Cross-border price discovery and a new motivation for cross-listing

We examine the location of price discovery, taking into account exchange rate dynamics, of POSCO stock on the KRX and the TSE, which have exactly identical trading hours. We analyze the information share which is defined as the relative contribution to the discovery of one price by the other price in a cointegrated time-series system of prices which share common stochastic trends. We estimate the information share using a vector error correction model (VECM) and the long-run impact matrix obtained in a vector moving average (VMA) representation of the VECM, as developed by Grammig, Melvin, and Schlag (2005). We find that price discovery of POSCO stock occurs mostly in the home market, the KRX, and the Korean won/Japanese yen exchange rate is exogenous with respect to POSCO stock prices on the KRX and the TSE. We also find that this result is robust regardless of the ordering of the prices in the Cholesky factorization. Given the reasons for POSCO's cross-listing on the TSE, our results shed new light concerning the motivation for cross-listing beyond the market segmentation hypothesis and bonding hypothesis. © EuroJournals Publishing, Inc. 2010

탄소 sp² 네트웍 구조에서 결함에 대한 이론적 연구

Thesis(doctors) --서울대학교 대학원 :물리학부,2008.8.Docto

Bank loans, trade credits, and borrower characteristics: Theory and empirical analysis

Trade credit is vendor financing offered by a supplier to increase the sale of its product. Trade credit prevails among riskier borrowers, in competing with bank loans in the corporate loan market. The present paper models the economic incentive for product suppliers to extend trade credits to relatively riskier borrowing firms that might not be able to obtain financing from commercial banks. When there exist positive markups due to imperfectness of the input market, an input supplier can increase sales and profits by offering trade credits to facilitate the sale of inputs to riskier borrowing firms who cannot obtain bank financing. Therefore, in the corporate debt market, trade credits tend to service riskier borrowing firms rather than bank loans. The empirical analyses using Compustat and Loan Pricing Corporation DealScan data support the theoretical prediction that a riskier borrower seeks more trade credit financing, independent of bank loan access. © 2011 Korean Securities Association

주파수 다양성을 이용한 분산 센서에서의 검파

학위논문(박사) - 한국과학기술원 : 전기 및 전자공학과, 2010.08, [ viii, 110 p. ]This thesis investigates detection using a frequency diverse, distributed, radar system. Distributed sensing systems provide an inherent spatial diversity by viewing a potential target from different aspect angles. By using different frequencies at each platform, a diversity gain is obtained in addition to the advantages of spatial diversity while also avoiding mutual interference. Here, since platforms are distributed spatially, true time delay is used at each platform to align the sample look point in time. Data models for a distributed system with and without frequency diversity are developed. These models are used to analyze the corresponding signalto-interference-plus-noise ratio and probability of detection for the two cases in the context of space time adaptive processing. The simulation results presented here illustrate the limitations imposed by mutual interference and the significant benefits of spatial and frequency diversity. In addition, two reduced rank approaches to implement adaptive processing in a distributed sensor system are presented.A new method of obtaining frequency diversity using orthogonal frequency division multiplexing (OFDM) is presented next. Exploiting spatial diversity, the key advantage of a distributed aperture radar, requires $\emph{orthogonality}$ in one of the frequency, time, waveform, dimensions across sensors. This thesis focuses on the simplest of these cases; frequency orthogonality. Here we address the key drawback associated with frequency diversity: whereas the use of multiple frequency bands requires additional RF hardware, an OFDM-based system needs only a single oscillator and demodulator while yet maintaining frequency orthogonality. OFDM employs many sub-carriers within a single frequency band instead of occupying different frequency bands. Separation of the signals can be performed oversampling of the incoming signal followed by a Fast Fourier transform (FFT). Array sensor calibration problem has been an impo...한국과학기술원 : 전기 및 전자공학과