• The Journal of Asian Finance, Economics and Business
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• v.8 no.7
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• pp.365-373
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• 2021

This paper investigates the presence of momentum profits in the Saudi stock market. The study applied a quantitative method by utilizing monthly closing prices of 194 listed firms on Tadawal (Saudi Stock Market). The data from January 2010 to February 2019 is taken from the Tadawal market database for analysis. The sample is further divided into two equal sub-samples based on the structural changes that occurred in the Saudi stock market. Moreover, the high- and low-value traded portfolios are also constructed to examine the presence of momentum profits. Sixteen investment strategies are formed for each sample. The results show a very strong presence of momentum profits in the Saudi stock market for the full sample as well as for the sub-samples. The momentum profits are observed for a longer investment horizon. The results confirm that the short or medium-term formation of portfolios produces negative momentum returns for high-value traded stocks. The low-value traded stocks portfolios give similar results to the full sample results in terms of momentum profits. The results suggest that an investor should keep an eye on the past performance of desired stocks for at least three-nine months in which they are willing to invest.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.23-30
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• 2021

The purpose of this study is to compare the level of risk and return of Islamic stocks in the Jakarta Islamic Index (JII) with conventional stocks on the IDX30 in the period from January 2017 to July 2019. The Sharpe ratio method is used to calculate risk and stock returns. The performance of the stock portfolio is measured by comparing the risk premium portfolio with the portfolio risk that is expressed as a standard deviation of the total risk. This study uses secondary data collected by the Indonesia Stock Exchange (IDX), which provides the names of stock issuers included in the JII and IDX30 indices along with their montly closing price. The results of the descriptive analysis show that the JII Sharpe ratio index from January 2017 to July 2019 is from the minimum range of -0.28820 to a maximum range of 0.05622, while the IDX30 Sharpe ratio index from January 2017 to July 2019 is from the minimum range of -0.09290 to the maximum range of 0.17436. The results of inferential analysis using a different test show that there is a significant difference between the Sharpe ratio JII and IDX30 in measuring the performance of the stock portfolio.

• Journal of Ecology and Environment
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• v.38 no.1
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• pp.75-84
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• 2015

Tropical forests play a critical role in mitigating climate change, and therefore, an accurate and precise estimation of tropical forest carbon (C) is needed. However, there are many uncertainties associated with C stock estimation in a tropical forest, mainly due to its large variations in biomass. Hence, we quantified C stocks in an intact lowland mixed dipterocarp forest (MDF) in Brunei, and investigated variations in biomass and topography. Tree, deadwood, and soil C stocks were estimated by using the allometric equation method, the line intersect method, and the sampling method, respectively. Understory vegetation and litter were also sampled. We then analyzed spatial variations in tree and deadwood biomass in relation to topography. The total C stock was 321.4 Mg C $ha^{-1}$, and living biomass, dead organic matter, and soil C stocks accounted for 67%, 11%, and 23%, respectively, of the total. The results reveal that there was a relatively high C stock, even compared to other tropical forests, and that there was no significant relationship between biomass and topography. Our results provide useful reference data and a greater understanding of biomass variations in lowland MDFs, which could be used for greenhouse gas emission-reduction projects.

• Journal of Digital Convergence
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• v.12 no.10
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• pp.179-189
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• 2014

Unlisted stocks, each country applies a systematic evaluation of the proposed regulations and how the objectivity and reliability of the valuation is trying to improve. In the case of Korea, the law relating to the assessment of unlisted stocks of a representative and 'Inheritance and Gift Tax Law' and the majority of the information in accordance with this law is. IFRS to the valuation of securities at fair value, such as unlisted stocks, but with the exception that non-marketable securities, the acquisition cost can be replaced by a well-known professional organizations calculation of the amount of stocks that the rules are followed. Therefore, in this study, together with the other examples given statutory valuation theory or technique has been referred to various valuation models in practice. It is significant to provide data that can be used to present a variety of methods for the valuation of unlisted shares and enable rationalization study. But the limitations of this study, the implication is obtained through a single enterprise, the research will continue to be applied to the case study and plan the future by the various sectors of the corporate scale.

• Asia-Pacific Journal of Business
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• v.11 no.2
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• pp.133-143
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• 2020

Purpose - This study seeks to summarize the tax changes in stock trading and analyze K-OTC stock trading data in 2017 and 2018 to infer the effects of the application of capital gains taxes by individual investors. Design/methodology/approach - This study analyzes the case of the expansion of the 2018 capital gains tax exemption in the K-OTC market, which exempts capital gains tax on the proceeds from the sale of individual investors of certain stocks under the temporary special law. Findings - In the K-OTC market, the amount of transactions has expanded since the capital gains tax exemption in 2018, but the volume of transactions and transaction turnover have decreased. In particular, the result of lower transaction turnover after the expansion is contrary to expectations. To control the macroscopic effects of the stock market, further analyses the transactions of capital gains tax-exempt stocks and non-exempt stocks. The turnover rate of exemption stocks is higher than that of the non-exempt stocks. In the case of transaction turnover, the two results are not consistent. However, the latter result is more meaningful because the comparison of exempt and non-exempt reduces distortion by macro effects. Research implications or Originality - To mitigate the impact of capital gains taxes on stock market, government authorities need to consider the gradual expansion of the scope of taxation, the application of separate taxation in the introduction of capital gains, the reduction tax rate on transfer income of listed shares, and the reduction tax rate on long-term holdings.

• The Journal of the Korea Contents Association
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• v.22 no.8
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• pp.329-338
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• 2022

As the non-face-to-face economic situation developed due to the COVID-19 pandemic, untact stock groups appeared in the stock market. This study proposed the Korea COVID-19 fear index following the spread of infectious diseases in the COVID-19 pandemic situation and analyzed the influence on the untact stock and contact stock returns. The results of the empirical analysis are as follows. First, as a result of the Granger causality analysis using the Korea COVID-19 fear index, significant causality was found in the return of contact stocks such as Korean Air, Hana Tour, CJ CGV, and Paradise. Second, as a result of stock price prediction based on the LSTM model, Kakao, Korean Air, and Naver's prediction performance was high. Third, the investment performances of the Alexander filter entry rule using the predicted stock price were high in Naver futures and Kakao futures. This study can find a difference from previous studies in that it analyzed the influence of the spread of the COVID-19 pandemic on untact and contact stocks in the COVID-19 situation where the non-face-to-face economy is in full swing.

• Journal of Korean Society of Forest Science
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• v.111 no.3
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• pp.365-373
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• 2022

We compared carbon stocks in tree biomass and soils of Quercus acutissima, Q. mongolica, Q. serrata, and Q. variabilis stands. A total of 531 plots (Q. acutissima: 110 plots, Q. mongolica: 177 plots, Q. serrata: 96 plots, Q. variabilis: 148 plots) were examined between 2016 and 2021 to determine the tree biomass and soil carbon stocks throughout the country. The carbon stocks of tree biomass were significantly higher in Q. mongolica (mean stand age, 57 years, 144.9 Mg C ha^-1) than in Q. variabilis (mean stand age, 43 years, 123.7 Mg C ha^-1), Q. serrata (mean stand age, 43 years, 120.1 Mg C ha^-1), and Q. acutissima (mean stand age, 36 years, 113.2 Mg C ha^-1) stands. The soil carbon concentration was significantly higher in Q. mongolica (A: 43.1 mg C g-1) than in Q. serrata (31.0 mg C g-1), Q. variabilis (25.31 mg C g-1), and Q. acutissima (24.4 mg C g-1) stands. The soil carbon stocks were significantly higher in Q. mongolica (116.8 Mg C ha^-1) than in Q. acutissima (49.3 Mg C ha^-1) stands. Total carbon stocks of tree biomass and soil were highest in Q. mongolica (262 Mg C ha^-1), followed by Q. serrata (218 Mg C ha^-1), Q. variabilis (211 Mg C ha^-1), and Q. acutissima (163 Mg C ha^-1) stands. Multiple linear regressions were performed to estimate the total carbon stocks of the four Quercus spp., and results showed that total carbon stocks increased with increasing elevation, mean diameter at breast height, and basal areas. Basal area and elevation of Quercus spp. stands were important explanatory variables based on multiple linear regressions for estimating carbon stocks.

• KDI Journal of Economic Policy
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• v.39 no.3
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• pp.63-98
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• 2017

This paper investigates the sales process of treasury stocks, while most previous research studies treasury stock repurchases. The sales of treasury stocks are an important measure to protect management rights only in Korea, as Korea's laws and systems allow treasury stock sales according to the board's resolution and not by the decisions made at the general shareholders' meetings. The board's resolution, which considers the owner-manager's interest on management rights, can cause damages to small shareholders. Considering (i) the economic characteristics of treasury stocks, (ii) other countries' institutions and experiences, (iii) a theoretical assessment of the possibility of small shareholder losses, and (iv) lessons from Korea's actual instances, Korea's present system should be corrected at least in the mid and long term. Even in the short-term, rules pertaining to sales enacted by the board's resolution inducing small shareholder losses should be overhauled. The autonomous discipline by various stakeholders could be an ideal measure by which to monitor ownermanager's decisions. In addition, temporary intervention measures, such as government examinations, could be implemented to protect small shareholders.

• Tribology and Lubricants
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• v.11 no.2
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• pp.1-7
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• 1995

Viscosity index is an arbitray number used to characterize the variation of lubricant viscosity with respect to temperature. It is well recognized in the oil industry that as refining severity increases, lubricant VI increases. Consequently, VI is often perceived as a measure of lubricant quality. Futhermore, a 95 VI minimum specification is commonly imposed in marketing base stocks. These factors provide the incentitive for this study to carefully analyze VI definition and two component viscosity blending techniques to investigate how they affect VI change, and finally to examine possible avenues to produce 95+VI base stocks by blending sub-95 VI base stocks.

• Tribology and Lubricants
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• v.9 no.2
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• pp.16-21
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• 1993

Alkylbenzenes used as the synthetic lubricant base stocks were composed of the mixture of the various kinds of aromatic hydrocarbons. Their compositions have affected on the quality of synthetic alkylbenzene lubricants. Therefore, the rapid and accurate methods for the composit ional analysis are important. In this study, the compositions of the alkylbenzenes (Hv. LAB, FHv. LAB, Hv, BAB, DAB[HF], DAB[$AlCl_3$]) as synthetic base stocks have been investigated according to six average structural parameters(Tar, Nal, Asub, $\bar{n}$, nb, $T\alpha$) in the view of the molecular structures by $^{13}C-NMR$ spectroscopy. The experimental results of the oxidation $\varepsilon$ thermal stability tests have been related to the results of the molecular structural analysis.