• 기술혁신학회지
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• 제2권2호
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• pp.275-289
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• 1999

This study aims at investigating the stylized facts of the complex system products innovation in Korea. It reviewed the preceeding studies on the innovation patterns of complex system products and selected the issues to be examined in investigating Korean case. In addition, the stylized facts of innovation patterns of Korean complex system products were suggested. The peculiar characteristics of Korean cases are as follows: Korea has succeeded in integrating foreign technologies and components into commercial complex system products and in substituting the foreign system products in the domestic market. However, it faces a great difficulty in upgrading the products to the next generation. It lacks capabilities which facilitate the evolution of system products competing in the world market.

• 응용통계연구
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• 제29권1호
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• pp.1-12
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• 2016

금융시계열은 일반 시계열과는 차별적으로 stylized facts로 불리는 특징을 가지고 있다. 이 특징들은 급첨 성질, 비정규분포, 변동성 집중 및 비대칭성을 포함한다. 이러한 특징들을 설명하기 위해서는 기존의 선형 ARMA 모형에서 벗어난 특수한 모형이 필요하게 되었다. 본 논문은 변동성 모형인 GARCH 형태의 모형을 중심으로 특수 금융시계열 모형들을 소개하고 연관된 통계적 이슈들에 대해 가능한 최근 연구를 중심으로 폭 넓게 조망하고 있다.

• 기술경영경제학회:학술대회논문집
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• 기술경영경제학회 2005년도 27회 하계학술발표회 논문집
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• pp.116-139
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• 2005

ICT(information and communication technology) has played a pivotal role in the world economy, and the out look for ICT has improved markedly. One of the noticeable characteristics in the ICT sector Is the global rationalization of its technology and service. Specialization on the specific ICT capability is a pressing problem for many countries. Along the line of classical innovation cluster and network studies, this paper suggests a way to find and analyze the role of core technologies on the ICT network First, technology network is constructed by using patent citation data from USPTO. Then, a couple of cluster is generated by K-means clustering technique. Finally, brokerage analysis is applied to manifest the role of principal technologies. The network visualization and some stylized facts on dynamics are briefly given altogether Based on the role and relationship of technologies across clusters, it is expected that this research could contribute to the ICT cluster formation and the vision-making for ICT specialization at the viewpoint of technology Policy.

• 기술혁신학회지
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• 제5권2호
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• pp.212-227
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• 2002

This study reviews the institutional frameworks of Open Source software and develops the stylized facts of Open Source software innovation. Open Source software have to solve two difficult problems for encouraging innovation. First, the source code of Open Source software program should be open and freely distributed and it is very difficult for developers to appropriate the results of their investments. Second, as Open Source software development process is characterized by the participation of communities of developers, it is not easy to coordinate and manipulate the development process. These difficulties of developing Open Source Software have been solved by the particular incentive schemes and coordinating mechanisms. This study reviews the study on the motivation of Open Source software development and the mechanisms which coordinate innovation process of Open Source software with peer review and meritocracy, and how these characteristics promote innovation in Open Source software communities.

• Journal of the Korean Data and Information Science Society
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• 제28권3호
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• pp.697-707
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• 2017

In this paper, we propose a modified GARCH(p, q)-X model which is obtained by adding the exogenous variables to the modified GARCH(p, q) process. Some limiting properties are shown under various stationary and nonstationary exogenous processes which are generated by another process independent of the noise process. The proposed model extends the GARCH(1, 1)-X model studied by Han (2015) to various GARCH(p, q)-type models such as GJR GARCH, asymptotic power GARCH and VGARCH combined with exogenous process. In comparison with GARCH(1, 1)-X, we expect that many stylized facts including long memory property of the financial time series can be explained effectively by modified GARCH(p, q) model combined with proper additional covariate.

• 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).

• 기술혁신학회지
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• 제7권1호
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• pp.42-63
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• 2004

Recent trend of rapid growth in the basic research activities in East-Asian newly industrialized countries bring about the change in the world knowledge production structure. Particularly, Korea showed the changing patterns not only in the number of publication, but also in the aspect of structural change of basic research activities. The stylized facts of basic research activities in Korea can be summarized in three aspects; first, selective development patterns, second, reverse pattern of evolution, and finally, the rapid growth of basic research activities in major firms. This paper analyse the evolutionary patterns of basic research activities in empirical base and propose the policy implication for supporting basic research activity in newly industrializing countries.

• The Journal of Asian Finance, Economics and Business
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• 제6권3호
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• pp.91-101
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• 2019

This paper finds some stylized facts about executive pay in South Korea. Using aggregate data of the listed companies since 2002, we find that 1) the director's remuneration has risen faster than the employee compensation, thus, the pay ratio of executive and employee has escalated from 3.0 to 4.5; 2) the executive compensation for large business group fluctuates more widely than that for small and medium enterprises does, hence the pay ratio for large firms changes widely too; 3) the median pay ratio has not grown monotonically but it rather rises to remain still around year 2011, which is accounted for mostly by small and medium enterprises. New information on executive compensation by compulsory disclosure starting from 2013 made further analysis of CEO compensation attainable. Based on the conventional regression analysis for 2013-2017, we find that 1) the elasticity of CEO pay with respect to firm value is about 0.18; 2) the volatility of stock return is negatively related to CEO pay; 3) contemporaneous stock return is positively associated with the pay; 4) there is insufficient evidence that large business groups pay their CEOs more than small and medium enterprises do. These results are robust under various model specifications.

• 산학경영연구
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• 제16권
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• pp.43-60
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• 2003

본 연구에서는 French, Schwert, & Stambaugh와 Schwert의 연구에 사용된 방법을 이용하여 한국 증권시장에서 주식수익률의 변동성의 특징을 분석하였다. 본 연구에 사용된 모형은 주식시장의 변동성의 시계열 특성에 대한 보다 조직적 분석을 제공한다. 간단히 말하면, 이 모형들은 일별 수익률로부터 자기회귀 및 계절적 영향을 제거함으로써 예기치 못한 수익률을 추정할 수 있게 한다. 그리고 나서 자기회귀 및 계절적 모형에 예기치 못한 수익률의 절대값을 이용하여 주가변동성을 예측하였다. 분석결과 첫째, 총체적 주식수익률의 움직임에 대한 지속성은 미약하고, 자기회귀모형에 비정상성이 있을 수 있음을 알 수 있었다. 또한, 일별 주가변동성의 움직임이 주식수익률의 움직임보다 훨씬 예측가능하다는 것을 발견하였다. 둘째, 변동성의 증가가 미래 기대수익률을 증가시킨다는 증거는 미약하고, 변동성이 시차 주식수익률과 관계가 있다는 사실을 알 수 있었다.

• 과학기술학연구
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• 제6권2호
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• pp.1-44
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• 2006

본 연구는 우리나라 민간기업의 탈추격형 혁신활동을 분석하는데 일차적인 목적을 가지고 있다. 선진기술의 빠른 추격에 의해 달성되었던 과거의 혁신패턴과 차별성을 갖는 새로운 형태의 탈추격형 기술혁신활동이 등장하고 있다. 여기에는 제조업이나 자본집약적 대량생산제품과 같은 기존의 경쟁우위제품군에서 세계 최첨단 제품군으로까지 진화하는 경우, 새로운 부품의 채택 및 새로운 부품간 배열을 통한 아키텍춰 혁신, 원천기술에 기반한 신제품의 생산 등 다양한 형태가 나타나고 있다. 본 연구는 새롭게 발흥하는 탈추격형 혁신활동을 분석하기 위한 개념틀을 모색하고, 기술집약형 중소기업을 중심으로 사례연구를 수행함으로써 우리나라 기업의 탈추격형 혁신활동의 패턴과 진화방향을 분석하고 있다.