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Fund Flow and Market Risk (펀드플로우와 시장위험)

  • Chung, Hyo-Youn;Park, Jong-Won
    • The Korean Journal of Financial Management
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    • v.27 no.2
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    • pp.169-204
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    • 2010
  • This paper examines the dynamic relationship between fund flow and market risk at the aggregate level and explores whether sudden sharp changes in fund flow (fund run) can cause a systemic risk in the Korean financial markets. We use daily and weekly data and regression and VAR analysis. Main results of the paper are as follows: First, in the stock market, a concurrent and a lagged unexpected fund flows have a positive relationship with market volatility. A positive shock in fund flow predicts an increase in stock market volatility. In the bond market, an unexpected fund flow has a negative relationship with the default risk premium, but a positive relationship with the term premium. And an unexpected fund flow of the money market fund has a negative relationship with the liquidy risk, but the explanatory power is very low. Second, for examining whether changes in fund flow induce a systemic risk, we construct a spillover index based on the forecast error variance decomposition of VAR model. A spillover index represents that how much the shock in fund flow can explain the change of market risk in a market. In general, explanatory powers from spillover indexes are so fluctuant and low. In the stock market, the impact of shocks in fund flow on market risk is relatively high and persistent during the period from the end of 2007 to 2008, which is the subprime-mortgage crisis period. In bond market, since the end of 2008, the impact of shocks in fund flow spreads to default risk continually, while in the money market, such a systematic effect doesn't take place. The persistent patterns of spillover effect appearing around a certain period in the stock market and the bond market suggest that the shock to the unexpected fund flow may increase the market risk and can be a cause of systemic risk in the financial markets. However, summarizing the results of regression and VAR model analysis, and considering the very low explanatory power of spillover index analysis, we can conclude that changes in fund flow have a very limited power in explaining changes in market risk and it is not very likely to induce the systemic risk by a fund run in the Korean financial markets.

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A Study on the Locational Decision Factors of Discount Stores : The Case of Cheonan (종합슈퍼마켓의 입지 결정 요인에 관한 연구 : 천안상권을 중심으로)

  • So, Jang-Hoon;Hwang, Hee-Joong
    • Journal of Distribution Science
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    • v.10 no.5
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    • pp.37-44
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    • 2012
  • In this paper, we investigate several factors that affect the locational decision of discount stores by using previous studies on the marketing area and the location of commercial facilities. We selected 21 primary variables that are expected to influence the decision of store location and, by factor analysis, grouped them into five underlying factors. Among these, the demographic factor, which shows the potential purchasing power level, had the greatest impact on the locational decision for the store. However, we found individual stores positioned according to unique locational characteristics in addition to the demographic factor. It means that we have to additionally consider if the vicinity of the market is based on any physical properties. Many previous studies proposed four decision factors for store location: the economic factor, the demographic factor, the land utilization factor, and traffic factor. However, the fivefold factors-our distinctive contribution-are more concrete and persuasive according to Korean reality. We show that location preference is based on the following criteria: (1) the area is densely populated, (2) houses stand close together, (3) residents have a high income level, (4) road traffic is developed and easy to access, and (5) public transportation is well developed. The demographic factor has the greatest impact on the location of a discount store. The number of households has a greater relevance to the demographic factor than does the individual consumer. Second, discount stores relatively prefer places where houses are located close together because such places offer easy access to the market. Third, a place whose residents have a high income level will be preferred, with its large cars and excellent traffic conditions. Fourth, a location would be highly rated if the roads around commercial facilities are well developed and their accessibility is good. Finally, discount stores must be located close to bus stops because female consumers, including housewives-the most important customers-evaluate stores based on distance. In this research, the variable of consumer attitude and preference was excluded, and the location factors of discount stores were analyzed according to a microscopic view through physical spatial data. In the future, the opening of new discount stores based on the five factors indicated above will require a comparatively shorter time from the first project feasibility analysis. In addition, the result of our study can be applied to the field of public policy for constructing and attracting large-scale distribution facilities.

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Korea National College of Agriculture and Fisheries in Naver News by Web Crolling : Based on Keyword Analysis and Semantic Network Analysis (웹 크롤링에 의한 네이버 뉴스에서의 한국농수산대학 - 키워드 분석과 의미연결망분석 -)

  • Joo, J.S.;Lee, S.Y.;Kim, S.H.;Park, N.B.
    • Journal of Practical Agriculture & Fisheries Research
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    • v.23 no.2
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    • pp.71-86
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    • 2021
  • This study was conducted to find information on the university's image from words related to 'Korea National College of Agriculture and Fisheries (KNCAF)' in Naver News. For this purpose, word frequency analysis, TF-IDF evaluation and semantic network analysis were performed using web crawling technology. In word frequency analysis, 'agriculture', 'education', 'support', 'farmer', 'youth', 'university', 'business', 'rural', 'CEO' were important words. In the TF-IDF evaluation, the key words were 'farmer', 'dron', 'agricultural and livestock food department', 'Jeonbuk', 'young farmer', 'agriculture', 'Chonju', 'university', 'device', 'spreading'. In the semantic network analysis, the Bigrams showed high correlations in the order of 'youth' - 'farmer', 'digital' - 'agriculture', 'farming' - 'settlement', 'agriculture' - 'rural', 'digital' - 'turnover'. As a result of evaluating the importance of keywords as five central index, 'agriculture' ranked first. And the keywords in the second place of the centrality index were 'farmers' (Cc, Cb), 'education' (Cd, Cp) and 'future' (Ce). The sperman's rank correlation coefficient by centrality index showed the most similar rank between Degree centrality and Pagerank centrality. The KNCAF articles of Naver News were used as important words such as 'agriculture', 'education', 'support', 'farmer', 'youth' in terms of word frequency. However, in the evaluation including document frequency, the words such as 'farmer', 'dron', 'Ministry of Agriculture, Food and Rural Affairs', 'Jeonbuk', and 'young farmers' were found to be key words. The centrality analysis considering the network connectivity between words was suitable for evaluation by Cd and Cp. And the words with strong centrality were 'agriculture', 'education', 'future', 'farmer', 'digital', 'support', 'utilization'.

Examination of the Current Situations of Security Dogs and it's Development Plans (경호탐지견의 운용실태 및 발전방안)

  • Park, Hyung-Kyu;Kim, Doo-Hyun
    • Korean Security Journal
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    • no.14
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    • pp.215-234
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    • 2007
  • Our country security industry 1960's service expense of the beginning U.S. army unit it accomplishes the growth which is quick with start, currently about 2,500 triumph the security enterprises which it goes over are being active. But the majority in these enterprise about lower cotton can a forever characteristic with pressure and the manpower civil official ability insufficient back of faithlessness management and capital power. To sleep with afterwords it presents the security dogs deployment plan for an efficient security together from the research which it sees hereupon and it does. First, it cultivates the domestic mountain progress dog which is a breed which is suitable with the security dogs and the shovel flesh dog back with the security dogs. Specially the Jindo of the breed which is excellent training which is suitable in task of the security dogs it leads and if it uses appropriately, it industrializes our specific the Jindo and protection there is a possibility of getting the effect which falls to also the gist which it rears rightly. It cultivate the second, security dogs and it magnifies training. The security dogs consequently is it will be able to accomplish the task above 2 branches to training method. Namely, after finishing obedience training, it is to be in security activity it will execute guard or detection back special training which is suitable in task and it will be able to commit. Third, it uses the security dogs which is trained rightly in task. The security dogs the adult escorts, facility expense, the explosive and narcotic drug detection, it will be able to use with the other blind man guidance dogs back. The narcotic drug detection dogs which currently is used specially technique intelligence anger, when considering the tendency of the narcotic drug smuggling offense field which becomes diversification that the role very it is important is a possibility of saying at day. It cultivate a fourth, escort relation specialty manpower and it improves the breed of the security dogs. The hazard which cultivate the security dogs use necessary personnel the breed of security dogs, the security dogs training center it opens the security crane relation subject of the college which stands and (university) it improves it establishes and training which is suitable in task it is to do to execute letting in the training map company. Specially, the hazard which improves the breed of security dogs in the progress mind quality which stands against the portion where the breed improvement is demanded as the portion where the internal organs research and investment are necessary sees. The security dogs compares in labor cost and the expense holds few, if it uses the our specific domestic dogs it will be able to use efficiently in the task which is various it solves the multi branch plans for wisly with the security dogs industrial development security of course contemporary history sliced raw fish sees demands compared to being immediacy and the life which is happy business the place where it does it sees it will be able to contribute a lot as.

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A Study on the RFID's Application Environment and Application Measure for Security (RFID의 보안업무 적용환경과 적용방안에 관한 연구)

  • Chung, Tae-Hwang
    • Korean Security Journal
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    • no.21
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    • pp.155-175
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    • 2009
  • RFID that provide automatic identification by reading a tag attached to material through radio frequency without direct touch has some specification, such as rapid identification, long distance identification and penetration, so it is being used for distribution, transportation and safety by using the frequency of 125KHz, 134KHz, 13.56MHz, 433.92MHz, 900MHz, and 2.45GHz. Also it is one of main part of Ubiquitous that means connecting to net-work any time and any place they want. RFID is expected to be new growth industry worldwide, so Korean government think it as prospective field and promote research project and exhibition business program to linked with industry effectively. RFID could be used for access control of person and vehicle according to section and for personal certify with password. RFID can provide more confident security than magnetic card, so it could be used to prevent forgery of register card, passport and the others. Active RFID could be used for protecting operation service using it's long distance date transmission by application with positioning system. And RFID's identification and tracking function can provide effective visitor management through visitor's register, personal identification, position check and can control visitor's movement in the secure area without their approval. Also RFID can make possible of the efficient management and prevention of loss of carrying equipments and others. RFID could be applied to copying machine to manager and control it's user, copying quantity and It could provide some function such as observation of copy content, access control of user. RFID tag adhered to small storage device prevent carrying out of item using the position tracking function and control carrying-in and carrying-out of material efficiently. magnetic card and smart card have been doing good job in identification and control of person, but RFID can do above functions. RFID is very useful device but we should consider the prevention of privacy during its application.

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Effect of Organizational Support Perception on Intrinsic Job Motivation : Verification of the Causal Effects of Work-Family Conflict and Work-Family Balance (조직지원인식이 내재적 직무동기에 미치는 영향 : 일-가정 갈등 및 일-가정 균형의 인과관계 효과 검증)

  • Yoo, Joon-soo;Kang, Chang-wan
    • Journal of Venture Innovation
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    • v.6 no.1
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    • pp.181-198
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    • 2023
  • This study aims to analyze the influence of organizational support perception of workers in medical institutions on intrinsic job motivation, and to check whether there is significance in the mediating effect of work-family conflict and work-family balance factors in this process. The results of empirical analysis through the questionnaire are as follows. First, it was confirmed that organizational support recognition had a significant positive effect on work-family balance as well as intrinsic job motivation, and work-family balance had a significant positive effect on intrinsic job motivation. Second, it was confirmed that organizational support recognition had a significant negative effect on work-family conflict, but work-family conflict had no significant influence on intrinsic job motivation. Third, in order to reduce job stress for medical institution workers, it is necessary to reduce job intensity, assign appropriate workload for ability. And in order to improve manpower operation and job efficiency, Job training and staffing in the right place are needed. Fourth, in order to improve positive organizational support perception and intrinsic job motivation, It is necessary to induce long-term service by providing support and institutional devices to increase attachment to the current job and recognize organizational problems as their own problems with various incentive systems. The limitations of this study and future research directions are as follows. First, it is believed that an expanded analysis of medical institution workers nationwide by region, gender, medical institution, academic, and income will not only provide more valuable results, but also evaluate the quality of medical services. Second, it is necessary to reflect the impact of the work-life balance support system on each employee depending on the environmental uncertainty or degree of competition in the hospital to which medical institution workers belong. Third, organizational support perception will be recognized differently depending on organizational culture and organizational type, and organizational size and work characteristics, working years, and work types, so it is necessary to reflect this. Fourth, it is necessary to analyze various new personnel management techniques such as hospital's organizational structure, job design, organizational support method, motivational approach, and personnel evaluation method in line with the recent change in the government's medical institution policy and the global business environment. It is also considered important to analyze by reflecting recent and near future medical trends.

The Analysis of the Successful Factor of in Japanese Mobile Game (일본 모바일 게임 <퍼즐 앤 드래곤>의 성공요인 분석)

  • Baek, Jae-Yong;Kim, Young-Jae
    • Cartoon and Animation Studies
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    • s.40
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    • pp.367-395
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    • 2015
  • Mobile games have taken 80% of the market sales in smart device application industry that is highly regarded as one of the fast growing pool of cultural content after the distribution of smart devices. One of the most successful mobile games after the smart device's appearance is . created by Gung-ho Online entertainment under Softbank Japan, has gained the sales revenue of one trillion dollars after its release in 2012, just after one year of its exposure to the market. The game also has been the top rank by Worldwide Mobile Game Revenues for 2years achieving 40 million downloads worldwide in 2015. However, there is no place for a Korean game in world mobile game sales ranks yet. Even though the mobile game industry has been expanding every year, Korean games are losing its places in the market. Therefore, the analysis of a successful game such as is vital for diagnosing Korea's game content and its lack of direction. This study utilizes K. Masanao's Matrix for Creating Profit System for analyzing 's factors for its success. First, the game has incorporated puzzle and RPG contents for creating a new genre, which led various age groups to play the game. Second, the developers have applied 'limited time' in-game festivals and collaborations between the game and famous contents such as God Festival and Character Draw system to increase the profit revenue. Third, the company communicated with on and off line players to seek their needs for developing the game's better development. Consequently, the three success factors of deduced from this study not only reflect the related researches and academic values, but also contribute for the search in finding better ways to developing game contents for Korean mobile game industry.

Dynamic Decision Making using Social Context based on Ontology (상황 온톨로지를 이용한 동적 의사결정시스템)

  • Kim, Hyun-Woo;Sohn, M.-Ye;Lee, Hyun-Jung
    • Journal of Intelligence and Information Systems
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    • v.17 no.3
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    • pp.43-61
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    • 2011
  • In this research, we propose a dynamic decision making using social context based on ontology. Dynamic adaptation is adopted for the high qualified decision making, which is defined as creation of proper information using contexts depending on decision maker's state of affairs in ubiquitous computing environment. Thereby, the context for the dynamic adaptation is classified as a static, dynamic and social context. Static context contains personal explicit information like demographic data. Dynamic context like weather or traffic information is provided by external information service provider. Finally, social context implies much more implicit knowledge such as social relationship than the other two-type context, but it is not easy to extract any implied tacit knowledge as well as generalized rules from the information. So, it was not easy for the social context to apply into dynamic adaptation. In this light, we tried the social context into the dynamic adaptation to generate context-appropriate personalized information. It is necessary to build modeling methodology to adopt dynamic adaptation using the context. The proposed context modeling used ontology and cases which are best to represent tacit and unstructured knowledge such as social context. Case-based reasoning and constraint satisfaction problem is applied into the dynamic decision making system for the dynamic adaption. Case-based reasoning is used case to represent the context including social, dynamic and static and to extract personalized knowledge from the personalized case-base. Constraint satisfaction problem is used when the selected case through the case-based reasoning needs dynamic adaptation, since it is usual to adapt the selected case because context can be changed timely according to environment status. The case-base reasoning adopts problem context for effective representation of static, dynamic and social context, which use a case structure with index and solution and problem ontology of decision maker. The case is stored in case-base as a repository of a decision maker's personal experience and knowledge. The constraint satisfaction problem use solution ontology which is extracted from collective intelligence which is generalized from solutions of decision makers. The solution ontology is retrieved to find proper solution depending on the decision maker's context when it is necessary. At the same time, dynamic adaptation is applied to adapt the selected case using solution ontology. The decision making process is comprised of following steps. First, whenever the system aware new context, the system converses the context into problem context ontology with case structure. Any context is defined by a case with a formal knowledge representation structure. Thereby, social context as implicit knowledge is also represented a formal form like a case. In addition, for the context modeling, ontology is also adopted. Second, we select a proper case as a decision making solution from decision maker's personal case-base. We convince that the selected case should be the best case depending on context related to decision maker's current status as well as decision maker's requirements. However, it is possible to change the environment and context around the decision maker and it is necessary to adapt the selected case. Third, if the selected case is not available or the decision maker doesn't satisfy according to the newly arrived context, then constraint satisfaction problem and solution ontology is applied to derive new solution for the decision maker. The constraint satisfaction problem uses to the previously selected case to adopt and solution ontology. The verification of the proposed methodology is processed by searching a meeting place according to the decision maker's requirements and context, the extracted solution shows the satisfaction depending on meeting purpose.

A Study on the Sensitibities of Cashflow and Growth Opportunities to Investments (기업투자와 성장기회, 현금흐름의 민감도에 관한 실증연구)

  • Lee, Won-Heum
    • The Korean Journal of Financial Management
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    • v.24 no.2
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    • pp.1-40
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    • 2007
  • We test a model of investment-cashflow-growth opportunities relationship in order to estimate the sensitivities to investments. In this study, we use a new proxy variable for the value of growth opportunities(hereafter "VGO"), which is based on the seminal papers of M&M(1958:1961:1963) and Lee(2006;2007). The empirical findings on the sensitivities of cashflow and growth opportunities are as follows. First, when the traditional proxy variables for the growth opportunities such as Tobin's Q, MBR and sales growth are included with the new proxy VGO in the estimation, their coefficients are turned out to be insignificant. Second, only the new proxy variable VGO shows a statistically significant positive sensitibity to investment, which can be regarded that the growth opportunities hold the positive influences to investments. Third, the Tobin's Q can be decomposed into three factors such as the value of growth opportunities(VGO), the value of asset-in-place and valuation errors. It turns out that only the VGO shows a statistically significant positive relationship with investment among others. This means that the new variable VGO is a good proxy variable for the growth opportunities in the investment-cashflow sensitivity analysis. In sum, thanks to the above findings in this study, we can say that it will not be proper to choose a proxy variable for the growth opportunities from the traditional set of proxies such as Tobin's Q, MBR, or sales growth rate.

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A Study on the Musculoskeletal Pain Experience of Dental Hygienist's Treatment Postur (치과위생사의 진료자세에 따른 근골격계 통증 경험에 대한 연구)

  • Kim, Ji-Hee;Kim, Hye-Jin
    • Journal of dental hygiene science
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    • v.9 no.4
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    • pp.413-418
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    • 2009
  • This study was to investigate the muscoulosckeletla pain from 214 dental hygienist during treatment process in Ulsan and Kyungnam. The data collection was done from March to May in 2009 with questionnaire. The study results were as follows. In the participant's age characteristic, under 23 years old(34.1%) was majority, other participant age group were 24~26 years old(33.6%), 25~29 years old(20.6%), and over 30 years old(11.7%). Other participant characteristic were unmarried participant(86.4%), none religion(43.5%), and graduation from college(88.3%). In the participant's business characteristic, working place were dental clinic(57.5%), and dental hospital(42.5%), career was 1~2 years(42.5%) and a number of change job was once(45.1%). Salary were 1,300,000~1,490,000 won (33.6%), 1,500,000~1,990,000 won(29.9%), under 1,300,000 won(26.2%), 2,000,000~2,490,000 won(7.5%). A number of dental hygienist was over 20 person(85.9%) and the average dental hygienist was 15.6 person. A number of dentist were one person(28.5%), 2 person(22.4%), 4 person(19.2%) and the average dentist was 3.2 person. Dental hygienist's working hour was 8~9(49.5%), a large part of dental hygienist was assistance of general treatment(70.1%). Other results were 5 days/week working(60.3%), and night shift(49.1%). In an effect of musculoskeletal pain during working, neck pain was significantly influenced by body posture such as "head forward 15 degree or head round", "non balanced shoulders", "bend waist", "bend wrist", and "sit astraddle on a chair". Shoulders pain was significantly influenced by body posture such as "head forward over 15 degree", "bend waist", and "stand up straightly". Knee pain was significantly influenced by body posture such as "stand up straightly", and hip pain was influenced by "sit astraddle on chair".

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