• Management & Information Systems Review
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• v.29 no.2
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• pp.1-25
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• 2010

This study attempted to empirically test the determinants of stock returns in Korean stock market applying multi-factor model proposed by Haugen and Baker(1996). Regression models were developed using 16 variables related to liquidity, risk, historical price, price level, and profitability as independent variables and 690 stock monthly returns as dependent variable. For the statistical analysis, the data were collected from the Kis Value database and the tests of forecasting power in this study minimized various possible bias discussed in the literature as possible. The statistical results indicated that: 1) Liquidity, one-month excess return, three-month excess return, PER, ROE, and volatility of total return affect stock returns simultaneously. 2) Liquidity, one-month excess return, three-month excess return, six-month excess return, PSR, PBR, ROE, and EPS have an antecedent influence on stock returns. Meanwhile, realized returns of decile portfolios increase in proportion to predicted returns. This results supported previous study by Haugen and Baker(1996) and indicated that firm-characteristic model can better predict stock returns than CAPM. 3) The firm-characteristic model has better predictive power than Fama-French three-factor model, which indicates that a portfolio constructed based on this model can achieve excess return. This study found that expected return factor models are accurate, which is consistent with other countries' results. There exists a surprising degree of commonality in the factors that are most important in determining the expected returns among different stocks.

• Proceedings of the Korea Technology Innovation Society Conference
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• 1998.05a
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• pp.22-22
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• 1998

This paper reviews the benefits of users participation in IMT-2000 standardization by the creation of users coalitions, focusing in particular on phased standards strategy necessary for the evolutionary approach from second generation to third generation systems. It first presents in detail the current status of IMT-2000 standardization progress occurring at each regional standard body including TIA of US, ETSI of Europe, TTA of Korea and ARIB of Japan. With this clear understanding of standardization situations worldwide, we may be able to come up with our standards strategies related to IPR issues and efficient standard-setting mechanism between manufacturers and service providers. In addition, this paper addresses the necessity for phased licensing of IMT-2000 service in order to avoid the high cost of new infrastructures and ensure an acceptable financial investment returns for existing cellular and PCS service providers. An author hopes that this paper can provide the adequate standardization directions of IMT-2000 to satisfy the varying regional and global market requirements.

• Journal of Information Technology Services
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• v.3 no.1
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• pp.5-20
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• 2004

It has been known generally that investment in the extending ability to use the IT applications have further enhanced the productivity of effects of IT on firms by reducing costs, increasing returns, and increasing the speed of operations, etc. Notwithstanding this fact, it was very complex and difficult to evaluate concretely the effect of informatization of firm. SMEs(Small- & Medium-sized Enterprises) in particular. In this study, I point out the weakness of SMEs and analyze the effects of informatization through the count data model. For this analysis, I separate the effects into two part, such as organizational effect and personal effect. It comes to conclusion that organizational effect is larger than personal effect and the ability to practical use of IT systems is most efficient item related with informatization level. Since it will be important to cencentrate on raising this ability for heightening the competitiveness of SMEs.

• Journal of the Korean Operations Research and Management Science Society
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• v.12 no.1
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• pp.175-175
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• 1987

Business reengineering (BR) is an emerging idea that attempts to restructure inefficient, current business processes through redesigning jobs and exploiting new information technology (IT), and helps achieving significant improvements in white-collar productivity and returns of IT investment. This research analyzed order-taking and purchasing processes of a company (a coil distributor) using BR concepts, models and principles. We also made proposals for reengineering the present business processes. For this, BR literatures were reviewed to derive BR models and principles to be used for analyses. We applied these ideas to six(6) types of order-taking and purchasing processes of Company T. For each type, current processes, BR analyses, and proposals for BR were described. Finally, findings were summarized and discussed.

• Korean Management Science Review
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• v.12 no.1
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• pp.175-195
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• 1995

Business reengineering (BR) is an emerging idea that attempts to restructure inefficient, current business processes through redesigning jobs and exploiting new information technology (IT), and helps achieving significant improvements in white-collar productivity and returns of IT investment. This research analyzed order-taking and purchasing processes of a company (a coil distributor) using BR concepts, models and principles. We also made proposals for reengineering the present business processes. For this, BR literatures were reviewed to derive BR models and principles to be used for analyses. We applied these ideas to six(6) types of order-taking and purchasing processes of Company T. For each type, current processes, BR analyses, and proposals for BR were described. Finally, findings were summarized and discussed.

• Journal of the Korean Society of Industry Convergence
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• v.27 no.2_2
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• pp.467-473
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• 2024

Metaheuristics' impact is profound across many fields, yet domestic financial portfolio optimization research falls short, particularly in asset allocation. This study delves into metaheuristics for portfolio optimization, examining theoretical and practical benefits. Findings indicate portfolios optimized via metaheuristics outperform the Dow Jones Index in Sharpe ratios, underscoring their potential to enhance risk-adjusted returns significantly. Tabu search, in comparison to Simulated Annealing, demonstrates superior performance by efficiently navigating the search space. Despite these advancements, practical application remains challenging due to the complexities in metaheuristic implementation. The study advocates for broader algorithmic exploration, including population-based metaheuristics, to refine asset allocation strategies further. This research marks a step towards optimizing portfolios from an extensive array of financial assets, aiming for maximum efficacy in investment outcomes.

• Management & Information Systems Review
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• v.33 no.5
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• pp.249-260
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• 2014

This paper explores the relationship between firm-specific volatility and some firm characteristics such as size, the market-to-book ratio of equity, PER, PBR, PCR, PSR and turnover in KOSDAQ market. In addition, I investigate whether portfolios with difference to realized range-based volatility and firm-specific volatility have different investment performance using CAPM and FF-3 factor model. The main findings of this study can be summarized as follows. First, firm-specific volatility have mostly positive relationship between firm-specific volatility and some firm characteristics. Second, this study found that realized range-based volatility and firm-specific volatility are positively related to expected return. It means that portfolios with high idiosyncratic volatility have significantly higher expected return than portfolios with low firm-specific volatility.

• Journal of Industrial Convergence
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• v.20 no.6
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• pp.135-140
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• 2022

In the domestic stock market, the capital market opened in January 1992, and the proportion of foreign capital has steadily increased, accounting for 30% of the domestic market in Overall stock market trend infers that the domestic stock market is more influenced by foreign issues than domestic issues. The trading trend of foreign capital displays a similar flow to exchange rate fluctuations,; thus, preparing an investment strategy by using the Pearson analyzing method the effect of exchange rates of foreign capital trading, fluctuations in exchange rates, and predicting one of the macroeconomic indicators will yield high returns in the stock market. Therefore, this research was conducted to help investment by predicting foreign variables comparing and analyzing exchange rates and foreign capital trading patterns, and predicting appropriate time for buying and selling.

• The Korean Journal of Financial Studies
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• v.6 no.1
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• pp.289-312
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• 2000

This paper proposes a pricing model for IPOs which can reconcile the average underpricing phenomenon with the expected wealth maximizing behaviors of market participants. Under the usual informational asymmetry, the optimal offer price for best efforts IPOs is derived as a function of the uncertainty about market's valuation, the expected return on proposed projects and the size of offerings relative to the firm's market value. Depending on these firm-specific characteristics, best efforts IPOs can be underpriced, fairly priced, or overpriced. Introducing the investment banker as an outside information producer, the model is extended to provide empirical implications for pricing and underwriting contract choice decisions which are consistent with the existing empirical evidences. The model predicts that the issuers with greater uncertainty about market's valuation choose best efforts contract over firm commitment contract and the dispersion of initial returns would be greater for best efforts IPOs than for firm commitment IPOs.

• Journal of the Korean Operations Research and Management Science Society
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• v.40 no.2
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• pp.43-61
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• 2015

The valuation of patents is very important, since technology competitiveness is crucial for firms to maintain global competitiveness. But, the patent valuation is difficult and challenging because of the uncertainty affecting their returns. Hence, we propose a patent valuation method by incorporating game theory into the real option model, which can not only potentially recognizes the effect of uncertainty on patent value, but also consider investment decision in a competitive market, as a game between firms. With the model, we can consider dynamic strategy involving an option of patent leveraging strategies enabling the firm to switch among compete, cooperate, or wait modes under different demand or competitive advantage condition.