• 유통과학연구
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• 제14권2호
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• pp.13-22
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• 2016

Purpose - We examine the marginal value of cash in Korean retail firms, largely unexamined in literature. The marginal value of cash plays pivotal role in cash management policy; especially, a significantly low marginal cash value indicates substantial manager-shareholder conflicts. Research design, data, and methodology - We estimate marginal cash values by adopting the approach of Faulkender & Wang (2006). The sample of retail firms traded in Korean Stock Exchange from 1991 to 2013 is analyzed. Results - We estimate the marginal value of cash for the retail firms as 0.75, implying significant manager-shareholder conflicts. We find a lower marginal value of cash for financially constrained retail firms, contradicting existing theories. The marginal value of cash increases substantially after 2000s, suggesting severe agency conflicts in 1990s as a key reason behind our findings. Conclusions - Our findings support the substantial resource diversion problem in Korean firms and the agency theory of cash management policy. Our results argue against the widely accepted view focusing on implications of financial constraints, which highlights a need of new cash management theory.

• 한국경영과학회:학술대회논문집
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• 대한산업공학회/한국경영과학회 2004년도 춘계공동학술대회 논문집
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• pp.734-737
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• 2004

When the margin level is set relatively low, margin violation probability increases and the default probability of the futures market rises. On the other hand, if the margin level is set high, the margin violation probability decreases, but the futures market becomes less attractive to hedgers as the investor's opportunity cost increases. In this paper, we investigate whether the movement of KOSPI200(Korea Composite Stock Price Index 200) futures daily prices can be modeled with the extreme value theory. Base on this investigation, we examine the validity of the margin level set by the extreme value theory. Computational results are presented to compare the extreme value distribution and the empirical distribution of margin violation in KOSPI200. Some observations and implications drawn from the computational experiment are also discussed.

• Journal of applied mathematics & informatics
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• 제31권3_4호
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• pp.327-336
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• 2013

Generalized Pareto distributions play an important role in re-liability, extreme value theory, and other branches of applied probability and statistics. This family of distribution includes exponential distribution, Pareto distribution, and Power distribution. In this paper we establish some recurrences relations satisfied by the quotient moments of the upper record values from the generalized Pareto distribution. Further a char-acterization of this distribution based on recurrence relations of quotient moments of record values is presented.

• 충청수학회지
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• 제27권3호
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• pp.347-361
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• 2014

Generalized Pareto distribution play an important role in reliability, extreme value theory, and other branches of applied probability and statistics. This family of distribution includes exponential distribution, Pareto or Lomax distribution. In this paper, we established exact expressions and recurrence relations satised by the quotient moments of generalized order statistics for a generalized Pareto distribution. Further the results for quotient moments of order statistics and records are deduced from the relations obtained and a theorem for characterizing this distribution is presented.

• 대한기계학회논문집A
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• 제36권2호
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• pp.223-230
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• 2012

취성이 큰 재료의 강도는 일반적으로 정규분포 또는 와이블분포로 설명되어 왔으나 감마분포도적합할 수 있다. 재료의 파손이 가해진 응력의 연속된 값 중 가장 큰 값에 좌우된다면 극치분포를 적용하는 것이 합당하다. 본 논문에서는 재료강도가 감마분포를 따르며 극치분포하는 응력이 작용할 경우 응력-강도 간섭이론에 기반하여 신뢰도 계산식을 제시하였으며, 확률분포 파라미터별 신뢰도와 안전율 및 변동계수와의 관계를 통하여 신뢰도 계산식의 유효성을 입증하였다. 안전율과 변동계수에 기반한 신뢰도 예측방법으로 목표 신뢰도가 설정되었을 때 최소한 요구되는 안전율과 최대로 허용되는 응력의 변동계수를 예측할 수 있다.

• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.353-364
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• 2021

Originating in value congruence theory, this study aims to give a clear understanding of the transformation process of consumers from incumbent technology to disruptive innovation technology. Moreover, the moderating effect of personal innovativeness in the process of consumers' switching to disruptive innovation is investigated. This study combines value congruence with expectation-disconfirmation theory, technology-switching theory, and the personal innovativeness of the disruptive innovation product, explaining why consumers have transformed from an incumbent product into a disruptive innovation. Data was collected through a questionnaire from 280 smartphone users in China. The respondents were mainly potential consumers who had never bought Redmi phones, namely, a smart product owned by the renowned Chinese company Xiaomi. The hypothesis of the research model is based on the example of the Redmi smartphone, which has been confirmed by existing smartphone users in China. Through investigation, the results of multivariable regression analysis show the decisive variables that influence consumer intentions, and we analyze the role of personal innovativeness in moderating between dissatisfaction with the incumbent product and purchase intention of a product based on disruptive innovation. The findings of this study can provide a certain reference for the sustainable growth of Xiaomi and the development of new products.

• 한국데이터정보과학회:학술대회논문집
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• 한국데이터정보과학회 2003년도 추계학술대회
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• pp.155-162
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• 2003

A tandem network in which all nodes have the same load is considered. We derive bounds on the probability that the total population of the tandem network exceeds a large value by using its relation to the stationary distribution. These bounds imply a stronger asymptotic limit than that in the large deviation theory.

• Journal of the Korean Data and Information Science Society
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• 제14권3호
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• pp.715-723
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• 2003

A tandem network in which all nodes have the same load is considered. We derive bounds on the probability that the total population of the tandem network exceeds a large value by using its relation to the stationary distribution. These bounds imply a stronger asymptotic limit than that in the large deviation theory.

• KSII Transactions on Internet and Information Systems (TIIS)
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• 제15권12호
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• pp.4567-4583
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• 2021

This study proposes an analytical approximation algorithm based on extreme value theory (EVT) for the inverse of the power of the incomplete Gamma function. First, the Gumbel function is used to approximate the power of the incomplete Gamma function, and the corresponding inverse problem is transformed into the inversion of an exponential function. Then, using the tail equivalence theorem, the normalized coefficient of the general Weibull distribution function is employed to replace the normalized coefficient of the random variable following a Gamma distribution, and the approximate closed form solution is obtained. The effects of equation parameters on the algorithm performance are evaluated through simulation analysis under various conditions, and the performance of this algorithm is compared to those of the Newton iterative algorithm and other existing approximate analytical algorithms. The proposed algorithm exhibits good approximation performance under appropriate parameter settings. Finally, the performance of this method is evaluated by calculating the thresholds of space-time block coding and space-frequency block coding pattern recognition in multiple-input and multiple-output orthogonal frequency division multiplexing. The analytical approximation method can be applied to other related situations involving the maximum statistics of independent and identically distributed random variables following Gamma distributions.

• 한국지역지리학회지
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• 제11권4호
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• pp.476-496
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• 2005

이 연구는 자유주의적 전통에 서있는 롤즈의 정의론을 환경정의의 개념화를 위해 응용함에 있어 어떤 의의와 한계를 가지고 있는가를 검토해 보고자 한다. 이를 위해, 이 연구는 우선 롤즈의 자유주의적 정의론을 개관하고, 보다 구체적으로 롤즈의 정의이론이 환경자원의 정의로운 분배의 개념화에 어떻게 적용될 수 있는가를 고찰한 후, 롤즈적 정의론을 동물 및 자연의 여타 구성원들로 확장할 경우 발생할 수 있는 문제점들을 논의하고자 한다. 이러한 논의의 결과로 다음과 같은 점들이 주장된다. 롤즈의 이론에서 자연자원의 상태는 정의의 객관적 조건으로 서술되고 있지만, 정의로운 생산과 분배의 실제 요소로서 이해되어야 할 것이다. 그의 정의론은 자원의 정의로운 분배를 위해 중요한 의미를 가지지만, 분배의 결과에 대한 실제적 정의를 보장하는 것은 아니다. 그의 이론을 동물 및 자연의 여타 구성원들로 확장하는 것은 거의 불가능한 것처럼 보인다. 왜냐하면 그의 이론이 근거하고 있는 자유주의, 나아가 서구의 과학적 전통은 인간과 자연간의 존재론적 이원론에 바탕을 두고 있으며, 따라서 자연의 내재적 가치를 인지할 수 없기 때문이다.