• 대한약학회:학술대회논문집
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• 대한약학회 2003년도 Proceedings of the Convention of the Pharmaceutical Society of Korea Vol.2-1
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• pp.47-49
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• 2003

Development of drug delivery systems has been recognized as one of portfolios to gain a competitive edge in pharmaceutical industry over 30 years. The application of drug delivery technologies offers pharmaceutical companies and patients several therapeutic benefits, including improving efficacy and adverse effect profiles, enhancing patient compliance and potentially regenerating unsuccessful drugs. (omitted)

• 한국경영과학회지
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• 제28권3호
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• pp.81-101
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• 2003

The financial statements purpose to provide useful information to decision-making process of business managers. The value-relevant information, however, embedded in the financial statement has been often overlooked in Korea. In fact, the financial statements in Korea have been utilized for nothing but account reports to Security Supervision Boards (SSB). The objective of this study is to develop earnings forecasting models through financial statement analysis using artificial intelligence (AI). AI methods are employed in forecasting earnings: artificial neural networks (ANN) for manufacturing industry and case~based reasoning (CBR) for banking industry. The experimental results using such AI methods are as follows. Using ANN for manufacturing industry records 63.2% of hit ratio for out-of-sample, which outperforms the logistic regression by around 4%. The experiment through CBR for banking industry shows 65.0% of hit ratio that beats the statistical method by 13.2% in holdout sample. Finally, the prediction results for manufacturing industry are validated through monitoring the shift in cumulative returns of portfolios based on the earning prediction. The portfolio with the firms whose earnings are predicted to increase is designated as best portfolio and the portfolio with the earnings-decreasing firms as worst portfolio. The difference between two portfolios is about 3% of cumulative abnormal return on average. Consequently, this result showed that the financial statements in Korea contain the value-relevant information that is not reflected in stock prices.

• 기술경영경제학회:학술대회논문집
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• 기술경영경제학회 2002년도 제21회 하계학술발표회 논문집
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• pp.238-256
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• 2002

Competitiveness of a nation can be explained by the concept of national innovation systems(NIS). As components of NIS, industry clusters become the issue in analysing innovative activity of an economy. Innovative clusters can be identified by the innovation survey or other economic activity data. Input-output Table was used widely as a tool for quantitative analysis, This paper classifies seven clusters in Korean industry based on inter-industries trade of intermediary goods and services, Maximizing procedure method is used in analysing input-output table. Identified clusters are Textiles/chemicals, Construction/Material, Instrument/Equipment, Automobile, Services, Energy, and Agriculture/Food cluster, Among these clusters, some different characteristics in R&D portfolios are detected. R&D investment characteristics of each cluster give us significant implications in understanding innovative dynamics of Korean industry.

• Fashion, Industry and Education
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• 제14권2호
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• pp.60-69
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• 2016

Visual literacy, a key element of a design portfolio, is achieved by communicating a consistent visual aesthetic with respect to design elements, design principles and individual style. Yet, students often feel challenged in articulating their personal aesthetic or design philosophy in order to create a unifying design identity within a body of artifacts. This paper shares some best practices on overcoming this challenge through students' engagement in self-reflection and identity formation processes. The implemented innovative strategy in a senior-level portfolio development course for apparel designers involved four different phases: 1) one-on-one meetings to self-reflect on previous design work, 2) selection and revision of artifacts, 3) peer-review and critiques of revised portfolio artifacts, and 4) development of a final ePortfolio to showcase a unified design identity. It was evident that recording students' initial self-reflection in the form of a metacognitive oral report encouraged and motivated identity development in their portfolio. Further, students expressed their satisfaction in the ability to participate in the selection process of artifacts by self-reflecting about what they wanted to highlight about themselves and why. Overall, student outcomes from this strategy exceeded expectations and the portfolios developed were successful in creating a cohesive design identity.

• 유통과학연구
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• 제12권5호
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• pp.61-69
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• 2014

Purpose - Many studies report that returns on hedge portfolios that eliminate particular risk types are abnormal from traditional asset pricing models' perspectives. This study examines the pervasiveness of anomalous returns conditioned on business cycle and group size. Research design, data, and methodology - Using KOSPI and KOSDAQ market data from July 1991 to December 2013, we categorize stocks into appropriately sized groups, and dichotomize our sample periods into expansion and recession periods then, we construct hedge portfolios by sorting stocks by anomaly variables and calculate their returns. Results - Four anomalies, including earnings yield, net stock issue, total asset growth, and liquidity appear pervasive across all groups for the entire sample period. However, only the hedge returns of net stock issues are significant across all group sizes during both expansion and recession. Conclusions - A net stock issue can be an appropriate proxy for expected growth of book equity for all group sizes in recessions. This finding could provide insights to investment industry participants and to researchers interested in the relationship between expected growth of book equity and business cycle risk.

• The Journal of Asian Finance, Economics and Business
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• 제7권7호
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• pp.59-72
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• 2020

This paper examines whether lending structure can lower credit risk by employing econometric techniques of panel data for the Vietnamese banking system at the bank level used by economic sectors from 2011 to 2016. New light is being shed on assessing the impact of each industry's debt outstanding on credit risk. Adopting findings from previous studies, we assess credit risk from two different sources, including loan loss provision and non-performing loan. Moreover, we also focus on observing lending structure in many different aspects, from concentrative levels to the short-term and long-term stability levels of lending structure. The Generalized Method of Moments (GMM) estimator was applied to analyze the relationship between concentration and banking risks. In general, the results show that lending concentration may decrease credit risk. It is interesting to observe that the Vietnamese commercial bank lending portfolios have, on average, higher levels of diversity across different sectors. In particular, the increase in hotel and restaurant lending contributes to decrease credit risk while the lending portfolios of banks in agriculture, electricity, gas and water increase credit risk. This study suggests the need for further analysis and research about portfolio risks in lending activities for maintaining efficiency and stability in the commercial banking system.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.717-729
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• 2021

This paper examines the efficacy of the default risk factor in an emerging market context using the Fama-French five-factor model. Our aim is to test whether the Fama-French five-factor model augmented with a default risk factor improves the predictability of returns of portfolios sorted on the firm's characteristics as well as on industry. The default risk factor is constructed by estimating the probability of default using a hybrid version of dynamic panel probit and artificial neural network (ANN) to proxy default risk. This study also provides evidence on the temporal stability of risk premiums obtained using the Fama-MacBeth approach. Using a sample of 3,806 firm-year observations on non-financial listed companies of Pakistan over 2006-2015 we found that the augmented model performed better when tested across size-investment-default sorted portfolios. The investment factor contains some default-related information, but default risk is independently priced and bears a significantly positive risk premium. The risk premiums are also found temporally stable over the full sample and more recent sample period 2010-2015 as evidence by the Fama-MacBeth regressions. The finding suggests that the default risk factor is not a useless factor and due to mispricing, default risk anomaly prevails in the Pakistani equity market.

• 과학기술학연구
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• 제3권2호
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• pp.61-82
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• 2003

급격한 기술변화와 새로운 산업의 출현과정에서 기업은 현재의 능력을 바탕으로 새로운 능력을 구축하여 환경변화에 적응한다. 기업 능력의 진화과정에 대한 연구는 이러한 과정에서 기업이 가지는 본질과 특성이 산업간 경계를 넘어 어떻게 발생하는지 설명할 수 있으며, 이를 통해 기업이 잠재적인 미래 산업에서 가지는 차별성과 경쟁우위의 근원이 무엇인지 알 수 있다. 본 논문에서는 기존 문헌에 대한 고찰을 통해 새로운 산업에 참여하는 기업의 차별성이 어떤 요소에 의해 발생하고, 각 요소의 영향은 시간의 흐름에 따라 어떻게 변화하는지를 살펴보고자 한다.

• 대한안전경영과학회지
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• 제8권5호
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• pp.71-84
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• 2006

In order to apply job performance records to the master craftsman examination, which is an examination to screen the top-rated technician and task manager, the domestic industry has introduced job performance records to the written test of the master craftsman examination. Surveys on master craftsman's field capabilities and applicability are being conducted, and various qualification methods are being tested so as to give satisfaction to consumers in industrial fields. However, these methods have many problems in assessing task managers' qualifications. In order to solve these problems, this research intends to verify the appropriateness of introducing master craftsman's portfolios assessment and the suitability of application methods by conducting interviews and surveys. One big conglomerate and one mid-sized company that has more than 500 employees and covers from 주조(酒造:brewing) 또는 to providing various services to consumers were selected for this research.

• 디지털융복합연구
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• 제1권1호
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• pp.93-112
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• 2003

This thesis reviewed following issues that are required in the policies and reaction strategies in the ubiquitous computing environment that continuously create domino effect of changes on the technology, services and business models. - Search for solutions in relation to timing difference of customer needs and emerging technology. - Deployment of management structure that is capable to adapt and react to environmental changes - Re-establishment or re-structuring of policies with the changes to portfolios. Thus, for the IT industry and ubiquitous computing strategies and policies which is based on intangble services and businesses that are accompanied with domino effect changes, must firstly consider above factors then establish the systematic architecture.