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거시경제변수가 S&P 500 선물지수에 어떤 영향을 미치는가?
소영일,고종문,최원근,So, Yung-Il,Ko, Jong-Moon,Choi, Won-Kun Korean Financial Management Association 1996 財務管理硏究 Vol.13 No.1
Some empirical studies have shown that asset prices respond to announcements of economic news, however, others also have found little evidence. This study assesses how market participants of the S&P 500 Index Futures reacted to the U.S. economic news announcements. For this purpose, using a GARCH (Generalized Autoregressive Conditional Heteroscedasticity) model, we use several U.S. news variables, its each surprise component and interest rates. We find that some economic news variables affected significantly on the S&P 500 Index Futures. In other words, we find that weekend variable, lagged volatility, and surprise component of trade deficit increased level of volatility. However, interest rate, M1, unemployment announcements caused the variance of the S&P 500 Index Futures to reduce, and each of the surprise component of M1 and trade deficit increased it. The result suggests that resolution of uncertainty, through economic news announcement, while, in some cases, causes market participants to reduce their forecast of volatility, a large difference between the market's forecast and the realization of the series causes the volatility to increase.
전통적인 경영전략모형에 대한 비판과 미래의 성공기업을 위한 새로운 경영전략모형에 관한 연구
소영일(Young Il So) 한국산학경영학회 1993 산학경영연구 Vol.6 No.-
The main purpose of this study is to suggest the new strategic management model for the future successful company. The new model consists of the following structure. First, to identify the object dimension. The upper object is to satisfy the customers needs. And the lower object is to satisfy the workers needs. Second, to identify the external enviromental problems dimensions. There are five dimensions. They are ethical responsinilities, government-business alliances, collaboration amongst competitors, innovative invester-company relations, and globalization of enterprise. Third, to identify the internal enviromental problems dimensions. There are two dimensions. They are new organizational forms and integrated subcultures. Fourth, to find the solution for the above dimensions. The solution is as follow. All the managers and workers must have business reengineering minds and apply the complexity management. And the company should construct the strategic information systems.
기업부문 구조의 분산,집중화: 프랑스의 사례 및 시사점
소영일 ( So Yeong Il ),최원근 ( Choe Won Geun ) 한국EU학회 2003 EU학연구 Vol.8 No.2
This paper analyses the deconcentration and concentration in the French corporate economy with a view to extracting some implications for the Korean case where the problem of the economic concentration remains one of the hot issues. The French case shows relatively many similarities with the Korean case among the advanced Western countries. This has not, however, resulted in enough researches in the related areas. Hence the contribution of the present article. The analysis shows that in French corporate economy, the deconcentration in the formal dimension has paralleled the concentration in the practical dimension for the last two decades. In the formal dimension, the sector of large firms stopped growth and has been decreasing, so that the sector of SME has become dominant. In the practical dimension, there is a growing economic weight of such corporate associations as corporate poops which are formed from the financial concentration and franchises which are formed from the business concentration. It follows that there is an apparent contradiction in the corporate economic sector between the formal deconcentration and the practical concentration. However, a harmonious parallel development of the two phenomena should be encouraged in that it would help firms enhance their adaptability to the contemporary business environment characterized by continual turbulence. The Korean case of the corporate economy seemingly shows the same double structure as the French. But this hides some considerable disequilibrium between the quantity aspect and the qualify aspect.
보험부투자(保險附投資)에 대한 부분보험전략(部分保險戰略)의 적용평가 - 공제부보험전략(控除附保險戰略)과 공동보험전략(共同保險戰略)의 비교평가 -
최원근,소영일,고종문,Choe, Won-Geun,So, Yeong-Il,Go, Jong-Mun 한국재무관리학회 1996 財務管理論叢 Vol.3 No.2
금융가격별 지표의 변동성 증가에 대처하려는 보수적 투자가들이 이용할 수 있는 매력적 방안의 하나가 보험부 투자기법이다. 그러나 이 투자유형은 설계에 상당한 신축성을 보이며 이는 동시에 투자성과 구조의 신축성으로 반영된다. 주요한 설계차원의 하나가 위험투자의 손실발생시 보상차원이다. 여기에 일반적 보험개념을 적용할 때 투자가가 직면하는 선택문제의 하나는 부분보험계약형 투자설계시 공제부보험형 전략과 공동보험형 전략간의 선택이다. 일반적 보험 이론에서는 전자가 후자에 대해 우월한 유형이라는 것이 밝혀져 있다. 본 연구는 이를 보험부투자에 응용할 때도 양 전략간에 어떠한 우월관계가 존재하는 지 알아보려 시도했다. 이를 위해 효율성 평가기준의 하나인 간편한 확률적 지배기준을 적용하였으며 분석결과는 생산적이었다. 두 전략 각각의 기대수익률의 확률분포를 대상으로 기대수익률이 상대적으로 공제부보험형 전략에서 공동보험형 전략에서보다 상대적으로 높거나 최소한 같은 경우에 전자가 후자를 지배하며 그 반대조건인 경우에는 양 전략간에 우열관계가 나타나지 않는다는 결과를 얻었다.