• East Asian Economic Review
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• v.18 no.3
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• pp.253-276
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• 2014

We examine which traditional asset pricing variables together with bank-specific accounting variables explain the cross-sectional variation of future bank stock returns, using a firm-level data of eight Asian countries. Our empirical evidence shows that exchange rate risk, firm size, the book-to-market ratio, and the net income ratio are important in explaining future bank stock returns during normal times. However, during the Global Financial Crisis period, different variables such as local market beta, illiquidity risk, equity ratio, and off-balance sheets ratio were statistically significant. Thus, researchers and policy practitioners should monitor these variables during normal times as well as during times of crisis.

• Proceedings of the Korean Society of Fisheries Technology Conference
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• 2000.05a
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• pp.328-329
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• 2000

This research is to estimate population parameters of the Korean horse mackerel stock and to determine the status of the stock. Considering the linkage of recruitment with the variation of environmental conditions in the early life history, acceptable biological catch (ABC) of horse mackerel was estimated. (omitted)

• Journal of Korean Institute of Industrial Engineers
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• v.3 no.1
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• pp.39-47
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• 1977

Most of the current literature on inventory theory has been devoted to the study of single stage models. A class of inventory problems which is of great interest is the multistage inventory system which involves a series and hierarchical sequence of stations. This study analyzes some aspect of the series type and multi-stage inventory system, using the fixed cycle ordering which bas a modificatory control function in the system equations. The objective of this study is to clarify the dynamic behavior of the system. The author has derived the theoretical formulas of variation of ordering quantity and stock fluctuation of each stage due to power spectral density function. Influence of parameters such as, (1) intensity of autocorrelation of demand sequence ($\lambda$), (2) forecasting exponential smoothing factors of each stage (${\alpha}_1,\;{\alpha}_2,\;{\alpha}_3$) and (3) production control factor of the 3rd stage ($\gamma$), as operators of the system on the variation of ordering quantity and stock fluctuation of the system. is also clarified. As a result of this study, the relations between the variation of ordering quantity, stock fluctuation and the parameters of the system, have been found. The principles and the theorical analysis presented here will be applicable to more complex type of discrete control systems in constructing the specific condition of the system to minimize inventory variances.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.9
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• pp.117-123
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• 2020

The objective of this study is to examine whether the four-factor model explains variation in the expected return of stocks on the Stock Exchange of Thailand. The study used individual monthly data for all stock with continuous trading on the Stock Exchange of Thailand. The study used sample data of 429 listed stocks to construct 8 portfolios bases on the industries. In this study, subject to market factors such as size, the book-to-market ratio, the market beta, and stock liquidity are taken into account. The Empirical analysis reveals that not all of the variables included in the four-factor asset pricing model are statistically significant to do affect the formation of the rate of return on stocks calculated on a monthly basis. The result shows that market beta, stock liquidity, and the book-to-market ratio has a significant increase in the rate of return on shares listed on the Consumer Products. It is therefore apparent that at least in respect of monthly analysis, the predictions of bass models in the field of modern finance theory systematic risk measured by the beta coefficient did play a significantly important role in the formation of the rate of return on the Stock Exchange of Thailand.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.10 no.16
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• pp.143-147
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• 1987

Safety stocks constitute one of the major means of dealing with the uncertainties associated with variation in demand and lead time. Adeguate safety facilitate production activities and help to assure customers if good service on the other hand, carrying safety storks ties up working capital on goods that sit idle. The major problem of safety stocks management thus of consists of trying to achieve an optimal balance between the other carrying cost and the costs of stock shortage. Therefore, this study aims to find safety stock level of the fixed reorder quantity system and the fixed reorder cycle system of minimizing total cost when both demand and lead time are variable. (The distribution of demand and lead time is a mere assumption that follows the normal distribution) The results can be summarized as follows. i) Safety factor on the safety stock is determined by carrying cost and the costs of stock shortage: An optimal safety stick=the costs of stork shortage($C_s$) (the carrying cost($C_h$)+the costs of stock storage($C_s$). ii) The safety stock level of the fixed reorder quantity system is ($a{\;}_p\sqrt{L}{\sigma}$) under uncertainties. iii) The safety stock level of the fixed reorder cycle system is ($a{\;}_p\sqrt{R+L{\sigma}}$) under uncertain demand and constant lead time. ($a{\;}_p\sqrt{L{\sigma}_d{\;^2+{\mu}^2L{\sigma}^2}$) under demand and lead time uncertainties.

• Journal of Aquaculture
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• v.16 no.2
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• pp.69-75
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• 2003

Genetic variability and population structure of 11 natural ayu, Plecoglossus altivelis populations and one hatchery stock were assessed by starch gel electrophoretic analysis with 10 enzyme coding loci. Three loci were polymorphic (lower than 0.95 in major allele frequency) in natural populations,2 loci in hatchery stock. The average number of alleles per locus was 1.38. Observed heterozygosities ranged from 0.0235 to 0.088 (0.055 on the average) in natural population while 0.0925 in hatchery stock. The genetic distance among natural populations measured 0.000047-0.005407 and no significant differentiation was observed among them. On the other hand, a signifcant genetic distance was found between natural populations and the hatchery stock with measuring 0.002032-0.O08605. The results in this study suggest that the hatchery stock has diverged from natural populations, and also that careful to maintain sustainable and effective population size (parents number) should be made.

• Journal of the Korean Data Analysis Society
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• v.20 no.6
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• pp.2759-2769
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• 2018

The behavioral finance view on the existence of asset pricing anomalies is based on two factors: investors' sentiment and limits to arbitrage. This paper tries to examine the effect of investors' sentiment on the stock price in the Korean stock market. In order to measure investors' sentiment, we constructed the sentiment index using principal component of five sentiment variables. By using sentiment index as an additional independent variable to three risk factors, impacts of the sentiment index on individual stocks and 25 portfolios sorted by BM-size are examined. Main results found are as follows: 1) not only all three risk factors show positive impacts on the return of individual stock, but also the sentiment index has a positive impact. SI alone explains 15% of individual return variation. 2) among four independent variables, the most important factor turned out to be the market risk factor and investors' sentiment has better explanatory power on stock price than the size effect. 3) after controlling the market risk factor, the coefficient of the sentiment index for the smallest size and highest book/market value portfolios is significantly positive. 4) all the coefficients of the sentiment index for 25 portfolios sorted by BM-size have significant positive value after controlling size or (and) value.

• Knowledge Management Research
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• v.12 no.4
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• pp.41-54
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• 2011

Given the prevalence of home trading systems, it has become important to examine user behaviors in a stock investment environment. In this vein, this paper developed an integrated model to deeply understand the key determinants of user's continuance intention to use investment information through constructs prescribed by incorporating trust and perceived risk into expectation-confirmation model. The proposed research model was tested by using survey data collected from 160 users who have experience with stock investment. PLS (partial least squares) was employed for the analysis of the data. The findings of this study showed that the proposed framework provides a statistically significant explanation of the variation in continuance intention to search investment information. The findings revealed that trust and perceived risk are more prevalent predictors of continuance intention to use investment information compared to perceived usefulness. It was also found that user satisfaction serves as the salient antecedents of continuance intention to use investment information. The theoretical and practical implications of the findings were described.

• East Asian Economic Review
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• v.18 no.4
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• pp.367-394
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• 2014

In this study, we examined the fractal structure of the Nikkei225, HangSeng, Shanghai Stock Exchange and Straits Times Index of Singapore. Empirical analysis was performed via non-parametric, semi-parametric long memory tests and also fractal dimension calculations. In order to avoid spurious long memory features, besides the Detrended Fluctuations Analysis (DFA), we also used Smith's (2005) modified GPH method. As for fractal dimension calculations, they were conducted via Box-Counting and Variation (p=1) tests. According to the results, while there is no long memory property in log returns of any index, we found evidence for long memory properties in the volatility of the HangSeng, the Shanghai Stock Exchange and the Straits Times Index. However, we could not find any sign of long memory in the volatility of Nikkei225 index using either the DFA or modified GPH test. Fractal dimension analysis also demonstrated that all raw index prices have fractal structure properties except for the Nikkei225 index. These findings showed that the Nikkei225 index has the most efficient market properties among these markets.

• Current Research on Agriculture and Life Sciences
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• v.11
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• pp.1-9
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• 1993

This study was carried out to investigate the wire retention on newsprint process mainly composed of Groundwood Pulp(GP) and Deinked Pulp(DIP) with change of stock mixture ratio according to variation of stock temperature, stock pH, rosin and alum amount. The obtained results were summarized as follows 1. The wire retention was decreased continuously with increasing of stock temperature regardless of stock type. The retention of DIP stock was more rapidly decreased than GP stock. 2. Maximum retention was obtained at pH 5. The retention of GP stock was more rapidly decreased below or over pH 5 in comparison with DIP. 3. Maximum retention was obtained at 2% alum level on GP and GP/DIP=50/50, but 3% alum level in case of DIP. 4. Higher retention efficiency was obtained in case of adding alum after using 1% rosin in comparison with alum only. 5. The retention was mainly affected by fiber flocculation.