• The Journal of Asian Finance, Economics and Business
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• 제2권4호
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• pp.5-11
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• 2015

This study is the first to analyze performance of Taiwanese domestic equity funds between January 2009 and October 2014, the period during which quantitative redirected capital flows toward developing economies and the Taiwanese Stock Exchange Weighted Index compounded at approximately 12.9% annually. Adopting methods endorsed by earlier research, we evaluated 15 Taiwanese equity funds' performance relative to market averages using the Sharpe (1966) and Treynor (1965) ratios and Jensen's alpha method (1968). To test market timing proficiency, we applied the Treynor and Mazuy (1966) and Henriksson and Merton (1981) regression analysis methods. Jensen's alpha method (1968) was used to measure fund managers' stock selection skills. Results revealed that funds significantly under-performed Taiwan's average annual market return and demonstrated no exceptional stock-selection skills and market timing proficiency during the era of quantitative easing.

• Journal of Information Processing Systems
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• 제20권1호
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• pp.76-84
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• 2024

This study constructed a VAR model with cotton futures and spot price data from April 30, 2009 to November 16, 2022, for empirical analysis utilizing the Granger causality test to analyze the dynamic relationship between cotton futures and spot market prices in China. The impulse response function and variance decomposition analysis showed that the cotton spot prices at flowering have a causal relationship with each other; in terms of mutual influence and impact, futures prices are higher than spot prices. Finally, it proposed countermeasures and suggestions from the perspective of establishing a standardized cotton spot market, improving the laws and regulations of the cotton futures market and trading system, and optimizing the structure of investment subjects.

• 신재생에너지
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• 제8권2호
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• pp.33-43
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• 2012

Why solar companies preferred vertical integration of whole value chain? Major solar companies have built internally strong vertical integration of entire PV value chain. We raise a question whether such integration increases the corporate value and whether market situation affects the result. To test these questions, we conducted multi-variant analysis where characteristic factors mainly affect the corporate value measured in terms of Tobin'Q, based on the financial and non-financial data of PV companies listed in US stock market between 2005 and 2010. We hypothesize that since integration increases the overall efficiency but decreases the flexibility to adjust to various market situation, the combined effect of the efficiency gain and the flexibility loss ultimately determines the sign of integration effect on the corporate vale. We infer that the combined effect will be influenced heavily by business cycle, as in boom market (Seller's market) the efficiency gain may be larger than the flexibility loss and vice versa in bust market. We test whether the sign of combined effect changes after the year of 2009 and which factors influence most the sign. Year of 2009 is known as the year when market shifted from Seller's to Buyer's market. We show that 1) integration increases corporate value in general but after 2009 integration significantly decreases the value, 2) the ratios such as Production/Total Cost, Cash turnover period chosen for reversal of the flexibility measure are negatively affect Tobin's Q and especially stronger after 2009. This shows the flexibility improves corporate value and stronger in the recess period (Buyer's market). These results imply that solar company should set up integration strategy considering the tradeoff between efficiency and flexibility and the impact of the business cycle on both factors. Strategy only based on the price competitiveness determined in boom time can bring undesirable outcomes to the company. In addition, Strategic alliances in some value chains as a flexible bondage should be taken in account as complementary choice to the rigid integration.

• 한국의류학회지
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• 제27권9_10호
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• pp.1081-1092
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• 2003

The purpose of this study was to identify the current situation of textiles and apparel firms in the overseas markets and to examine the relationship between firms' characteristic(i.e., sales volume) and international marketing strategies. A random sample of 311 textiles and apparel firms were selected. The survey design method was used to test conceptual framework. Adjusted response rate was 33.4%(n=115). Descriptive analysis (i.e., frequency, percent) and $\chi$$^2$-test were used for data analysis. About the current situation of textiles and apparel firms in the overseas markets, the motivation for international market entry was highly found to expand their operation from domestic to international market, and most firms were found to be involved with OEMs(Original Equipment Manufacturers) as an entry mode for international market. China and US market were the most popular market among Korean textiles and apparel firms. Product differentiation strategy, pricing strategy based on manufacturing cost and buyer's offering price, place strategy using foreign buyers and participating a few international exhibition were frequently used among Korean textiles and apparel firms for international marketing. Among textile firms, sales volume was related to product strategies(product development), price strategy(buyer's offer) and place strategy(channel). Among apparel firms, product strategy(product labeling), price strategy(price satisfaction). The findings of this can be used when Korean textiles and apparel firms do strategic planning and evaluate the international marketing strategies. Also information and results of this study may assist policy makers to develop better ideas and strategies for textiles and apparel industry.

• 분석과 대안
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• 제6권1호
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• pp.35-68
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• 2022

이 논문은 대학서열에 따른 임금차이를 학벌 프리미엄으로 정의하고 1982년, 1992년, 2002년 대학졸업자들의 노동시장 경력과 학교생활에 대한 정보를 담은 「교육-노동시장 생애경로조사」를 바탕으로 학벌 프리미엄의 시대별 경력별 변화를 살펴본다. 학벌 프리미엄은 졸업연도와 졸업 후 시점에 따른 다른 양상을 보인다. 대체로 졸업 후 시간이 지남에 따라 학벌프리미엄이 감소하는 경향이 있으며 경력이 오래될수록 학벌 프리미엄은 감소하는 모습을 보인다. 또한 입학성적을 고려하였을 경우 1992년 졸업자들의 학벌 프리미엄은 사라지지만 2002년 졸업자들의 학벌프리미엄은 입직 시는 물론 졸업 후 7년 지난 시점에서 남아있는 것으로 나타났다. 학벌 프리미엄에서 보이는 세대별 차이에 대해서는 적어도 부분적으로 대학 수, 대학진학률, 입학성적과 대학서열 사이의 관계 등으로 설명할 수 있는 것으로 보인다.

• East Asian Economic Review
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• 제25권3호
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• pp.273-309
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• 2021

The development of regulatory systems varies between transition and non-transition economies. This suggests that they provide different incentives for entrepreneurial development and could have varied effects on the economy because they have different methods to deal with market failure. However, limited empirical evidence exists to prove the assumption of dichotomy. Using comprehensive data for institutional quality, labor market and financial market development, this research sought to analyze their effect on employment growth at micro level. The results show that the quality of institutions in transition economies are poorer relative to those in non-transition economies, but their financial and labor markets are more developed than the latter. Further analysis for the transition sample shows that the three variables are individually positively related with employment growth. For the non-transition sample, institutional quality and labor market flexibility bear a positive and significant effect on employment. Financial market development enters the model with a negative coefficient when regressed alone, but a joint test of significance finds that all the variables have a positive effect on employment growth. This result could imply that there is interdependence between institutional quality, labor flexibility and financial market development in firm-employment-growth relationship, or complementarity between regulations and the quality of institutions. Alternatively, this finding suggests that a stringently regulated credit market in non-transition economies have a selection effect-allocating credit only to entrepreneurs who already demonstrate strong growth potential. In sum, despite differences in the evolution of regulatory environment between the two samples, both of them complement employment growth at firm level. The overall implication of these findings is that less rigid regulations and coherent policies that are enforced with impartiality provide incentives for firms to expand.

• 국제지역연구
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• 제13권3호
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• pp.93-119
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• 2009

본 연구의 목적은 국제 쌀 시장에 대한 시장지배력과 쌀 수출물량에 영향을 주는 요인을 구조와 행위분석을 통해 알아보는 것이다. 2차 세계대전 이후, 국제 쌀 시장은 왜곡되고, 얇고, 변동성이 심한 시장으로 간주 되어왔다. 또한 2008년 국제 쌀 가격의 단기 급등으로 인한 국제 쌀 시장에서의 수출국과 수입국의 국내 쌀 생산정책 및 가격 정책에도 많은 영향을 주었다. 결국, 본 논문은 최근의 국제 쌀 시장의 변화에서 주요 쌀 수출국의 시장지배력의 존재 유무와 쌀 수출물량에 영향을 주는 요인을 수출공급함수와 가격구조방정식을 통해 알아보았다. 연구결과는 국제 쌀 시장에서의 주요 쌀 수출국들(태국, 베트남, 인도, 미국)은 시장 지배력을 보유하고 있으며, 주요 쌀 수출국의 환율과 생산량은 해당국의 쌀 수출물량에 민감하게 반응하는 것으로 나타났다. 또한 주요 쌀 수출국의 시장집중도 증가는 쌀 수출가격에 증가하는 요인으로 나타났다.

• 아태비즈니스연구
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• 제15권2호
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• pp.143-157
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• 2024

Purpose - This paper aims to analyze the relationship and correlation between the stock markets of Korea, the US, China, and Japan before and after the outbreak of COVID-19. Design/methodology/approach - This study conducted an empirical analysis using the stock market data from January 2016 to June 2023 for the representative market indices of Korea, the US, China, and Japan. The analysis employed the VAR model, Granger causality test, impulse response function, and variance decomposition. Findings - Analyzing the relationships of these stock markets before and after the outbreak of COVID-19, we obtained the following results. (i) The influence of the U.S. stock market was found to be absolute regardless of the COVID-19 period, and the rise in the U.S. stock market led to rises in other stock markets. (ii) The Chinese stock market had a significant negative impact on the U.S., Korean, and Japanese stock markets before COVID-19, but this influence disappeared after COVID-19. This suggests that the Chinese market exhibited unique characteristics different from the global market after COVID-19. (iii) Analyzing the period excluding the first quarter of 2020, when global stock market volatility was extremely high due to the spread of COVID-19, we found that the results were very similar to the analysis including the first quarter of 2020. Therefore, it is difficult to argue that the increased uncertainty during this period distorted the relationships among the stock markets of these four countries. Research implications or Originality - We anticipate that these findings will offer valuable insights for both individual and institutional investors, aiding them in portfolio diversification and risk mitigation.

• 한국병원경영학회지
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• 제11권3호
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• pp.19-41
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• 2006

The Objective of this study was to design the model which predict the future cash flow of hospitals and on the basis of designed model to support sound hospital management by the prediction of future cash flow. The five cash flow measurement variables discussed in financial accrual part were used as variables and these variables were defined as NI, NIDPR, CFO, CFAI, CC. To measure the cash flow B/S related variables, P/L related variables and financial ratio related variables were utilized in this study. To measure cash flow models were designed and to estimate the prediction ability of five cash flow models, the martingale model and the market model were utilized. To estimate relative prediction outcome of cash flow prediction model and simple market model, MAE and MER were used to compare and analyze relative prediction ability of the cash flow model and the market model and to prove superiority of the model of the cash flow prediction model, 32 Regional Public Hospital's cross-section data and 4 year time series data were combined and pooled cross-sectional time series regression model was used for GLS-analysis. To analyze this data, Firstly, each cash flow prediction model, martingale model and market model were made and MAE and MER were estimated. Secondly difference-test was conducted to find the difference between MAE and MER of cash flow prediction model. Thirdly after ranking by size the prediction of cash flow model, martingale model and market model, Friedman-test was evaluated to find prediction ability. The results of this study were as follows: when t-test was conducted to find prediction ability among each model, the error of prediction of cash flow model was smaller than that of martingale and market model, and the difference of prediction error cash flow was significant, so cash flow model was analyzed as excellent compare with other models. This research results can be considered conductive in that present the suitable prediction model of future cash flow to the hospital. This research can provide valuable information in policy-making of hospital's policy decision. This research provide effects as follows; (1) the research is useful to estimate the benefit of hospital, solvency and capital supply ability for substitution of fixed equipment. (2) the research is useful to estimate hospital's liqudity, solvency and financial ability. (3) the research is useful to estimate evaluation ability in hospital management. Furthermore, the research should be continued by sampling all hospitals and constructed advanced cash flow model in dimension, established type and continued by studying unified model which is related each cash flow model.

• 유통과학연구
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• 제10권11호
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• pp.61-70
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• 2012

Purpose - The entry of Super Supermarkets (SSM), operated by large corporations, into the retail distribution market weakens the competitive power of local supermarkets (SM) and their families leading to a rapid collapse of the local-SM market. Accordingly, this is a very sensitive and urgent issue in Korean society and politics. Therefore, the government is required to take steps to activate a local-SM market and regain the loyalty of their customers. However, in spite of the urgent need of a comparative study on the advantages and competitive power of local-SM in relation to the SSM, little research has been done on this issue to date. One purpose of this study is to analyze the differences in store characteristics of the local SM and SSM, and to explore the relationships amongst various store characteristics, such as consumption emotion, relation quality, and store loyalty between store types to provide an efficient solution to activate a local-SM market. Research design, data, methodology - To analyze the differences in the evaluation of store characteristics between store types, and to test the moderator and mediator effects, data were collected from 488 customers in Seoul, Incheon,and Gyeonggi Province. The theoretical model consists of four hypotheses, and data was processed to test these using factor analysis, t-test, regression analysis, hierarchical regression, and the three step regression proposed by Baron and Kenny. Results - First, the analysis shows that local-SM customers evaluate location characteristic factors significantly higher compared to SSM customers. However, SSM customers evaluate quality of merchandise, sales promotion activities, and store environment significantly higher. Yet, there are no significant differences in the evaluation of consumption emotion, relation quality,and store loyalty between the store types. Second, the analysis of moderator effects of the store type show that sales promotion and store atmosphere factors have a significantly negative moderating effecton positive consumption emotion, while positive consumption emotion has a significantly positive moderating effect on absorption of relation quality, while there are no significant moderating effects between consumption emotion and store loyalty. Third, while both trust and absorption of relation quality are partially mediated between consumption emotion and store loyalty, only absorption is partially mediated between positive consumption emotion and store loyalty. There are no significant mediating effects of absorption between negative consumption emotion and store loyalty. Conclusions - We strongly recommend that location restrictions on entrance of SSM into local-SM market should either be further strengthened or sustained for the activation of the local store market. Government should strengthen financial support to improve the quality of merchandise, sales promotion, employee education, store environment of the local-SM by providing appropriate business consulting. Moreover, the result implies that the owners of alocal-SM should take measures to increase customers' absorption and store loyalty, such as store cleanliness, maintaining a delightful atmosphere at the store, and training employees on attitudes towards customers. As this study is restricted within Seoul, Incheon, and Gyeonggi Province, care needs to be taken in generalizing the interpretation and application to the national level.