• Management Science and Financial Engineering
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• 제18권2호
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• pp.1-4
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• 2012

We study optimal trading strategy of a market maker with stock inventory. Following Avellaneda and Stoikov (2008), we assume the stock price follows a normal distribution. However, we take a constant expected rate of the stock return and assume that the stock volatility is an inverse function of the stock price level. We show that the optimal bid-ask spread of the market maker is wider for a higher expected rate of stock returns.

• Smart Structures and Systems
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• 제15권3호
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• pp.609-625
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• 2015

Management of infrastructure stock is essential in sustainability of society, and its analysis and optimization are studied in the light of control system modeling in this paper. At the first part of the paper, cost of stock management is analyzed based on macroscopic statistics on infrastructure stock and economical growth. Stock management burden relative to economy is observed to become larger at low economic growth periods in developed economies. Then, control system modeling of stock management is introduced and by augmenting maintenance actions as control input, dynamic behavior of stock is simulated and compared with existing time history statistics. Assuming steady state conditions, applicability of the model to cross sectional data is also demonstrated. The proposed model is enhanced so that both preventive and corrective maintenance can be included as system inputs, i.e., feedforward and feedback control inputs. Optimal management strategy to achieve specified deteriorated stock level with minimal cost, expressed in terms of preventive and corrective maintenance actions, is derived based on estimated parameter values for corrosion of steel bridges. Relative cost effectiveness of preventive maintenance is shown when target deteriorated stock level is lower.

• 한국경영과학회지
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• 제21권3호
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• pp.197-214
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• 1996

Financial analysis of stock data usually involves extensive computation of large amount of time series data sets. To handle the large size of the data sets and complexity of the analyses, database management systems have been increasingly adaopted for efficient management of stock data. Specially, relational database management system is employed more widely due to its simplistic data management approach. However, the normalized two-dimensional tables and the structured query language of the relational system turn out to be less effective than expected in accommodating time series stock data as well as the various computational operations. This paper explores a new data management approach to stock data management on the basis of an object-oriented database management system (ODBMS), and proposes a data model supporting times series data storage and incorporating a set of financial analysis functions. In terms of functional stock data analysis, it specially focuses on a primitive set of operations such as variance of stock data. In accomplishing this, we first point out the problems of a relational approach to the management of stock data and show the strength of the ODBMS. We secondly propose an object model delineating the structural relationships among objects used in the stock data management and behavioral operations involved in the financial analysis. A prototype system is developed using a commercial ODBMS.

• 대한안전경영과학회지
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• 제20권3호
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• pp.37-46
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• 2018

According to enhancement of roles and functions of enterprises' distribution centers, recent trend of distribution centers are specialization and diversification which have generated lots of new distribution center building or expansion of the existing ones and led attention on stock transfer importance in case of distribution center relocation. This thesis is a study for how to reduce stock transfer leadtime in order to minimize business risk and how to increase inventory accuracy when stock ownership is transferred in case of distribution center relocation, and to provide inventory accuracy management methods and inventory in/out management types, detailed definition to evaluate level for inventory accuracy management and pros/cons by inventory in/out management type assuming 'the higher inventory accuracy before stock transfer, the shorter stock transfer leadtime when distribution center is relocated'. This thesis provides detailed procedure to secure an absolute stock transfer leadtime and process to confirm hugh inventory accuracy by stakeholders which should be sloved by Task Force Team for stock transfer in case of distribution center relocation.

• The Journal of Asian Finance, Economics and Business
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• 제5권4호
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• pp.67-72
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• 2018

The purpose of this study is to investigate the effect of quality of management discussion and analysis (MD&A) disclosure on stock price crash risk. The MD&A can be seen to reflect the management's intention on public announcement and reveals directly what the management says to communicate with outside investors. A firm's high-quality MD&A implies the management's commitment to communicating with the market, not allowing the managers to have incentives to hoard unfavorable news, which if revealed to the public, may lead to downward stock price corrections, damaging corporate values. The high-quality MD&A is, thus, likely to reduce the stock price crash risk. We use a logistic regression to test whether MD&A influences crash risk using listed companies in the Korean Stock Exchange (KSE) stock market between 2010 and 2013. Findings of the empirical test show that the higher the quality of MD&A, the less likely crash risk appears, implying that the MD&A disclosed adequately can be one of the factors mitigating firm's stock price crash risk. This study has implications as it presents the MD&A disclosure as a factor influencing stock price crash risk and suggests voluntary disclosure as well as mandatory disclosure acts as a variable that explains the risk of stock price crash.

• The Journal of Asian Finance, Economics and Business
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• 제3권3호
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• pp.57-65
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• 2016

The purpose of this paper is to investigate the volatility of both Islamic and conventional stock market in Indonesia with the aim of identifying the most appropriate model for risk management practice. The study considers GARCH as a genre of model to measure the volatility of stock market movement. The results support the view that each model shows specific volatility from both Islamic and conventional stock market in Indonesia. In Islamic stock market, volatility is affected by exchange rate and money supply (M1) but not interest rate as interest is prohibited in Islam. However, interest rate is found as a principal factor that affects volatility of conventional stock market. The outcomes of this paper are of particular significance to policy makers, as it provides guidelines to maintain economic health. Furthermore, the findings may assist practitioners to understand the consequences of macroeconomic factors such as exchange rate, money supply and interest rate, which are very crucial for the market stability of Indonesian stock market. The paper enhances the understanding of stock market volatility and proposes guidelines risk management practices.

• 한국철도학회:학술대회논문집
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• 한국철도학회 2010년도 춘계학술대회 논문집
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• pp.2179-2194
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• 2010

RAMS is becoming increasingly important in the decision making process for the rolling stock projects in order to improve competitiveness by reducing system life cycle cost while improving reliability, availability, maintainability and safety. In order to apply and manage RAMS of rolling stock systems effectively in the operator perspective, it is essential to integrate and control RAMS systematically from the early stage of rolling stock projects. RAMS management is to implement a RAMS system into rolling stock projects in terms of a rolling stock operator, which presents the strategic directions of RAMS policy, objectives, requirements, control, analysis, measurement and improvement throughout life cycle of rolling stock projects. This article presents a new framework of RAMS management that provides an effective and efficient way for managing RAMS in rolling stock systems in the railway industry.

• The Journal of Asian Finance, Economics and Business
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• 제9권4호
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• pp.325-332
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• 2022

This research aims to examine and assess how management methods, financial conditions, and corporate governance strategies affect stock returns. This study employs a quantitative approach with a population of 1968 firms with stock returns (return) and a sample of 225 companies with corporate governance practices in the manufacturing industry in Indonesia from 2013 to 2018. The findings of this study show that strategic management has a significant impact on stock return, financial condition, and corporate governance strategy. The findings of this study on debt strategy as a proxy for management strategy, debt default as a proxy for economic conditions, corporate governance strategy as a proxy for centralized ownership, and independent commissioners function as a mechanism of internal and external control in increasing stock return for investors all support increasing stock return for investors. The cost reduction strategy includes reducing operating costs unless the audit committee has not yet functioned as an internal control or requirement for a company to be listed with the Financial Services Authority on the Indonesia Stock Exchange.

• 한국컴퓨터정보학회논문지
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• 제16권2호
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• pp.279-288
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• 2011

본 연구는 자동차부품제조업의 전사적 자원관리(ERP : Enterprise Resource Planning)시스템 전체 모듈중 가용재고관리 프로세스에 대한 표준화 모델을 개발한다. 표준화 모델은 중소기업청 및 중소기업기술정보진흥원에서 제시한 정보화구축 개발 방법론에 준하여 단계별 방법론에 따라 시스템이 구축되게 된다. 표준화 모델은 가용 재고관리 프로세스를 위한 발주관리, 입고관리, 출고관리, 재고관리의 프로세스를 표준화 시키고 표준모듈을 개발한다. 본 연구로 ERP시스템 하에서 가용재고관리 프로세스를 구축하고자 하는 제조기업 및 관련 전문 IT업체 들이 표준화된 모듈을 적용하여 시스템을 보다 효과적으로 구축 할 수 있으며, 시스템에 대한 구축 용이성과 신뢰성을 제공한다. 본 연구 결과를 적용함으로써 기업의 원자재 및 제품의 과다보유를 방지하고 적정, 안전재고를 항시 보유할 수 있으며 실시간 재고파악, 고객납기 준수, 과다제품 생산 방지 및 재고비용 절감 등이 가능하다.

• 한국철도학회:학술대회논문집
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• 한국철도학회 2007년도 추계학술대회 논문집
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• pp.167-171
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• 2007

For ensuing rolling stock safety, it is necessary that safety management should be made systematically through its whole life cycle. That is to say, safety management activities for every steps of rolling stock life cycle should be defined, and the roles of managers such as executor, assessor, and certificator should be shared clearly. This paper defines the safety management activities based on IEC 62278, analyzing foreign and domestic safety regulation systems, and suggests the reformed safety management system for rolling stock in Korea