Blockchain technology has been recommended for the sustainability in the manufacturing industry, owing to its benefits in terms of real-time transparency and cost savings. To verify this, we first examine how firms can employ distributed ledger technology by adopting blockchain technology to achieve real-time transparency and cost savings. We also review the current blockchain technology applications in the financial industry and supply chains to explain this technology’s mechanisms for enabling real-time transparency and cost savings in the manufacturing industry. Finally, we theoretically compare the profits of manufacturing firms in two managerial delegation games under a duopoly situation. This theoretical model suggests that the real-time transparency and cost savings secured by blockchain technology improve the profitability and competitiveness of manufacturing firms, which, in turn, assure the sustainability in the manufacturing industry.
To understand the underperformance of actively managed equity funds in Korean markets, we examine whether fund managers hold relatively over-priced stocks. To this end, we combine the information associated with 10 well-known anomalies to construct the implied mispricing measure for each stock and define it as the stock's A-score. On a fund level, we then construct the value-weighted average of the A-score decile ranks of individual stocks and define it as the investing measure. A fund with a high (low) investing measure means that it holds relatively undervalued (overvalued) stocks. Our empirical findings are as follows. First, on average, active funds do not hold undervalued stocks compared to benchmarks. Second, despite the underperformance of active funds, a subset of such funds persistently holds undervalued stocks. Third, our investing measure has a strong forecasting power regarding future performance. Funds with the highest 20% of the investing measure outperform those with the lowest 20% by an annualized four-factor alpha of 3.24%, which is statistically significant. Overall, our results suggest that the performance of active funds may be improved by exploiting stock market anomalies. Score를 이용하여 개별 펀드의 지표를 정의하였으며 이를 펀드의 Investing measure로 정의하였다. Investing measure가 높은(낮은) 펀드는 상대적으로 저평가(고평가)된 주식을 많이 보유하고 있음을 의미한다. 본 연구의 실증분석 결과는 다음과 같다. 첫째, 전체적으로 액티브펀드는 벤치마크에 비해 저평가된 주식을 보유하고 있지 않으며 이는 액티브펀드의 우월하지 못한 성과와 관련이 있는 것으로 해석된다. 둘째, 그럼에도 불구하고 일부의 액티브펀드는 벤치마크에 비해 지속적으로 저평가된 종목을 보유하고 있으며 상대적으로 우수한 성과를 달성하고 있음이 확인되었다. 셋째, Investing measure는 미래 액티브펀드의 성과에 대한 예측력을 보유하는 지표임을 확인하였다. Investing measure가 가장 높은 20%의 펀드 그룹은 그 지표가 가장 낮은 그룹에 비해 CAPM 알파는 월 0.33%(연 3.96%), 그리고 4요인 알파는 월 0.27%(연 3.24%) 높게 추정되었으며 이는 통계적으로 유의하다. 본 연구의 결과는 주식시장의 이상현상을 활용한 투자전략을 구사할 경우 액티브펀드의 성과가 개선될 수 있음을 시사 한다.
This study examined the difference between male and female groups’ return on investment (ROI) in education independent of the average gender wage gap. Women’s additional ROI in education was significant and positively estimated. Furthermore, the ROI in women’s education was consistently higher than that in men regardless of educational stage, except for graduate education. These gender differences were greater in the younger generation than in the older generation and have decreased significantly in the recent ten years in high school education. Although the additional ROI in women’s education was positive in the field of culture and arts, education’s effect on wage increases in professional occupations was less than in men, especially in the fields of law and medicine. In addition, we show that gender differences in ROI in education were countercyclical. A base effect, large wage declines for low‐educated women during recessions, could explain this phenomenon. However, coinciding with the existence of positive cash flow news in the stock market that promises good business performance, a significant wage increase among highly educated women was found.
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