• 제목/요약/키워드: efficient market

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주요 수산물의 국내 소비시장에서의 일물일가법칙의 성립여부 : 냉동오징어, 냉동갈치, 건멸치를 중심으로 (A Study on the Law of One Price in Major Domestic Fishery Product Markets in South Korea: Evidence from Frozen Squid, Frozen Hair tailand Dried Anchovy)

  • 임은선;김기수
    • 수산경영론집
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    • 제48권1호
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    • pp.51-71
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    • 2017
  • We explore each of the three major domestic fishery product markets in South Korea- Frozen Squid, Frozen Hair tail and Dried Anchovy- to assess whether we can find evidence for Law of One Price (LOP) across the five major cities- Seoul, Dae-Jeon, Dae-Gu, Gwang-Ju and Busan. To achieve our aim, we utilize two different types of unit root tests: Augmented Dickey-Fuller (ADF) and Kwiatkowski-Phillips-Schmidt-Shin (KPSS) unit root test. In each of the three fishery product markets, we find evidence in support of LOP among several cities, which confirms that these markets are integrated to a certain extent. In particular, we find stronger evidence of LOP for Dried Anchovy market relative to the other two fishery product markets. Based on our findings, we argue that the Dried Anchovy market exhibits a greater degree of market integration across the five major cities in South Korea compared to the other two fishery product markets. The greater degree of market integration in the Dry Anchovy market is facilitated by its higher substitutability across cities; taken together these findings show that the market for Dried Anchovy in South Korea is more efficient than the markets for Frozen Squid and Frozen Hair tail.

세계 상용 항공기 시장 성과와 전망 (The Market result and forecast of Commercial Aircraft industry)

  • 장태진
    • 항공우주산업기술동향
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    • 제9권1호
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    • pp.15-26
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    • 2011
  • 금융위기에 따른 경기침체로 위축되었던 항공운항시장은 빠르게 회복되고 있으며, 국제유가 급등에 따른 영향으로 구형항공기의 퇴역 및 신형항공기로의 교체가 활발히 이루어지고 있다. 2010년의 항공기 순 주문대수는 2009년과 비교하여 감소하였으나 수주잔량은 역대 최고수준을 기록하고 있어, 민간항공기 시장의 호황은 앞으로도 한동안 이어질 것으로 예상되고 있다. 이러한 시장 성장은 100~200인승 급의 단일 통로기가 선도하고 있으며, Airbus, Boeing의 기존 제작업체의 신규 항공기 개발과 Bombardier 및 중국, 러시아 등의 신규 업체에서도 시장에 새로이 진입하기 위해 노력하고 있다. 이러한 신형기체 수요의 증가와 기존 기체의 퇴역은 기존 기체에 대한 MRO 및 임대 시장을 위축을 가져오고 있으며, 국제 유가 불안과 경쟁심화에 따른 고효율 신형항공기에 대한 선호는 더욱 강조되고 있는 상황이다. 향후 20여 년간의 시장 전망을 살펴보면, 신흥시장의 성장과 기존 시장의 회복에 따라 견고한 성장세를 이어갈 것으로 예상된다.

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호가잔량정보를 이용한 데이트레이딩전략의 수익성 분석 (Performance Analysis on Day Trading Strategy with Bid-Ask Volume)

  • 김선웅
    • 한국콘텐츠학회논문지
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    • 제19권7호
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    • pp.36-46
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    • 2019
  • 주식시장이 효율적이라면 아무리 잘 고안된 투자전략이라도 시장의 평균 수익을 장기적으로 초과하는 것은 어렵다. 본 연구의 목적은 일부 시장 참여자들 사이에 회자되고 있는 호가잔량 정보효과를 이용하여 장기적으로 높은 수익을 얻을 수 있는지를 실증 분석하는데 있다. 이를 위하여 호가잔량정보를 이용하는 데이트레이딩 전략을 제안하고, 2001년부터 2018년까지의 코스피200 주가지수선물시장에 적용하여 과연 꾸준하게 돈을 벌 수 있는지를 분석하였다. 구체적으로 매수강도지수가 50% 이상이면 가격이 상승할 것으로 예상하고, 반대로 매수강도지수가 50% 미만이면 가격이 하락할 것으로 예상하여 각각 매수포지션과 매도포지션을 진입하여 수익성을 검증하였다. 실증분석 결과는 거래에 수반되는 거래비용을 제하고도 연 평균 71% 이상의 매우 높은 수익을 보여주고 있다. 발생된 수익 역시 분석 기간 전체에서 장기적, 안정적으로 나타나고 있음을 밝혔다. 유전자알고리즘을 이용하여 제안된 투자전략의 수익성을 개선함으로서, 호가잔량정보를 이용하는 투자자들에게 많은 도움이 될 것으로 기대된다.

레그테크 기반의 자본시장 규제 해석 온톨로지 및 딥러닝 기술 개발을 위한 제언 (Suggestions for the Development of RegTech Based Ontology and Deep Learning Technology to Interpret Capital Market Regulations)

  • 최승욱;권오병
    • 한국정보시스템학회지:정보시스템연구
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    • 제30권1호
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    • pp.65-84
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    • 2021
  • Purpose Based on the development of artificial intelligence and big data technologies, the RegTech has been emerged to reduce regulatory costs and to enable efficient supervision by regulatory bodies. The word RegTech is a combination of regulation and technology, which means using the technological methods to facilitate the implementation of regulations and to make efficient surveillance and supervision of regulations. The purpose of this study is to describe the recent adoption of RegTech and to provide basic examples of applying RegTech to capital market regulations. Design/methodology/approach English-based ontology and deep learning technologies are quite developed in practice, and it will not be difficult to expand it to European or Latin American languages that are grammatically similar to English. However, it is not easy to use it in most Asian languages such as Korean, which have different grammatical rules. In addition, in the early stages of adoption, companies, financial institutions and regulators will not be familiar with this machine-based reporting system. There is a need to establish an ecosystem which facilitates the adoption of RegTech by consulting and supporting the stakeholders. In this paper, we provide a simple example that shows a procedure of applying RegTech to recognize and interpret Korean language-based capital market regulations. Specifically, we present the process of converting sentences in regulations into a meta-language through the morpheme analyses. We next conduct deep learning analyses to determine whether a regulatory sentence exists in each regulatory paragraph. Findings This study illustrates the applicability of RegTech-based ontology and deep learning technologies in Korean-based capital market regulations.

시장 거래의 요인으로서 게임엔진의 기술체제와 기술혁신 (Technological regime, innovation of game engine as market transaction factors)

  • 장용호;정원조
    • 한국게임학회 논문지
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    • 제9권2호
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    • pp.59-68
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    • 2009
  • 본 연구는 게임엔진 공급자의 기술체제와 기술혁신에 따른 Licensing 전략을 실증적으로 분석하였다. 분석 결과 게임엔진 공급자의 기술체제가 이질적으로 분화되고, 게임엔진의 기술체제가 이용자 친화적일수록 게임 개발기업(user)의 거래가 증가하였다. 게임엔진 공급자의 Licensing 전략을 결정하는 기술지식 변수로는 엔진 공급자의 기술체제의 이용자 친화성(User Friendliness)이 가장 설명력이 높다. 공급자의 엔진 구조의 모듈화, 게임엔진의 범용성, 암묵적(tacit) 기술지식의 명시화(cordifiablity), 게임엔진의 혁신정도가 클수록 엔진기술지식의 지원역량이 증가되고, 동시에 엔진기술의 거래 비용이 감소함에 따라 불완전한 게임기술시장에서 효율적인 시장거래가 이루어지고 있다.

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차세대 신개념 터보블로워의 세계최초 상품화 개발 (Development of Advanced TurboBlowers Using High-Spped BLDC Motors and Foil Air Bearings)

  • 오종식;이헌석
    • 유체기계공업학회:학술대회논문집
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    • 유체기계공업학회 2002년도 유체기계 연구개발 발표회 논문집
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    • pp.177-182
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    • 2002
  • In the paper, the development of high-speed industrial turbo blowers with foil air bearings is presented as a first successful commercialization in the world. Their target market is various from wastewater treatment to cement factory processes which require compressed air ranging between 0.6 and 0.8 bar gauge. Employing the state-of·the-art technology of the high-speed BLDC motors, the bump-type foil air bearings and the high- efficient turbo impellers/diffusers, so much compact, efficient and silent blower machines of a single stage are now available in the market, aiming to replace the existing inefficient, bulky and noisy ones, such as roots blowers. The first production lines are established fur 25,75 and 150 hp class blowers. Rotational speeds from about 20,000 to 80,000 rpm are realized directly from the high-speed BLDC motors without any gear boxes, and no lubrication oil is required. A brief introduction of design, manufacture and test results is presented fur mechanical, electrical and aerodynamic performance.

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IT중소벤처 유의적 기술평가항목추출에 관한 실증연구 (An Empirical Study on extracting significant technology valuation index of IT SMES)

  • 양동우
    • 기술혁신학회지
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    • 제8권1호
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    • pp.277-295
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    • 2005
  • The objective of the study is to verify the discriminatory power of valuation indexes in predicting IT small and medium sized manufacturing firms' going concern or firms' failure. The result of the study is expected to be useful in loan evaluation, investment decision, internal management decision making and business improvement. The results of study is as follows. First, we find that at least six valuation index elements are significant ex-ante variable which are discriminating between firms' going concern and firms' failure in IT small and medium sized manufacturing firms in various analysis' results. Second, these index elements are composed of 2 indexes-the ability of technology R&D, the efficient strategy of market penetration and six index elements explain 46% of the total variance. This explainable power of these indexed is similar to that of the existing 16 index elements. Finally, we find that the most important success factor of IT small and medium sized manufacturing firms are the ability of technology R&D and the efficient strategy of market penetration.

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마케팅 촉진을 위한 고객정보의 체계화 방안 (Utilizing the Customer Information for an Efficient Marketing Promotion)

  • 이청림;이명호;김태호
    • 경영과학
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    • 제19권2호
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    • pp.205-220
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    • 2002
  • As the business structure of many industries changes under IT progress and internet economy, the customer information has emerged a key factor in setting up the management policy. The customer has come to replace the product as a central figure in business competition. The domestic life insurance market has also experienced the rapid structural changes in IT time. The competition in the insurance industry to maintain the existing membership and to attract the new members gets stronger under such a new business circumstance. Accordingly, it is necessary for an individual insurance company to develop a systematic marketing plan, based on the customer information, to be competitive in the market. Unlike other studies in which customer characteristics are neglected, this study attempts to utilize the customer information by applying the data mining technique, and then suggests an efficient marketing strategy that could prevail in the competitive business environment.

대(對)중국 국경간 전자상거래 수출 확대를 위한 물류전략에 대한 연구 (A Study on the Logistics Strategy for Expansion Export of Cross Border Trade to China)

  • 유광현
    • 무역상무연구
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    • 제74권
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    • pp.81-103
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    • 2017
  • The cross-border trade(CBT) market has grown significantly due to the global spread of the Internet and mobile. China has become a very important market because of its share of 78% in 2016 in the export of korea's CBT. To sum up this phenomenon, First, the forms of distribution and trade, in which the O2O method is utilized, are settled. Next, it is necessary to develop a new strategy to expand the stagnant export of Korea. In particular, it is time to look for an effective export expansion strategy to expand market share in the fast-growing Chinese market. For this purpose, this study proposed a strategy for efficient use of logistics as a countermeasure against China's CBT laws and regulations and development of CBT exports to China to develop effective export strategies.

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통신상품간 시장잠식현상과 경쟁도입의 효과분석 (Market Segmentation Cannibalization and Competition in Telecommunication Services)

  • 이상호;정충영;이현우
    • 한국경영과학회지
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    • 제21권1호
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    • pp.51-69
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    • 1996
  • We consider a consumer self-selection model in which a regulated firm faces two market segments with differing valuation of quality of telecommunication services and examine some economic implications from the behaviors of the firm. In the context of a regulated monopolist, even though the results depend on the degree of privatization, the firm could lower the quality of the low-end model and reduce the price of the high-end in order to alleviate cannibalization. This justifies the provision of universal service policy in the telecommunications market. Based on this self-selection model, we also analyze an extended model of product introduction and show that the monopolist will introduce new product with the same introduction time of social planner. However, when we consider competition among firms, the market equilibrium may not guarantee the efficient time of product introduction.

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