• Journal of Distribution Science
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• v.12 no.1
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• pp.35-46
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• 2014

Purpose - This Study aims to promote technology transfer commercialization and ultimately make contribution towards enhancement of the success rate of commercialization of technology transfer at national level by deducing the factors that impart influence on the negotiation at the time of technology trading between the seller and buyer of technology of public research institutions subjected to transfer and sales. Research design, data and methodology - This Study deduced 5 research hypotheses through preceding researches related to technology transfer commercialization related technology marketing for technology trading negotiation. This Study was conducted by verifying the hypotheses through multiple regression analysis. Results - As the result of the Study, the research hypothesis H1, 'Promotion of commercialization of technology transfer trading will be affected in accordance with the innate characteristic factors of the technology', and H5, 'Promotion of commercialization of technology transfer trading will be affected in accordance with the mutual factors of the parties of the technology trading', among the 5 research hypotheses were chosen. Conclusions - It was found that the technology seller must be able to demonstrate technological value of the technology being sold in order to successfully conclude technology transfer trading negotiation and mutual understanding and harmonious communication between the parties.

• Journal of Korea Society of Digital Industry and Information Management
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• v.6 no.3
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• pp.211-219
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• 2010

This paper designs the dynamic symbol automatic trading system in Korean option market. This system is based on Multichart program which is convenient and efficient system trading tool. But the Multichart has an important restriction which has only one constant symbol per chart. This restriction causes very useful strategies impossible. The proposed design uses global variables, signal chart selection and position order exchange. So an automatic trading system with dynamic symbol works on Multichart program. To verify the proposed system, BS(Buythensell)-SB(Sellthenbuy) strategies are tested which uses the change of open-interest of stock index futures within a day. These strategies buy both call and put option in ATM at start candle and liquidate all at 12 o'clock and then sell both call and put option in ATM at 12 o'clock and also liquidate all at 14:40. From 23 March 2009 to 31 May 2010, 301-trading days, is adopted for experiment. As a result, the average daily profit rate of this simple strategies riches 1.09%. This profit rate is up to eight times of commision price which is 0.15 % per option trade. If the method which raises the profitable rate of wining trade or lower commission than 0.15% is found, these strategies make fascinated lossless trading system which is based on the proposed dynamic symbol automatic trading system.

• Journal of Multimedia Information System
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• v.4 no.4
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• pp.271-278
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• 2017

There has been an influx of traders and researchers eager to gain a better understanding of the market due to the rapid growth of the FOREX market. Traders with varying degree of experience are also often inundated with information, analysis methods as well as trading rules when making a trading decision on buying/selling a currency exchange pair. Thus, this paper reviews the current computational tools and analysis methods used within the FOREX trading community and proposes the development of a web-based trading platform with e-learning features to support beginners. Novice traders could also benefit from the use of the proposed e-learning trading platform as it helps them gain valuable knowledge and navigate the FOREX market in real-time. Even experienced traders would find it useful as the platform could be used for actual trading and acts as a reference point to understand the reasoning behind the certain technical analysis implementation that are still unclear to them.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.9
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• pp.63-74
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• 2020

This study investigates the behavior of foreign investors in the Stock Exchange of Thailand (SET) in the time of coronavirus disease 2019 (COVID-19) as to whether trading is abnormal, what strategy is followed, whether herd behavior is present, and whether the actions destabilize the market. Foreign investors' trading behavior is measured by net buying volume divided by market capitalization, whereas the stock market behavior is measured by logged return on the SET index portfolio. The data are daily from Tuesday, August 28, 2018, to Monday, May 18, 2020. The study extends the conditional-regression model in an event-study framework and extracts the unobserved abnormal trading behavior using the Kalman filtering technique. It then applies vector autoregressions and impulse responses to test for the investors' chosen strategy, herd behavior, and market destabilization. The results show that foreign investors' abnormal trading volume is negative and significant. An analysis of the abnormal trading volume with stock returns reveals that foreign investors are not positive-feedback investors, but rather, they self-herd. Although foreign investors' abnormal trading does not destabilize the market, it induces stock-return volatility of a similar size to normal trade. The methodology is new; the findings are useful for researchers, local authorities, and investors.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.37 no.4
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• pp.202-211
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• 2014

Pairs trading is a type of arbitrage investment strategy that buys an underpriced security and simultaneously sells an overpriced security. Since the 1980s, investors have recognized pairs trading as a promising arbitrage strategy that pursues absolute returns rather than relative profits. Thus, individual and institutional traders, as well as hedge fund traders in the financial markets, have an interest in developing a pairs trading strategy. This study proposes pairs trading rules (PTRs) created from a price ratio between securities (i.e., stock index futures) using rough set analysis. The price ratio involves calculating the closing price of one security and dividing it by the closing price of another security and generating Buy or Sell signals according to whether the ratio is increasing or decreasing. In this empirical study, we generate PTRs through rough set analysis applied to various technical indicators derived from the price ratio between KOSPI 200 and S&P 500 index futures. The proposed trading rules for pairs trading indicate high profits in the futures market.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.4
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• pp.1079-1090
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• 2021

This study examines the influence of individual investors' sentiment on Japanese IPO aftermarket performance (measured by return and trading volume on the first trading day and return on the first trading year). This study proposes that IPOs will be, on average overpriced on the listing day when individual investors' sentiment is highly optimistic. Higher initial return and trading volume are expected in IPOs with higher investors' optimism. Further, the positive initial return will occur in the short term as individual investors usually are uninformed investors who demand shares based on their personal preferences, which will last only in a short period. Following the overvaluation hypothesis, price reversals should be predicted once the effect of individual investors' optimism has disappeared, causing the IPOs to underperform in the long term. Using 520 Japanese IPOs issued from January 2010 to December 2019, this study reveals that individual investors' sentiment is positively and significantly related to returns and trading volume on the first trading day. Return reversals are found on the first trading year despite the insignificant influence of individual investors' sentiment on IPO return on the first trading year.

• Journal of Korean Society for Atmospheric Environment
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• v.21 no.6
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• pp.561-571
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• 2005

To introduce an emissions trading system for GHG that currently have no reduction requirements, the following should be considered as priorities: eliciting the participation of the industrial sector and linking GHG emission trading systems to the emissions trading system (implemented from July 2007) that has become part of national policy with the enactment of the Special Act. Two directions can serve as viable alternatives in that regard. One is a baseline-and-credit method based on incentive auctioning. This has the advantage of inducing participation through economic incentives without a reductions commitment. The downside of this method is that it requires vast investments, as well as the fact that reaching an agreement between participants and the government to decide an objective baseline is difficult. On the other hand, the cap-and-trade method set forth in the Special Act is attractive in that it can be integrated with the air pollutant emissions trading system, but it would be difficult to elicit the participation of the industrial sector in the absence of GHG emission reduction requirements. In the current situation, it would be preferable for the government to induce the participation of the industrial sector by devising a wide variety of incentives because taking part in the emissions trading system before reducing GHG emissions offers large incentives through learning by doing. The timing of GHG reduction commitments and emissions trading system implementation may be uncertain but their Implementation will be unavoidable. Thus the government needs to facilitate preparations for emissions trading of GHG in the future and continuously review its operation in integration with the air pollutant emissions trading system to maximize adaptation and teaming by doing effect in the industrial sector.

• The Journal of the Institute of Internet, Broadcasting and Communication
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• v.16 no.3
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• pp.155-161
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• 2016

In current algorithm trading system, general users need to program their algorithms using programing language and APIs provided from financial companies. Therefore, such environment keeps general personal investors away from using algorithm trading. Therefore, this paper focuses on developing user-friendly algorithm trading system which enables general investors to make their own trading algorithms without knowledge on program language and APIs. In the system, investors input their investment criteria through user interface and this automatically creates their own trading algorithms. The proposed system is composed with two parts: server intercommunicating with financial company server to send and to receive financial informations for trading, and client including user convenience-based user interface representing secondary indexes and strategies, and a part generating algorithm. The proposed system performance is proven through simulated-investment in which user sets up his investment strategy, algorithm is generated, and trading is performed based on the algorithm

• Journal of Digital Convergence
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• v.12 no.11
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• pp.557-564
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• 2014

In general, board games are just want to buy a pair of board games to play, but in recent years, a new type of the game - Trading card game (TCG) by the vast number of players, Trading card game with its own custom personal hand gameplay and diversified combination tactics when the game is won a high popularity. And there are a few long Trading card game popularity will continue on to now, the growing popularity of such as the board game market needs will continue to continue.

• Environmental and Resource Economics Review
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• v.21 no.1
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• pp.27-67
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• 2012

This paper analyzed the effect of transaction costs on the prices and trading volumes at the initial stage of emission markets and also examined how the size of the effect differs depending on the characteristics of the transactions. We built trading protocols modeling a recursive process to search the trading partner and make transactions with several behavioral assumptions considering the situations of early markets. The simulations results show that adding transaction costs resulted in reduction of trading volumes. Furthermore, the speed of reduction in trading volume to the increase of transaction costs is higher when there is scale economy. With a certain level of scale economy, the trading volumes abruptly fall down to almost zero as the transaction cost gets over a certain level. This suggests the possibility of a failed market. Since the scale economy is thought to be significant in the early stage of emission trading market, it is desirable to design a trading system that maximizes trading volumes and minimizes unit transaction costs at the outset. One of the alternatives to meet these conditions is to establish a centralized exchange and take measures to increase trading volumes.