• Title/Summary/Keyword: portfolio effect

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The impact of the patent through open innovation on the performance of the pharmaceutical and biotechnology firms (글로벌 제약·바이오 기업의 개방형 혁신 특허가 기업 성과에 미치는 영향)

  • Lee, Byoungho;Lee, Sang-Won
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.18 no.9
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    • pp.356-365
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    • 2017
  • Most studies of the effects of corporate patents on managerial performance conducted to date have been based on internally-generated patents. However, global pharmaceutical and biotechnology companies acquire patents not only from internal research and development (R&D), but also through university-industry collaboration and purchase. Focusing on this issue, our study collected patents from various sources, including internal R&D, purchased patents, and university-industry collaboration, to examine the real effects more accurately. Additionally, our study used a finite time lag model to consider the time lag between patent and corporate performance. The results of the quantitative analysis of the relationship between patents and corporate financial performance revealed that patent quantitative levels had less impact on sales than other types. However, quantitative patents levels appeared to have a significant impact on market value. Moreover, quantitative patent levels appeared to moderate impact on corporate profit. Patents acquired by internal R&D had the greatest impact on market value, while purchased patents had the greatest impact on corporate profit and sales. The purchased patents had a significant effect on financial performance in the pharmaceutical and biotechnology companies because of the long time required and expense associated with R&D. Overall, the results of this study provide the basis for global pharmaceutical and biotechnology companies to configure an optimal patent portfolio.

한냉혈관반응 측정에 관한 연구

  • 정종만;이영숙
    • Proceedings of the ESK Conference
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    • 1997.04a
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    • pp.203-211
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    • 1997
  • 본 연구는 기온$15^{\circ}C{\pm}1^{\circ}C$ $26^{\circ}C{\pm}1^{\circ}C$,습도$55%{\pm}5%$ 환경조건에서 손가락 끝마디 부분을 얼음물에 침지시킨후 구강온과 4부위 피부온, 손가락끝 피부온, 전신온냉감, 전신쾌적감, 손가락 끝 동통감의 변화를 젊은 남자 피험자와 노인남자 피험자를 대상으로 비교측정하고자 하였다. 본 학회에서는 젊은 남자피험자 그룹에 대하여 보고하고자 한다. 결과는 다 음과 같다. $15^{\circ}C{\pm}1^{\circ}C$에서 4부위 피부온을 보면 가슴과 상완은 손가락끝 침지시 약간 하강하고 다시 상승하지만 대퇴와 하퇴에서는 하강하고 그 상태가 유지된다. 특히 하퇴의 경우는 급격히 하강하는 경향을 보이고 있다. 손가락끝 피부온은 손가락 침지와 동시에 급격한 하강을 나타내나 손가락을 꺼낸후에 손가락 침지전의 온도로 회복되지는 않았다. 평균피부온을 보면 손가락 침지시 하강하는 경향을 보이고 있다. 전신 쾌적감은 약간 불쾌하게 나타났고, 전신온냉감은 서늘하다고나타났고 손가락끝의 동통 감은 매우 아프다고 나타났다. $26^{\circ}C{\pm}1^{\circ}C$에서 4부위 피부온을 보면 가슴 상완대퇴 하퇴 모두 손가락끝 침지시 약간 하강하고 낮은 상태로 유지되는 경향을 보이고 있다. 손가락끝 피부온은 손가락 침지시 급격한 하강을 나타내었고 손가락을 꺼낸후에도 침지의 온도로 회복이 되었다. 평균피부온은 손가락 침지후에 약간 하강하였지만 큰 차이는 없었다. 전신쾌적감은 약간 쾌적하게 나타났고 전신온냉감은 약간 따뜻하다라고 나타났으며 손가락끝의 동통감은 약간 아프다고쪽으로 나타났다.때문에 이를 디자인에 곧바로 적용시키기 어려운 점이 있다. 이에 본 연구는 기존의 바용성 평가를 위한 분석도구들이 갖는 문제 점들 해결하여 제품의 사용자 인터페이스 디자인 개발과정에서 활용할 수 있는 평가 분석도구를 개발하는 것을 목표로 한다. 이를 위해 첫째, 다양한 유형의 정보를 포함하는 비디오 정보를 선정하였따. 둘째, 데이터를 다양한 측면에서 추출할 수 있는 Data logger를 개발하였다. 셋째, 데이터를 시각적으로 정리하고 분석할 수 있는 도구를 제안한다. 마지막으로 인터페이스 디자인에서 여러 가지 디자인안을 도출해 내는 작업에 이용할 수 있는 종합화과정을 개발한다. 이러한 일련의 과정이 통합된 컴퓨터 시스템 안에서 이루어지도록 프로그램을 개발하여 정보의 유용성을 높일 수 있도록 한다.at the entropy index as a measurement of inter-business relatedness is not significant but technological relatedness index is significant. OLS estimates on pooled data were considerably different from FEM or REM estimates on panel data. By introducing interaction effect among the three variables for business portfolio properties, we obtained three findings. First, only VI (Vertical integration) has a significant positive correlation with ROS. Second, when using TFP growth as an depende

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The Price of Risk in the Korean Stock Distribution Market after the Global Financial Crisis (글로벌 금융위기 이후 한국 주식유통시장의 위험가격에 관한 연구)

  • Sohn, Kyoung-Woo;Liu, Won-Suk
    • Journal of Distribution Science
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    • v.13 no.5
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    • pp.71-82
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    • 2015
  • Purpose - The purpose of this study is to investigate risk price implied from the pricing kernel of Korean stock distribution market. Recently, it is considered that the quantitative easing programs of major developed countries are contributing to a reduction in global uncertainty caused by the 2007~2009 financial crisis. If true, the risk premium as compensation for global systemic risk or economic uncertainty should show a decrease. We examine whether the risk price in the Korean stock distribution market has declined in recent years, and attempt to provide practical implications for investors to manage their portfolios more efficiently, as well as academic implications. Research design, data and methodology - To estimate the risk price, we adopt a non-parametric method; the minimum norm pricing kernel method under the LOP (Law of One Price) constraint. For the estimation, we use 17 industry sorted portfolios provided by the KRX (Korea Exchange). Additionally, the monthly returns of the 17 industry sorted portfolios, from July 2000 to June 2014, are utilized as data samples. We set 120 months (10 years) as the estimation window, and estimate the risk prices from July 2010 to June 2014 by month. Moreover, we analyze correlation between any of the two industry portfolios within the 17 industry portfolios to suggest further economic implications of the risk price we estimate. Results - According to our results, the risk price in the Korean stock distribution market shows a decline over the period of July 2010 to June 2014 with statistical significance. During the period of the declining risk price, the average correlation level between any of the two industry portfolios also shows a decrease, whereas the standard deviation of the average correlation shows an increase. The results imply that the amount of systematic risk in the Korea stock distribution market has decreased, whereas the amount of industry-specific risk has increased. It is one of the well known empirical results that correlation and uncertainty are positively correlated, therefore, the declining correlation may be the result of decreased global economic uncertainty. Meanwhile, less asset correlation enables investors to build portfolios with less systematic risk, therefore the investors require lower risk premiums for the efficient portfolio, resulting in the declining risk price. Conclusions - Our results may provide evidence of reduction in global systemic risk or economic uncertainty in the Korean stock distribution market. However, to defend the argument, further analysis should be done. For instance, the change of global uncertainty could be measured with funding costs in the global money market; subsequently, the relation between global uncertainty and the price of risk might be directly observable. In addition, as time goes by, observations of the risk price could be extended, enabling us to confirm the relation between the global uncertainty and the effect of quantitative easing. These topics are beyond our scope here, therefore we reserve them for future research.

A Research on PV-connected ESS dissemination strategy considering the effects of GHG reduction (온실가스감축효과를 고려한 태양광 연계형 에너지저장장치(ESS) 보급전략에 대한 연구)

  • Lee, Wongoo;KIM, Kang-Won;KIM, Balho H.
    • Journal of Energy Engineering
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    • v.25 no.2
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    • pp.94-100
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    • 2016
  • ESS(Energy Storage System) is an important source that keeps power supply stable and utilizes electricity efficiently. For example, ESS contributes to resolve power supply imbalance, stabilize new renewable energy output and regulate frequency. ESS is predicted to be expanded to 55.9GWh of installed capacity by 2023, which is 30 times more than that of 2014. To raise competitiveness of domestic ESS industry in this increasing world market, we have disseminated load-shift ESS for continuous power supply imbalance with FR ESS, and also necessity to secure domestic track record is required. However in case of FR ESS, utility of installing thermal power plant is generally generated within 5% range of rated capacity, so that scalability of domestic market is low without dramatic increase of thermal power plant. Necessity of load-shift ESS dissemination is also decreasing effected by surplus backup power securement policy, raising demand for new dissemination model. New dissemination model is promising for $CO_2$ reduction effect in spite of intermittent output. By stabilizing new renewable energy output in connection with new renewable energy, and regulating system input timing of new renewable energy generation rate, it is prospected model for 'post-2020' regime and energy industry. This research presents a policy alternatives of REC multiplier calculation method to induce investment after outlining PV-connected ESS charge/discharge mode to reduce GHG emission, This alternative is projected to utilize GHG emission reduction methodology for 'Post-2020' regime, big issue of new energy policy.

The effect of corporate risk on Korean bond market (기업의 위험이 회사채 수익률에 미치는 영향)

  • Choe, Yong-Shik;Choi, Jong-Yoon
    • Journal of Digital Convergence
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    • v.16 no.12
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    • pp.175-183
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    • 2018
  • This study analyzes determinants of bond returns in terms of systematic risk versus idiosyncratic risk by examining relationship among those factors. First we examined the cross-sectional determinants of corporate bond returns with Korean bond market data from 2001 to 2014. This paper uses term factor and default factor for systematic risk, and duration factor and credit rating factor for idiosyncratic risk. The empirical result shows that systematic risk can explain cross-sectional differences of bond returns rather than idiosyncratic risk which is the same result in advanced markets(US or Europe). This result is different from the previous Korean studies which showed that idiosyncratic risk is more important than systematic risk in Korean bond market. The reason for the different result may be the longer sample period which includes the most recent period. It is insisted that Korean bond market is getting more synchronized with the advanced bond market. In conclusion, this empirical result implies that Korean bond portfolio managers should focus on systematic risk, which is contrary to current system in Korean asset management industry.

Impact of Oil Price Shocks on Stock Prices by Industry (국제유가 충격이 산업별 주가에 미치는 영향)

  • Lee, Yun-Jung;Yoon, Seong-Min
    • Environmental and Resource Economics Review
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    • v.31 no.2
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    • pp.233-260
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    • 2022
  • In this paper, we analyzed how oil price fluctuations affect stock price by industry using the non-parametric quantile causality test method. We used weekly data of WTI spot price, KOSPI index, and 22 industrial stock indices from January 1998 to April 2021. The empirical results show that the effect of changes in oil prices on the KOSPI index was not significant, which can be attributed to mixed responses of diverse stock prices in several industries included in the KOSPI index. Looking at the stock price response to oil price by industry, the 9 of 18 industries, including Cloth, Paper, and Medicine show a causality with oil prices, while 9 industries, including Food, Chemical, and Non-metal do not show a causal relationship. Four industries including Medicine and Communication (0.45~0.85), Cloth (0.15~0.45), and Construction (0.5~0.6) show causality with oil prices more than three quantiles consecutively. However, the quantiles in which causality appeared were different for each industry. From the result, we find that the effects of oil price on the stock prices differ significantly by industry, and even in one industry, and the response to oil price changes is different depending on the market situation. This suggests that the government's macroeconomic policies, such as industrial and employment policies, should be performed in consideration of the differences in the effects of oil price fluctuations by industry and market conditions. It also shows that investors have to rebalance their portfolio by industry when oil prices fluctuate.

The Study on the Impact of China Banks' Securities Asset Management on Financial performance (중국 상업은행의 유가증권투자가 경영성과에 미치는 영향)

  • Bae, Soo Hyun
    • The Journal of the Convergence on Culture Technology
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    • v.9 no.1
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    • pp.89-94
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    • 2023
  • Recently, credit risk in the Chinese corporate bond market has increased significantly, and there is a possibility that banks that have invested in corporate bonds may become insolvent. The purpose of this study is to empirically analyze the effect of Chinese commercial banks' investment in securities on financial performance. The analysis results are as follows. First, it is estimated that as the share of securities investment by Chinese commercial banks increases, the bank's profitability decreases. It was found that investment in securities did not have a positive impact on profitability due to the increase in credit risk in the corporate bond market and the increase in marginal companies. Second, it is estimated that as the proportion of securities investment by Chinese commercial banks increases, the bank's soundness deteriorates. As credit risk in China's capital market is increasing, continuous management of non-performing assets is required. Chinese commercial banks need portfolio management through securities investment in addition to loan assets to improve profitability. However, volatility should be managed by adjusting the scale of securities management to an appropriate level.

SNS Effect of the negative event on the Firm Performance: Comparison between Pre and Post SNS media appearance

  • Kim, Sang Yong;Lee, Da Eun
    • Asia Marketing Journal
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    • v.16 no.1
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    • pp.21-33
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    • 2014
  • When the negative event is published, the company tends to go through the negative impact on the firm performance. Especially, with the SNS, the negative event is instantly spread on indefinite region so the impact seems bigger than the period before the SNS media appearance. It seems that everyone considers the SNS media impact on the firm performance quite big. However, there has been no empirical study on the impact comparison on the firm performance between pre and post SNS media occurrence periods. This study tries to empirically compare the impact of the negative event on the firm performance between pre and post SNS media appearance. Our study starts fromthe basic but not verified question; Does really the negative event have more negative impact in the post-SNS-occurrence period than in the pre-SNS-occurrence period? In order to examine the impact of the negative publicity on firm performance in two eras, pre and post SNS media appearance, we used CAR (Cumulative Abnormal Resturns) model. By using this model, we could verify the statistical significance of cumulative abnormal returns in market between before and after the events. For event samples, we focused on food manufacturers and collected the negative events from 1991 to 2003 for pre-SNS occurrence period, and from 2010 to 2013 for post-SNS occurrence period. Based on the listed food companies at KOSPI, we researched Naver News Library (newslibrary.naver.com) and Naver News (news.naver.com) for all the individual negative events published for both periods. Firm returns data were collected from TS 2000 (KOCO Info) and market portfolio data were collected from KRX Exchange. Through our empirical analysis, our finding is interesting to note that the type of events differently influences on the firm performance. With the SNS, the health-related events have influence on the firm performance 'after the event day' whereas the company behavior trust events have influence 'before the event day'. Our findings have implications for management. When a negative event directly related to or threatening customers or their life such as health, it is crucial to fix up the situation right after the event occurs. On the other hand, when a negative event is not publicly available information such as company behavior trust, it is important for marketers to strengthen the firms' trust reputation and control the bad WOM before the event.

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Restructuring Enterprise Brand through Migration of the Brand Equity : A Case Analysis of AJU Capital (브랜드 자산의 이동을 통한 기업브랜드의 재구축: 아주캐피탈 사례 분석)

  • Hong, Sung-Tae;Na, Woon-Bong;Son, Young-Seok
    • Asia Marketing Journal
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    • v.12 no.4
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    • pp.183-201
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    • 2011
  • In case of Aju capital, it adopted a strategy to use a single brand not two separate brands after M&A was completed. In order to implement this strategy, it has endeavored to effectively process the work of shifting existing marketing infrastructure of DAEWOO capital, the mergee, spending enough transition time for the brand migration. In the process of merging, Aju capital picked the strategy to use the brand of mergee first, which is the Daewoo Capital brand, and then took a transition time for a while to converge to the single brand of Aju capital. Putting another way, even if the M&A deal was completed back in 2005, it maximized the effect of launching its final brand "Aju capital" by capitalizing on the positive image of "Daewoo" during the transition time and changing its name just in the right moment. In a bid to implement this strategy successfully, it established a cautious but sophisticated brand migration strategy. 1) "Brand bridge" strategy through reinforcing brand power of "Naegeron", which is an individual product brand of Daewoo Capital 2) Establishing a good brand image through reinforcing customer satisfaction 3) It implemented and completed its brand transition initiative by going through the step of Aju Capital brand unification (from Sept 09 to present) Currently, the sales unit of Aju Capital is realizing quality growth through specialization. It's strategy is to construct a systematic sales portfolio in terms of both quality and quantity through product-by-product specialization where the existing practice was selling a variety of products in a single branch. Back in 2009, it opened a branch that specialize in imported cars and expanded its used car business to 6 specialized locations. Besides, the specialized locations for personal loan named "Naegeron" was expanded from 3 to 11 locations. Recently, it is expected that it will inject vigor to retail and corporate financing business alongside with its core business, which is auto financing.

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A Study on the Prediction Model of Stock Price Index Trend based on GA-MSVM that Simultaneously Optimizes Feature and Instance Selection (입력변수 및 학습사례 선정을 동시에 최적화하는 GA-MSVM 기반 주가지수 추세 예측 모형에 관한 연구)

  • Lee, Jong-sik;Ahn, Hyunchul
    • Journal of Intelligence and Information Systems
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    • v.23 no.4
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    • pp.147-168
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    • 2017
  • There have been many studies on accurate stock market forecasting in academia for a long time, and now there are also various forecasting models using various techniques. Recently, many attempts have been made to predict the stock index using various machine learning methods including Deep Learning. Although the fundamental analysis and the technical analysis method are used for the analysis of the traditional stock investment transaction, the technical analysis method is more useful for the application of the short-term transaction prediction or statistical and mathematical techniques. Most of the studies that have been conducted using these technical indicators have studied the model of predicting stock prices by binary classification - rising or falling - of stock market fluctuations in the future market (usually next trading day). However, it is also true that this binary classification has many unfavorable aspects in predicting trends, identifying trading signals, or signaling portfolio rebalancing. In this study, we try to predict the stock index by expanding the stock index trend (upward trend, boxed, downward trend) to the multiple classification system in the existing binary index method. In order to solve this multi-classification problem, a technique such as Multinomial Logistic Regression Analysis (MLOGIT), Multiple Discriminant Analysis (MDA) or Artificial Neural Networks (ANN) we propose an optimization model using Genetic Algorithm as a wrapper for improving the performance of this model using Multi-classification Support Vector Machines (MSVM), which has proved to be superior in prediction performance. In particular, the proposed model named GA-MSVM is designed to maximize model performance by optimizing not only the kernel function parameters of MSVM, but also the optimal selection of input variables (feature selection) as well as instance selection. In order to verify the performance of the proposed model, we applied the proposed method to the real data. The results show that the proposed method is more effective than the conventional multivariate SVM, which has been known to show the best prediction performance up to now, as well as existing artificial intelligence / data mining techniques such as MDA, MLOGIT, CBR, and it is confirmed that the prediction performance is better than this. Especially, it has been confirmed that the 'instance selection' plays a very important role in predicting the stock index trend, and it is confirmed that the improvement effect of the model is more important than other factors. To verify the usefulness of GA-MSVM, we applied it to Korea's real KOSPI200 stock index trend forecast. Our research is primarily aimed at predicting trend segments to capture signal acquisition or short-term trend transition points. The experimental data set includes technical indicators such as the price and volatility index (2004 ~ 2017) and macroeconomic data (interest rate, exchange rate, S&P 500, etc.) of KOSPI200 stock index in Korea. Using a variety of statistical methods including one-way ANOVA and stepwise MDA, 15 indicators were selected as candidate independent variables. The dependent variable, trend classification, was classified into three states: 1 (upward trend), 0 (boxed), and -1 (downward trend). 70% of the total data for each class was used for training and the remaining 30% was used for verifying. To verify the performance of the proposed model, several comparative model experiments such as MDA, MLOGIT, CBR, ANN and MSVM were conducted. MSVM has adopted the One-Against-One (OAO) approach, which is known as the most accurate approach among the various MSVM approaches. Although there are some limitations, the final experimental results demonstrate that the proposed model, GA-MSVM, performs at a significantly higher level than all comparative models.