• Korean Journal of Social Welfare
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• v.60 no.3
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• pp.5-30
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• 2008

The purpose of this study is to propose a practical intervention program for the women who got out of prostitution. For the research we selected the seven women who had ever engaged in prostitution by snowball sampling. Qualitative data were accumulated by in-depth interview and private documents collection. We analyzed the raw data following the Mandelbaum's conceptual frame ; dimension of life, turning point and adaptation. In analysis of the dimension of life, home, religion and occupation were represented as main thems. Home was interpreted as the reconstruction of existential field that assumes their fault and others. Religion was interpreted as the phenomenological field that develops their potentiality and peculiarity. Occupation was interpreted as the restraining means aganist returning to prostitution. In analysis of the turning point, we found a common theme : dis empowering the discourse power by body-politics. In analysis of the adaptation, we found three propositions as fellows: 1) "Living with stigma internalized by themselves" 2) "Living as anonymous being and absconding" 3) Expunging the past disgrace through shifting of social status. Based on the above results we proposed practical approaches for them.

• The Journal of the Korea Contents Association
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• v.12 no.11
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• pp.338-357
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• 2012

This study investigated any possible financial attributes of the CDS spreads of a firm belonging to financial industries headquartered in the Republic of Korea. There were few studies on this issue, especially for the firms located in emerging capital markets. Coupled with the models such as a multiple regression and a principal component analysis(PCA), this research has identified that only two explanatory variables such as SLOPE and INTER3 (i.e. interaction effect between the BETA and the SLOPE) consistently showed their statistically significant influence on the CDS spreads through the 'selected' model without and with applying a stepwise regression procedure for the robustness. Given the rapid developments of sophisticated financial derivatives, this study may suggest a valuable insight to foreign and domestic investors to identify the possible determinants of CDS spreads at the firm- and/or the industry-level.

• The Korean Journal of Financial Management
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• v.8 no.2
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• pp.209-255
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• 1991

This paper develops a simple model to explain the reasons why foreign acquirers pay significantly higher premiums for U.S. target firms than do U.S. buyers. We also provide empirical work on the valuation effect of foreign takeovers and the determinants of the wealth gains of U.S. target shareholders involved in foreign takeovers. The results indicate that target wealth gains are significantly higher in foreign takeovers than in domestic takeovers, after controlling for the wealth effects of payment method, acquisition type, tax status, size and time period of bids. This confirms the valuation effect of foreign takeovers. Furthermore, the results of cross-sectional regression analysis show that the variation in U.S. target wealth gains is explained by extra tax benefits stemming from double tax deductions for acquisition-related interest expenses incurred by foreign acquirers. These findings imply that differential taxation across tax jurisdictions is the main source of the valuation effect of foreign takeovers. In addition, we find that there exists a valuation effect of the nationality of the foreign acquirers. Japanese companies pay significantly higher premiums than do non-Japanese acquirers. The finding also indicates that competition among bidders increases the abnormal returns to U.S. target shareholders in foreign takeovers.

• The Korean Journal of Financial Management
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• v.9 no.2
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• pp.101-147
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• 1992

증권거래소(證券去來所)는 시황에 따라 위탁증거금율(委託證據金率)을 탄력적으로 변경 운용함으로써 시장의 수급을 조절하는 등의 시장관리수단의 하나로 이용하여 공정한 시세형성을 기하고자 설립시부터 증권회사로 하여금 매매의 위탁시 위탁증거금을 징수하도록 규정하고 증거금율을 상황에 따라 신축적으로 운용하여 1962년 이후에만도 무려 32회이상 변경하였다. 따라서 문제의 핵심은 위탁증거금징수가 주식시장에서의 과잉투기행위를 근절시키고 주가변동율(株價變動率)(stock volatility)을 감소시켜 공정거래질서(公正去來秩序)를 확보하는데 기여하고 있는지의 여부가 된다. 이 점은 특히 미국(美國)에서 1987년 10월 소위 '검은 월요일(Black Monday)'당시 갑작스러운 주가폭락과 시장체계의 붕괴사태이후 금융시장의 발전을 모색하는 정책당국자들과 학자들사이에 새로운 주목을 받기 시작하였다. Salinger(1989)와 Schwert(1989)는 위탁증거금율(委託證據金率)의 변경과 주가변동율(株價變動率)의 감소와는 아무런 인과관계가 없다고 결론을 내리고 있다. 특히 Schwert는 거래일시중단시책마저도 주가변동율에 별 효과가 없다고 주장하면서 금융공황과 관련된 거래일시중단은 주가변동을 큰 폭으로 증가시켜왔으나 금융공황을 동반하지 않은 기래일시중단은 높은 주가변동율과 무관함을 밝히고 있다. Hardouvelis(1991)는 그러나 위탁증거금율을 상승시키면 주가변동율이 낮아지며, 결과적으로 주가가 본원적가치(本源的價値)로부터 일탈하는 현상도 줄어든다는 사실을 통계적으로 입증하고, 위탁증거금의 징수가 시장을 교란하는 악성투기행위를 억제시키는데 매우 효과적인 정책수단이라고 주장하고 있다. 본 연구는 우리나라 주식시장에서 과잉투기현상을 억제하여 시장의 안정을 확보하는 기능으로서의 위탁증거금제도에 대해 그 경제적 효과여부를 규명하는 실증분석을 행하였다. 이 논문에서는 Schwert(1989)와 Hardouvelis(1991)의 방법을 원용하여 두가지 서로 다른 방법으로 주가변동율을 측정하여 비교하였다. 통계적 기법은 기본적으로 다변량(多變量) 회귀분석법(回歸分析法)을 택하였다. 분석의 결과로 매우 흥미로운 실증상(實證上)의 규칙성(規則性)을 발견하였다. 즉 현금시장(cash market)의 위탁증거금율이 높아지면 실제주가변동율(實際株價變動率)과 초과주가변동율(超過株價變動率)이 감소되고, 또한 유행(流行)의 경우와 마찬가지로 본원적 가치로부터의 괴리가 작아진다. 이 결과에 따르면 위탁증거금의 징수는 그 제도의 취지에 부합되고 있다. 다만 제도운용상의 이유이거나 혹은 우리나라 주식시장의 투자자들이 비합리적인 투자형태를 보임에 따라 그 정책적 효과는 때로 역기능적인 결과로 초래하였다. 그럼에도 불구하고 이 연구결과를 통하여 최소한 주식시장(株式市場)에서 위탁증거금제도는 그 제도적 의의가 여전히 있다는 사실이 확인되었다. 또한 우리나라 주식시장에서 통상 과열투기 행위가 빈번히 일어나 주식시장을 교란시킴으로써 건전한 투자풍토조성에 저해된다는 저간의 우려가 매우 커왔으나 표본 기간동안에 대하여 실증분석을 한 결과 주식시장 전체적으로 볼 때 주가변동율(株價變動率), 특히 초과주가변동율(超過株價變動率)에 미치는 영향이 그다지 심각한 정도는 아니었으며 오히려 우리나라의 주식시장은 미국시장에 비해 주가가 비교적 안정적인 수준을 유지해 왔다고 볼 수 있다.

• Journal of Service Research and Studies
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• v.6 no.3
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• pp.41-54
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• 2016

We examine the information transmission between the business survey index(BSI) based on the returns data offered by Federation of Korean Industries and KOSPI Index based on the returns data offered by Korea Bank. The data includes monthly return data from January 1998 to September 2015. The results of the analysis are as follows. Firstly, results of Granger Causality test suggests the existence of mutual causality KOSPI Index precede and have explanatory power BSI. Secondly, the results of impulse response function suggest that BSI Index show immediate response to KOSPI Index and are influenced by till time 4 From time 2 the impact gradually disappears. Also KOSPI Index show immediate response to BSI and are influenced by till time 4 From time 2 the impact gradually disappears. Lastly, the variance decomposition analysis showed a high influence of the KOSPI Index on the BSI and significant influence of the BSI on the KOSPI Index. This implies that returns on the KOSPI Index have a significant influence over returns on the BSI. The study is a further extension of existing studies on information transmission mechanism between the BSI and KOSPI. Finally, our results can be used as a guide by the Korea Bank and Republic of Korea and as well as Federation of Korean Industries.

• Journal of Digital Convergence
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• v.19 no.9
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• pp.9-18
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• 2021

Constructing the Metropolitan Railway Express (the GTX) may have an impact on consumer confidence and housing sales price located near the planned route. This study looked at how consumers' psychology and housing prices change as the large-scale transport infrastructure plane was planned. Also, it looked at the relationship between consumer sentiment and housing prices to analyze the impact of new transportation facilities inflows. Using a correlation analysis, the relationship between the consumer sentiment index and the actual transaction price of apartments was identified. The impact of GTX on the consumer sentiment index and the actual transaction price of apartments was looked at using the Difference-in-Differences methodology. Our finding shows that the construction plan of a large-scale transportation infrastructure in the metropolitan area affects the sentiment of housing consumption and actual transactions. In a situation where the government is speeding up the construction of a wide-area transportation network such as GTX with the goal of becoming a city where people can commute to downtown Seoul within 30 minutes, policies that can stabilize the housing market in transportation hubs should be suggested.

• Knowledge Management Research
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• v.21 no.3
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• pp.45-65
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• 2020

It is desirable to invest in wine that increases its value, but wine investment itself is unfamiliar in Korea. Also, the process itself is unreasonable, and information is often forged, because pricing in the wine market is done by a small number of people. With the right solution, however, the wine market can be a desirable investment destination in that the longer one invests, the higher one can expect. Also, it is expected that the domestic wine consumption market will expand through the steady increase in domestic wine imports. This study presents the consortium block chain framework for revitalizing the wine market and enhancing transparency as the "right solution" of the nation's wine investment market. Blockchain governance can compensate for the shortcomings of the wine market because it guarantees desirable decision-making rights and accountability. Because the data stored in the block chain can be checked by consumers, it reduces the likelihood of counterfeit wine appearing and complements the process of unreasonably priced. In addition, digitization of assets resolves low cash liquidity and saves money and time throughout the supply chain through smart contracts, lowering entry barriers to wine investment. In particular, if the governance of the block chain is composed of 'chateau-distributor-investor' through consortium blockchains, it can create a desirable wine market. The production process is stored in the block chain to secure production costs, set a reasonable launch price, and efficiently operate the distribution system by storing the distribution process in the block chain, and forecast the amount of orders for futures trading. Finally, investors make rational decisions by viewing all of these data. The study presented a new perspective on alternative investment in that ownership can be treated like a share. We also look forward to the simplification of food import procedures and the formation of trust within the wine industry by presenting a framework for wine-owned sales. In future studies, we would like to expand the framework to study the areas to be applied.

• Journal of Intelligence and Information Systems
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• v.20 no.2
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• pp.59-71
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• 2014

System trading is becoming more popular among Korean traders recently. System traders use automatic order systems based on the system generated buy and sell signals. These signals are generated from the predetermined entry and exit rules that were coded by system traders. Most researches on system trading have focused on designing profitable entry and exit rules using technical indicators. However, market conditions, strategy characteristics, and money management also have influences on the profitability of the system trading. Unexpected price deviations from the predetermined trading rules can incur large losses to system traders. Therefore, most professional traders use strategy portfolios rather than only one strategy. Building a good strategy portfolio is important because trading performance depends on strategy portfolios. Despite of the importance of designing strategy portfolio, rule of thumb methods have been used to select trading strategies. In this study, we propose a SVM-based strategy portfolio management system. SVM were introduced by Vapnik and is known to be effective for data mining area. It can build good portfolios within a very short period of time. Since SVM minimizes structural risks, it is best suitable for the futures trading market in which prices do not move exactly the same as the past. Our system trading strategies include moving-average cross system, MACD cross system, trend-following system, buy dips and sell rallies system, DMI system, Keltner channel system, Bollinger Bands system, and Fibonacci system. These strategies are well known and frequently being used by many professional traders. We program these strategies for generating automated system signals for entry and exit. We propose SVM-based strategies selection system and portfolio construction and order routing system. Strategies selection system is a portfolio training system. It generates training data and makes SVM model using optimal portfolio. We make $m{\times}n$ data matrix by dividing KOSPI 200 index futures data with a same period. Optimal strategy portfolio is derived from analyzing each strategy performance. SVM model is generated based on this data and optimal strategy portfolio. We use 80% of the data for training and the remaining 20% is used for testing the strategy. For training, we select two strategies which show the highest profit in the next day. Selection method 1 selects two strategies and method 2 selects maximum two strategies which show profit more than 0.1 point. We use one-against-all method which has fast processing time. We analyse the daily data of KOSPI 200 index futures contracts from January 1990 to November 2011. Price change rates for 50 days are used as SVM input data. The training period is from January 1990 to March 2007 and the test period is from March 2007 to November 2011. We suggest three benchmark strategies portfolio. BM1 holds two contracts of KOSPI 200 index futures for testing period. BM2 is constructed as two strategies which show the largest cumulative profit during 30 days before testing starts. BM3 has two strategies which show best profits during testing period. Trading cost include brokerage commission cost and slippage cost. The proposed strategy portfolio management system shows profit more than double of the benchmark portfolios. BM1 shows 103.44 point profit, BM2 shows 488.61 point profit, and BM3 shows 502.41 point profit after deducting trading cost. The best benchmark is the portfolio of the two best profit strategies during the test period. The proposed system 1 shows 706.22 point profit and proposed system 2 shows 768.95 point profit after deducting trading cost. The equity curves for the entire period show stable pattern. With higher profit, this suggests a good trading direction for system traders. We can make more stable and more profitable portfolios if we add money management module to the system.

• The Korean Journal of Archival Studies
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• no.33
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• pp.155-206
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• 2012

Interests in archives management are getting expanded from the public sector into the cultural and artistic field for the ten years after legislation of "Act on the Management of Public Archives" in 1999. However, due to lack of recognition on the importance of archives in the cultural and artistic field, it is rather frequent that information is kept scattered or archives are lost. As an example, absence of precise contract documents or notes of bestowal keeps people from locating great amount of cultural properties, and because of it these creative properties are in the risk of thefts, the closed-door auctioning, or trades in unofficial channels. As how a nation manages cultural and artistic creation inside the nation reflects its cultural level, it can be said that one of the indexes to notice the extent of a nation's cultural level is to take a look at how they are circulated. This study started from this point. Growing economy and rising interests in culture and art made the society more cognizant of the importance and value that visual artworks have, but the archives and information which are showing the context of these artworks and are produced in the course of social interaction are relatively disregarded because too much emphasis lies on the work itself. It is harder to find archives or documentations in Korea than in other advanced countries about the artists themselves or philosophical discourse on the background of the artworks. There is not so much interest to preserve the archives and information produced after the exhibition also, and they are used for no more than promotion or reference. Hereupon, the researcher recognized the importance of visual arts archives and believed that systemic management on them are high in need. And metadata is an essential way for the systemic management, as recently management on artworks or their archives are conducted using the system of the agencies even though they are not produced electronically. The objective of this study is to manage visual arts archives systematically by designing a data model reflecting traits of visual arts archives. Metadata are needed in the every course of archives from acquisition to management, preservation and application. Visual arts archives find its rich value only when a systemic relationship is established among information on artist, artwork and events including exhibition. By establishing a Multiple Entity Data Model, in which artworks, artists and events (exhibitions) make relationship all together, metadata for management on visual arts archive gets more efficiency and at the same time explanatory trait of the archive gets higher. For this reason we, in the study, tried to design a data model by setting each as an independent entities and designating relations between them, in order to find a way to manage visual arts archives more systematically.

• (The)Study of the Eastern Classic
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• no.69
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• pp.179-204
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• 2017

Hojil(虎叱) and Yangbanjeon(兩班傳) reveal the characteristic styles of Park Jiwon(朴趾源)'s writing, which is combining styles of unofficial history/biography(外傳) and allegory(寓言), and full of the senses of satire and humour which form another characteristc of his writing style or tone. This paper reexamines narrative styles, meaning structures and themes of these two works which combine the styles of unofficial history/biography and allegory, and researches methods and techniques of allegory and satire which presents the subversive and critical themes and thoughts of the author. In Hojil, combining of the two styles, the author constructs the narrative world and plot, manipulates allegoric figures to symbolize and present multilayered meaning, and criticize the decadence of confucian aristocracy [Sadaebu: 士大夫] and it's abuses. In Yangbanjeon by combining of two styles, the author weave a biography of Yangban(兩班) in general, which presents the attributes and historical position of the Yangban class. And by the nonsensical fictional event which caricatures crisis of the Yangban class, and tedious description of the manners and behaviors of the Yangban, the author and satires the snobbery of the Yangban and the absurdity of their classical privileges. As he did in Hojil, the author urges the self-examination of the reader raising a question about the position and the function or duty of the Yangban class in the changing world. And the various skills of satire together with the irony, paradox, parody and pun were used dexterously in above two works.