• Journal of Korea Trade
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• v.23 no.7
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• pp.147-155
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• 2019

Purpose - As the U.S.-China trade war has become considerably worse, the Chinese government is considering applying non-tariff barriers to trade, especially local contents rule. The main purpose of this research is to check whether it is suitable for Korean investors to invest in the current Chinese capital market. Design/methodology - In order to check the stability of the recent Chinese capital market, we investigated the behavior of foreign equity investment (including Korean equity investment) in the Chinese capital market after China announced the Shanghai-Hong Kong Stock Connect (SH-HK Connect). In this paper, we researched whether international portfolio investment would or would not contribute to an increase the volatility of an emerging market's stock market (Chinese capital market) when foreign investors make investment decisions based on the objective of short-term gains by rushing into countries whose markets are booming and fleeing from countries whose markets are falling. Findings - The empirical results indicate that foreign investors show strong, negative feedback trading behavior with regard to the stock index of the Shanghai Stock Exchange (SSE), and when the performance of foreign investors in the Chinese stock market was fairly good. Also, we found evidence that the behavior of foreign investors significantly decreased volatility in SSE stock returns. Consequently, the SH-HK Connect brought on a win-win effect for both the Chinese capital market and foreign investors. Originality/value - It appeared that the Chinese capital market was very suitable for Korean investors after the China's declaration of the SH-HK Connect. However, the win-win effect was brought on by the Chinese government's aggressive capital control but the capital controls could possibly cause financial turmoil in the Chinese capital market. Therefore, Chinese reform in industrial structure and the financial sector should keep pace with suitable capital control policies.

• Journal of Industrial Convergence
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• v.21 no.1
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• pp.87-93
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• 2023

Determining the timing of buying and selling in stock investment is one of the most important factors to increase the return on stock investment. Buying low and selling high makes a profit, but buying high and selling low makes a loss. The price is determined by the quantity of buying and selling, which determines the price of a stock, and buying and selling is also related to corporate performance and economic indicators. The fear and greed index provided by CNN uses seven factors, and by assigning weights to each element, the weighted average defined as greed and fear is calculated on a scale between 0 and 100 and published every day. When the index is close to 0, the stock market sentiment is fearful, and when the index is close to 100, it is greedy. Therefore, we analyze the trading criteria that generate the maximum return when buying and selling the US S&P 500 index according to CNN fear and greed index, suggesting the optimal buying and selling timing to suggest a way to increase the return on stock investment.

• Asia-Pacific Journal of Business
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• v.14 no.3
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• pp.167-186
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• 2023

Purpose - The purpose of this study is to empirically investigate whether the auditor accreditation system for IPO firms improves the efficiency of the KOSDAQ IPO market. To verify the effectiveness of the auditor designation system, we time series compare four measures of IPO firms (earnings management, long-term stock performance, change in operating performance, and possibility of delisting). Design/methodology/approach - We test the hypothesis through event research method and regression analysis. Specifically, the dependent variables of the regression model are discretionary accruals in the year of IPO, 36-month holding period excess return after IPO, change in operating performance for 3 years after IPO, and dummy variable for delisting. And the explanatory variable is a dummy variable that separates the period before and after the implementation of the auditor designation system. Findings - We find that earnings management and delisting risks decreased more in the period after the implementation of the auditor accreditation system than in the previous period. In addition, we find that long-term stock performance and operating performance after IPO increase further after the implementation of the auditor accreditation system. Research implications or Originality - Overall, the results of this study suggest that the implementation of the auditor accreditation system for IPO firms contributes to improving market efficiency in the KOSDAQ market, where information asymmetry is high. Our study differs from previous studies in that it demonstrates the effectiveness of the auditor designation system using various measures.

• Journal of Information Technology Applications and Management
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• v.19 no.1
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• pp.1-12
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• 2012

Data mining is the process of searching and analyzing large quantities of data for finding out meaningful patterns and rules. Artificial Neural Network (ANN) is one of the tools of data mining which is becoming very popular in forecasting the future values. Some of the areas where it is used are banking, medicine, retailing and fraud detection. In finance, artificial neural network is used in various disciplines including stock market forecasting. In the stock market time series, due to high volatility, it is very important to choose a model which reads volatility and forecasts the future values considering volatility as one of the major attributes for forecasting. In this paper, an attempt is made to develop two models - one using feed forward back propagation Artificial Neural Network and the other using Autoregressive Conditional Heteroskedasticity (ARCH) technique for forecasting stock market returns. Various parameters which are considered for the design of optimal ANN model development are input and output data normalization, transfer function and neuron/s at input, hidden and output layers, number of hidden layers, values with respect to momentum, learning rate and error tolerance. Simulations have been done using prices of daily close of Sensex. Stock market returns are chosen as input data and output is the forecasted return. Simulations of the Model have been done using MATLAB$^{(R)}$ 6.1.0.450 and EViews 4.1. Convergence and performance of models have been evaluated on the basis of the simulation results. Performance evaluation is done on the basis of the errors calculated between the actual and predicted values.

• Korean journal of communication and information
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• v.34
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• pp.244-274
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• 2006

To explore the social construction of the concept of leadership, image of media mogul depicted in the popular business newspaper, the Wall Street Journal, was analyzed. Then, the reconstructed image of the CEO was compared with the firm's stock price change to see their relationship, if any. This paper focused on the case of Steve Case (previous chairman of AOL Time Warner), who was the leader of the world largest media company. The period for the analysis was three years and five months from his inauguration(January 2000) to the resignation(May 2003). In general, CEO of a firm represents the firm itself. Thus, the image of the CEO is highly transcends to the image of the firm as well. Consequently, the image of CEO might have an impact on the firm's performance. Since business newspaper works as one of the most important information intermediaries in the stock market, the image of CEO constructed in the newspaper might be a critical indicator for the investors. The results revealed that media coverage of Steve Case was commensurate with the financial performance, particularly stock price change of the AOL Time Warner.

• Journal of the Korea Society of Computer and Information
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• v.27 no.11
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• pp.147-155
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• 2022

In this study, we developed a system to dynamically balance a daily stock portfolio and performed trading simulations using gradient boosting and genetic algorithms. We collected various stock market data from stocks listed on the KOSPI and KOSDAQ markets, including investor-specific transaction data. Subsequently, we indexed the data as a preprocessing step, and used feature engineering to modify and generate variables for training. First, we experimentally compared the performance of three popular gradient boosting algorithms in terms of accuracy, precision, recall, and F1-score, including XGBoost, LightGBM, and CatBoost. Based on the results, in a second experiment, we used a LightGBM model trained on the collected data along with genetic algorithms to predict and select stocks with a high daily probability of profit. We also conducted simulations of trading during the period of the testing data to analyze the performance of the proposed approach compared with the KOSPI and KOSDAQ indices in terms of the CAGR (Compound Annual Growth Rate), MDD (Maximum Draw Down), Sharpe ratio, and volatility. The results showed that the proposed strategies outperformed those employed by the Korean stock market in terms of all performance metrics. Moreover, our proposed LightGBM model with a genetic algorithm exhibited competitive performance in predicting stock price movements.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.919-926
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• 2020

The purpose of this study is to analyze and test the effect of financial ratios and macroeconomics on Islamic stock returns listed in Jakarta Islamic Index (JII) other than to assess whether investment risk can be an intervening variable in this study. The type of research is explanatory in nature with a quantitative descriptive approach. The data used is based on secondary sources with a sample group of 29 companies listed on JII for a 5-year period ending 31 December 2018. The data obtained were analyzed by using SEM (Structural Equation Model) with AMOS (Analysis Moment of Structural) 21 program. The results of the study show that only financial ratios affect sharia stock returns and investment risk, while the mediation test found that investment risk does not act as a mediating variable between financial ratios and macroeconomics and Islamic stock return. These findings indicate that the role of the company's financial health is very important. Besides affecting the rate of return obtained, the company's financial health can also reflect the level of risk that investors will accept in the future. By improving financial performance properly, a company will have a positive impact on various interested parties and minimize the level of investor losses.

• Proceedings of the Korean Society of Precision Engineering Conference
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• 1996.04a
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• pp.39-43
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• 1996

This paper described on the effect of residual stocks in internal grinding of tungsten carbide materials in order to improve the grinding efficiency as well as grinding accuracy. Though the fundamental investigation is carried out for tungsten carbide materials using electroplated diamond wheel, the residual stock after grinding process is effective to the grinding effciiency. The obtained results are as follows: (1) Under the depth of cut(t) is constant and decreasing the workpiece velocity(Vw), the resiudal stock after grinding is increased, but the difference is little less than the difference by table speed. (2) Increasing the wheel velocity, the residual stock after grinding is decreased. Therefore in order to minimize the residual stock, the wheel velocity should be increased as far as possible. (3) The surface foughness and out-of roundness increased with depth of cut and table speed, and decreased with wheel velocity, but it may as well adopt as much as polssible under the dimensional tolerance which is required for high efficiency grinding. (4) In order to remove residual stock, the spark-out grinding shoule be done, and it also can be improved about 20 .approx. 25% throughout spark-out grinding, and the number of optimal spark-out times were within 10 times.

• International Commerce and Information Review
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• v.12 no.4
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• pp.171-192
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• 2010

In general, a stock index and its individual stocks are assumed to follow a random walk. A stock index is an important source of information and one that is seen by people everyday, regardless of their investment intentions. This paper examines the correlation between the KOSPI-the index that best reflects the Korean stock market and the macro - economic variables that have been found to influence the index by previous studies. The sample period considers the years after 2000 when the Korean stock market matured as restrictions on foreign investors were removed. For this purpose, a Vector Error Correction Model (VECM) and KOSPI equation with a general pacific approach were used. This paper aims at verifying the factors that determined the KOSPI after 2000 and at examining whether there was structural change in the investment environment. It also investigates changes in the factors determining the KOSPI's performance as a result of structural changes in the investment environment. The V AR (Vector Autoregressive) model including the nine variables was selected as a baseline model whose stability was tested using the unit root test. The results from the VECM and the structural changes in the investment environment can be summarized by the following Inner story points.

• Journal of the Korean Society of Fisheries and Ocean Technology
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• v.48 no.4
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• pp.445-451
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• 2012

We developed an age-based spawner-recruit model incorporating environmental variables to forecast stock biomass and recruits of pelagic fish in this study. We applied the model to the Tsushima stock of jack mackerel, which is shared by Korea and Japan. The stock biomass of jack mackerel (Trachurus japonicus) around Korean waters ranged from 141 thousand metric tons (mt) and 728 thousand mt and recruits ranged from 27 thousand mt to 283 thousand mt. We hind-casted the stock biomass to evaluate the model performance and robustness for the period of 1987~2009. It was found that the model has been useful to forecast stock biomass and recruits for the period of the lifespan of fish species. The model is also capable of forecasting the long-term period, assuming a certain climatic regime.