• The Korean Journal of Financial Management
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• v.26 no.3
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• pp.227-246
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• 2009

This study examines the dynamic hedging performances of the Black-Scholes model and Heston model when stock prices drift with stochastic volatilities. Using Monte Carlo simulations, stock prices consistent with Heston's(1993) stochastic volatility option pricing model are generated. In this circumstance, option traders are assumed to use the Black- Scholes model and Heston model to implement dynamic hedging strategies for the options written. The results of simulation indicate that the hedging performance of a mis-specified Black-Scholes model is almost as good as that of a fully specified Heston model. The implication of these results is that the efficacy of the dynamic hedging performances on evaluating the specifications of alternative option models can be limited.

• Digital Contents
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• no.12 s.103
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• pp.36-39
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• 2001

최근에 미국의 pro-patent 정책에서 볼수 있는 것 처럼 지적 재산권의 보호 대상을 확대하는 경향이 있다. 각국은 디지털관련 창작물의 보호와 관련하여 저작권법을 개정하거나 특별법을 재정하여 대처하고 있을 뿐만 아니라. 특허법의 경우는 기존의 법규정의 해석을 확장하는 방식으로 진행되고 있다. 특허권의 확대는 처음에는 소프트웨어에 대한 특허적격성 인정 여부에서 출발하였으나, 최근에는 소프트웨어를 통해 인터넷 구현되는 거의 모든분야 예컨대, 비즈니스 모델, 광고 방법, 체험, 금융 등에까지 확대되고 있다.

• Journal of Global Scholars of Marketing Science
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• v.15 no.3
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• pp.117-148
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• 2005

As this study aimed to examine which influence the nonverbal communication of service provider has upon service performance in terms of service industry, the specific objectives are as follows. First, it tried to examine into the relationship between the nonverbal communication in the service provider, and the emotional attachment. Nonverbal communication is divided into 4 kinds such as physical language, proxemics, paralanguage, and physical appearance. Second, it aimed to examine the relationship between the customer's attachment to the service provider, and the social competence and trust in the service provider. Third, it tried to examine into the relationship of service provider's social competence and trust with the customer satisfaction and with the switching costs. Additionally, it examined the moderating effect in the service type and the service usage period in terms of the model that was presented in this study. Given examining the verified results in these research hypotheses, those are as follows. First, given seeing the relationship between the nonverbal communication and the emotional attachment, it was represented that the physical language, proxemics, and physical appearance, except paralanguage, have significantly positive(+) influence upon emotional attachment. Second, it was indicated that emotional attachment has significantly positive(+) influence upon the social competence and trust in the service provider. Third, the social competence in the service provider had no positive effect(+) on customer satisfaction, and was having significantly positive(+) influence upon the customer's perceived switching barrier. Fourth, it was represented that the customer satisfaction toward the service provider have significantly positive(+) influence upon the switching barrier. Finally, as a result of having verified whether or not the moderating effect in the service type and the service usage period, it was indicated to be produced the difference depending on the service type in the relationships between the physical language and the emotional attachment, between the paralanguage and the emotional attachment, between the emotional attachment and the trust, and between the trust and the switching barrier. Depending on the service usage period, the difference was represented, respectively, in the relationships between the physical language and the emotional attachment and between the physical appearance and the emotional attachment.

• Journal of Service Research and Studies
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• v.13 no.1
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• pp.108-126
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• 2023

This study explored the sustainability of a blockchain-based cultural art performance video platform through the construction of Gyeonggi Art On, a new media art broadcasting station in Gyeonggi-do. In addition, the technical limitations of video content transaction using block chain, legal and institutional issues, and the protection of personal information and intellectual property rights were reviewed. As for the research method, participatory observation methods such as in-depth interviews with developers and operators and participation in meetings were conducted. The researcher participated in and observed the entire development process, including designing and developing blockchain nodes, smart contracts, APIs, UI/UX, and testing interworking between blockchain and content distribution services. Research Question 1: The results of the study on 'Which technology model is suitable for a blockchain-based performance video content distribution public platform?' are as follows. 1) The blockchain type suitable for the public platform for distribution of art performance video contents based on the blockchain is the private type that can be intervened only when the blockchain manager directly invites it. 2) In public platforms such as Gyeonggi ArtOn, among the copyright management model, which is an art based on NFT issuance, and the BC token and cloud-based content distribution model, the model that provides content to external demand organizations through API and uses K-token for fee settlement is suitable. 3) For public platform initial services such as Gyeonggi ArtOn, a closed blockchain that provides services only to users who have been granted the right to use content is suitable. Research question 2: What legal and institutional problems should be reviewed when operating a blockchain-based performance video distribution public platform? The results of the study are as follows. 1) Blockchain-based smart contracts have a party eligibility problem due to the nature of blockchain technology in which the identities of transaction parties may not be revealed. 2) When a security incident occurs in the block chain, it is difficult to recover the loss because it is unclear how to compensate or remedy the user's loss. 3) The concept of default cannot be applied to smart contracts, and even if the obligations under the smart contract have already been fulfilled, the possibility of incomplete performance must be reviewed.