평택항은 항만 물동량의 증가로 선박 입항척수가 꾸준히 증가하여 향후 대기 정박지의 부족이 예상되고 있다. 정박지와 같은 하나의 수역시설을 변경 및 확장 등 개선하고자 할 경우에는 부근 해역의 타 수역시설에 미치는 영향을 종합적으로 고려하여야 한다. 또한 해당 해역에 대한 향후 선박교통량을 정확하게 예측하여 변경하고자 하는 수역시설의 규모를 산정하여야 한다. 본 연구에서는 증가될 항만 물동량을 단위선박 당 처리량으로 계산하여 장래 평택항 선박 입항척수를 예측하였다. 예측한 결과 정박지의 정박 능력을 2030년에 초과하는 것으로 나타났다. 이는 현 각 정박지 동시 투묘가능척수인 12.6척과 1.6척을 상회하는 규모로 현 정박지의 확장 필요성이 제기되었다. 이에 각 정박지별 해상교통환경 분석으로 최적의 확장 방안을 검토하여, 입파도 정박지의 경우 정박예상 척수를 19.7척 그리고 장안서 정박지의 경우 정박예상 척수를 12.6척을 수용할 수 있는 규모의 개선안을 제시하였다.

The objective of this study is to enrich the literature by investigating the impact of introduction of index future trading on spot market returns and trading volume in Vietnam. Data used in this study mainly consist of daily VN30-Index and market trading volume series during the period from February 6th, 2012 to December 31st, 2019. Using OLS, GARCH(1,1) and EGARCH(1,1) models, the empirical findings consistently confirm that the introduction of index future trading has no impact on the spot market returns. In addition, the results of the EGARCH(1,1) model indicate that the leverage effect on the spot market volatility is existence in HOSE. Specifically, bad news has a greater effect on the market volatility than good news of the same size. Moreover, our empirical findings reveal that the introduction of index future contracts has the positive impact on the underlying market trading volume. Specifically, the trading volume of the post-index futures introduction increases by 7.5 percent compared with the pre-index futures introduction. Finally, the results obtained from the Granger causality test for the relationship between the spot market returns and the future trading activity confirm that only uni-directional causality running from the market returns to the future trading activity exists in HOSE.

Despite the fact that the implementation of 5% rule is widely recognized to enhance the transparency of capital market and fairness of corporate governance market, a few evidences present information effect of 5% rule. Using 7,088 non-financial firm-year observations listed on the Korea Stock Exchange from 2006 to 2012, we analyze the relation between trading volume and 5% rule disclosure. The results show that the daily and abnormal trading volume is increased when 5% rule disclosure is released. Moreover, the trading volume is significantly increased during cooling period. Specifically, trading volume is significantly greater when one day before cooling period or the expiration day of cooling period. We also find the information effect of firms with stable ownership structure before 5% rule disclosure is relatively smaller than the firms with unstable ownership structure with unstable ownership structure. These results imply that capital market participants use the information from 5% rule disclosure and reflect in their real economic decision.

This paper is the first of its kind using a non-linear approach based on cross-correlation function (CCF) to investigate the information arrival hypothesis in crude palm oil (CPO) futures market. Based on daily data from 1986 to 2010, our empirical results reveal that: First, the volume of volatility is not a proxy of information flow. Second, dependence causality running from current return to future volume in conditional variance exhibit an asymmetric pattern of time span with different signs of correlation between price and volume series. This finding indicates the presence of noise traders’ hypothesis of price-volume interaction in CPO futures market. Both findings suggest that this futures market is weak-form inefficiency. In terms of investors’ behavior, they tend to change their expectations on current return based on errors made in previous trade in generating abnormal volume in the subsequent period. As implied, it is advisable for the investors devise their future trading strategies according to time span and changes of return.

This study aims to examine the dynamics of price changes and trading volume of Kuala Lumpur Options and Financial Futures Exchange (KLOFFE) from 2000 to 2008. With augmented analysis, our results support two hypotheses. First, under information spillover, our findings support noise traders’ hypothesis as the time span for variance of past trading volume to cause variance of current return is found to be asymmetric under bull and bear markets. Second, looking at the dynamic relation between volume and volatility of price changes, our findings support Liquidity-Driven Trade hypothesis as past trading volume and subsequent volatility of return exhibit positive correlation. In terms of investors’ behavior in response to the news, we find that investors are more risk taking in bull market and more risk reverse in bear market. Our study suggests that investors should adjust their strategy in the futures market in a dynamic manner as the time span of new information arrival is not consistent. Also, uninformed investors with information asymmetry should expect noninformational trading from informed investors to establish their desired positions for better liquid position.

동북아 지역은 중국을 중심으로 세계 무역의 중심으로 성장하고 있다. 동북아 경제통합이 가시화되고 있는 현 상황에서 역내 무역 및 국제분업화는 더욱 활성화될 것이다. 특히 전기전자산업은 한·중 간 물동량의 상당부분을 차지할 뿐만 아니라 국제분업화 역시 활발하게 이 루어지고 있다. 이러한 전기전자산업 무역 현황은 한·중 전기전자산업 물동량에 상당한 영향을 미칠 것으로 판단된다. 따라서 본 연구는 한·중 전기전자산업 무역 현황 분석과 선행연구 고찰을 통해 전기전자산업의 현황을 나타내는 요인을 도출한 후 패널 분석을 통해 한·중 전기전자산 업 물동량에 영향을 미치는 요인을 탐색적으로 선별하여 시사점을 도출한다. 분석결과 물동량에 영향을 미치는 요인으로 양국의 GDP, 현시비 교우위지수, 해외직접투자가 도출되었다.