• 유통과학연구
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• 제12권1호
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• pp.35-46
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• 2014

Purpose - This Study aims to promote technology transfer commercialization and ultimately make contribution towards enhancement of the success rate of commercialization of technology transfer at national level by deducing the factors that impart influence on the negotiation at the time of technology trading between the seller and buyer of technology of public research institutions subjected to transfer and sales. Research design, data and methodology - This Study deduced 5 research hypotheses through preceding researches related to technology transfer commercialization related technology marketing for technology trading negotiation. This Study was conducted by verifying the hypotheses through multiple regression analysis. Results - As the result of the Study, the research hypothesis H1, 'Promotion of commercialization of technology transfer trading will be affected in accordance with the innate characteristic factors of the technology', and H5, 'Promotion of commercialization of technology transfer trading will be affected in accordance with the mutual factors of the parties of the technology trading', among the 5 research hypotheses were chosen. Conclusions - It was found that the technology seller must be able to demonstrate technological value of the technology being sold in order to successfully conclude technology transfer trading negotiation and mutual understanding and harmonious communication between the parties.

• 디지털산업정보학회논문지
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• 제6권3호
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• pp.211-219
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• 2010

This paper designs the dynamic symbol automatic trading system in Korean option market. This system is based on Multichart program which is convenient and efficient system trading tool. But the Multichart has an important restriction which has only one constant symbol per chart. This restriction causes very useful strategies impossible. The proposed design uses global variables, signal chart selection and position order exchange. So an automatic trading system with dynamic symbol works on Multichart program. To verify the proposed system, BS(Buythensell)-SB(Sellthenbuy) strategies are tested which uses the change of open-interest of stock index futures within a day. These strategies buy both call and put option in ATM at start candle and liquidate all at 12 o'clock and then sell both call and put option in ATM at 12 o'clock and also liquidate all at 14:40. From 23 March 2009 to 31 May 2010, 301-trading days, is adopted for experiment. As a result, the average daily profit rate of this simple strategies riches 1.09%. This profit rate is up to eight times of commision price which is 0.15 % per option trade. If the method which raises the profitable rate of wining trade or lower commission than 0.15% is found, these strategies make fascinated lossless trading system which is based on the proposed dynamic symbol automatic trading system.

• Journal of Multimedia Information System
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• 제4권4호
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• pp.271-278
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• 2017

There has been an influx of traders and researchers eager to gain a better understanding of the market due to the rapid growth of the FOREX market. Traders with varying degree of experience are also often inundated with information, analysis methods as well as trading rules when making a trading decision on buying/selling a currency exchange pair. Thus, this paper reviews the current computational tools and analysis methods used within the FOREX trading community and proposes the development of a web-based trading platform with e-learning features to support beginners. Novice traders could also benefit from the use of the proposed e-learning trading platform as it helps them gain valuable knowledge and navigate the FOREX market in real-time. Even experienced traders would find it useful as the platform could be used for actual trading and acts as a reference point to understand the reasoning behind the certain technical analysis implementation that are still unclear to them.

• The Journal of Asian Finance, Economics and Business
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• 제7권9호
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• pp.63-74
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• 2020

This study investigates the behavior of foreign investors in the Stock Exchange of Thailand (SET) in the time of coronavirus disease 2019 (COVID-19) as to whether trading is abnormal, what strategy is followed, whether herd behavior is present, and whether the actions destabilize the market. Foreign investors' trading behavior is measured by net buying volume divided by market capitalization, whereas the stock market behavior is measured by logged return on the SET index portfolio. The data are daily from Tuesday, August 28, 2018, to Monday, May 18, 2020. The study extends the conditional-regression model in an event-study framework and extracts the unobserved abnormal trading behavior using the Kalman filtering technique. It then applies vector autoregressions and impulse responses to test for the investors' chosen strategy, herd behavior, and market destabilization. The results show that foreign investors' abnormal trading volume is negative and significant. An analysis of the abnormal trading volume with stock returns reveals that foreign investors are not positive-feedback investors, but rather, they self-herd. Although foreign investors' abnormal trading does not destabilize the market, it induces stock-return volatility of a similar size to normal trade. The methodology is new; the findings are useful for researchers, local authorities, and investors.

• 산업경영시스템학회지
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• 제37권4호
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• pp.202-211
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• 2014

Pairs trading is a type of arbitrage investment strategy that buys an underpriced security and simultaneously sells an overpriced security. Since the 1980s, investors have recognized pairs trading as a promising arbitrage strategy that pursues absolute returns rather than relative profits. Thus, individual and institutional traders, as well as hedge fund traders in the financial markets, have an interest in developing a pairs trading strategy. This study proposes pairs trading rules (PTRs) created from a price ratio between securities (i.e., stock index futures) using rough set analysis. The price ratio involves calculating the closing price of one security and dividing it by the closing price of another security and generating Buy or Sell signals according to whether the ratio is increasing or decreasing. In this empirical study, we generate PTRs through rough set analysis applied to various technical indicators derived from the price ratio between KOSPI 200 and S&P 500 index futures. The proposed trading rules for pairs trading indicate high profits in the futures market.

• The Journal of Asian Finance, Economics and Business
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• 제8권4호
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• pp.1079-1090
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• 2021

This study examines the influence of individual investors' sentiment on Japanese IPO aftermarket performance (measured by return and trading volume on the first trading day and return on the first trading year). This study proposes that IPOs will be, on average overpriced on the listing day when individual investors' sentiment is highly optimistic. Higher initial return and trading volume are expected in IPOs with higher investors' optimism. Further, the positive initial return will occur in the short term as individual investors usually are uninformed investors who demand shares based on their personal preferences, which will last only in a short period. Following the overvaluation hypothesis, price reversals should be predicted once the effect of individual investors' optimism has disappeared, causing the IPOs to underperform in the long term. Using 520 Japanese IPOs issued from January 2010 to December 2019, this study reveals that individual investors' sentiment is positively and significantly related to returns and trading volume on the first trading day. Return reversals are found on the first trading year despite the insignificant influence of individual investors' sentiment on IPO return on the first trading year.

• 한국대기환경학회지
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• 제21권6호
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• pp.561-571
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• 2005

To introduce an emissions trading system for GHG that currently have no reduction requirements, the following should be considered as priorities: eliciting the participation of the industrial sector and linking GHG emission trading systems to the emissions trading system (implemented from July 2007) that has become part of national policy with the enactment of the Special Act. Two directions can serve as viable alternatives in that regard. One is a baseline-and-credit method based on incentive auctioning. This has the advantage of inducing participation through economic incentives without a reductions commitment. The downside of this method is that it requires vast investments, as well as the fact that reaching an agreement between participants and the government to decide an objective baseline is difficult. On the other hand, the cap-and-trade method set forth in the Special Act is attractive in that it can be integrated with the air pollutant emissions trading system, but it would be difficult to elicit the participation of the industrial sector in the absence of GHG emission reduction requirements. In the current situation, it would be preferable for the government to induce the participation of the industrial sector by devising a wide variety of incentives because taking part in the emissions trading system before reducing GHG emissions offers large incentives through learning by doing. The timing of GHG reduction commitments and emissions trading system implementation may be uncertain but their Implementation will be unavoidable. Thus the government needs to facilitate preparations for emissions trading of GHG in the future and continuously review its operation in integration with the air pollutant emissions trading system to maximize adaptation and teaming by doing effect in the industrial sector.

• 한국인터넷방송통신학회논문지
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• 제16권3호
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• pp.155-161
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• 2016

기존의 알고리즘 트레이딩 시스템에서는 투자전략을 금융사가 제공하는 프로그램밍 언어와 API들을 사용하여 사용자가 직접 프로그래밍 하여야 했기에 일반 투자자들이 사용하기에는 많은 어려움이 있어왔다. 따라서 본 논문에서는 사용자가 프로그래밍에 대한 지식이 없어도 손쉽게 자신의 투자전략을 사용자 인터페이스를 통하여 제시하면 이를 통하여 알고리즘이 형성되어 시스템 트레이딩이 수행되도록 하는 사용자 친화적인 트레이딩 시스템을 개발하는 것을 목적으로 한다. 본 시스템은 금융회사의 서버와 주식 정보를 송수신하고 매매를 수행하는 서버 부분과 투자전략을 설정하기 위한 보조지표들로 이루어진 사용자 인터페이스, 이를 기반으로 알고리즘이 생성되는 부분 등으로 구성되어진 클라이언트로 구성되어진다. 제안된 시스템은 모의 투자 실행을 통하여 사용자가 설정한 투자전략에 따라 설정된 알고리즘에 의하여 자동으로 매매가 이루어짐을 통하여 성능을 검증하였다.

• 디지털융복합연구
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• 제12권11호
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• pp.557-564
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• 2014

일반적으로 보드게임은 하나의 보드게임카드만 있으면 게임을 할 수 있지만 최근 들어 새로운 게임방식인 트레이딩 카드 게임 (영문 이름 : Trading card game, 약칭TCG)이 많은 유저들로부터 인기를 누리고 있다. 트레이딩 카드 게임은 카드를 유저가 직접 특수 제작할 수 있고 또한 게임시 다양한 조합전술이 가능해 현재 최고의 인기를 자랑하고 있다. 그 중 몇 가지게임은 지금까지도 그 인기가 식지 않고 있고 또한 앞으로도 그 인기가 지속될 전망이다.

• 자원ㆍ환경경제연구
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• 제21권1호
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• pp.27-67
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• 2012

본 논문에서는 배출권거래제도 도입 초기에 거래비용의 존재가 시장의 가격과 거래량에 미치는 영향을 분석하였으며, 그 영향의 크기가 시장의 제도적 여건에 따라 어떻게 상이한지를 분석하였다. 특히 초기 시장의 상황을 시뮬레이션 하기 위한 방법론으로서, 시장의 초기 상황을 고려한 몇 가지 행태적 가정에 입각하여 거래상대방을 찾아서 거래가 발생하는 축차적 과정을 모형화한 거래 규칙을 구축하였다. 또한 잘 형성되어 있는 시장을 대표하는 중앙집중적인 거래소의 경쟁균형 값과 비교하였다. 모의실험 결괴는 다음과 같다. 거래비용의 추가는 거래비용이 없는 경우에 비하여 거래량의 감소를 가져왔다. 또한 거래비용의 추가는 거래비용이 높을수록, 그리고 거래비용에 존재하는 규모의 경제의 정도가 높을수록 거래량의 급격한 감소를 가져왔다. 규모의 경제가 존재할 경우 거래비용이 일정 수준을 넘으면 거래가 아예 발생하지 않는 명백한 경향이 존재함을 보여주었다. 규모의 경제의 크기가 클 것으로 예상되는 배출권시장 도입 초기에는 배출권거래가 잘 작동하지 않을 개연성이 있다. 따라서 거래량의 크기를 증대시키고 단위당 거래비용을 낮추어주는 인위적인 조치들이 필요하다. 이러한 조건을 만족시키는 대안 중의 하나가 중앙집중화된 거래소를 설립하고 거래량을 증가시키기 위한 여러 조치를 취하는 것이다.