• Management & Information Systems Review
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• v.37 no.1
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• pp.41-53
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• 2018

This study validates the trading rules based market anomalies and technical analysis in the Korean stock market. For the analysis, we built decile portfolios on the basis of corporate characteristics factors that clearly demonstrate specific patterns of stock returns including the firm size, book-to-market equity, and accruals. This portfolio was used to develop a portfolio based on the moving average trading strategy which was used for popular technical analysis tools, and then that was evaluated using the Sharpe ratio. We also created a zero-cost portfolio to identify the profitability and success rate of the moving average trading strategy. We lastly sought to ensure a more robust evaluation by calculating the Sortino ratio of the portfolio based on the moving average trading strategy with various lags. Key findings from this validation are as follows. First, a smaller firm size, a higher book-to-market equity, and lower accruals led to larger average returns. Second, the risk-adjusted performance of the moving average trading strategy was the highest in terms of the firm size, followed by book-to-market equity and accruals. Third, the returns of the zero-cost portfolios all had a positive value, with its overall success rate hovering over 68.8%, demonstrating the successfulness of the moving average trading strategy. Fourth, various evaluations revealed the economic usefulness of our trading strategy that used market anomalies and technical analysis.

• Journal of the Korea Concrete Institute
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• v.18 no.5 s.95
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• pp.611-620
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• 2006

In the shear failure mechanism of a beam, beam and arch actions always exist simultaneously. According to the shear span to depth ratio, the proportion between these two actions is varied and the contribution of these actions to shear capacity is changed. Moreover, the current codes provide recommendations based on experimental results of normal strength concrete, so the application range of concrete strength must be extended. Based on this mechanism and new requirement, a simplified analytical equation for shear capacity prediction of reinforced high strength concrete beams without stirrups is proposed. To reflect the change in the contribution between these actions, stress variation in the longitudinal reinforcement along the span is considered by use of the Jenq and Shah Model. Dowel action with horizontal splitting failure and shear friction between cracks are also taken into account. ize effect is included to derive a more precise equation. Regression analysis is performed to determine each variable and simplify the equation. And, the formula derived from theoretical approaches is evaluated by comparison with numerous experimental data, which are in broad range of concrete strength(especially in high strength concrete), shear span to depth ratio, geometrical size and longitudinal steel ratio. It is shown that the proposed equation is more accurate and simpler than other empirical equations, so a wide range of a/d can be considered in one equation.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.2
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• pp.55-63
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• 2017

Crowdfunding recently receives a great deal of attentions as an alternative finance for small and medium-sized enterprises or business ventures that suffer from financial constraints. Crowdfunding is a new form of platform that enables a large number of people to invest a small amount of money for promising new business items directly. We analyzed the effect of type, period, method of projects on crowdfunding outcomes. We measure the outcome in terms of the ratio of the collected to the target amount. We collected data from three Korean crowdfunding platform companies, and the data consisted of 239 projects from 2012 to 2014. We use both logit and ordinary least square method for evaluation. Generally, the amount of target itself has no effect on the outcome. Equity crowdfunding shows higher success rate and better outcome than rewards crowdfunding. All or Nothing method leads to the higher ratio of the collected to the target amount than Keep It All. There is an inverted U-shape between the number of investors and the ratio of the collected to the target amount. Finally, the ratio of the collected to the target amount is decreasing in a crowdfunding period.

• The Journal of the Korea Contents Association
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• v.18 no.1
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• pp.196-209
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• 2018

This study is founded on banks' profitability factors. Unlike the previous study in terms of diversification of the banks' funding structure, this research performs multiple regression analysis during the entire period and examines the comparative analysis of before and after the financial crisis. the study establishes hypotheses by using the wholesale funding ratio as a key focus variable with 8 explanatory variables and the operating profit on assets as a profitability index. The Loan-deposit rate gap, the Number of stores and the Non-performing loan ratio prove to be a significant profitability factor for all periods of time. Korean banks are also more profitable when their the Loan-deposit rate gap get bigger and the Number of stores grows. The wholesale funding ratio is analyzed to have no statistically significant effect on the profitability of banks. Rather than being influenced by macroeconomic indicators, it is indicated that the situation of individual banks and other financial environments have been affected. And banks increase profitability as banks increase their loan after the financial crisis. The empirical analysis shows that profitability factors have periodical distinctions, and in this aspect, this research has implications. The study needs to be expanded to cover the entire domestic banking sector, in consideration of the profitability of the banking industry in the future.

• Journal of Digital Convergence
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• v.18 no.8
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• pp.111-118
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• 2020

This study conducted an empirical analysis of SSE-listed companies to verify the effects of evaluation and disclosure of internal control systems on the agency costs management and controlling shareholders. Agency costs can affect the valuation of accounting information as asymmetry of information in the relationship between a company and its stakeholders, or induce financial costs as an adverse selection. If the firm's agency costs are reasonable, the valuation of the company can also move in a relatively positive direction. In this study, the evaluation information of the internal control system was analyzed through sales management ratio and equity ratio as substitute variables to analyze the relationship between management and agent costs of the controlling shareholders. In addition, independent control ratio, capital balance ratio, and company scale were used as control variables, as a result of the analysis, the evaluation information of internal control was found to be related to the agency costs of managers and governance structure. This study can be conducted to positive factors in evaluating the reliability and corporate value of accounting information according to the evaluation of internal control of SSE-listed companies and helps to understand the financial reporting environment.

• Journal of Navigation and Port Research
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• v.38 no.5
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• pp.527-539
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• 2014

This study establishes the research model and sets up the hypothesis in order to analyze the effect of the type of mixed manning and the ratio of foreign crew on the group cohesiveness, job satisfaction and organizational commitment in ship organizations and the moderating effect of the acceptance and adaptation of cross-culture. For statistical hypothesis testing, it conducts a questionnaire survey targeting mixed manning ships and examines empirically the inter-variables relation through the regression. The result of empirical research is that the group cohesiveness, job satisfaction and organizational commitment in the ship organization of Korean master(chief engineer) and foreign officers is higher than that of Korean master and officers. Moreover, it is found that the group cohesiveness of 31~50% foreign crew group is less than that of the others. However, There is no moderating effects of the acceptance and adaptation of cross-culture. Additionally, it demonstrates the higher job satisfaction and organizational commitment in the stronger cohesiveness groups. The finding suggests the rationale that shipping and ship management companies could raise the group cohesiveness, job satisfaction and organizational commitment by moderating the type of mixed manning and the ratio of foreign crew.

• Journal of the Korean association of regional geographers
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• v.22 no.4
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• pp.887-911
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• 2016

The empirical law that transverse dunes migrate inversely with their heights leads logically to the prediction that multiple dune ridges will converse to a single huge dune by merging. This contradicts the existence of the steady state dune fields on the Earth. The recent studies have emphasized dune collisions as a key mechanism to the stability of dunefield. The roles of wind shadow aspect ratio, however, have yet to be fully explored. This research aims to investigate the potential roles of wind shadow aspect ratio in the dynamical behaviors of transverse dune field. The simplified model is established for this, based upon allometric properties of transverse dunes, wind speedup on the stoss slope and sand trapping efficiency. The derived governing equations can be transformed to the zoning criteria and vector field for dune evolution. The dynamics analysis indicates that wind shadow aspect ratios do not produce convergent areas on the behavior space; rather, they just act as one of the factors that affect the trajectories of dune evolution. Though the model cannot represent the stability of dune field, but seem to produce a reasonable exponent for dune spacing-height relations.

• Journal of Cadastre & Land InformatiX
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• v.48 no.2
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• pp.121-135
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• 2018

The ministry of land, Infrastructure and transport has revised the "National Land Planning and Utilization Act" in 2012. As a result, the regulation of floor area ratio for land covering two or more zoning area has been changed. This study conducted an analysis of the policy effects of changes in the criteria for the application of the floor area ratio by revising the "National Land Planning and Utilization Act". Land covering two or more zoning area means a street side commercial area and street side residential area that is generally understood. This study analyzed the policy effects in Gangnam-gu which has relatively large areas of street side commercial area and street side residential area. The 468 office building transaction cases were analyzed in Gangnam-gu from 2007 to 2017. The result shows that the office building, which has received incentive for policy changes, reported a 19.08% rise in price compared to the one that did not. It means that the economic effects of change of application standard were significant. The existing policy also served as a restriction on land use by landowners, which in turn contributed to the devaluation of the asset's intrinsic value. Therefore, this study may have contributed to the rational use of land and to provide an empirical basis for the change in policy to be assessed for its intrinsic value.

• Journal of Astronomy and Space Sciences
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• v.26 no.3
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• pp.305-316
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• 2009

In this study, we suggest an empirical forecast of CIR (Corotating Interaction Regions) and geomagnetic storm based on the information of coronal holes (CH). For this we used CH data obtained from He I $10830{\AA}$ maps at National Solar Observatory-Kitt Peak from January 1996 to November 2003 and the CIR and storm data that Choi et al. (2009) identified. Considering the relationship among coronal holes, CIRs, and geomagnetic storms (Choi et al. 2009), we propose the criteria for geoeffective coronal holes; the center of CH is located between $N40^{\circ}$ and $S40^{\circ}$ and between $E40^{\circ}$ and $W20^{\circ}$, and its area in percentage of solar hemispheric area is larger than the following areas: (1) case 1: 0.36%, (2) case 2: 0.66%, (3) case 3: 0.36% for 1996-2000, and 0.66% for 2001-2003. Then we present contingency tables between prediction and observation for three cases and their dependence on solar cycle phase. From the contingency tables, we determined several statistical parameters for forecast evaluation such as PODy (the probability of detection yes), FAR (the false alarm ratio), Bias (the ratio of "yes" predictions to "yes" observations) and CSI (critical success index). Considering the importance of PODy and CSI, we found that the best criterion is case 3; CH-CIR: PODy=0.77, FAR=0.66, Bias=2.28, CSI=0.30. CH-storm: PODy=0.81, FAR=0.84, Bias=5.00, CSI=0.16. It is also found that the parameters after the solar maximum are much better than those before the solar maximum. Our results show that the forecasting of CIR based on coronal hole information is meaningful but the forecast of goemagnetic storm is challenging.

• Structural Engineering and Mechanics
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• v.16 no.6
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• pp.675-693
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• 2003

In order to consider the modified seismic response of framed structures in the presence of masonry infills, proper models have to be formulated. Because of the complexity of the problem, a careful definition of a diagonal pin-jointed strut, able to represent the horizontal force-interstorey displacement cyclic law of the actual infill, may be a solution. In this connection the present paper shows a generalized criterion for the determination of the ideal cross-section of the strut mentioned before. The procedure is based on the equivalence between the lateral stiffness of the actual infilled frame scheme during the conventional elastic stage of the response and the lateral stiffness of the same frame stiffened by a strut at the same stage. Unlike the usual empirical approaches available in the literature, the proposed technique involves the axial stiffness of the columns of the frame more than their flexural stiffness. Further, the influence of the bidimensional behaviour of the infill is stressed and, consequently, the dependence of the dimensions of the equivalent pin-jointed strut on the Poisson ratio of the material constituting the infill is also shown. The proposed approach is extended to the case of infills with openings, which is very common in practical applications.