• Asia Marketing Journal
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• 제16권1호
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• pp.169-193
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• 2014

The earlier studies have verified that brand values have significant impact on financial values such as stock return and stock price to justify marketing costs for brand building. Except for Mizik and Jacobson (2008), however, little research has addressed what kinds of brand components composing brand values have a significant relationship with financial values. As a follow-up research of Mizik and Jacobson (2008), this research focuses on what kinds of relationships exist between the unanticipated change of each brand asset component and stock return, one of the financial values. The authors selected six brand asset components from the Korea-Brand Power Index(K-BPI) data in which 'Top of Mind,' 'Unaided Awareness,' and 'Aided Awareness' are brand awareness measures and 'Image,' 'Purchase Intention,' and 'Preference' are brand loyalty measures. Out of those six brand components, they found that unanticipated changes of 'Top of Mind,' 'Unaided Awareness,' 'Image,' and 'Preference' have significantly positive effect on unexpected stock return change. Therefore, they conclude that these four brand asset components provide incremental information in explaining unanticipated stock return.

• 재무관리논총
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• 제3권2호
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• pp.281-327
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• 1996

• 정보처리학회논문지D
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• 제8D권6호
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• pp.781-788
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• 2001

금융환경의 변화속도가 빨라지고 금융시스템으로의 접속채널이 다양해 짐에 따라 신속한 상품개발과 배포 기능, 용이한 유지보수성을 지닌 새로운 뱅킹시스템이 요구되고 있는 요즘 컴포넌트 기반 개발방법은 이런 요구를 충족시킬 수 있는 소프트웨어 개발방법으로 주목받고 있다. 본 논문에서는 EJB뱅킹컴포넌트의 구성 및 기능을 소개하고 뱅킹컴포넌트 시스템에서 사용할 수 있는 승인시스템을 설계하고 구현하였다. 승인시스템의 구현을 위하여 뱅킹시스템에서 사용되는 승인사항들을 분류하여 등록하였으며 등록된 승인조건을 이용하여 트랜잭션의 승인필요여부를 판단할 수 있도록 하였다. 또 승인클라이언트를 웹기반으로 구현함으로써 웹환경으로의 클라이언트 표준화 원칙을 준수하고 클라이언트 프로그램의 배포 및 버전관리 문제를 해결하도록 하였다.

• Journal of the Korean Data and Information Science Society
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• 제18권1호
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• pp.73-80
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• 2007

Cointegration(together with VARMA(vector ARMA)) has been proven to be useful for analyzing multivariate non-stationary data in the field of financial time series. It provides a linear combination (which turns out to be stationary series) of non-stationary component series. This linear combination equation is referred to as long term equilibrium between the component series. We consider two sets of Korean bivariate financial time series and then illustrate cointegration analysis. Specifically estimated VAR(vector AR) and VECM(vector error correction model) are obtained and CV(cointegrating vector) is found for each data sets.

• Communications for Statistical Applications and Methods
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• 제21권6호
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• pp.501-512
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• 2014

Stylized facts on asset return are fat-tail, asymmetry, volatility clustering and structure changes. This paper simultaneously captures these characteristics by introducing a multi-regime models: Finite mixture distribution and regime switching GARCH model. Analyzing the daily KOSPI return from $4^{th}$ January 2000 to $30^{th}$ June 2014, we find that a two-component mixture of t distribution is a good candidate to describe the shape of the KOSPI return from unconditional and conditional perspectives. Empirical results suggest that the equality assumption on the shape parameter of t distribution yields better discrimination of heterogeneity component in return data. We report the strong regime-dependent characteristics in volatility dynamics with high persistence and asymmetry by employing a regime switching GJR-GARCH model with t innovation model. Compared to two sub-samples, Pre-Crisis (January 2003 ~ December 2007) and Post-Crisis (January 2010 ~ June 2014), we find that the degree of persistence in the Pre-Crisis is higher than in the Post-Crisis along with a strong asymmetry in the low-volatility (high-volatility) regime during the Pre-Crisis (Post-Crisis).

• 재무관리연구
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• 제13권1호
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• pp.341-357
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• 1996

Some empirical studies have shown that asset prices respond to announcements of economic news, however, others also have found little evidence. This study assesses how market participants of the S&P 500 Index Futures reacted to the U.S. economic news announcements. For this purpose, using a GARCH (Generalized Autoregressive Conditional Heteroscedasticity) model, we use several U.S. news variables, its each surprise component and interest rates. We find that some economic news variables affected significantly on the S&P 500 Index Futures. In other words, we find that weekend variable, lagged volatility, and surprise component of trade deficit increased level of volatility. However, interest rate, M1, unemployment announcements caused the variance of the S&P 500 Index Futures to reduce, and each of the surprise component of M1 and trade deficit increased it. The result suggests that resolution of uncertainty, through economic news announcement, while, in some cases, causes market participants to reduce their forecast of volatility, a large difference between the market's forecast and the realization of the series causes the volatility to increase.

• 산업경영시스템학회지
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• 제35권2호
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• pp.80-87
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• 2012

It is well known that ISO 9001 and TQM have significant effects on business success. We analyzed the effects of ISO 9001 requirements and TQM on financial performance with structural equation modeling. Hypotheses are proposed and tested based on existing beliefs, proposition and prior research concerning quality. Survey data were collected from 291 manufacturing companies with ISO 9001 certifications. The data show that ISO 9001:2008 requirements have significant positive direct effects on TQM practices, but do not have positive direct effects on financial performance. As expected, TQM has significant positive direct effects on financial performance. One of the important results is that efforts to meet ISO 9001:2008 requirements enhance TQM practices which, in turn, helps to improve financial performance. Findings in this study support the claims that ISO 9001:2008 would be a good step toward total quality management and is a meaningful component of TQM.

• 유통과학연구
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• 제13권2호
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• pp.15-24
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• 2015

Purpose - Foreign exchange risk control is in an important component in the international supply chain management. This study shows the importance of the reference period in forecasting future exchange rates with a specific illustration of KIKO currency option contracts, and suggests feasible preventive measures. Research design, data, and methodology - Using monthly Won-Dollar exchange rate data for January 1995~July 2007, I evaluate the statistical characteristics of the exchange rate for two sub-periods; 1) a shorter period after the East Asian financial crisis and 2) a longer period including the financial crisis. The key instrument of analysis is the basic normal distribution theory. Results - The difference in the reference period could lead to an unexpected development in contract implementation and a consequent financial loss. We may avoid foreign exchange loss by using derivatives such as forwards or currency options. Conclusions - We should consider not only level values but also the volatilities of financial variables in making a binding financial contract. Appropriate measures may differ depending on the specific supply chain pattern. We may extend the study with surveys on actual risk measures.

• 응용통계연구
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• 제26권5호
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• pp.785-796
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• 2013

News impact curves(NIC)는 1993년 Engle와 Ng에 의하여 제시되었으며, 이는 시계열 자료에서 발생하는 변동성을 시각적으로 나타내는데 용이하다. 본 논문에서는 기존의 NIC에서 더 나아가, 2차원 NIC(two dimensional NIC)와 주성분 NIC(PCA in NIC)를 제안하였으며, KOSDAQ 자료에서 적용하여 보았다.

• 대한가정학회지
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• 제42권10호
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• pp.11-22
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• 2004

The purpose of this study was to examine the structure of financial risk components of households. The financial risk of households was assumed to be composed of risk knowledge, risk attitude and risk management behavior. For this study, a questionnaire was developed and distributed to 700 households in Seoul and Kwangju, and there were 495 responses with usable data. The findings showed that income stability had a positive relationship with the level of risk knowledge and risk attitude. Income stability, household debt, age of the youngest child and risk knowledge were found to have direct effects on risky vs. non-risky asset ratio. Income stability, savings, age of the youngest child and risk knowledge also had significant effects on the number of risky assets owned by households. Risk knowledge was the most important determinant of risk management behavior.