• Journal of the East Asian Society of Dietary Life
• /
• v.18 no.6
• /
• pp.1072-1080
• /
• 2008

The optimization of the addition ratios of Houttuynia cordata, Saururus chinensis, and Polygonatum odoratum var. pluriflorum hot water extract to Houttuynia cordata beverage was evaluated by applying response surface methodology. The quality characteristics of a selected best product were investigated. Sweet, savory, and fishy taste, and overall acceptability were optimized by response surface methodology using a central composite design. The concentration of effect of Houttuynia cordata, Saururus chinensis, and Polygonatum odoratum var. pluriflorum hot water extract was modeled using an equation. Hot water extracts of Houttuynia cordata ($1.75{\sim}1.89%$), Saururus chinensis ($1.03{\sim}1.04%$), and Polygonatum odoratum var. pluriflorum ($2.17{\sim}2.31%$) represented the optimal concentration conditions to obtain the best taste. The physical and chemical characteristics of the beverage manufactured at optimized conditions were pH 4.18, soluble solids 0.41 $^{\circ}Brix$, total acidity 0.21%, color value ($L^*$ value 40.08, $a^*$ value 4.53, and $b^*$ value 10.69), total polyphenol 54.63 mg/L, and electron donating ability 26.98%.

• Proceedings of the KSR Conference
• /
• 2004.10a
• /
• pp.1731-1736
• /
• 2004

The purpose of this article is to introduce a useful methodology of effective goal-setting for the team-level units. As a way to overcome some common symptoms in terms of Strategic Performance Evaluation System such as lack of knowledge on goal-setting, disconnection of process, problem of judging the degree of difficulty about objectives, limits of staff departments evaluation, fairness and authority of evaluators, weakness in coaching technique, and quantity or figure-oriented evaluation, to name a few, and to seek a more plausible goal-setting methodology, the author suggests a persuasive goal-setting concept: VAR(Value-Added Results). VAR, as the end-results, is the team contributions that add value to the organization, and it results from the team's activities. In addition to these goal-setting technique based on the concept of value-added results, several aspects should be improved for Strategic Performance Evaluation System to be implemented more effectively. They are: 1) shift from MBO to MP & D(Managing Performance & Development), 2) impartial exercise of evaluation authority as a organizational public assets, 3) reinforcement of maternal leadership and servantship instead of paternal leadership, 4) utilization of IT-based evaluation system.

• East Asian Journal of Business Economics (EAJBE)
• /
• v.1 no.1
• /
• pp.8-16
• /
• 2013

Purpose: The objective of this paper is to identify and assess the contribution of budgetary, monetary and institutional shocks affecting the Tunisian economy over the period 1976-2003. The methodology used is vector autoregressive models and structural recent techniques for the analysis of time series related. The empirical results show a significant relationship between the supply shock and institutions on the one hand, and between institutional shocks and economic activity on the other hand. Research Design, Data and Methodology: As part of this section we will try to identify and assess the contribution of various shocks to macroeconomic variables' fluctuations for the Tunisian economy. The study period is: 1976-2003 and observations are annual. Results: The real business cycle theory argues that fluctuations in aggregate economic activity are the result of the interaction of the only real factors namely agents' preferences, technological opportunities, factor endowments and possibly certain institutional constraints. Conclusions: The lowest contribution to the variability of these rights is the monetary shock. As for "civil liberties", the largest share of their variability is the shock relating to the "political rights" during the first four periods .

• Journal of Korea Port Economic Association
• /
• v.20 no.1
• /
• pp.43-55
• /
• 2004

This paper investigates how Japanese economic shocks affect the Korean economy and analyzes the channels through which they are transmitted. Also, the relative importance of domestic and foreign shocks on the dynamics of certain key macro variables is investigated. The techniques of vector autoregression (VAR) are employed to investigate the international transmission of economic disturbances. The VAR methodology is a particularly useful means for characterizing the dynamic relationships among economic variables without imposing certain types of theoretical restrictions. The dynamic effects of Japanese economic shocks on the Korean economy are evaluated by estimating variance decompositions (VDCs) and impulse response functions (IRFs). This study supports the notion of economic dependence of a small open economy such as Korea to a large economy such as Japan.

• International Area Studies Review
• /
• v.13 no.1
• /
• pp.81-102
• /
• 2009

The discussion of the relationship between macro-economic variables is very important research topic. the most economic variables discussed in connection with the liberalization of capital is the exchange rate and stock prices and these two variables have a relationship of mutual influence are identified. However, the results on the time frequency and the time span of a variable appear differently. Therefore, the purpose of this research describes a cause that the result of prior research varied and presents more reliable research methodology. In this research, when the time frequency and span varied, the VAR analysis of the exchange rate and stock prices appeared differently. So, we use the Monte Carlo simulation method in order to performing our purpose. Our research supports the existing research said the ratio that each coefficient VAR model contained 95% confidence interval of estimated coefficient in Monte Carlo simulation is higher when it is applied more the long term and frequent observation.

• The Journal of Industrial Distribution & Business
• /
• v.8 no.1
• /
• pp.5-13
• /
• 2017

Purpose - In this article, a dynamic model like a VAR is an appropriate choice for estimating the possible interrelationship between ownership structure and firm performance as a dynamic process. Research design, data, and methodology - Data of this work are collected from Chinese stock exchange including 350 Chinese-listed firms during the period of 1999-2012. We hypothesize that this interrelationship dynamically exists between ownership structure and firm performance. To examine the correlation, a panel Vector Auto-regression (PVAR) approach generated by GMM method is utilized to test the possible dynamic relation embedded in corporate governance. Another two dynamic analysis solutions such as orthogonalized impulse-response function and variance decomposition are also used simultaneously. Results - Findings of this study indicate the evidence that dynamically endogenous relationship exists between ownership structure and firm performance. Further, there is a dynamical correlation between investment and performance. Impulse response and variance decomposition illustrate that impact of a shock to variables themselves is the main source for their variability. Conclusions - The conclusion in this study is that there is a bidirectional and inter-temporal effect between proportion of ownership and corporate performance for a long run in accordance with impulse response function. Overall, our results suggest that corporate governance in China is more market oriented.

• Journal of the Korean Data and Information Science Society
• /
• v.17 no.1
• /
• pp.63-76
• /
• 2006

Marine production forecasting in fisheries is a crucial factor for managing and maintaining fishery resources. Thus this paper aims to generate a forecasting model of total marine production. The most generally method of time series model is to generate the most optimal single forecasting model. But the method could induce a different forecasting results when it does not properly infer a model To overcome the defect, I am trying to propose a single forecasting through multiple time series model. In other word, by comparing and integrating the output resulted from ARIMA and VAR model (which are typical method in a forecasting methodology), I tried to draw a forecasting. It is expected to produce more stable and delicate forecasting prospect than a single model. Through this, I generated 3 models on a yearly and monthly data basis and then here I present a forecasting from 2006 to 2010 through comparing and integrating 3 models. In conclusion, marine production is expected to show a decreasing tendency for the coming years.

• Journal of Science and Technology Studies
• /
• v.16 no.1
• /
• pp.29-61
• /
• 2016

This paper explains the one of the most problematic factor in the society that leads to social inequality - increase in non-regular work. Theoretically, this expansion of non-regular work can be explained by technologies that are designed to save the labor force, especially since corporations in Korea have strategies to replace the regular workers with temporary workers, to save money. OECD also noted that Korea's income inequality is pretty high in ranking when compared with the rest of the OECD members, and says that globalization and technological innovation are the factors of this problem. To refine the argument, this study also looks at relationship between development made in sciences - which can be stated as a proxy variable to look at the advances made in technology - and expansion of temporary work force by using VAR methodology. Based on the results of this analysis in the future temporary/regular workers ratio started with decline, then turn to rise. These temporary/regular workers ratio sustained growth prediction shows that the expansion of the temporary expansion contributes to instability and social inequality in the labor market and technological change are interrelated.

• Journal of Distribution Science
• /
• v.11 no.10
• /
• pp.63-72
• /
• 2013

Purpose - This study analyzes the relationship and dynamic interactions between stock price index, interest rate, price index, and housing price indices using Korean monthly data from 2000 to 2013, based on a VAR model. This study also examines Granger causal relationships among these variables in order to determine whether the time series of one is useful in forecasting another, or to infer certain types of causal dependency between stochastic variables. Research design, data, and methodology - We used Korean monthly data for all variables from 2000: M1 to 2013: M3. First, we checked the correlations among different variables. Second, we conducted the Augmented Dickey-Fuller (ADF) test and the co-integration test using the VAR model. Third, we employed Granger Causality tests to quantify the causal effect from time series observations. Fourth, we used the impulse response function and variance decomposition based on the VAR model to examine the dynamic relationships among the variables. Results - First, stock price Granger affects interest rate and all housing price indices. Price index Granger, in turn, affects the stock price and six metropolitan housing price indices. However, none of the Granger variables affect the price index. Therefore, it is the stock markets (and not the housing market) that affects the housing prices. Second, the impulse response tests show that maximum influence on stock price is its own, and though it is influenced a little by interest rate, price index affects it negatively. One standard deviation (S.D.) shock to stock price increases the housing price by 0.08 units after two months, whereas an impulse shock to the interest rate negatively impacts the housing price. Third, the variance decomposition results report that the shock to the stock price accounts for 96% of the variation in the stock price, and the shock to the price index accounts for 2.8% after two periods. In contrast, the shock to the interest rate accounts for 80% of the variation in the interest rate after ten periods; the shock to the stock price accounts for 19% of the variation; however, shock to the price index does not affect the interest rate. The housing price index in 10 periods is explained up to 96.7% by itself, 2.62% by stock price, 0.68% by price index, and 0.04% by interest rate. Therefore, the housing market is explained most by its own variation, whereas the interest rate has little impact on housing price. Conclusions - The results of the study elucidate the relationship and dynamic interactions among stock price index, interest rate, price index, and housing price indices using VAR model. This study could help form the basis for more appropriate economic policies in the future. As the housing market is very important in Korean economy, any changes in house price affect the other markets, thereby resulting in a shock to the entire economy. Therefore, the analysis on the dynamic relationships between the housing market and economic variables will help with the decision making regarding the housing market policy.

• KDI Journal of Economic Policy
• /
• v.39 no.3
• /
• pp.43-62
• /
• 2017

This paper proposes an integrated risk-management framework that includes 1) measuring the risk of credit portfolios, 2) implementing a (macro) stress test, and 3) setting risk limits using the estimated systematic latent factor specific to capture the housing market cycle. To this end, we extract information from a set of real-estate market variables based on the FAVAR methodology proposed by Bernanke, Boivin and Eliasz (2005). Then, we show the method by which the estimated systematic factor is applied to risk management in the housing market in an integrated manner within the Vasicek one-factor credit model. The proposed methodology is well fitted to analyze the risk of slow-moving and low-defaultable forms of capital, such as alternative investments.