• The Korean Journal of Financial Management
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• v.27 no.1
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• pp.1-30
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• 2010

This paper tested the lead-lag relationship as well as the symmetric and asymmetric volatility spillover effects between international currency futures markets and cash markets. We use five kinds of currency spot and futures markets such as British pound, Australian and Canadian dollar, Brasilian Real and won/dollar spot and futures markets. daily closing prices covering from September 15, 2003 to July 30, 2009. For this purpose we employed dynamic time series models such as the Granger causality based on VAR and time-varying MA(1)-GJR-GARCH(1, 1)-M. The main empirical results are as follows; First, according to Granger causality test, we find that the bilateral lead-lag relationship between the five countries' currency spot and futures market. The price discover effect from currency futures markets to spot market is relatively stronger than that from currency spot to futures markets. Second, based on the time varying GARCH model, we find that there is a bilateral conditional mean spillover effects between the five currency spot and futures markets. Third, we also find that there is a bilateral asymmetric volatility spillover effects between British pound, Canadian dollar, Brasilian Real and won/dollar spot and futures market. However there is a unilateral asymmetric volatility spillover effect from Australian dollar futures to cash market, not vice versa. From these empirical results we infer that most of currency futures markets have a much better price discovery function than currency cash market and are inefficient to the information.

• Journal of Distribution Research
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• v.9 no.3
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• pp.69-96
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• 2004

This study is based upon the assumption that trust is a pedestal of much importance in the relationship behavior marketing channel members conduct in their arena. Unlike the existing studies that consider trust to be a circular simple concept with the emphasis on mutually symmetrical relationship level, this study focuses on the asymmetrically different levels of asymmetric trust concept. The major results of this study are as follows: First, among the individual characteristics which could affect on trust, reputation plays a significant role in transaction. Second, in the domain of the relation between trust and relationship characteristics, opportunistic behavior is shown to influence upon trust. Communication is turn out not to be a significant factor in trust; in a further analysis, it is also shown to influence upon willingness to make future relationship behavior. Third, willingness to make future relationship behavior plays a significant influence on trust, which shows that trust is the very core factor in the long-term relationship behavior. We can find that the antecedent factors influencing upon the trust build-up are different between agents and buyers and the established trust influences upon the future relationship behavior. This study tries to show how trust is established and what role the trust conducts.

• International Commerce and Information Review
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• v.18 no.4
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• pp.333-358
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• 2016

This study investigates the relative effect of symmetric and asymmetric relationship between franchiser and franchisee on the relational outcome of franchise alliance in education industry. To verify the research model, 240 samples, which is related with eduction service, were collected, among which 200 were used for the analysis. The outcome suggests that the asymmetric relationship in an alliance negatively influenced the relational quality, among which asymmetric alliance-specific investments had the most significant effect. On the other hand, the relational quality was positively influenced when the alliance relationship was symmetric, especially when the interactional fairness was high. Furthermore, compared to foreign franchise, local franchise presented higher level of role and responsibility imbalance, along with higher likihood of franchisees' opportunistic behaviors.

• Journal of Korea Port Economic Association
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• v.29 no.2
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• pp.63-79
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• 2013

The fundamental endeavor of this study is to investigate the asymmetric relationship between bunker price and Baltic Dry-bulk Index (hereafter BDI). Previous investigations employ linear form based analysis between oil price and BDI but we develop nonlinear and asymmetric cointegration method, which is properly able to capture the decreasing and increasing periods differently. The empirical results show there is no relationships in linear model (e.g. Engle and Granger's methods). On the contrary, our estimate reveals there is significant long-run relationship with asymmetric framework, which implies the necessity of nonlinear and asymmetric consideration to the bunker price analysis.

• International Area Studies Review
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• v.14 no.3
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• pp.86-107
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• 2010

Prior research on the relationship between output volatility and growth has produced mixed results, failing to provide clear empirical evidence on the sign of the relationship. In this paper, we raise the possibility that such failure is due to misspecification in empirical models previously used, i.e., not taking into account the business cycle dependence of the volatility-growth relation. We set off with the conjecture that higher volatility exerts qualitatively different effect on growth depending on whether the economy is in expansion or contraction. We estimate a series of ARCH-type models with the monthly industrial production data of the U.K., and find strong evidence suggesting that the volatility-growth relation is positive when the economy is in expansion, while higher volatility lowers growth rate in the contraction phase. We also find evidence supporting that the volatility-growth relation estimated in the paper captures a a causal relation, not a bidirectional correlation.

• Proceedings of the Korean DIstribution Association Conference
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• 1997.07a
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• pp.189-212
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• 1997

장기 거래관계 내지는 협력관계, 그리고 이를 뒷받침 하는 관계규범, 거래윤리와 같은 개념은 90년대에 들어 유통분야의 학문적 연구대상으로 가장 중요하게 부각되고 있다(Dwyer, Schurr, and Oh 1987; Anderson and Weitz 1992; Ganesan 1994; Kalwani and Narayandas 1995; Kumar, Scheer, and Steenkamp 1995a,b). (중략)

• Annual Conference on Human and Language Technology
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• 2002.10e
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• pp.147-154
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• 2002

이 논문은 한국어 문서 교정을 위해 부산대학교 인공지능 연구실에서 개발되고 있는 맞춤법 및 문법 검사기와 그 지식베이스 구축에 대해 알아본다. 비대칭 관계(asymmetric relation) 설정과 더불어 개발된 문법 검사기는 한 문장의 임의의 두 요소간의 비대칭 관계를 토대로 (1) 잠재적 지배관계 개념을 설정하고 (2) 부분 문장 분석 방법을 사용한다. 이런 요소들을 효율적으로 운영하는 시스템을 구현하기 위해서는 한국어에 대한 이해와 경험적 자료를 적절히 조화시킨 지식베이스 구축이 필수적이다. 이 논문은 그 선수(先手) 작업으로 한국어 문서의 오류들을 관찰하고, 그로부터 추출한 언어적이거나 언어 외적인 요소들로부터 일반적 패턴을 뽑아내어 사용자의 기대를 만족시키기 위한 적절한 규칙지식베이스를 구축하고 문법 검사기의 성능 향상을 위해 문장 분석 출발점과 분석방향 그리고 분석범위를 한정한다.

• The Korean Journal of Financial Management
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• v.19 no.2
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• pp.1-25
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• 2002

본 논문은 한국의 대표적인 두 시장, 코스닥시장과 증권거래소간의 투자전략을 비대칭적 정보가정에서 모형화하고, 정보상의 비대칭요소를 추정하여 최적포트폴리오를 구하는데 목적이 있다. 정보상에 비대칭적 시장들에서는 그 시장에 독특한 위험프리미엄이 존재하게 되는데, 이는 시장간의 효율적 포트폴리오를 구성하는데 있어서 비체계적 위험과 체계적 위험간의 구분이 불분명해지는 상황을 의미하며, 따라서 최적포트폴리오도 보다 복잡한 구조를 갖게 된다. 본 연구는 분석적 차원에서 정보상에 비대칭적인 것으로 가정되는 두 자본시장, 즉 코스닥시장과 증권거래소에서의 최적포트폴리오 전략을 살펴보고, 두 시장간의 비대칭성이 주는 의미와 그것이 최적 투자정책에 미치는 영향의 정도를 분석하고, 비대칭적인 두 시장에서의 균형조건을 살펴본다. 먼저, 최적포트폴리오 전략을 살펴보고, 자산가격 움직임에 있어서 차익거래의 영향을 분석하며 이에 대한 정보상으로 비대칭적인 두 시장간의 포트폴리오 전략과의 관계도 분석하였다. 이어서 비대칭적 상황을 발생시키는 다양한 요소들을 살펴보며 이와 같은 정보비대칭요소가 기대수익수준에 미치는 영향을 분석하기 위해 확률과정의 최적화 방법을 이용하여 추정하였다. 따라서 관련정보를 보유하지 못한 일반투자자들의 경우, 이 추정치를 이용하여 새로운 포트폴리오를 구성하게 될 것이다. 이 또한 불편추정치로서 최적포트폴리오로서의 역할을 하고 있는 것으로 해석된다. 그러나 비대칭요소 추정치의 정확도를 높이기 위해서는 정보를 확보하여야 하며 이에 따라 정보비용도 증가하게 되며 이 또한 최적포트폴리오의 수익성에 영향을 미치게 된다. 따라서 정보비용수준을 포트폴리오의 수익성을 고려하여 결정하여야 하며 이 점에 있어서 본 연구는 어떤 조건하에서 정보비용을 감안한 코스닥시장에의 투자결정이 이루어질 수 있는지를 분석하고 그 기준을 확률적 방법을 이용하여 제시하였다.

• Journal of Technology Innovation
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• v.21 no.2
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• pp.137-167
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• 2013

This article estimates the scale of impact of expanding governmental fiscal expenditure for R&D investment on the private business enterprise's investment for R&D, and the relationship between business enterprise and university for expanding investment of R&D. According to my results, first, an expanding fiscal expenditure from government for R&D investment leads to increase R&D investment from business enterprise. However, an expanding expenditure from university rather leads to decrease R&D investment from business enterprise. Secondly, the crowding-out effect of expanding R&D investment from University on business enterprise's is very strong, and it is affected by structural changes such as the country's economic power, fiscal stance and cyclical volatility. Third, the more governmental expenditure on university expansive is, the stronger asymmetric relationship between business enterprise and university is, and investment sources of university from business enterprise is the main factor of this relationship. Finally, it is not easy to solve out this asymmetric relationship even through the governmental subsidy.

• Journal of Korea Port Economic Association
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• v.34 no.4
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• pp.181-190
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• 2018

The goal of this study is empirically to investigate the asymmetric relationship between two variables using the dry cargo freight rates and raw material price data from January 2012 to May 2018. First, we estimate the asymmetry of macroeconomic indicators of commodity prices by using a two - step threshold cointegration test. Second, the asymmetric relation test of the trade balance of existing commodity price changes is tested by bypassing to the high frequency dry cargo freight rate index. As a result of the estimation, in contrast to the existing linear analysis, each boundary value for the lower limit and the upper limit has different asymmetry. This implies that the period of fluctuation of the sudden residual that causes irregular rate of return fluctuations does not establish a long term equilibrium relationship between the raw material price and the dry cargo freight rate. Therefore, in order to consider the sudden price change in the analysis, it is necessary to include the band of inaction that controls the irregular volatility, which is consistent with the asymmetry hypothesis.