• Proceedings of the KIEE Conference
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• 2005.07a
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• pp.801-803
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• 2005

Fundamentally, success of the competitive electricity market is dependent on efficient market design. However, since electricity incorporates various physical constraints as other commodities, the resource assignment (i.e., dispatch scheduling) is also one of requisites for the successful operation of electricity market. Therefore, efficient dispatch scheduling is an important issue to succeed in the deregulated electricity market and the efficiency of this electricity market may be considerably increased by systematic studies on dispatch scheduling algorithm and corresponding constraints, especially system security. Moreover, contrary to traditional vertically-integrated electric power industry condition, since various decision-makings in deregulated electricity market are directly connected with market participants' benefits, only rational dispatch scheduling algorithm can convince these participants. Therefore, it can provide a basis of grievance prevention. In this paper, we propose an algorithm for security constrained dispatch scheduling with respect to load curtailment. Proposed algorithm decomposes the dispatch problem into a master problem corresponding to basecase optimal power flow (OPF) and several subproblems corresponding a series of contingencies using two-stage optimization technique.

• Korea Journal of Hospital Management
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• v.22 no.3
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• pp.105-117
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• 2017

This study was performed to provide medical service providers with useful information for their market competitiveness and decision making. It is regarding positioning map and repositioning map strategy to enforce market competitiveness through bench marking of a specific hospital which has been relatively underestimated in the market. With AHP and biplot analyses for this study, we could identify priority of properties that medical service consumers consider when they choose a university hospital and market competitiveness of alternative university hospitals. It is expected that the study of repositioning strategy to Strengthening Market Competitiveness will provide efficient problem solving method to allocation restricted resources by repositioning the specific university hospital through benchmarking with evaluation factors of the most market competitiveness university hospital. When Inje University Paik Hospital was benchmarked and repositioned, the share of Paik hospital increased and there was only 3.1% difference from Dongah Dong-A University Hospital, which occupied the first place in market competitiveness. Such the results of this study may suggestion management strategies to provide efficient problem solving methods when companies responding to rapidly changing management environments allocation restricted resources.

• The Korean Journal of Financial Management
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• v.21 no.1
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• pp.125-148
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• 2004

This paper deals with the relationship between money supply and the stock market. However, unlike past works, it has employed a rational expectation hypothesis and an efficient market hypothesis drawn from new classical macroeconomics and new Keynesian macro-economics, respectively. Accordingly, hypothesis 1 states that if economic subjects have rational expectation, they will immediately respond to a change in money supply. On the other hand, hypothesis 2 supposes that the expectation of economic subjects has changed after the currency crisis. This paper has first identified unit root by using the augmented Dickey-Fuller test and the Phillips-Perron test, then testing both hypotheses by employing the Johansen Procedure and vector error correction model for the periods before and after a currency crisis.

• Proceedings of the Korean System Dynamics Society
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• 2007.11a
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• pp.33-48
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• 2007

Recently, due to the globalization of business, the efficient supply chain management(SCM) is considered as the key initiatives of business activities, and the leading logistics companies are trying to provide the differentiated 3PL services to meet their customers' needs. The domestic 3PL market scale, however, is still small and the logistics companies' competence is not good enough, so that 3PL companies need to concentrate on their logistics strategies and the government's supports and related policies are required. In this point of view, we developed the system dynamics model and forecasted middle or long-term domestic 3PL market. Through the result, we suggest the roles of government and the directions of policies to support the domestic 3PL market effectively.

• Korean System Dynamics Review
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• v.9 no.1
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• pp.107-123
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• 2008

Recently, due to the globalization of business, the efficient supply chain management(SCM) is considered as the key initiatives of business activities, and the leading logistics companies are trying to provide the differentiated 3PL services to meet their customers' needs. The domestic 3PL market scale, however, is still small and the logistics companies' competence is not good enough, so that 3PL companies need to concentrate on their logistics strategies and the government's supports and related policies are required. In this point of view, we developed the system dynamics model and forecasted middle or long-term domestic 3PL market. Through the result, we suggest the roles of government and the directions of policies to support the domestic 3PL market effectively.

• Journal of Information Technology Applications and Management
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• v.9 no.4
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• pp.65-78
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• 2002

We propose a new application method of the datamining technique that might help building an efficient trade strategy in the stock market, where the analysis of the huge database is essential. The proposed method utilizes the association rules among the price changes of individual stock from the market basket analysis (a datamining technique typically used in the Marketing field) in building the strategy We also apply the proposed method to the daily stock prices in Korean stock market, from Jan. 2000 to Dec. 2001. The application results show that the proposed method gives an significantly higher yield rate than the actual stock chage rate.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.10
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• pp.523-530
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• 2020

The efficient market hypothesis explains the random walk hypothesis suggesting that stock prices are independent of each other, hence, it is impossible to earn abnormal profits. The positive effect of a well-functioning and highly efficient stock market on the performance of an economy motivated the Philippine Stock Exchange to pursue massive modernization initiatives. This research provides evidence of the existence of random walk in the Philippine stock market employing the Augmented Dickey-Fuller (1981) and Phillips-Perron (1988) unit root tests, the Lo-MacKinlay's (1988) conventional variance ratio test, and Chow-Denning's (1993) simple multiple variance ratio test. Results of the ADF and PP unit root tests confirm the necessary condition for a random walk. The Chow-Denning (1993) maximum /z/ statistic and the Wald test statistic as in Richardson and Smith (1991) for the joint hypotheses and the Lo and MacKinlay (1988) individual statistics variance ratio test generally accepted the null hypothesis of a random walk. That is, the unit root and variance ratio tests consistently indicate that the null hypothesis of random walk cannot be rejected. The existence of a random walk in weak-form efficiency can be attributed to market liquidity as a result of continuous development and modernization of the Philippine equity market.

• The Journal of the Korea Contents Association
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• v.17 no.3
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• pp.578-588
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• 2017

The purpose of this paper was to prove the January Effect and Efficiency of the KOSPI Market, and then suggest as a result. KOSPI data was divided into two of section, Before and After IMF Financial Crisis, and this paper utilized Market Capitalization of common stock to conduct a study. As the main findings of this result, in KOSPI 1st section(Before IMF Financial Crisis), this paper proved the January Effect and Size Effect for Small-capital stock. On the other hand, in KOSPI $2nd-{\alpha}$ & ${\beta}$ section(After IMF Financial Crisis), this paper couldn't prove the January Effect. And then, this paper couldn't prove the Efficient Market hypothesis in KOSPI 1st with January Effect, however, proved the weak efficient market in KOSPI 2nd(${\alpha}$ & ${\beta}$) without January Effect. Finally, this paper deducted implications and limitation as the results.

• The Korean Journal of Financial Management
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• v.25 no.1
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• pp.1-22
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• 2008

This study is to evaluate, to the extent to, which advanced currency futures and emerging currency futures markets can predict accurately the future spot rate. To this end, Johansen's the maximum-likelihood cointegration method(1988, 1991) is adopted to test the unbiasedness and efficiency hypothesis. Also, this study is to estimate and compare a quantitative measure of relative efficiency as a ratio of the forecast error variance from the best-fitting quasi-error correction model to the forecast error variance of the futures price as predictor of the spot price in advanced currency futures with in emerging currency futures market. Advanced currency futures is British pound and Japan yen. Emerging currency futures includes Korea won, Mexico peso, and Brazil real. The empirical results are summarized as follows : First, the unbiasedness hypothesis is not rejected for Korea won and Japan yen futures exchange rates. This indicates that the emerging currency Korea won and the advanced currency Japan yen futures exchange rates are likely to predict accurately realized spot exchange rate at a maturity date without the trader having to pay a risk premium for the privilege of trading the contract. Second, in emerging currency futures markets, the unbiasedness hypothesis is not rejected for Korea won futures market apart from Mexico peso and Brazil real futures markets. This indicates that in emerging currency futures markets, Korea won futures market is more efficient than Mexico peso and Brazil real futures markets and is likely to predict accurately realized spot exchange rate at a maturity date without risk premium. Third, this findings show that the results of unbiasedness hypothesis tests can provide conflicting finding. according to currency futures class and forecasts horizon period, Fourth, from the best-fitting quasi-error correction model with forecast horizons of 14 days, the findings suggest the Japan yen futures market is 27.06% efficient, the British pound futures market is 26.87% efficient, the Korea won futures market is 20.77% efficient, the Mexico peso futures market is 11.55%, and the Brazil real futures market is 4.45% efficient in the usual order. This indicates that the Korea won-dollar futures market is more efficient than Mexico peso, and Brazil real futures market. It is therefore possible to concludes that the Korea won-dollar currency futures market has relatively high efficiency comparing with Mexico peso and Brazil real futures markets of emerging currency futures markets.

• Proceedings of the KIEE Conference
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• 2002.11b
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• pp.108-110
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• 2002

Power System deregulation has become a worldwide trend which introduces competition in electric power system in order to realize efficient electricity production and investment. In this regard, it is very important to develop an electricity market simulator so that it is to analyze power market and study bidding strategies, market operation and market power and train market participants. In this paper, we introduce general functions and a structure of market simulator, also design the framework of the Korean market simulator based on core concepts of electricity market simulator.