• Journal of Service Research and Studies
• /
• v.6 no.3
• /
• pp.41-54
• /
• 2016

We examine the information transmission between the business survey index(BSI) based on the returns data offered by Federation of Korean Industries and KOSPI Index based on the returns data offered by Korea Bank. The data includes monthly return data from January 1998 to September 2015. The results of the analysis are as follows. Firstly, results of Granger Causality test suggests the existence of mutual causality KOSPI Index precede and have explanatory power BSI. Secondly, the results of impulse response function suggest that BSI Index show immediate response to KOSPI Index and are influenced by till time 4 From time 2 the impact gradually disappears. Also KOSPI Index show immediate response to BSI and are influenced by till time 4 From time 2 the impact gradually disappears. Lastly, the variance decomposition analysis showed a high influence of the KOSPI Index on the BSI and significant influence of the BSI on the KOSPI Index. This implies that returns on the KOSPI Index have a significant influence over returns on the BSI. The study is a further extension of existing studies on information transmission mechanism between the BSI and KOSPI. Finally, our results can be used as a guide by the Korea Bank and Republic of Korea and as well as Federation of Korean Industries.

• The Korean Journal of Financial Management
• /
• v.26 no.4
• /
• pp.191-234
• /
• 2009

This study examined on the volatility feedback hypothesis through the use of threshold GARCH-in-Mean (GJR-GARCH-M) model developed by Glosten, Jaganathan, and Runkle (1993) in the stock markets of 14 emerging countries during the period of January, 1996 to May, 2009. On this study, I found successful evidences which can support the volatility feedback hypothesis through the following three estimation procedures. First, I found relatively strong positive relationship between the expected market risk premiums and their conditional standard deviations from the GARCH-M model in the basis of daily return on each representative stock market index, which is appropriate to investors' risk-averse preferences. Second, I can also identify the significant asymmetric time-varying volatility originated from the investors' differentiated reactions toward the unexpected market shocks by applying the GJR-GARCH-M model and further find the lasting positive risk aversion coefficient estimators. Third, I derived the negative signs of the regression coefficient of unpredicted volatility on the stock market return by re-applying the GJR-GARCH-M model after I controlled the positive effect of predicted volatility through including the conditional standard deviations from the previous GARCH-M model estimation as an independent explanatory variable in the re-applied new GJR-GARCH-M model. With these consecutive results, the volatility feedback effect was successfully tested to be effective also in the various emerging stock markets, although the leverage hypothesis turned out to be insufficient to be applied to another source of explaining the negative relationship between the unexpected volatility and the ex-post stock market return in the emerging countries in general.

• Journal of Climate Change Research
• /
• v.6 no.4
• /
• pp.357-366
• /
• 2015

This study was conducted to estimate carbon stocks of Quercus serrata with drawing volume of trees in each tree height and DBH applying the suitable stem taper equation and tree specific carbon emission factors, using collected growth data from all over the country. Information on distribution area, tree number per hectare, tree volume and volume stocks were obtained from the $5^{th}$ National Forest Inventory (2006~2010), and method provided in IPCC GPG was applied to estimate carbon storage and removals. Performance in predicting stem diameter at a specific point along a stem in Quercus serrata by applying Kozak's model,$d=a_1DBH^{a_2}a_3^{DBH}X^{b_1Z^2+b_2ln(Z+0.001)+b_3{\sqrt{Z}}+b_4e^Z+b_5({\frac{DBH}{H}})}$, which is well known equation in stem taper estimation, was evaluated with validations statistics, Fitness Index, Bias and Standard Error of Bias. Consequently, Kozak's model turned out to be suitable in all validations statistics. Stem volume tables of Quercus serrata were derived by applying Kozak's model and carbon stock tables in each tree height and DBH were developed with country-specific carbon emission factors ($WD=0.65t/m^3$, BEF=1.55, R=0.43) of Quercus serrata. As a result of carbon stock analysis by age class in Quercus serrata, carbon stocks of IV age class (11,358 ha, 36.5%) and V age class (10,432; 33.5%) which take up the largest area in distribution of age class were 957,000 tC and 1,312,000 tC. Total carbon stocks of Quercus serrata were 3,191,000 tC which is 3% compared with total percentage of broad-leaved forest and carbon sequestration per hectare(ha) was 3.8 tC/ha/yr, $13.9tCO_2/ha/yr$, respectively.

• Journal of the Korean Society of Fisheries and Ocean Technology
• /
• v.55 no.3
• /
• pp.198-205
• /
• 2019

The small yellow croaker (Larimichthys polyactis) is one of the representative high-class fish species in Korea. The catch of small yellow croaker in adjacent water fisheries has been continuously decreasing from 59,226 tons in 2011 to 19,271 tons in 2016. The small yellow croaker is caught by gillnet, stow net and bottom trawl, among which about 55~65% is caught by gillnet. For the sustainable use of small yellow croaker, the fishing power of small yellow croaker drift gillnet is very important. Therefore, the change of fishing power index were analyzed to identify the development of the vessel and gear technology that may have improved the fishing efficiency of the small yellow croaker drift gillnet fishery from 1960s to 2010s. Gross tonnage and horse power per fishing vessel was increased annually. The mesh size was 75.0 mm in the 1960s, but reduced to 60.6 mm in the 1980s and to 51.0 mm in the 2000s. In the 1960s, it was hauled out by manpower. However, the net hauler were modernized and supply rate was also increased since 1970. Due to the mechanization of the net hauler, the number (length) of used net gradually increased from 1.5 km in the 1960s to 7.5 km in the mid-1980s and to 15 km in 2010. Colour fish finders and positioning system were introduced and utilized from the mid-1980s. Surveys on the supply and upgrading of fishing equipment utilized visiting research. Therefore, the relative fishing power index in the small yellow croaker drift gillnet fishery increased from 1.0 in 1980 to 0.8 in 1970, to 1.1 in 1990, to 1.6 in 2000 and to 1.9 in 2010. The results are expected to contribute to reasonable fisheries stock management of the small yellow croaker drift gillnet fishery.

• Asian Journal of Innovation and Policy
• /
• v.4 no.2
• /
• pp.200-216
• /
• 2015

This paper empirically investigates the role of R&D intensity on market concentration of firms using four key market valuation variables, namely (1) market share, (2) labor intensity, (3) firm age and, (4) firm's market value. The empirical tests use database at firm level for the Indian IT sector from 1999 to 2013 from the CMIE Prowess database. The results of the regression analyses partially support our hypothesis that R&D intensity positively influences firm's market value measure by the H-index. The test results are consistent with the hypotheses that R&D spending is more valuable for firms with larger market shares, higher labor intensity, and firms that are diversified.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.66
• /
• pp.263-284
• /
• 2015

This study has analyzed the efficiency of 10 leading global shipping companies listed in the New York Stock Exchange from2010 to 2014 in order to find the changes of the productivity of shipping industry. The paper observed the Malmquist Productivity Index by using Efficiency and Productivity Analysis System Version 1.0. The data used in this study is the Guggenheim Shipping ETF mainly including the companies of shipping, management, and shipbuilding areas. The results from this statistical analysis indicate that the 10 selected companies have experienced a severely negative growth in 2010. Nevertheless, these companies have accomplished a significant growth of productivity. In particular, the energy transport companies operating Tanker and LNG ships carried out remarkable growth. The reason why the productivity of liner shipping companies did not show the improvement of productivity for five years was attributed to the fact that the P3(Project 3) or M2(Maersk-MSC) including Maersk, MSC, and CMA-CGM were excluded in this research because of the difficulty of attaining reliable source data. The method of this study could be extended to Korean shipping corporations and other global airlines to investigate a changes of certain industries.

• Journal of Korea Society of Digital Industry and Information Management
• /
• v.6 no.3
• /
• pp.211-219
• /
• 2010

This paper designs the dynamic symbol automatic trading system in Korean option market. This system is based on Multichart program which is convenient and efficient system trading tool. But the Multichart has an important restriction which has only one constant symbol per chart. This restriction causes very useful strategies impossible. The proposed design uses global variables, signal chart selection and position order exchange. So an automatic trading system with dynamic symbol works on Multichart program. To verify the proposed system, BS(Buythensell)-SB(Sellthenbuy) strategies are tested which uses the change of open-interest of stock index futures within a day. These strategies buy both call and put option in ATM at start candle and liquidate all at 12 o'clock and then sell both call and put option in ATM at 12 o'clock and also liquidate all at 14:40. From 23 March 2009 to 31 May 2010, 301-trading days, is adopted for experiment. As a result, the average daily profit rate of this simple strategies riches 1.09%. This profit rate is up to eight times of commision price which is 0.15 % per option trade. If the method which raises the profitable rate of wining trade or lower commission than 0.15% is found, these strategies make fascinated lossless trading system which is based on the proposed dynamic symbol automatic trading system.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.16 no.6
• /
• pp.31-42
• /
• 2021

The importance of startups and ventures in the Korean economy is growing. This study measured whether the start-up and venture ecosystem is growing, including the growth of startups and ventures. The startup and venture ecosystem consists of startups and ventures, investors, and government, which are the main actors of the 'ecosystem', and their movements were measured with 25 quantitative indicators. Based on the original data of the time series from 2010 to 2020, the startup and venture ecosystem index was calculated by applying weights through the comprehensive stock index method and AHP. In 2020, the startup and venture ecosystem grew 2.9 times compared to 2010, and the increase in the government index had a significant impact on growth. Also, the individual indicators that make up each index in 2020, the corporate index had the greatest impact on the growth of the number of 100-billion ventures, while the investment index had a recovery amount and the government index had a significant impact. Based on the original data, the startup and venture ecosystem index was analyzed by dividing it into ecosystems (startup ecosystem and venture ecosystem), industry by industry (all industries and manufacturing industry), and region (Korea and Busan). As a result, the growth of the startup ecosystem over the past decade has been slightly larger than that of the venture ecosystem. The manufacturing was lower than that of all industries, and Busan was lower than that of the nation. This study was intended to use it for the establishment and implementation of support policies by developing, measuring, and monitoring the startup and venture ecosystem index. This index has the advantage of being able to research the interrelationships between major actors, and anyone can calculate the index using the results of official statistical surveys. In the future, it is necessary to continuously update this content to understand how economic and social events or policy support have affected the startup and venture ecosystem.

• Journal of Korean Society of Forest Science
• /
• v.109 no.3
• /
• pp.300-312
• /
• 2020

The growing stocks of young forests that are less than10 years of age have been excluded from the Korean forest resource statistics, despite the existence of standing trees; however, sustainable forest management and carbon removals in the forestry section require complete information regarding forest resources. This study developed a method to estimate the growing stocks for young forests from National Forest Inventory (NFI) data. After reviewing previous research on growth characteristics for young forests, we conducted stem analysis of major species, and examined stand characteristics by site index, based on real yield tables. Our statistical analysis results showed that there were few standing trees with diameters at breast height (DBH) above 6 cm in young stands, and that it would have taken 12 years, on average, to reach 6 cm DBH. This suggests that mean tree height by diameter should be assessed at the root, in order to assess growing stocks for young stands through the NFI. Moreover, the database system should be improved to differentiate tree species, since diverse shrubs, including trees, have been surveyed.

• SUVANNABHUMI
• /
• v.13 no.2
• /
• pp.7-35
• /
• 2021

This research is an attempt to understand the economic and social consequences that are occurring in Indonesia due to the spread of COVID-19. Indonesia, which has maintained solid economic growth since the inauguration of President Jokowi's government, is also experiencing difficulties to deal with unexpected COVID-19 pandemic as the global economic turmoil has had a very significant impact on its economy. The economic impact of COVID-19 can be felt, starting from the phenomenon of panic buying, the free fall of the stock price index, the depreciation of the Rupiah against the Dollar, sluggish activities in the processing industry, and ultimately it has an impact on slowing economic growth. Various policies and measures have been taken by the Indonesian government to minimize the negative impact caused by the COVID-19 pandemic on the economy. One such area is electronic commerce business or e-commerce that witnessed a vast increase of online and non-cash transaction amid rising voices that the country needs to prepare for the advent of a new economic system, the so-called New Normal era. The Covid-19 pandemic will temporarily slow economic growth and delay some development projects and policy initiatives as the Indonesian government diverts capital from infrastructure development to help respond to the crisis. However, the Jokowi administration's efforts for continuous reform are expected to accelerate the transition to the digital economy.