• 아태비즈니스연구
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• 제15권2호
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• pp.207-222
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• 2024

Purpose - This study investigates whether the lagged price difference ratio between preferred and common stocks is related to the return and closing price of the preferred stock using three panel models. Design/methodology/approach - As a first step, we use a two-way fixed effect panel model with stationary preferred stock returns as a dependent variable. For robustness, we then apply the autoregressive distributed lag model (ARDL) and error correction model (ECM) with nonstationary closing prices of the preferred stocks as a dependent variable and compare the results of each model. The ARDL and ECM models provide an advantage of estimating a long-run equilibrium equation together if a long-run relationship exists between the two time-series variables compared to the fixed effect model. Findings - Our sample consists of 107 preferred stocks with at least four years of daily observations as of the end of December 2023. The coefficients of the error correction terms in the ARDL and ECM models are highly statistically significant, approximately -0.08. This indicates that the disequilibrium between the closing prices of common and preferred stocks adjusts by about 8% per day toward equilibrium. In all three models, the price difference ratio on day t-1 was statistically significant in explaining the preferred stock returns or closing prices on day t, implying that trading based on the previous day's price difference ratio is effective for one day. Research implications or Originality - Furthermore, the returns on preferred stocks are higher for firms with a lower proportion of foreign investors or a lower foreign market capitalization of preferred stocks. This suggests that foreign investors with informational advantages do not actively engage in profit-taking by trading preferred stocks, thus not narrowing the price difference. In summary, the recent surge in preferred stock prices is likely driven mainly by the irrational behavior of retail investors.

• 수산경영론집
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• 제51권4호
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• pp.19-45
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• 2020

This study is to evaluate economic effect of the creation project of snow crab, Chionoecetes opilio, spawning and habitat ground in Uljin and Youngdeok county. The main results of this study are summarized as follows: first, 14,400 million won was invested in the creation project cost of Chionoecetes opilio spawning and habitat ground of Uljin and Youngdeok County from 2015 to 2020. Second, the creation project of Chionoecetes opilio spawning and habitat ground directly provides fishing benefits, festival benefits, research and development benefits and employment benefits. Third, on the basis of above benefits, the creation project of Chionoecetes opilio spawning and habitat ground has net present value of 29,900.53 million won, internal rate of return 16.9%, and benefit-cost of 2.91 under a 4.5% social discount rate. Also, the creation project creates 195 jobs. This indicates that the creation project of Chionoecetes opilio spawning and habitat ground not only contributes to the increase in the income of coastal fishery and fishing villages but also to the job making. The result of this study provides useful information to policy makers or project managers as it shows that the project to create spawning and habitat ground should be carried out in consideration of the resource and biological characteristics of individual fish and that economic assessment logic should also be developed based on this. Also, it proves that the project to create a snow crab spawning and habitat ground is a national and local infrastructure project that increases the actual fishing income in the region. At the same time, it maintains the reproducibility function of most fish species, along with enhancing the people's benefits such as fishing village tourism and marine product consumption. Moreover, it provides useful information on budgeting for the continuous development of snow crab spawning and habitat ground in the mid to long-term.

• Strategy21
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• 통권42호
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• pp.224-257
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• 2017

As the Trump administration withdraws the Paris Climate Agreement and shows its antipathy toward free trade, the U.S.'s soft power is most likely to weaken and its behaviors could be perceived as acts to surrender the U.S. hegemonic leadership in the world stage. Hegemonic stability theory notes that the existence of a hegemonic power contributes to international stability in the sense that it provides international public goods. A lack of the U.S's leadership in international politics, however, could be recognized as its denial of a hegemonic status. Is it intentional or accidental? The U.S's denial of hegemonic roles is the byproduct of the Trump administration's "American First" policy, not the showcase of its intention to transit hegemony to others. What is noteworthy is that China targets a niche market of hegemony as the U.S. denies its roles as the international leader. Put it another way, China attempts to ride hegemony for free when the U.S. denies its hegemonic roles accidentally. Faced with a niche market of hegemony, China has begun to accelerate its national strategy to make "Chinese Dream" come true. To that end, China promised again to keep the Paris Climate Agreement and attempts to play more active its roles in Shanghai Cooperation Organization(SCO), Asia Infra Investment Bank(AIIB), and "One Belt, One Road". Despite all these efforts, the U.S. is most likely to withdraw its denial of hegemony any time soon. The U.S's resumption of Freedom of Navigation Operations(FONOPs) could be a precursor of the return to a hegemonic power's willingness. In this vein, it is noteworthy that the South China Sea serves as a quasi-war zone for hegemonic conflict.

• 한국전자파학회논문지
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• 제11권2호
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• pp.143-150
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• 2000

본 논분에서는 시간영역 유한 차분법을 이용하여 마이크로스트립 안테나의 급전홈에 대한 최적 크기를 제시 하였다. 먼저 여러 모양과 형태의 급전홈을 가지는 마이크로스트립 안테나의 반사손실을 주어진 주파수와 기판에 대하여 수치 해석적으로 계산 하였다. 다음으로 주어진 조건에 대하여 반복 계산 과정을 통하여 최적의 급전홈의 크기름 제시하였다. 그 결과 안테나의 너비가 안테나 길이의 0.78배일 경우에 급전홈의 최적 폭은 50Q 급 전선로 폭의 약 0.42배임을 알았고. 급전홈의 최적 길이는 안테나 패치 길이의 약 0.36배 임을 알 수 있었다. 이 결과는 여러 형태의 급전홈을 갖는 마이크로스트립 안테나를 제작하여 측정함으로써 검증되었다. 또한 급전홈의 최적의 크기는 주파수, 안테나 기판의 높이, 유전율에 대하여 영향 받지 않음을 알 수 있었다.

• 아태비즈니스연구
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• 제10권4호
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• pp.205-221
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• 2019

The purpose of this research is to investigate the effect of cash holdings on firm value in export companies. To investigate this effect, we analyzed 5,386 samples drawn from export companies listed in the KOSDAQ from 2011 to 2018. During this period, the International Financial reporting Standards have been employed. The research results are as follows. First, the results of a T-test showed that the level of the firm value of export companies with high levels of cash holdings is significantly higher than that of those with low levels of cash holdings. In addition, the level of the firm value of export companies with higher levels of cash holdings than in the previous year is higher than the level might otherwise be. Furthermore, the effects of cash holdings on firm value are similar to those on return on asset. These results suggested that export companies have little used a way of increasing their debt levels in order to increase cash holdings. Second, the results of a multivariate regression analysis presented that the cash holdings of export companies in listed the KOSDAQ significantly influence their firm value. Moreover, a higher level of cash holdings than in the previous year significantly affect firm value. These results proposed that making higher cash holdings than in the previous year might be useful in enhancing firm value. We found that export companies efforts to increase cash holdings positively influence changes in firm value. We also found that Korean export companies maintain their financial stability by obtaining sufficient liquidity specifically in a high uncertainty era like the recent time. We finally firmed an effort to maintain cash holdings as a reasonable choice for export companies.

• 아태비즈니스연구
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• 제13권3호
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• pp.183-208
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• 2022

Purpose - The main purpose of this study is to widely investigate the impact of recent pandemic crises on the synchronization of the world capital markets through 25 stock indices from major developed countries. Design/methodology/approach - This study collects 25 stock indices from major developed countries and the time period is between January 5, 2001 and February 24, 2022. The data sets used in the study include finance.yahoo.com and Investing.com.. The Granger causality analysis, unit-root test, VAR analysis, and forecasting error variance decomposition were hired in order to analyze the data. Findings - First, there are significant inter-relations among 25 countries around recent major pandemic crises(such as SARS, A(H1N1), MERS, and COVID19), which is consistent result with previous literature. Second, COVID19 shows much stronger impact on the world-wide synchronization than other pandemics. Third, the return volatility of each stock market varies, unit root tests show that daily stock index data are unstable while daily stock index returns are stable, and VAR(Vector Auto Regression) analyses presents significant inter-relations among 25 capital markets. Fourth, from the impulse response function analyses, we find that each market affects the other markets for short term periods, about 2~4 days, and no long term effect was not found. Fifth, Granger causality tests show one-side or two-sides synchronization between capital markets and we estimate, through forecasting error variance decomposition method, that the explanatory portions of each capital market on other markets vary from 10 to 80%. Research implications or Originality - The above results all together show that pandemic crises have strong effects on the synchronization of world capital markets and imply that these synchronizations should be carefully considered both in the investment decisions by individual investors and in the financial and economic policies by governments.

• 한국수소및신에너지학회논문집
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• 제22권1호
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• pp.118-127
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• 2011

An IGCC was evaluated as one of the next generation technologies that would be able to substitute for coal-fired power plants. According to "The 4th Basic Plan of Long-term Electricity Supply & Demand" which is developed by the Electricity Business Acts, the first IGCC will be operated at 2015. Like other new and renewable energy such as solar PV, Fuel cell, The IGCC is considered as non-competitive generation technology because it is not maturity technology. Before the commercial operation of an IGCC in our electricity market, its economic feasibility under the Korean electricity market, which is cost-based trading system, is studied to find out institutional support system. The results of feasibility summarized that under the current electricity trading system, if the IGCC is considered like a conventional plant such as nuclear or coal-fired power plants, it will not be expected that its investment will be recouped within life-time. The reason is that the availability of an IGCC will plummet since 2016 when several nuclear and coal-fired power plants will be constructed additionally. To ensure the reasonable return on investment (NPV>0 IRR>Discount rate), the availability of IGCC should be higher than 77%. To do so, the current electricity trading system is amended that the IGCC generator must be considered as renewable generators to set up Price Setting Schedule and it should be considered as pick load generators, not Genco's coal fired-generators, in the Settlement Payment.

• 철학연구
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• 제143권
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• pp.87-118
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• 2017

이 논문에서 필자는 피터 싱어의 인간 개념에서 발견되는 몇 가지 이론적인 모순점들을 보여줄 것이다. 싱어는 인간을 한편으로는 자연에 종속된 존재로 간주하면서 다른 한편으로는 초월적인 존재로 간주한다. 이것이 그의 인간개념의 첫 번째 비일관성이다. 그의 두 번째 비일관성은 이성의 능력에 대한 그의 입장과 관련되어 있다. 그는 이성의 능력이 진화의 산물이라고 믿으면서 동시에 이성능력은 진화의 맹목성에 저항할 수 있는 능력이라고 믿기도 한다. 세 번째로, 인간의 도덕능력에 대한 평가에 있어서도 그는 모순적인 태도를 노출하고 있다. 이 세 가지 모순들을 고려한다면, 싱어는 인간과 동물 간에는 질적인 차이가 없다는 자신의 주장을 증명하지 못했다는 사실이 분명해진다. 싱어의 이론이 대중들의 호응을 얻고 있음에도 불구하고, 필자는 그의 동물해방론의 이론적 기초가 꽤나 허약하다고 생각한다. 필자가 싱어 이론의 약점을 드러내는 이유는 인간이 동물을 무자비하게 다루는 관행으로 로 되돌아가기 위함이 아니라, 동물복지의 미명하에서 인간의 존엄성을 파괴하는 것이 잘못임을 보이기 위함이다.

• 한국조리학회지
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• 제22권3호
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• pp.212-223
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• 2016

본 연구의 목적은 거시경제변수의 수익률 및 변동성이 호텔 레저 주가지수 수익률 및 변동성에 대해 정보이전효과가 존재하는 지에 대해 알아보는 것이다. 실증분석을 위해 2000년 1월 4일부터 2015년 12월 31일까지 자료가 사용되었다. 연구의 주요 결과는 다음과 같다. 첫째, 시간가변 AR(1)-GARCH(1,1) 모형을 이용하여 분석한 결과, 거시경제변수으로부터 호텔 레저 주가지수로 수익률 및 변동성의 이전효과는 통계적으로 존재하지 않는 것으로 나타났다. 둘째, 환율(KOSPI)과 호텔 레저 주가지수의 수익률 간에는 음(양)의 관계를 가지는 것으로 나타났다. 마지막으로 원유(금리)와 호텔 레저 주가지수의 변동성 간에는 양(음)의 관계를 가지는 것으로 관측되었다.

• 산업경영시스템학회지
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• 제39권2호
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• pp.28-36
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• 2016

Recently, owing to the development of ICT industry and wide spread of smart phone, the number of people who use car sharing service are increased rapidly. Currently two-way car sharing system with same rental and return locations are mainly operated since this system can be easily implemented and maintained. Currently the demand of one-way car sharing service has increase explosively. But this system have several obstacle in operation, especially, vehicle stock imbalance issues which invoke vehicle relocation. Hence in this study, we present an optimization approach to depot location and relocation policy in one-way car sharing systems. At first, we modelled as mixed-integer programming models whose objective is to maximize the profits of a car sharing organization considering all the revenues and costs involved and several constraints of relocation policy. And to solve this problem efficiently, we proposed a new method based on particle swarm optimization, which is one of powerful meta-heuristic method. The practical usefulness of the approach is illustrated with a case study involving satellite cities in Seoul Metrolitan Area including several candidate area where this kind systems have not been installed yet and already operating area. Our proposed approach produced plausible solutions with rapid computational time and a little deviation from optimal solution obtained by CPLEX Optimizer. Also we can find that particle swarm optimization method can be used as efficient method with various constraints. Hence based on this results, we can grasp a clear insight into the impact of depot location and relocation policy schemes on the profitability of such systems.