the bond issues) and a call option. This paper takes the insight provided by Black and Scholes and shows how it may be applied to many of the traditional issues in corporate finance such as dividend policy, acquisitions and divestitures and capital structure. In this paper a combined capital asset pricing model (CAPM) and option pricing model (OPM) is considered and then applied to the derivation of equity value and its systematic risk. Essentially, this paper is an attempt to gain a clearer focus theoretically on the question of corporate stock risk and how the OPM adds to its understanding.

• Journal of Distribution Science
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• v.10 no.11
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• pp.55-60
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• 2012

Purpose - This study aims to suggest policy directions for small retail markets in Korea by statistical analysis, which would help small retailers who are facing various difficulties. Research design, data, methodology - This study diagnoses the problems faced by small retail industries in Korea based on government statistics. In addition, this study identifies three areas for successful collaboration between the SSMs and traditional markets-information distribution, products, and fair trade. Results - This study makes three recommendations-information distribution, products, and fair trade. This includes activation of the existing mutual collaboration efforts, channels, CSR report writing and publicity, ethical management cooperation seminars, contract systems of no return, establishment of staff outsourcing standards, and support for suppliers' organizations. Conclusions - Our suggestions for a collaborative system (based on the three suggestions) show that collaboration rather than confrontation between large and small markets can lead to a sales increase of 2,258.2 billion Won, which is equivalent to the sales loss in 11 traditional markets in one year in Busan.

• Journal of Engineering Education Research
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• v.14 no.3
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• pp.61-71
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• 2011

Korea has introduced the levy-grand system in the vocational learning finance. The standard unit price system of training cost was utilized in the distribution of training budget and the reimbursement system including total or partial training cost return has been operated in the corporate training after completing the learning course particularly. The standard unit price was calculated in the base of analyzing on supporting budget by the government per training institutions and corporate payment decision to learning institutions. The proposing standard unit price system of training cost was analyzed in the current standard price unit of training cost and then an improvement policy and the implication are derived from it. At the result of this study, the current government supporting level to e-learning and postal distance learning indicates good status.

• KDI Journal of Economic Policy
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• v.15 no.4
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• pp.155-173
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• 1993

주식수익율(株式收益率)의 조건부분산(條件附分散)의 움직임을 모형화(模型化)하기 위하여 Engle(1982)의 ARCH(Autoregressive Conditional Heteroskedasticity)모형(模型)을 효시(嚆矢)로 많은 종류의 모형(模型)이 제시되어 왔다. 이 가운데서 Nelson(1991)의 EGARCH(Exponential Generalized ARCH)는 종래의 모형(模型)에 비하여 여러가지 장점(長點)을 지니고 있는 모형(模型)이다. 그러나 EGARCH에서는 비기대수익율(非期待收益率)(unexpected return)이 조건부분산(條件附分散)에 미처는 규모효과(規模效果)(magnitude effect)와 비대칭효과(非對稱效果)(asymmetry effect)의 영향(影響)이 동일한 동태(動態)(dynamics)를 보인다고 가정(假定)하고 있다. 본(本) 논문(論文)은 이 가정(假定)을 완화하였을 때 규모효과(規模效果)와 비대칭효과(非對稱效果)가 매우 다른 동태(動態)를 가지며, 특히 규모효과(規模效果)의 영향은 오래 지속되는 반면 비대칭효과(非對稱效果)는 비교적 빠르게 사라짐을 보여준다.