• 한국경영과학회지
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• 제35권4호
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• pp.17-31
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• 2010

This study investigates two-stage return policy and recycling issues in an e-marketplace supply chain consisting of consumers, a retailer and a manufacturer. The manufacturer, a focal company in the e-marketplace supply chain, considers the recycling of commercial returns so offers the retailer a buy-back contract of which transfer payment consists of a wholesale price and a buy-back price. Then, under the given contract offer, the retailer determines a selling price and a return policy to control consumers' demand and return requests. We consider the retailer's opportunistic behavior and supply chain coordination issues based on the principal-agent paradigm. We compare the first-best and second-best optima and conduct comparative static analyses to evaluate the performance results of the buy-back contract and provide important managerial implications.

• KDI Journal of Economic Policy
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• 제14권3호
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• pp.49-72
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• 1992

본고(本稿)는 부동산, 특히 토지에 대한 보유과세가 강화되어야 한다는 주장들을 검토하여 토지보유과세(土地保有課稅)를 강화하는 것이 바람직한가, 그럴 경우 어느 정도의 세부담(稅負擔) 증가(增加)가 필요한가를 살펴봄으로써 세제개편(稅制改編)의 실천적인 지침을 도출하는 데에 그 목적이 있다. 빠른 지가상승(地價上昇)이 계속되는 상황에서는 보유과세가 가진 효과들이 나타나기 어려우므로, 토지개발(土地開發) 및 공급(供給)의 확대로 지가상승(地價上昇) 추세(趨勢)를 완화시키는 한편, 양도과세(讓渡課稅)의 기능을 제고(提高)하는 것이 우선적으로 추진되어야 할 과제이며, 토지보유과세(土地保有課稅)의 증가(增加)는 토지정책적(土地政策的) 목적(目的)에서보다는 지방세수(地方稅收)의 확대(擴大)와 같은 목적(目的)을 위해 지속적으로 추구해야 할 정책방향이다. 토지보유과세(土地保有課稅)는 조세저항 등의 부작용을 보아가면서 점진적으로 높여 가되 보다 '좋은' 조세의 특성을 가지도록 개편해 가야 할 것이다.

• 대한산업공학회지
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• 제33권3호
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• pp.312-321
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• 2007

We address a disposal issue of returned products in a product recovery system where a single product is stocked in order to meet a demand from customers who may return products after usage. Product returns occur randomly and can be accepted for remanufacturing or disposed of depending on the state of the system. We examine the structure of the optimal disposal policy for returned product that utilizes the information of the inventory of both serviceable and remanufacturable products. Numerical study indicates that it can be characterized by a monotonic threshold type of the curve. A disposal is allowed only when the remanufacturable inventory level exceeds a threshold which is the function of the inventory level of serviceable product and it is decreasing as the serviceable inventory level increases. Sensitivity analysis also indicates that the optimal disposal policy and the optimal profit have monotonic properties with respect to system parameters.

• East Asian Economic Review
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• 제20권2호
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• pp.169-190
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• 2016

This paper tests the weak-form efficient market hypothesis for Korean industry-sorted portfolios. Based on a panel variance ratio approach, we find significant mean reversion of stock returns over long horizons in the pre Asian currency crisis period but little evidence in the post-crisis period. Our empirical findings are consistent with the fact that Korea accelerated its integration with international financial market by implementing extensive capital liberalization since the crisis.

• KDI Journal of Economic Policy
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• 제37권2호
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• pp.22-39
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• 2015

After a long, dormant period, recent attention has turned to a variety of measurement issues surrounding the concept of human capital. The traditional approach of rely entirely on measures of school attainment, while convenient, is almost certainly misleading. The availability of cognitive skills measures greatly improves on these measurements, but there remains also concern about other unmeasured factors, including noncognitive skills. This paper considers alternative approaches to assessing the role of human capital on individual earnings and on economic growth.

• 한국도로학회논문집
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• 제15권3호
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• pp.137-149
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• 2013

PURPOSES: This study is to suggest the Contribution of Road Capital in Industry and Optimal Level of Road Investment in South Korea METHODS: Based on the literature review, This research is empirically estimated using disaggregate and disaggregated data composed of 10-sectors covering the entire korea economy for the period 1970~2000. The relevant policy questions addressed in this report are : cost reduction and Scale elasticities of road, effect of road capital stock on demand for labor, capital and materials, marginal effect of road, industry TFP growth decomposition, Net Social Rates of Returns, optimal of road capital. RESULTS : The marginal benefits of the road capital at the industry level were calculated using the estimated cost elasticities. Demand for the road capital services varies across industries as do the marginal effects. The marginal benefits are positive for the principal industries. This suggests that for these industries the existing stock of road capital may be under supplied. CONCLUSIONS: This results emerges is that the ratio of the optimum to actual road capital, measured by road, was high at beginning of the period 1970s and declined 1990s. There appears to be evidence of under-investment in road capital. That is continuous and premeditated investment for road which lead to saving time and finance.

• The Journal of Asian Finance, Economics and Business
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• 제7권7호
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• pp.95-104
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• 2020

This study examines the effect of fintech on retail banks stock return listed in Indonesia Stock Exchange for the period of 2016-2018 as today's new technology lead to the emergence of fintech companies playing the same role as retail banks in the financial industry. This study is conducted quantitatively using monthly data from January 2016 to October 2018 and uses fintech as independent variable, proxied by fintech funding frequency and fintech funding value. Data transformation is conducted due to data volatility. The data of fintech funding, both frequency and value, is transformed into standardized fintech funding and growth of fintech funding. The data is obtained from Crunchbase, while the data of stock returns is obtained from Investing. This study further analyzes the data using Fama French Three-Factor Model and panel data regression. We found that fintech has no significant effect on retail banks' stock returns listed in Indonesia Stock Exchange for the period of 2016-2018. The findings of the study provide some useful insights in understanding fintech companies' current position to retail banks in Indonesia. This study also suggests banking institutions, fintech companies, policy-makers, and others to take advantageous steps in building inclusive financial sectors.

• The Journal of Asian Finance, Economics and Business
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• 제7권8호
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• pp.185-195
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• 2020

This study examines the association between governance quality at country level and stock market performance. Specifically, the study investigates the influence of control of corruption, government effectiveness, political stability and absence of violence, rule of law, regulatory quality, and voice and accountability on all-share index of the stock markets of the six Gulf Cooperation Council (GCC) countries. This study is anchored on two theories - the Efficient Market Hypothesis (EMH) and Institutional Theory. The study employs panel data spanning from 2006 to 2017. The findings show that political stability and absence of violence and rule of law exhibit a significant positive impact on stock market performance, while regulatory quality and voice and accountability have a significant, but negative relationship with stock market performance. The results imply that quality of governance in terms of rule of law and political stability devoid of violence have strong impact on stock market returns. Similarly, improved stock market returns are largely dependent on the efficiency of the institutional environment of market as investors are always wary of the inherent risks associated with the uncertainty of the market. This study has crucial policy implications for the government of the GCC countries and stock market participants.

• Industrial Engineering and Management Systems
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• 제15권1호
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• pp.63-76
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• 2016

Multiperiod portfolio selection problem attracts more and more attentions because it is in accordance with the practical investment decision-making problem. However, the existing literature on this field is almost undertaken by regarding security returns as random variables in the framework of probability theory. Different from these works, we assume that security returns are uncertain variables which may be given by the experts, and take absolute deviation as a risk measure in the framework of uncertainty theory. In this paper, a new multiperiod mean absolute deviation uncertain portfolio selection models is presented by taking transaction costs, borrowing constraints and threshold constraints into account, which an optimal investment policy can be generated to help investors not only achieve an optimal return, but also have a good risk control. Threshold constraints limit the amount of capital to be invested in each stock and prevent very small investments in any stock. Based on uncertain theories, the model is converted to a dynamic optimization problem. Because of the transaction costs, the model is a dynamic optimization problem with path dependence. To solve the new model in general cases, the forward dynamic programming method is presented. In addition, a numerical example is also presented to illustrate the modeling idea and the effectiveness of the designed algorithm.

• The Journal of Asian Finance, Economics and Business
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• 제8권4호
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• pp.135-143
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• 2021

Information has an essential role in decision-making for investors who will invest in financial markets, especially regarding the policies on the condition of COVID-19. The purpose of this study is to determine the market reaction to the information published by the government regarding the policy changes to the provisions of Trading Halt on the IDX in an emergency using the event study method. The population in this study was companies listed on the Indonesia Stock Exchange in March 2020; the sample selection technique was purposive sampling. Data analysis used a normality test and one sample T-test. The results of the study found that there were significant abnormal returns on the announcement date, negative abnormal returns around the announcement date, and significant trading volume activity occurring three days after the announcement. The existence of a significant positive abnormal return on the announcement date indicates that the market responds quickly to information published by the government. The practical implication of this research can be taken into consideration for investors in making investment decisions to analyze and determine the right investment options so that investors can minimize the risk of their investment and maximize the profits they want to achieve.