• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.39-47
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• 2021

This research aims to confirm if the COVID-19 pandemic has had an impact on existing sectors, and how that affects the Indonesian Stock Exchange (IDX) market returns. The research method used is an event study employing market models in nine sectors of the Exchange with purposive sampling technique, and supported by Ordinary Least Square (OLS) regression. Based on the calculation of abnormal returns in the period of 30 days before up to 30 days after, the financial property, real estate, and construction sector results show a decreased abnormal return value. The infrastructure, utilities, and transportation sectors also show an abnormal return value that tends to be constant, while the abnormal return value increases in other sectors. Judging from the cumulative value of abnormal returns, the most affected sector is financials, followed by the trade, service, and investment sectors. The consumer goods and mining industry sectors are still optimistic, while other sectors show temporary negative sentiment. Overall, the stocks on the Indonesia Stock Exchange (IDX) were affected by the COVID-19 pandemic with a cumulative negative value of the average abnormal return sample. The results using OLS regression also strengthen the relationships between the COVID-19 pandemic, and negative and significant market returns.

• 디지털산업정보학회논문지
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• 제11권3호
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• pp.219-230
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• 2015

It is difficult to make plans about the production schedule and volume of seasonal products due to the huge uncertainty in the prediction of their demands, which is why the amounts of carryover seasonal products increase after the peak season. Traditional models fail to meet the important requirements of production and stock plans related to the enhanced efficiency of logistics system due to the reduced value of carryover products by the disposal based on large discounts and deterioration, which poses considerable difficulties with actual problem solving. This study examined the stages of product storage from the specialized factory warehouses during a low season through the stores and the warehouses of local distribution centers during a high season to stock disposal and carryover product warehouses after a high season. The study developed a model for logistics rationalization plans to minimize carryover products by advance selling new products by subscription during a low season in anticipation of high season demands, increasing the accuracy of demands prediction, and making stable production plans, as well as demonstrated its excellence through numerical analysis.

• 펄프종이기술
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• 제47권1호
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• pp.84-92
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• 2015

Fillers have been used to improve the optical and printing properties and to reduce the production cost while increasing the filler content in paper causes adverse effects on paper strength. In the previous study, it was shown that the thick stock addition of filler can increase the filler content without significantly sacrificing paper strength. This study was carried out to elucidate the effect of the location of starch addition (before or after the filler addition) on handsheet properties and a papermaking process as a part of developing the thick stock loading technology. In addition, effects of dual flow addition of cationic starch were evaluated. It was found that paper strength was superior when cationic starch was added after the filler addition. No adverse effects on optical properties, formation and filler retention were observed. Drainage was a bit slower when starch was added after the filler addition, which shall be resolved with regulating other factors. Dual flow addition of cationic starch before and after filler addition did not show any special advantage.

• 펄프종이기술
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• 제38권1호통권113호
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• pp.9-15
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• 2006

To develop an efficient and cost effective on-line method to determine the stock consistency a study on the relationship between the turbidity and transmittance of stocks and their consistency was carried out using a system consisted of a dynamic drainage jar, pump and turbidometer. Results shooed that the wavelength of 525 nm was most effective for measuring turbidity. As the consistency increases the turbidity increases, and their relationship can be depicted in the second order equations. On the other hand the relationship between consistency and transmittance can be described in exponential equations. From these equations the consistencies of stock samples can be determined using the measured values of turbidity or transmittance.

• 펄프종이기술
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• 제38권1호통권113호
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• pp.54-61
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• 2006

Basically corrugated board is composed of three layers of different basis weight and stock composition. Warp is well-known for one of the most important problems of corrugated board production. Warp is caused by difference of hygro-expansibility of linears between top and bottom. This research was performed to evaluate the effect of paper properties on the warp of corrugated board. To evaluate warp, dynamic expansion properties of paper was tested using DPM(dynamic penetration measuring system). The effects of sizing, stock composition and wet-pressing on dynamic expansion properties were also evaluated. Commercial base papers showed different dynamic expansion property depending on stock composition and papermaking operation. Sizing treatment decreased and wet-pressing increased the amount of dynamic expansion. To reduce warp of corrugated board, management of dynamic expansion of base papers should be controlled by manipulating moisture, heat and tension, using a variety of adjustments available on the corrugator.

• The Journal of Asian Finance, Economics and Business
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• 제5권2호
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• pp.43-51
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• 2018

We study the impact of economic policy uncertainty (EPU) of Asian four countries such as Korea, Japan, Hong Kong, and China on housing market returns in Korea. Also, we document the relationship between the EPU index of those four countries and the housing market including macroeconomic indicators in Korea. The EPU index of those four countries has significantly a negative effect on the housing purchase price index, housing lease price index in Korea. The EPU index in Korea and Japan has significantly a negative effect on the CPI. The EPU index in only Japan has significantly a negative effect on the PPI. The EPU index in Hong Kong and Korea has significantly a negative effect but the EPU index in China significantly has a positive effect on the stock price index in construction industry. The EPU index in only Korea has significantly a negative effect the stock price index in banking industry. This study shows the EPU index of the Korea has the negative relationships on the housing market economy rather than other countries by VECM. And this study has an important evidence of the spillover of several macroeconomic indicators in Korea for the EPU index of the Asian four countries.

• 한국펄프종이공학회:학술대회논문집
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• 한국펄프종이공학회 2006년도 PAN PACIFIC CONFERENCE vol.1
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• pp.129-136
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• 2006

Although cleaner and cheaper deinking of ONP could be performed at the neutral or low alkaline condition excessive loss from froth-flotation is unavoidable and so reduction of alkali or caustic soda dosage sacrifices recycling yield. Now the new trade-off regarding alkali dosage versus flotation yield is urgently required in order to set the optimized neutral or low alkaline deinking process of ONP. Lipase from Thermomyces Lanuginosus has an effect on desizing and deacetylation reaction and it could be applied to the stock of pre flotation secondary stage in order to reduce the flotation reject without the sacrifice of optical properties of flotation accepts. Instead of inorganic base, lipase could be applied as a biochemical catalyst for the selective modification of valuable hydrophobic particles in deinking stock, for example cellulose fines and inorganic fillers covered by hydrophobic additives or contaminants. When the enzymatic hydrolysis of ester bond could be made on the surface of hydrophobic particulates, unwanted float of fine particles could be prevented. Now the enhancement of flotation selectivity or the modification of the hydrophobicity of deinking stock is expected to be promoted by the enzymatic pre treatment. And the reduction of recycling cost with the saves of raw material, recovered paper would be possible as a result.

• 펄프종이기술
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• 제35권2호
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• pp.18-25
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• 2003

The adsorption of co-cationic dual polymer system was investigated as was the fiber dispersion stability of a paper stock suspension. Polyaluminum chloride(PAC) and polyamidoamine epichlorohy-drin(PAE) polymers were used as wet-end additives. The adsorbed amounts of PAE polymer in a wet stock were measured by using polyelectrolytic PCD titration. The sheet forming experiments were carried out in a standard handsheet machine. Fiber dispersion stability and relative retention were evaluated in terms of M/K non-uniformity index and sheet basis weight, respectively. The PAE polymer adsorption of Langmuir-isothermal type decreased with increasing PAC addition level. The combination of the two cationic polymers presumably exerts a site-blocking effect by the low molecular weight PAC which gives a partial charge neutralization at a minimum level of addition. From a thermodynamic view point of PAE adsorption, an increase in adsorption entropy and a decrease in train number suggests that the PAR polymer has an extended conformation structure that potentially leads to an enhancement of the fiber dispersion stability. This conclusion is supported by handsheet experiments that examined the PAC-PAE dual polymer effects on the sheet formation and retention.

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.287-292
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• 2021

The article analyzes the impact of capital structure on the firm value of chemical companies listed on the stock market of Vietnam. Data was collected from the financial statements of 23 chemical firms listed on the Vietnam stock market from 2012 to 2019. Quantitative research method with regression model according to OLS, FEM, REM method is used; FGLS method is used to overcome the model's defects. In this research, firm value (Tobin's Q) is a dependent variable. Capital structure (DA), Return on assets (ROA), Asset turnover (AT), fixed assets (TANG), Solvency (CR), Firm size (SZ), Firm Age (AGE), and revenue growth rate (GR) are independent variables in the study. The analysis results show that the capital structure of firms in the chemical industry listed on the Vietnam stock market has an inverse correlation with firm value. Besides, firms with greater asset turnover, business size, and number of years of operation have lower firm value. This article helps corporate executives improve corporate value by adjusting their capital structure properly. Chemical firms adjusted their capital structure in the direction of gradually decreasing the debt ratio and gradually increasing equity. Firms use high debt, which has the effect of reducing the firm value of firms in the chemical industry.

• 지능정보연구
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• 제21권4호
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• pp.37-51
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• 2015

인터넷 기술의 발전과 인터넷 상 데이터의 급속한 증가로 인해 데이터의 활용 목적에 적합한 분석방안 연구들이 활발히 진행되고 있다. 최근에는 텍스트 마이닝 기법의 활용에 대한 연구들이 이루어지고 있으며, 특히 문서 내 텍스트를 기반으로 문장이나 어휘의 긍정, 부정과 같은 극성 분포에 따라 의견을 스코어링(scoring)하는 감성분석과 관련된 연구들도 다수 이루어지고 있다. 이러한 연구의 연장선상에서, 본 연구는 인터넷 상의 특정 기업에 대한 뉴스 데이터를 수집하여 이들의 감성분석을 실시함으로써 주가의 등락에 대한 예측을 시도하였다. 개별 기업의 뉴스 정보는 해당 기업의 주가에 영향을 미치는 요인으로, 적절한 데이터 분석을 통해 주가 변동 예측에 유용하게 활용될 수 있을 것으로 기대된다. 따라서 본 연구에서는 개별 기업의 온라인 뉴스 데이터에 대한 감성분석을 바탕으로 개별 기업의 주가 변화 예측을 꾀하였다. 이를 위해, KOSPI200의 상위 종목들을 분석 대상으로 선정하여 국내 대표적 검색 포털 서비스인 네이버에서 약 2년간 발생된 개별 기업의 뉴스 데이터를 수집 분석하였다. 기업별 경영 활동 영역에 따라 기업 온라인 뉴스에 나타나는 어휘의 상이함을 고려하여 각 개별 기업의 어휘사전을 구축하여 분석에 활용함으로써 감성분석의 성능 향상을 도모하였다. 분석결과, 기업별 일간 주가 등락여부에 대한 예측 정확도는 상이했으며 평균적으로 약 56%의 예측률을 보였다. 산업 구분에 따른 주가 예측 정확도를 통하여 '에너지/화학', '생활소비재', '경기소비재'의 산업군이 상대적으로 높은 주가 예측 정확도를 보임을 확인하였으며, '정보기술'과 '조선/운송' 산업군은 주가 예측 정확도가 낮은 것으로 확인되었다. 본 논문은 온라인 뉴스 정보를 활용한 기업의 어휘사전 구축을 통해 개별 기업의 주가 등락 예측에 대한 분석을 수행하였으며, 향후 감성사전 구축 시 불필요한 어휘가 추가되는 문제점을 보완한 연구 수행을 통하여 주가 예측 정확도를 높이는 방안을 모색할 수 있을 것이다.