• Asia-Pacific Journal of Business
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• v.11 no.2
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• pp.159-172
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• 2020

Purpose - The purpose of this study is to investigate economic variables which have impact on the prices and returns of preferred stocks and to provide investors, underwriters, and policy makers with information regarding correlations and causal relations between them. Design/methodology/approach - This study collected 98 monthly data from Korea Exchange and Bank of Korea. The Granger causal relation analysis, unit-root test and the multiple regression analysis were hired in order to analyze the data. Findings - First, our study derives the economic variables affecting the prices and returns of preferred stocks and their implications, while previous studies focused mainly on the differential characteristics and related economic factors between common and preferred stocks. Empirical results show that the significant variables influencing the prices and returns of preffered stocks are consumer sentiment index, consumer price index, industrial production index, KOSPI volatility index, and exchange rate between Korean won and US dollar. Second, consumer sentiment index, consumer price index, and industrial production index have significant casual relations with the returns of preferred stocks, providing market participants with important information regarding investment in preferred stocks. Research implications or Originality - This study is different from previous studies in that preferred stocks themselves are investigated rather than the gap between common stocks and preferred stocks. In addition, we derive the major macro variables affecting the prices and returns of preferred stocks and find some useful causal relations between the macro variables and returns of preferred stocks. These findings give important implications to market participants, including stock investors, underwriters, and policy makers.

• Korean Journal of Agricultural Science
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• v.49 no.4
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• pp.949-961
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• 2022

The purpose of this study is to build an oyster outlook model. In particular, by limiting oyster items, it was designed as a partial equilibrium model based on a panel analysis of a fixed effect model on aquaculture facilities. The model was built with a dynamic ecological equation (DEEM) system that considers aquaculture and harvesting processes. As a result of the estimation of the initial aquaculture facilities based on the panel analysis, the elasticity of the remaining facility volume in the previous month was estimated to be 0.63. According to Nerlove's model, the adjustment coefficient was interpreted as 0.31 and the adjustment speed was analyzed to be very slow. Also, the relative income coefficient was estimated to be 2.41. In terms of elasticity, it was estimated as 0.08% in Gyeongnam, 0.32% in Jeonnam, and 1.98% in other regions. It was analyzed that the elasticity of relative income was accordingly higher in non-main production area. In case of the estimation of the monthly harvest facility volume, the elasticity of the remaining facility volume in the previous month was estimated as 0.53, and the elasticity of the farm-gate price was estimated as 0.23. Both fresh and chilled and frozen oysters' exports were estimated to be sensitive to fluctuations in domestic prices and exchange rates, while Japanese wholesale prices were estimated to be relatively low in sensitivity, especially to the exchange rate with Japan. In estimating the farm-gate price, the price elasticity coefficient of monthly production was estimated to be inelastic at 0.25.

• Journal of Environmental Policy
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• v.10 no.2
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• pp.45-60
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• 2011

An aim of this paper is to test four hypotheses on price volatility in the $CO_2$ emission markets focusing on European Climate Exchange(ECX) in the EU Emission Trading Schemes(EU ETS) and Chicago Climate Exchange(CCX). I expect that, due to an influx of market information, a differently designed exchange market would bring a different price volatility, and various types of emission permits in the same exchange market would result in the same effects on the price volatility. Major findings are that the price volatility is same regardless of the types of emission exchange markets and emission permits comparing the rate of returns. However, comparing the GARCH variance, the volatility between ECX EUAs and CCX-CFIs and the volatility between EUAs(CERs) futures and daily futures are different with the exception of the volatility between EUAs futures and CERs futures. In conclusion, the price volatility depends on the types of exchanges and the types of emission permits.

• KDI Journal of Economic Policy
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• v.14 no.4
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• pp.3-26
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• 1992

The pupose of this paper is to construct a price determination model of the Korean economy and to find out the propogation mechanism of monetary and fiscal policies. The model is a small-size macroeconometric model consisted of ten core equations : consumption, investment, exports, imports, consumer price index, wage rate, corporate bond rate, potential GNP, capital stock, and GNP identity. The model is a Keynesian model : consumer price index is determined by markup over costs, and wage rate is expressed by Phillipse curve ralation. Two features of the model, however, distinguish this model from other macroeconometric models of the Korean economy. First of all, the estimation of potential GNP and the capital stock is endogenized as suggested by Haque, Lahiri, and Montiel (1990). This allows us to calculate the level of excess demand, which is defined as the difference between the actual GNP and the potential GNP. Second, interest rate, inflation and wages are all estimated as endogenous variables. Moreover, all quantity variables include price variables as important determinants. For instance, interest rate is an important determinant of consumption and investment. Exports and imports are determined by the real effective exchange rate. These two features make the interactions between excess demand and prices the driving forces of this model. In the model, any shock which affects quantity variable(s) affects excess demand, which in turn affects prices. This strong interaction between prices and quantities makes the model look like a classical model over the long run. That is, increases in money supply, government expenditures, and exchange rate (the price of the U.S. dollar in terms of Korean won) all have expansionery effects on the real GNP in the short run, but prices, wage, and interest rate all increase as a result. Over the long run, higher prices have dampenning effects on output. Therefore the level of real GNP turns out to be not much different from the baseline level ; on the other hand, the rates of inflation, wage and interest rate remain at higher levels.

• Journal of Distribution Science
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• v.20 no.9
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• pp.23-28
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• 2022

Purpose: Research on banking sustainability plays an important role in helping banks understand the level of risk in different types of companies. Therefore, this study was conducted to determine the factors affecting the sustainability of Joint Stock Commercia l Banks in Vietnam. Research design, data and methodology: The following theories, the factors affecting the bank's sustainability include: Business model diversification (income diversification), bank size, loan ratio, and net interest margin. Data was collected from Joint Stock Commercial banks in Vietnam from 2015 to 2019. With GLS model on panel data with banks listed on Vietnam stock exchange. Results: The analysis results show that net interest income has a positive impact on the sustainable business results of banks through the rate of return on total assets (ROA). The non-interest income hasn't impact on bank stability. From this result, there aren't positive signs of income diversification in banks. At the same time, with the obtained results, the study also provides a policy implication for banks. Conclusions: The study also provides some policy implications to improve the bank stability. Diversifying income in banks is necessary, but how to make it influential banks has not yet been done. Therefore, the adjustments in non-interest business activities need to be carefully considered by banks.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.3
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• pp.131-140
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• 2019

The study aims to examine the impact of productivity in addition to the policy of increasing the foreign investors' ownership rate on the performance of businesses which were listed on Vietnam's stock exchange market from 2010 to 2017. With the database of 3.961 observations, the study employs a statistical method - multiple regression to estimate the relationship between labor productivity, foreign ownership as well as other firm-level characteristics and firm performance. Research findings show that increasing labor productivity and increasing foreign ownership rates help increase firm performance. In addition, except for financial leverage, variables such as liquidity and firm size have positive effects on firm performance measured by Tobin's Q. These findings have theoretical contributions and practical implications for managers, investors and government in Vietnam. Managers should pay attention to improving labor productivity through employing incentive mechanisms, building a good working environment, investing in technology, etc. in order to enhance the firm performance. Investors could utilize the labor productivity and foreign ownership indicators to select stocks of good companies for investment. For Vietnamese government, relaxing the limit of foreign ownership and accelerating the divesting of State capital in State-owned enterprises could help increase the investment scale of foreign investors and resulting in positive effects on the firm performance.

• Proceedings of the IEEK Conference
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• 2000.06c
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• pp.105-108
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• 2000

As Internet and WWW grow rapidly, the role of web servers is getting more important, and the number of users in a few popular site is also explosively increasing. Load balancing in clustered web server systems is important task to utilize whole system effectively, so dynamic load balancing is required to overcome the limit of static load balancing. In this paper, we propose two dynamic load balancing schemes, and analyzed load model and Performance improvement and also compare existing load balancing methods and IP filtering method. In case of load balancing with threshold, little extra traffic was required for better performance, but in case of load balancing with load weight, we found that the performance mainly depends on information exchange rate.

• Journal of the Korean Society of Costume
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• v.51 no.4
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• pp.97-112
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• 2001

The purposes of this study were to investigate consumers preference and dissatisfied factors in knitted golf wear The 430 questionnaires were sent to consumers who live in the Seoul Metropolitan district including Pundang-city and Iisan-city, The return rate was 89.5%. Statistical devices were t-test, ANOVA, $X$2. frequency with SAS program. The results of this study were as follows: First, Preferred colors were pastel, straw yellow, and black in descending order. Preferred coordination was analogous rather than complementary coordination. The classical look with T-neck, pullover, and V-neck was preferred. The preferred materials were pure cotton and cotton/wool blend in solid colors or plain and intasia structure. There were significant differences that pure cotton was preferred the forties and fifties or housewife, and cotton blend was preferred the thirties or service jobholders. Second, dissatisfied factors were pilling, deformation and de-coloration. The pilling problem was indicated in all income levels. Customers complained about no exchange and no refund policy with sales persons'discourtesy and time delay for repairing.

• Journal of Korea Trade
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• v.24 no.5
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• pp.1-17
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• 2020

Purpose - This paper tries to estimate the effects of China's and Japan's free trade agreement (FTA) by panel generalized least squares (GLS). Design/methodology - The GLS model includes the basic gravity theory and Difference in Difference (DD) method to divide FTA conclusion countries and non-FTA conclusion countries with China and Japan. In order to empirically research the difference between Chinese and Japanese FTAs, we use the Difference in Difference in Difference (DDD) method. Findings - This paper finds the distance variable has more influence on Japanese than Chinese trade. The exchange rate indicates that Chinese trade depends on export and Japanese trade has the structure of re-import; shows that the countries that concluded FTAs with China and Japan have more positive trade effects than those that did not; finds the Chinese FTA promotion effects greater than the Japanese FTA because China had pushed ahead with trade policy since joining the WTO in 2001. Originality/value - This study shows that a single country's FTA and trade policies are an important factor concerning not just the promotion of trade but also the issue of trade conflicts.

• Journal of the Korean Regional Science Association
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• v.32 no.1
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• pp.27-49
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• 2016

This study examines the effects of real exchange rate (RER) depreciation shocks on firm-level productivity and employment in Daegu-Gyeongbuk manufacturing industries during 2006-2012. In particular, the study focuses on a sharp and persistent RER depreciation of the Korean Won from 2007 to 2009, which is a situation akin to a natural experiment in Korea. We find that RER depreciation has positive effects on productivity for firms with high export exposure in foreign markets. However, these effects disappear when RER depreciation persists. In addition, we do not find evidence that RER depreciation affects employment of Daegu-Gyeongbuk firms significantly. Firms in Daegu-Gyeongbuk region should pursue core competency to obtain international competitiveness rather than depending on temporary better price condition driven by RER depreciation. Further, policy makers in a local government should provide firms with financial and investment support to encourage innovation and R&D.