• 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.

• Asia-Pacific Journal of Business
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• v.14 no.4
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• pp.431-444
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• 2023

Purpose - This study applies the traditional Structure-Conduct-Performance (SCP) model from industrial organization theory to investigate the relationship between market structure and performance in China's banking industry. Design/methodology/approach - For analysis, financial data from the People's Bank of China's "China Financial Stability Report" and financial reports of 6 state-owned banks and 11 joint-stock banks for the period 2010 to 2021 were collected to create a balanced panel dataset. The study employs panel fixed-effects regression analysis to assess the impact of changes in market structure and ownership structure on performance variables including return on asset, profitability, costs, and non-performing loan ratios. Findings - Empirical findings highlight significant differences in the effects of market structure between state-owned and joint-stock banks. Notably, increased market competition positively correlates with higher profits for state-owned banks and with lower costs for joint-stock banks. Research implications or Originality - State-owned banks demonstrate larger scale and stability, yet they struggle to respond effectively to market shifts. Conversely, joint-stock banks face challenges in raising profitability against competitive pressures. Additionally, the study emphasizes the importance for Chinese banks to strengthen risk management due to the increase of non-performing loans with competition. The results provide insights into reform policies for Chinese banks regarding the involvement of private sector in the context of market liberalization process in China.

• Proceedings of the KSR Conference
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• 2008.11b
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• pp.1661-1667
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• 2008

Recently, a rolling stock has been requiring more efficient manufacturing method than welding for the improved quality and the enhanced fabrication of car body structure. As an alternative, modularization of car body structure is being studied. Accordingly, rolling stock manufacturers need to make it possible to develop a variety of rolling stock vehicles made from modularized sub-blocks in order to meet various customer's demands. The bolt-assembled car body structure for modularization is known to have many advantages over the existing weld-assembled method and is free from the possible welding defects, such as welds between dissimilar metals, crack, deformation and loss of strength. Consequently, we can have the improved overall quality, the reduced man powers for assembly and the satisfied strength of car body structure. The review is about the bolt-assembled car body structure for modularization to assure global competitiveness and an enhanced technique in terms of assembly methodology of car body structure.

• Journal of Environmental Science International
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• v.12 no.11
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• pp.1137-1144
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• 2003

To provide evidence that the changes in oceanic environmental conditions are useful indices for predicting stock structure and distribution of the Pacific saury (Cololabis saira), the body length compositions and catch per unit fishing effort were examined in relation to the sea surface temperature(SST) anomalies in the Tsushima Warm Current(TWC) region. The size of the fish became larger(smaller) than the average in the same size category during the season of higher SST(lower SST) as opposed to the normal SST. The year-to-year changes in body size caused by the changes in the environmental conditions led the stock to be homogeneous during the period of high stock level from the late 1950s to early 1970s and in the 1990s. The changes in body size manifested by higher(lower) occurrence rates of larger (smaller) sized groups in relation to temperature anomalies suggest that the changes in the environmental conditions affect the distribution and the structure of the stock in the TWC region. Therefore, if the SST anomaly derived from satellite data is large enough in the early spring months(Mar. or Apr.), it is possible to predict whether or not sea temperature will be favorable for large sized groups of saury at normal or slightly earlier time of commencement of the fishery in spring(Apr.∼June).

• Journal of the Korean Society for Railway
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• v.12 no.6
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• pp.1049-1058
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• 2009

Korea's Rolling stock workshop were established with the introduction of a railway, and became the center of industrial construction in the modern age of Korea. There still exist a lot of Rolling stock workshop buildings in the Youngsan Rolling stock workshop, the representative case of Korean Rolling stock workshop, and especially the study aims to look into modern architectural properties centered on those well-preserved buildings. Korea's Rolling stock workshop were built considering the proper conditions of location such as the neighboring districts from the port to transport vehicles and materials, the place where railroad lines are centralized, the short returning distance of railroad cars for entry and departure, and had the facility layout according to the order of a working process of vehicles, and the unique structure and the section facade shape with proper functions and sizes according to each purpose. In particular, they actively adopted steel-frame structure and reinforced concrete structure, and came to have the initial characteristics of Korea's modern industrial building which is called the structural transition. Therefore, this study aims to highlight the importance of Rolling stock workshop including the Youngsan Rolling stock workshop as industrial architecture heritage in the modern age of Korea.

• The Korean Journal of Financial Management
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• v.21 no.1
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• pp.183-204
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• 2004

This paper introduces an observable connection structure between stocks in Korean stock market and investigates the formation principles of the observed connection structure between stocks in economic views. Several recent studies have been attempting to explain that the connection structure between stocks is organized by Power-Law distribution, this implies that most stocks have a few links, but only a few stocks have very large number of links. Therefore, we want to investigate the reason about why the connection structure between stocks exhibited by Mantegna's approach is Power-Law distribution. As a result we found that the number of connection between stocks is determined by market factors and specific firm factors among many other factors. In addition, if a stock is more affected by common factors(market) than specific firm factors, the stock has large number of links with other stocks, otherwise more affected by specific firm factors, the stock has a few links.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.10
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• pp.141-148
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• 2020

This paper analyzes factors affecting the debt maturity structure of enterprises listed on the Vietnam stock market. The panel data of research sample includes 549 non-financial listed enterprises on the Vietnam stock market from 2009 to 2019. The Generalized Least Square (GLS) tool is employed to address econometric issues and to improve the accuracy of the regression coefficients. In this research, debt maturity structure is the dependent variable. Capital structures, fixed assets, liquidity, firm size, asset maturity, profitability, corporate income tax, gross domestic product, inflation rate, credit growth scale are independent variables in the study. The model results show, that among the factors affecting the structure of debt maturity, the capital structure, asset structure, and firm size have the highest estimation coefficients, which shows that capital structure, asset structure, and firm size plays an important role in the decision-making process of debt maturity structure. The empirical results show that there are differences in the impact of these factors on the debt maturity structures in state-owned enterprises and non-state enterprises listed on the Vietnam stock market. The findings of this article are useful for business administrators, helping business managers make the right financial decisions to determine the target debt maturity structure in enterprises.

• Journal of Environmental Science International
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• v.10 no.4
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• pp.253-258
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• 2001

A macroeconomic minimodel was simulatedto suggest the public for sustainable us of Nakdong River Basin. The minimodel for the simulation shows the interrelationships between natural environment and economic activity. Topsoil, water, economic assets, and money stock are plotted for 300 years, beginning with 1996 in each simulation. The computer simulation runs suggest that the Nakdong River Basin system in the near future may strongly be influenced by the favorable availability of outside resources, while the economic assets and money stock may be declined by indigenous environmental stock depletion. The simulation run made under the constant decrease in systems purchased inputs with investment ratio of developed country and for sustainable use. The results of simulation shows the recover of natural environment and decrease of economic activity under these condition. Therefore, the economic structure of Nakdong River Basin should be transformed from the present industrial structure to the social-economic structure based on an ecological-recycling concept which depend on renewable resources rather than industrial structural which depend on outside resources.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.9 no.14
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• pp.49-58
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• 1986

Those facts I have studied on the theoretical characteristics of stock price earning ratio related with firm evaluation are as followings. First, I have investigated stock valuation analysis under certainty in view of Miller's, Modigliani's and Linter's theories in Chapter Ⅱ, and it is found that stock valuation under uncertainty to which the basic model of MM theory and the concept of capitalization ratio are applied is the same output, as in the case under certainty. And I have examined the stock valuation of growth corporations in which net investment, total capitals and operating profits are expected. Second, I have reexamined the fact that stock price profits are the erotical indices of firm valuation and the firm valuation on the basis of stock price earning ratio in Chapter III. As a whole, I have surveyed the stock price earning ratio theory of the growth stocks and there have been found some problems as such scholars as Malkiel and others have suggested focusing on the stock price structure of growth stocks. To conclude, there must be incessant efforts for the study of security analysis to make it develop ideally.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.9
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• pp.165-176
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• 2021

The paper has used the Solow-Swan growth model to analyze the long-term impact of credit market development and stock market development on economic growth in Asia from 2000 to 2019. The empirical model is performed with panel cointegration analysis by Common Correlated Effects (CCE) method with cross-sectional dependencies. The results find that there exists a cointegration relationship among stock market, credit market development, and economic growth. These results also show that financial structure improves the exact impact of financial development on economic growth, namely the opposite effect of stock market development and credit market development. Moreover, the Granger causality test reveals a bi-directional relationship between credit market development and economic growth, while only unidirectional causality from stock market development to economic growth for the whole group panel. And it is different for a specific country, according to Kónya's test. The view of the new structuralism does not apply in the Asian financial system when we estimate the Nonlinear Autoregressive Distributed Lag model (NARDL) to analyze the asymmetric relationship between financial structure and economic growth. On the whole, policymakers can draw on the findings to provide policy implications to improve their country's financial system as well as pursue the goal of sustainable economic growth.