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REFERENCE LINKING PLATFORM OF KOREA S&T JOURNALS
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Korean Management Science Review
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Journal DOI :
The Korean Operations and Management Science Society
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Volume & Issues
Volume 30, Issue 3 - Nov 2013
Volume 30, Issue 2 - Jul 2013
Volume 30, Issue 1 - Mar 2013
Selecting the target year
Enhanced Indexation Strategy with ETF and Black-Litterman Model
Park, Gigyoung ; Lee, Youngho ; Seo, Jiwon ;
Korean Management Science Review, volume 30, issue 3, 2013, Pages 1~16
DOI : 10.7737/KMSR.2013.30.3.001
In this paper, we deal with an enhanced index fund strategy by implementing the exchange trade funds (ETFs) within the context of the Black-Litterman approach. The KOSPI200 index ETF is used to build risk-controlled portfolio that tracks the benchmark index, while the proposed Black-Litterman model mitigates estimation errors in incorporating both active investment views and equilibrium views. First, we construct a Black-Litterman model portfolio with the active market perspective based on the momentum strategy. Then, we update the portfolio with the KOSPI200 index ETF by using the equilibrium return ratio and weighted averages, while devising optimization modeling for improving the information ratio (IR) of the portfolio. Finally, we demonstrate the empirical viability of the proposed enhanced index strategies with KOSPI 200 data.
Application of Purchase Dependence in Inventory Management
Park, Changkyu ; Seo, Junyong ;
Korean Management Science Review, volume 30, issue 3, 2013, Pages 17~31
DOI : 10.7737/KMSR.2013.30.3.017
The purpose of this paper is to illustrate the importance of identifying and considering 'purchase dependence' when purchase of an item is dependent on availability of other items demanded in the same order. This paper is the first study to develop an inventory model for purchase-dependent inventory systems. Through simulation experiments, we demonstrate that the developed inventory model incurs less inventory operations cost than other inventory models that ignore purchase dependence. For empirical validation of the developed inventory model, the actual inventory data at the Hyundai Engine Europe Service Center is used. We explain the process of identifying purchase dependencies among items through a data mining technique. The empirical study results in similar results to the simulation experiment, demonstrating that the developed inventory model is applicable to real situations.
The Impacts of Perceived Attributes on Continuance of the Smart Phone App Store
Lee, Kook-Yong ;
Korean Management Science Review, volume 30, issue 3, 2013, Pages 33~54
DOI : 10.7737/KMSR.2013.30.3.033
The purpose of this study is to examine the relationships between Product Quality (Popularity, Playfulness) and Information Quality (Informativeness, Reliability), System Quality (Ease of Use, Security), Trust and Continuance Intention in Smart Phone Application Market. To identify these affecting relationships, the secondary data or past studies were collected and theoretically arranged. I made the theoretical proposed model to explain the relationships between the constructs, identify the operational definitions and 13 Hypotheses were established, there was executed the survey of 250 customers of Smart Phone Application Market. Using the collected data, previous performances to confirm the construct validity and internal consistency by Cronbach's a was executed and Partial Least Square Analysis to confirm the hypotheses in proposed model was conducted using the Smart-PLS Software. As the result of test that make the relations of used variables clear, we can get the conclusion as followings; First, Product Popularity has the positive effect on Informativeness, except reliability of Information. Second, it was significantly tested the effect on the Ease of use and Security by Product Playfulness. Third, Informativeness and Ease of Use, Security of App Store have the significantly positive effects on the Users' Trust directly. From the empirical test, I suggest the strategic advices in App Store Companies. To increase the Users' Continuance Intention or Loyalty, it would be developed that a variety of methods and ways to raise the Product Popularity and Playfulness, Informativeness, Ease of Use and Security of App Store. It is necessary for sticking the Users to raise the positive trust building and Continuance Intention.
Determination Conversion Weight of Convertible Bonds Using Mean/Value-at-Risk Optimization Models
Park, Koohyun ;
Korean Management Science Review, volume 30, issue 3, 2013, Pages 55~70
DOI : 10.7737/KMSR.2013.30.3.055
In this study we suggested two optimization models to determine conversion weight of convertible bonds. The problem of this study is same as that of Park and Shim . But this study used Value-at-Risk (VaR) for risk measurement instead of CVaR, Conditional-Value-at-Risk. In comparison with conventional Markowitz portfolio models, which use the variance of return, our models used VaR. In 1996, Basel Committee on Banking Supervision recommended VaR for portfolio risk measurement. But there are difficulties in solving optimization models including VaR. Benati and Rizzi  proved NP-hardness of general portfolio optimization problems including VaR. We adopted their approach. But we developed efficient algorithms with time complexity O(nlogn) or less for our models. We applied examples of our models to the convertible bond issued by a semiconductor company Hynix.
A Study on Selecting the Areas That Need to Be Improved in R&D and Production Management of SMEs
Chang, Youngsoon ;
Korean Management Science Review, volume 30, issue 3, 2013, Pages 71~79
DOI : 10.7737/KMSR.2013.30.3.071
This paper investigates and selects the areas that need to be improved in R&D and production management of small and medium size companies. The study on the capability of R&D and production management shows that the areas for evaluating of the R&D and production management levels are composed of 8 elements : R&D resource, R&D support and experience, long-term operations strategy, intermediate range planning, short-term planning, subcontractor management, logistics and inventory management, and quality management. The investigation of the gap between the importance of the areas and the capability of SMEs shows that the most important things are to consolidate supply chain, to improve product and process competitiveness using quality improvement, and to enhance production management through sophisticated short-term planning. The detailed analysis also shows that the areas that need to be improved depend on the size and sales of the company.
A Genetic Algorithm for Minimizing Completion Time with Non-identical Parallel Machines
Choi, Yu Jun ; Song, Han Sik ; Lee, Ik Sun ;
Korean Management Science Review, volume 30, issue 3, 2013, Pages 81~97
DOI : 10.7737/KMSR.2013.30.3.081
This paper considers a parallel-machine scheduling problem with dedicated and common processing machines. Non-identical setup and processing times are assumed for each machine. A genetic algorithm is proposed to minimize the makespan objective measure. In this paper, a lowerbound and some heuristic algorithms are derived and tested through computational experiments.
A Mathematical Programming Approach for Block Storage Problem in Shipbuilding Process
Ha, Byung-Hyun ; Son, Jung-Ryoul ; Cho, Kyu Kab ; Choi, Byung-Cheon ;
Korean Management Science Review, volume 30, issue 3, 2013, Pages 99~111
DOI : 10.7737/KMSR.2013.30.3.099
This paper studies the scheduling problem of storing and retrieving assembly blocks in a temporary storage yard. The objective is to minimize the number of relocations of blocks while the constraints for storage and retrieval time windows are satisfied. We present an integer programming model based on multi-commodity network flows, and the three revised models based on the properties of the problem. We show that the revised models are more efficient than the generic model through the numerical experiments.