• 기술혁신학회지
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• 제6권3호
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• pp.328-344
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• 2003

This paper is aimed at analyzing the effect of Information Technology (IT) investment on the output growth and Total Factor Productivity (TFP) of Korean stock industry. Data on 24 stock firms for the eleven years (1991-2001) are used for the analysis. It is identified that there are both direct and indirect impacts of IT investment of the Korean stock industry on output growth. The total effect on output growth is 1.34 percentage point per year, which divided into a direct effect of investment in IT on the output growth is 1.97 and an indirect effect on the TFP is -0.63 percentage points per year. Results show that IT investment cannot contribute to increased stock industry productivity. Therefore, the Korean stock industry has not benefited from increased investment on IT in increasing productivity, implying the so-called productivity paradox has existed during the period.

• Asia pacific journal of information systems
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• 제9권3호
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• pp.93-110
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• 1999

The previous studies regarding the stock returns have advocated that industry effects exist over entire industry. As the industry categories are more rigid, the demand for predicting the industry sectors is rapidly increasing. The advances in Artificial Intelligence and Neural Networks suggest the feasibility of a valuable computational model for stock returns prediction. We propose a sector-factor model for predicting the return on industry stock index using neural networks. As a substitute for the traditional models, neural network model may be more accurate and effective alternative when the dynamics between the underlying industry features are not well known or when the industry specific asset pricing equation cannot be solved analytically. To assess the potential value of neural network model, we simulate the resulting network and show that the proposed model can be used successfully for banks and general construction industry. For comparison, we estimate models using traditional statistical method of multiple regression. To illustrate the practical relevance of neural network model, we apply it to the predictions of two industry stock indexes from 1980 to 1995.

• 유통과학연구
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• 제21권9호
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• pp.103-114
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• 2023

Purpose: This paper aims to assess psychological heuristics' effectiveness on cumulative returns after significant stock price changes. Specifically, it compares availability and anchoring heuristics' empirical validity due to conflicting stock return predictions. Research Design, Data, and Methodology: This paper analyzes stock price changes of Korean distribution industry stocks in the KOSPI market from January 2004 to July 2022, where daily fluctuations exceed 10%. It evaluates availability heuristics using daily KOSPI index changes and tests anchoring heuristics using 52-week high and low stock prices as reference points. Results: As a result of the empirical analysis, stock price reversals did not consistently appear alongside changes in the daily KOSPI index. By contrast, stock price drifts consistently appeared around the 52-week highest stock price and 52-week lowest stock price. The result of the multiple regression analysis which controlled for both company-specific and event-specific variables supported the anchoring heuristics. Conclusions: For stocks related to the Korean distribution industry in the KOSPI market, the anchoring heuristics theory provides a consistent explanation for stock returns after large-scale stock price fluctuations that initially appear to be random movements.

• 유통과학연구
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• 제21권5호
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• pp.101-111
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• 2023

Purpose: The purpose of this paper is to examine the effect of the VKOSPI index on short-term stock returns after a large-scale stock price shock of individual stocks of firms in the distribution industry in Korea. Research design, data, and methodology: This study investigates the effect of the change of the VKOSPI index or investor mood on abnormal returns after the event date from January 2004 to July 2022. The significance of the abnormal return, which is obtained by subtracting the rate of return estimated by the market model from the rate of actual return on each trading day after the event date, is determined based on T-test and multifactor regression analysis. Results: In Korea's distribution industry, the simultaneous occurrence of a bad investor mood and a large stock price decline, leads to stock price reversals. Conversely, the simultaneous occurrence of a good investor mood and a large-scale stock price rise leads to stock price drifts. We found that the VKOSPI index has strong explanatory power for these reversals and drifts even after considering both company-specific and event-specific factors. Conclusions: In Korea's distribution industry-related stock market, investors show an asymmetrical behavioral characteristic of overreacting to negative moods and underreacting to positive moods.

• 한국조리학회지
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• 제13권4호
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• pp.293-304
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• 2007

Using the high-pressure heating extraction process suitable for mass-production, crab stock(CS), red crab stock(RCS) and fish stock(FS) were manufactured and their quality and organic features were compared. The results are as follows. In mineral content, the content of essential amino acids, the content of delicious amino acids and preference, CS and RCS were rated higher than FS, and especially RCS had the most abundant essential amino acid content and had the highest rating in organic evaluation. Also, in terms of cost, RCS was more economical than regular CS, which is relatively expensive. Therefore, it is believed that replacing fish bones with RCS in making stock will be more cost-saving and have higher preference.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.99-110
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• 2021

This study aims to examine empirically the industry and economic fundamental factors that affect the stock prices of the leading palm oil company in Indonesia. The dynamics of stock price are analyzed using the autoregressive distribution lag (ARDL) model both for symmetric and asymmetric effects. The data used in this study are monthly data for the period from 2008:01 to 2020:03. In the long run, the company stock price moves in line with the competitor company stock price at the current time. The palm oil price has a positive effect on the stock price. Meanwhile, inflation negatively affects the stock price in the short run. The estimated equilibrium correction coefficient indicates a reasonably quick correction of the distortion of the stock price equilibrium in monthly dynamics. However, fundamental factors have asymmetric effects, especially the response of stock price when these factors decrease rather than increase in the short run. Stock prices that are responsive to declines in fundamental performance should be of particular concern to both investors and management in their strategic decision making. The results of this study will contribute to the enrichment of literature related to stock prices from the viewpoint of economic analysis on firm-level data.

• 복식
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• 제51권2호
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• pp.53-64
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• 2001

The purpose of this study is to create the program for efficient inventory management and reduction, investigating the present conditions and factors of the inventory throughout current apparel industry. The research method applied in this study is to survey 92 domestic companies which were randomly selected with respect to the kinds of goods produced : men′s wear, women′s wear, and unisex wear. The research can be summarized as follows : 1. The seasonal stock rate of current apparel industry was 28.75%, and the rate of men′s wear companies was higher than that of women′s and unisex wear companies. 19.43% of stock cost reflection rate was applied, and the stack cost of men′s and women′s wear companies was higher than that of unisex wear companies. 2. Periodic bargain sale was the most frequently used way of stock clearance, and "uniform price sale"and outlet stores were the second and the third irrespectively. Unisex wear companies appeared to be more enthusiastic in stock clearance than the companies belonging to the other two categories. The main places for the stock clearance were department stores, outlet stores and enterprises specialized in the stock clearance. 3. QR production was proved to be the most commonly adjusted method of stock reduction, and the emphasis on development of new design and the utilization of stock management system through computer network were the next, While unisex wear companies had established the positive policies, men′s wear companies took lukewarm altitudes in every aspect. The companies selling on an order were 18.64%, and unisex wear companies showed the higher rate. The lead-time after QR production was 10.91 days, and it seemed to take more time for men′s wear companies than for women′s and unisex wear companies. The rate of the chance in stock was proved to decrease by 12.94%, and there was found no meaningful difference among the three categories of apparel companies.

• 국제지역연구
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• 제21권1호
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• pp.181-200
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• 2017

본 논문에서는 2006년 초부터 2015년 말까지 우리나라의 산업별 주가지수와 주요화폐의 환율을 이용하여 환율과 환율 변동성이 주가에 미치는 영향을 분석하였다. 주가지수로는 코스피지수와 우리나라의 대표적 산업인 음식료품, 화학, 기계, 전기전자, 종이목재, 전기가스, 운수장비, 은행 주가지수가 사용되었으며 환율의 변화를 보기 위한 주요화폐로서는 미국달러, 일본 엔, 유로, 영국 파운드가 사용되었다. 환율변화에 따른 주가의 반응분석에서는 예상한 바와 같이 전자, 운수장비 산업 주가와 환율은 정(+)의 관계를 나타내었으며 음식료품, 종이목재, 전기가스, 은행 산업의 경우도 예상한 것과 같이 주가와 환율은 부(-)의 관계를 나타냈다. 수출의 비중이 많은 기계 산업은 예상과 달리 부(-)의 반응을 보이는 것으로 나타났다. 화학 산업의 경우는 예상이 어려웠는데 분석결과 주가와 환율은 부(-)의 관계를 보여 주었다. 환율변동성에 대한 주가의 반응 분석에서는 종이목재 산업의 주가가 환율변동성에 부(-)의 반응을 나타냈다. 환율변동성에 대비한 위험관리 비용을 많이 지출하는 기업들이 종이목재산업에 속해 있는 것으로 보인다. 또한 은행산업의 주가도 환율변동성에 부(-)의 반응을 보였는데 이것은 선도환 등 외환 파생상품을 발행하여 수수료 수입이 증가하게 되는 은행산업의 주가는 환율변동성에 정(+)의 반응을 할 것이라는 예상과는 정반대의 결과였다.

• 재무관리논총
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• 제10권1호
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• pp.249-269
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• 2004

Free cash flow is known as a typical type of agency conflict between managers and shareholders in a firm. The insurance industry, which is not growing, is particularly susceptible to such excessive cash flow. We herein investigate the effects of stock ownership plans on reducing agency conflicts. We adopt undistributed cash flow to proxy free cash flow, and size, default risk, group membership, leverage, investment opportunity, and stock options are selected as explanatory variables. We find that stock option plans are effective(at a 10% level) in reducing free cash flow.

• 한국철도학회논문집
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• 제13권5호
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• pp.528-534
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• 2010

신성장이론에서 R&D Stock은 노동과 자본 외에 제3의 생산요소이다. 이 관점에서 R&D Stock은 기존의 자본처럼 비용이 투입되어야만 축적이 가능한 자본의 위치를 차지하게 되며 이것을 지식자본이라고 한다. 이러한 지식자본을 향상시키기 위한 노력이 R&D투자이며 이의 축적이 R&D Stock이다. R&D Stock과 총요소생산 성과의 관계를 추정함으로써 경제성장의 기여도, R&D 투자의 수익률 등을 분석한다. 본 논문에서는 철도 R&D 투자에 대한 R&D Stock을 분석하고 기술수준과 비교 한 결과 R&D Stock이 증가하면 기술수준도 비례적으로 증가되었다. 그리고 GDP에 대한 철도산업의 비중과 전 부문에 대한 철도 R&D Stock 비중을 비교한 결과 철도산업의 비중에 비해 철도 R&D Stock 비중이 상대적으로 작아 지속적인 철도 R&D 투자가 필요함을 알 수 있다.