강원도 평창군 중왕산 지역 음나무의 입지환경 및 생장특성

강호상,이돈구 ( Ho Sang Kang,Don Koo Lee ) 한국산림과학회 1998 한국산림과학회지 Vol.87 No.3

The objective of this study was to investigate the site and growth characteristics of Kalopanax septemlobus mixed with other hardwoods growing at Mt. Joongwang area located in Pyungchang-gun, Kangwon-do. The K. septemlobus stands were located at 1,000m to 1,200m in altitude, steep slope, and ridge-slope areas with aspects facing northeast to northwest. The K. septemlobus stands showed deep A soil layer with high soil moisture and soil nutrients. Major over-story species were Quercus mongolica, Acer pictum, Acer pseudosieboldianum and Carpinus cordata. The herbaceous vegetation was predominantly consisted with Pimpinella brachycarpa, Meehania urticifolia, Ainsliaea acerifloia and Polystichum species. The annual mean diameter increment of K. septemlobus was 2.4㎜/year, with high diameter growth at lower altitude, south aspect and valley areas.

단근, 줄기 절단과 식재 밀도에 따른 음나무(Kalopanax septemlobus) 묘목의 활착 및 생장 특성

강호상 ( Ho Sang Kang ) 한국환경복원기술학회(구 한국환경복원녹화기술학회) 2013 한국환경복원기술학회지 Vol.16 No.3

Kalopanax septemlobus(Thunb. ex Murray) Koidz. isnatively distributed in Korea. The importance of this species has been increased not only for high quality timber but for medicinal and edible uses. However, increasing market demand of K. septemlobus with illegal cutting and overexploitation has resulted in its rapid depletion and destruction of natural habitat. This study was conducted to understand the survival rate and growth characteristics of planted K. septemlobus seedlings with treatment of root pruning, stem cutting and planting density. The survival rate and growth of height and root-collar diameter for one- and two-year old seedlings with different planting densities were investigated in the clear-cut area of a Pinus densiflora stand for five years. One-year-old seedlings were treated with or without root pruning and planted with three density levels (5,000 trees ha-1, 10,000 trees ha-1, and 40,000 trees ha-1). Two-year-old seedlings were treated with and without stem cutting and planted with the density of 5,000 trees ha-1. The survival rate of one-year-old seedlings with root pruning treatment in the density of 10,000 trees ha-1 was 92%, while that without root pruning in the density of 40,000 trees ha-1 was 67% after five years. The height of one-year-old seedlings has been significantly affected only by planting density in the 5th year. The survival rate of the two-year-old seedlings with stem cutting was 75.5% and greater than control (67.3%) in the 5th year but no difference in height was shown between the two treatments from three years after plantation.

주가위험요인이 환위험프리미엄에 미치는 영향에 관한 연구

강호상(Ho Sang Kang),고경일(Kyung II Khoe) 한국경영학회 2005 經營學硏究 Vol.34 No.1

The notion of exchange risk premium has derived from the study to test the efficiency of foreign exchange market. By replacing the risk-neutral hypothesis to the risk-averted hypothesis, exchange risk premium is considered as compensation for the market participants in return for bearing the risk of future spot exchange rate uncertainty. Under this hypothesis, forward rate has a systematic difference with the future spot rate. On the other hand, exchange risk premium is derived from developing the portfolio balance model of the determination of the equilibrium exchange rate. The portfolio balance model postulates that domestic and foreign bonds are imperfect substitutes, such that ‘International Fisher Effect(IFE)’does not hold. Therefore, exchange risk premium is related to the relative share of that country’s assets which make up the overall portfolio. That is, exchange risk premium is the value subtracting the differences of nominal interest rate between domestic and foreign bonds from exchange rate change. Considering interest rate parity theorem, two different approach on exchange risk premium explained above produce the same value.Three approach have been developed to explain exchange risk premium. First, there is the international portfolio balance approach proposed by Dornbusch(1983) and Frankel (1982, 1986). This approach has its roots in the imperfect bond substitution and recognizes exchange risk premium as a compensation for holding a greater share of a particular country’s assets. However, testing the model in several major foreign exchange markets found that the risk-neutral hypothesis cannot be rejected by the data. The second approach was to invoke a time-varying parameter methodology. Fama(1984), for example, tries to explain time varying risk premium in the foreign exchange market. However, no concrete evidence has been given that a significant relationship exists between exchange risk premium and risk factors and the results was limited to relying on econometrical approach. The third approach, due to Robicheck and Eaker(1978), Giovannini and Jorion(1987) and most recently, Chiang(1991) has been to relate the foreign exchange market risk premium to the stock market excess returns. This approach assumes that the foreign exchange markets and equity markets are interrelated such that the risk premium identified in one market may be related to the risk or excess return in another. For example, Chiang(1991) used International Asset Parity(IAP) Condition to theoretically derive the equation explaining exchange risk premium with domestic and foreign equity risk premia.This paper addresses whether domestic and foreign equity risk premia, based on the IAP equation, are the decision factors to explain the exchange risk premium. and how the foreign exchange market risk premium and the stock market risk premia are interrelated. Behavioral relationships between exchange risk premium and equity risk premia and additional empirical analysis on the validity of IAP will be discussed.First of all, APT model was applied to IAP equation in place of the equity return to explain exchange risk premium with domestic and foreign equity risk premia. Efforts have been made to test whether the exchange risk premium of the 5 developed countries(US, UK, Japan, Canada, Germany) can be actually explained by domestic and foreign equity risk premia. As a result of the empirical test using factor analysis and regression analysis, exchange risk premium is explained by several domestic and foreign equity risk premia, which are statistically significant. Additional results about exchange risk premium revealed from the test were, firstly, the domestic and foreign equity risk premia do not always influence exchange risk premium simultaneously. Secondly, each domestic equity risk premium that is statistically significant displays identical sign as the domestic currency dominated exchange risk premia in all case. A further study on the validity of In

광릉 천연활엽수 성숙림에서 주변 인공림으로부터 잣나무 치수의 침입 정착

강호상 ( Ho Sang Kang ),임종환 ( Jong Hwan Lim ),천정화 ( Jung Hwa Chun ),이임균 ( Im Kyun Lee ),김영걸 ( Young Kul Kim ),이재호 ( Jae Ho Lee ) 한국산림과학회 2007 한국산림과학회지 Vol.96 No.1

우리나라 기업의 해외기업매수 선택에 관한 실증연구

강호상(Ho Sang Kang),성용모(Yong Mo Sung) 한국경영학회 1996 經營學硏究 Vol.25 No.4

The number of international merger & acquisitions (M&A) by Korean firms has been increasing in recent years. International M&A are one form of foreign direct investment and also one extension of the domestic M&A into the international environment. This study examines the specific characteristics of the acquiring firms through the use of logistic regression to determine if general characteristics exist for a acquiring firm. The sample analyzed in this study contains Korean firms engaged in international acquisitions over the ten year period from 1986 through 1995. The data were drawn from public announcements of proposals to acquire a foreign target firm abroad. The sample contains completed transactions, and the firms included in it are listed on the Korea Stock Exchange. To estimate the parameters of logit equation, we use a matched sample of acquiring and nonacquiring firms. The prediction results are powerful. The model correctly classified 79.58 percent of the observations into the acquiring or nonacquiring categories. Two of the variables are significant at 90 percent confidence : previous acquisition experience and firm size. The results indicate that a firm with previous acquisition experience and large firm size has a probability of being a acquiring candidate. There are many aspects for further research in these areas, when the data on international M&A by Korean firms is more widely available.

The Relationship between the Foreign Exchange Risk Premium and Risk Factors of the Integrated International Equity Markets

Kang, Ho-Sang(강호상),Lee, Sang-Keun(이상근),Khoe, Kyung-Il(고경일) 대한경영학회 2009 大韓經營學會誌 Vol.22 No.3

한국기업의 해외시장 진입방식 선택에 관한 실증연구

강호상(Ho Sang Kang),성용모(Yong Mo Sung) 한국경영학회 2000 經營學硏究 Vol.29 No.1

This paper makes empirical test directed towards establishing the joint of Firm-specific advantages, Country characteristics and Global strategic considerations in choosing Korean firms` foreign market entry mode. This is done based on 100 responses to a survey questionnaire concerning their entry mode decision experiences. Through the use of logit model, the results suggest that in case of choosing export or FDI mode an incorporation of global strategic variables with an analysis of the entry mode choice is warranted.

환율 변동성과 주가 변동성과의 관계

강호상(Ho-Sang Kang),양정원(Jung-won Yang) 한국무역학회 2009 貿易學會誌 Vol.34 No.1

ITBI 총서 소개 : 주가위험요인과 환위험프리미엄과의 관계에 대한 연구

강호상 ( Kang Ho Sang ) 국제무역경영연구원 2003 International Trade Business Institute Review Vol.9 No.2

한국기업의 해외기업인수가 주주부에 미치는 영향

강호상(Ho Sang Kang),성용모(Yong Mo Sung) 한국경영학회 1994 經營學硏究 Vol.23 No.3

본 연구는 한국기업들의 해외기업인수에 따라 한국기업의 株主들이 갖게되는 超過收益率의 방향과 크기를 측정하고, 인수기업간의 초과수익율 차이에 영향을 미치는 외생적 설명요인이 무엇인지를 분석하였다. 분석결과 해외기업을 인수한 국내기업들은 (-)의 平均超過收益率을 얻는 것으로 나타났다. 이것은 국내투자자들이 국내기업의 해외기업인수에 대하여 전반적으로 바람직하지 않게 생각하고 있음을 보여준다. 인수기업의 累積超過收益率은 인수기업에 대한 인수대상 기업 總資産의 상대적 비율과는 (-)관계, 인수기업 業種과 다른 업종의 기업인수와는 (-)관계, 인수대상기업국에 진출하지 않은 경우와는 (-)관계, 인수대상기업 경영자가 引受提議에 대해 반대한 경우와는 (+)관계가 있음을 보여주었다. 10% 유의수준에서 업종에 의한 인수형태 변수만이 통계적 유의성이 있었다.