• The Korean Journal of Financial Management
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• v.9 no.2
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• pp.243-270
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• 1992

본 연구에서는 우리나라 시장이 미국시장과 다른 점을 이용하여 시가와 종가를 비교하여 동시호가방식(同時呼價方式)과 접속매매방식(接續賣買方式)의 차이를 추정하는 것이 적절한 것인지와 거래가격에 대한 가격제한폭(價格制限幅)의 영향(影響)을 살펴보았다. 여기서는 가격제한폭의 영향을 고려하기 위해 수익률이 아니라 절대가격변동(絶對價格變動)을 대상으로 하였다. 결과는 다음과 같다. 1) 일별 그리고 하루중 가격변화의 분포는 정규분포라고 할 수 없다. 2) 종가가 아니라도 가격제한폭의 영향을 받으며 상한가가 하한가보다 2.5배 이상 주가 변동을 제약한다고 할 수 있다. 시간대로는 종가를 제외하고는 오전종가에서 그 영향이 가장 크다. 3) 동시호가와 접속매매 방식에서 분산과 자기상관계수의 일관성 있는 차이를 발견할 수 없었다. 따라서 시가의 분산이 종가의 분산보다 크다는 결과는 거래방식의 차이뿐만아니라 하루중 첫번째 거래와 마지막 거래라는 특정 시간대의 가격이기 때문에 갖는 특성도 중요하다. 4) 각 시간대 별 가격 변화가 동일한 분포를 갖는가를 비모수 검증 방법에 의해 검증했을 때 접속매매인 오전종가와 오후 접속매매 종가의 분포는 다르다고 할 수 없었으며 시가와 종가는 다른 시간대의 분포와 유의하게 달랐다. 5) 하루중 어느 시간대에 가격변화의 분산이 가장 큰가를 검증한 결과 오전시가에서 오전종가까지 시간에서 분산이 가장 켰다. 그 다음으로는 오후 접속매매 종가에서 오후동시호가 종가까지로 이 시간대는 거의 시간차가 없다는 점에서 놀라운 현상이라 하겠다. 6) 종가를 제외하고는 모든 시간대에서 가격반전현상이 있었다. 이러한 현상은 거래시간 동안은 시장에 새로운 정보가 계속 도달하지만 비거래시간에는 정보가 도달하지 않아 이전 정보에 대해 조정하게 되며 이 조정에서 관성을 갖는다고 할 수 있다.

• Journal of Distribution Research
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• v.17 no.4
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• pp.55-80
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• 2012

I. Introduction Developing the relationships between companies is very important issue to ensure a competitive advantage in today's business environment (Bleeke & Ernst 1991; Mohr & Spekman 1994; Powell 1990). Partnerships between companies are based on having same goals, pursuing mutual understanding, and having a professional level of interdependence. By having such a partnerships and cooperative efforts between companies, they will achieve efficiency and effectiveness of their business (Mohr and Spekman, 1994). However, it is difficult to expect these ideal results only in the B2B corporate transaction. According to agency theory which is the well-accepted theory in various fields of business strategy, organization, and marketing, the two independent companies have fundamentally different corporate purposes. Also there is a higher chance of developing opportunism and conflict due to natures of human(organization), such as self-interest, bounded rationality, risk aversion, and environment factor as imbalance of information (Eisenhardt 1989). That is, especially partnerships between principal(or buyer) and agent(or supplier) of companies within supply chain, the business contract itself will not provide competitive advantage. But managing partnership between companies is the key to success. Therefore, managing partnership between manufacturer and supplier, and finding causes of conflict are essential to improve B2B performance. In conclusion, based on prior researches and Agency theory, this study will clarify how business hazards cause conflicts on supply chain and then identify how developed conflicts have been managed by two control mechanisms. II. Research model III. Method In order to validate our research model, this study gathered questionnaires from small and medium sized enterprises(SMEs). In Korea, SMEs mean the firms whose employee is under 300 and capital is under 8 billion won(about 7.2 million dollar). We asked the manufacturer's perception about the relationship with the biggest supplier, and our key informants are denied to a person responsible for buying(ex)CEO, executives, managers of purchasing department, and so on). In detail, we contact by telephone to our initial sample(about 1,200 firms) and introduce our research motivation and send our questionnaires by e-mail, mail, and direct survey. Finally we received 361 data and eliminate 32 inappropriate questionnaires. We use 329 manufactures' data on analysis. The purpose of this study is to identify the anticipant role of business hazard (environmental dynamism, asset specificity) and investigate the moderating effect of control mechanism(formal control, social control) on conflict-performance relationship. To find out moderating effect of control methods, we need to compare the regression weight between low versus. high group(about level of exercised control methods). Therefore we choose the structural equation modeling method that is proper to do multi-group analysis. The data analysis is performed by AMOS 17.0 software, and model fits are good statically (CMIN/DF=1.982, p<.000, CFI=.936, IFI=.937, RMSEA=.056). IV. Result V. Discussion Results show that the higher environmental dynamism and asset specificity(on particular supplier) buyer(manufacturer) has, the more B2B conflict exists. And this conflict affect relationship quality and financial outcomes negatively. In addition, social control and formal control could weaken the negative effect of conflict on relationship quality significantly. However, unlikely to assure conflict resolution effect of control mechanisms on relationship quality, financial outcomes are changed by neither social control nor formal control. We could explain this results with the characteristics of our sample, SMEs(Small and Medium sized Enterprises). Financial outcomes of these SMEs(manufacturer or principal) are affected by their customer(usually major company) more easily than their supplier(or agent). And, in recent few years, most of companies have suffered from financial problems because of global economic recession. It means that it is hard to evaluate the contribution of supplier(agent). Therefore we also support the suggestion of Gladstein(1984), Poppo & Zenger(2002) that relational performance variable can capture the focal outcomes of relationship(exchange) better than financial performance variable. This study has some implications that it tests the sources of conflict and investigates the effect of resolution methods of B2B conflict empirically. And, especially, it finds out the significant moderating effect of formal control which past B2B management studies have ignored in Korea.

• KDI Journal of Economic Policy
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• v.26 no.2
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• pp.179-208
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• 2004

With the outbreak of the financial crisis in mid-1997, the Korean government has removed a majority of M&A-related regulations in order to facilitate M&A transactions. This was based upon the belief that M&As are one of the most efficient ways to restructure financially distressed firms compared to other government-driven restructuring programs. In this paper, we try to empirically assess the role of M&A in restructuring distressed firms in Korea following the financial crisis. In doing so, three empirical analyses have been conducted. The first analysis attempts to identify financial characteristics of the insolvent M&A targets. The second exercise directly tests the change in performance of insolvent M&A targets before and after such M&A transactions. The third analysis is a more general assessment on the role of M&A transactions to determine if being involved in an M&A transaction (regardless of its motivate) has reduced the probability of becoming insolvent in the future. Overall, we find some evidence supporting that M&A activities after the financial crisis have played a positive role in restructuring financially distressed firms in Korea.

• Journal of the Korea Institute of Information Security & Cryptology
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• v.32 no.1
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• pp.25-38
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• 2022

With the diversification of payment methods and games, related financial accidents are causing serious problems for users and game companies. Recently, game companies have introduced an Fraud Detection System (FDS) for game payment systems to prevent financial incident. However, FDS is ineffective and cannot provide major evidence based on judgment results, as it requires constant change of detection patterns. In this paper, we analyze abnormal transactions among payment log data of real game companies to generate related features. One of the unsupervised learning models, Autoencoder, was used to build a model to detect abnormal transactions, which resulted in over 85% accuracy. Using X-FDS (Explainable FDS) with XAI-SHAP, we could understand that the variables with the highest explanation for anomaly detection were the amount of transaction, transaction medium, and the age of users. Based on X-FDS, we derive an improved detection model with an accuracy of 94% was finally derived by fine-tuning the importance of features that adversely affect the proposed model.

• Environmental and Resource Economics Review
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• v.30 no.1
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• pp.129-167
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• 2021

The emission trading system is an essential policy for reducing greenhouse gas emissions and converting low-carbon society. EU ETS is a good benchmark that is ahead of Korea's emission trading system in terms of operating period and design know-how. Therefore, this study focused on the key design elements of EU ETS phase 4 such as total emission allowances issued (Cap), free allocation method, carbon leakage list, market stability reserve, and innovation supporting system. In addition, we analyzed the impact of key design elements and their changes during EU ETS Phase 1 to 4 on the design and operation of Korea emission trading system in the future. First of all, the expected impact on the design of Korea emission trading system is to increase three demands: preparing benchmark renewal plans, establishing criteria for selecting free allocation industries that reflect domestic industrial structure and characteristics and introducing two-stage evaluations for free allocation industries, and preparing specific plan to support innovation and industries using allowance auction revenues. The next three impacts on the operation of Korea emission trading system are the increased needs for objective and in-depth impact assessment of plan and amendments, provision of system stability and response opportunities by quickly confirming plan and amendments prior to the implementation, and coordination of the emission trading system governance and stakeholder participation encouragement.

• Proceedings of the KIEE Conference
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• 2008.11a
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• pp.133-135
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• 2008

최근 들어 전력 계통은 점차 복잡해지고 계통의 규모 역시 빠른 속도로 성장하고 있다. 한국전력거래소는 전력계통의 안정적, 경제적 운영을 담당하고 있는 기관으로 '01년 현재의 에너지관리시스템(EMS)를 도입하여 실시간 전력계통에 대한 정확한 판단을 기반으로 전력계통의 안정성과 경제성 확보에 주력하고 있다. EMS의 대표적인 기능이라 할 수 있는 AGC(Automatic Generation Control)은 실시간으로 변화하는 전력수요를 맞추기 위해 전력 계통에 병입된 AGC 제어 대상 발전기의 출력을 가장 경제적이며 안정적으로 조정하는 것을 담당한다. 이 때 전력수요와 발전기 출력의 차이를 나타내는 것이 주파수인데 현재 주파수와 정규 주파수(60Hz)의 편차를 줄이기 위해 개별 발전기의 특성인 분당 증감발율을 사용하여 개별 발전기에 제어량을 배분하게 된다. 본고에서는 먼저 현재 운영중인 EMS에 구현된 알고리즘을 소개하고 기존 알고리즘의 개선방안인 그룹제어 방식에 대해 소개하고자 한다. 그룹제어 방식은 여러 대의 발전기를 특정 그룹으로 정해 제어신호를 최소화하는 기법으로 과도한 제어신호로 인한 발전기의 피로도를 저감하고 전력계통의 요동을 방지할 수 있을 것으로 기대한다.

• Journal of the Korea Society of Computer and Information
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• v.29 no.4
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• pp.135-143
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• 2024

This study investigates the impact of transactional leadership on job performance(team performance) and job satisfaction, with a focus on the mediating effect of job engagement. This study highlights the significance of contingent rewards and management by exception, components of transactional leadership, in motivating organizational members towards achievement and maintaining high performance levels. Through analysis, this research aims to demonstrate how transactional leadership affects employees' job engagement, subsequently influencing job performance and satisfaction. By understanding the role of job engagement as a mediator, organizations can adjust leadership styles and enhance job engagement, ultimately improving organizational performance and employee satisfaction. The findings suggest a composite approach to leadership, integrating both transactional and transformational elements, is more effective in fostering high job performance and satisfaction among employees. This study provides insights into developing strategies to boost job engagement and optimize leadership practices for better organizational outcomes.

• Journal of Distribution Research
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• v.16 no.5
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• pp.1-18
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• 2011

Local assemblers of agricultural products perform important distribution functions such as providing sales outlets, labor forces, market information, and financing, forward contracting, farming, physical distribution, and etc. However, their business activities are not transparent and producers are not effectively protected from unfair practices done by local assemblers. In order to enhance transparency and to increase effectiveness of governmental policies, local assemblers, which are mostly private management, should be organized as corporations. In order to organize corporations, the government should emphasize the importance of education and should provide corporations with governmental funds for improvement of agricultural distribution. Corporations should be developed to marketing cooperatives in the long run, and are requested to form their federations. It is also necessary to have transparent forward contracting system by local assemblers. In order to have transparent system, producers and local assemblers are guided to use standard contract forms and to operate offices handling unfair trade practices by local assemblers. We also need a place to exchange forward contracts, which can be developed to a futures market in the long run. In summary, local assemblers of agricultural products, which are mostly private management, should be developed to corporations and be operated by a transparent manner in order to protect agricultural producers and increase efficiency of trading.

• Journal of the Korea Institute of Information Security & Cryptology
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• v.29 no.1
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• pp.225-234
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• 2019

Bitcoin is a cryptocurrency with characteristics such as de-centralization and distributed ledger, and these features are maintained through a mining system called "proof of work". In the mining system, mining difficulty is adjusted to keep the block generation time constant. However, Bitcoin's current method to update mining difficulty does not reflect the future hash power, so the block generation time can not be kept constant and the error occurs between designed time and real time. This increases the inconsistency between block generation and real world and causes problems such as not meeting deadlines of transaction and exposing the vulnerability to coin-hopping attack. Previous studies to keep the block generation time constant still have the error. In this paper, we propose a machine-learning based method to reduce the error. By training with the previous hash power, we predict the future hash power and adjust the mining difficulty. Our experimental result shows that the error rate can be reduced by about 36% compared with the current method.

• International Commerce and Information Review
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• v.4 no.2
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• pp.121-129
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• 2002

정보기술(IT)의 발달에 따라, 전통적인 무역의 효율성제고가 시급한 과제로 대두되고 있으며, 이의 고(高)효율의 국제상거래의 활성화를 위해서 인터넷을 활용한 해외시장의 개척과 글로벌 네크워크의 구축의 중요성이 부각되고 있다. 따라서 전통적인 무역의 대면 마케팅(Face to face marketing) 방식에서 점차 탈피, 거래정보의 데이터베이스(D/B)화 등 전자무역의 저변확대를 위해 산업자원부 등을 중심으로 거래알선(trade leads) 단계에서 점차 확대, 계약체결 이후의 무역자동화(Trade Automation)까지 전자무역의 영역확대 및 정착화를 통해서 국제상거래 기능의 고효율 저비용구조의 추구는 바람직하다. 또한 정부의 수출드라이브 정책으로 추진되어온 기존 종합상사의 기능이 IMF관리체제 이후 강력한 구조조정(Restructuring)의 추진으로, 산업소재 중선의 특화 전문화된 상사로 기능이 전환되고 있는 시점에서, 전자무역의 핵심 추진축으로서 e-무역상사의 필요성은 더욱 증대되고 있는 바, IT를 활용 고도의 정보력을 구사하고 비즈니스의 발굴 및 제안, 추진하는 주체로서의 기능도 강화하며 전자자유무역시장(e-FTA), 전자구상무역시장(e-G2G)도 개척할 수 있는 바, 이와 관련해 한국의 전자무역 확산 전략 방안을 제시한다.