• The Korean Journal of Financial Management
• /
• v.10 no.1
• /
• pp.249-280
• /
• 1993

Recent financial theory views insurance policies as financial instruments that are traded in markets and whose prices reflect the forces of supply and demand. This article analyzes individual's insurance purchasing behavior along with capital market investment activities, which will provide a more realistic look at the tradeoff between insurance and investment in the individual's budget constraint. It is shown that the financial economic concept of insurance cost should reflect the opportunity cost of insurance premium. The author demonstrates the importance of riskless and risky financial assets in reaching an equilibrium insurance premium. In addition, the paper also investigates how the investment income could affect the four established theorems on traditional insurance literature. At the present time in Korea, the price deregulation is being debated as the most important current issue in insurance industry. In view of the results of this paper, insurance companies should recognize investment income in pricing their coverage if insurance prices are deregulated. Otherwise. price competition may force insurance companies to restrict coverage or to leave the market.

• Korean journal of food and cookery science
• /
• v.19 no.6
• /
• pp.783-793
• /
• 2003

The effects of various kinds of starch (mungbean, potato, corn and a blend of potato and com starch) on the quality characteristics of muhwakwa-pyun were studied according to the storage duration. The sweetness, pH and total acidity of muhwakwa extract were analyzed, as were the Visco/Amylograph viscosity profile and DSC thermodynamic characteristics of starches. For quality characteristics, color difference, instrumental texture characteristics and sensory characteristics were compared. The sweetness of muhwakwa extract was satisfactory but the total acidity was low for Kwa-pyun manufacture. Therefore, its pH was adjusted to 3.4 by adding 10％ citric acid with an amount of 1％ of total liquid. From the Visco/Amylograph viscosity profile and DSC thermodynamic characteristics of starches, a blend of potato and com starch was found to be easy to cook and form a gel but a little more resistant than the other starches in terms of retrogradatin. Lightness (L) and yellowness (b) of Kwa-pyun increased while its redness (a) decreased by the storage. The color became whiter and the clarity decrease regardless of the kinds of starch, which became obvious after 3 days of storage. The hardness, springiness, adhesiveness and cohesiveness tended to decrease with storage, which was weak in a blend starch. The overall acceptability of Kwa-pyun made with a blend of potato and com starch was evaluated as being the best among the samples tested. Therefore, for traditional kwa-pyun manufacture manufacture mungbean starch might be replaced with a blend of potato and corn starch which is less expensive and easily available in the market nowadays.

• The Korean Journal of Financial Management
• /
• v.6 no.1
• /
• pp.31-62
• /
• 1989

By using deterministic dynamic models, we observe the behavior of the foreign exchange rate of a small open economy with rational expectation formation and different restrictions on the international economic integrations. First, an economy connected to the world by purchasing power parity and uncovered interest parity is studied in the next section. In both sections, financial assets available in the economy are domestic money and bonds. Stocks are added as a financial instrument in the next section, and real capital accumulation is also taken into account. Furthermore, the economy concerned there is fairly autonomous, and not directly governed by either purchasing power parity or uncovered interest parity. The expectation formation used throughout the whole paper is complete perfect foresight, which is the certainty version of rational expectation and free from any forecast errors. It is found that upon monetary expansion the short run depreciation of the foreign exchange rate is a fairly robust result regardless of the degree of the international economic integration, while it is not true for fiscal expansion. The expectation on the long run state significantly affects the short run response of the exchange rate. All of our models postulate that the current account should be balanced eventually. As the result, the short run behavior of the exchange rate is affected by the expectation on the long run balance and may well be a blend of the traditional flow view and modem asset view. The initial overshooting of the exchange rate is easily observed even in the fairly autonomous economy Furthermore, the initial overshooting is not reduced over time, but augmented for some time before it is eventually eliminated. As long as we maintain rational expectaion, introducing time delay in the adjustment of the foreign goods price to the foreign exchange rate does not make much difference.

• Journal of Intelligence and Information Systems
• /
• v.23 no.4
• /
• pp.147-168
• /
• 2017

There have been many studies on accurate stock market forecasting in academia for a long time, and now there are also various forecasting models using various techniques. Recently, many attempts have been made to predict the stock index using various machine learning methods including Deep Learning. Although the fundamental analysis and the technical analysis method are used for the analysis of the traditional stock investment transaction, the technical analysis method is more useful for the application of the short-term transaction prediction or statistical and mathematical techniques. Most of the studies that have been conducted using these technical indicators have studied the model of predicting stock prices by binary classification - rising or falling - of stock market fluctuations in the future market (usually next trading day). However, it is also true that this binary classification has many unfavorable aspects in predicting trends, identifying trading signals, or signaling portfolio rebalancing. In this study, we try to predict the stock index by expanding the stock index trend (upward trend, boxed, downward trend) to the multiple classification system in the existing binary index method. In order to solve this multi-classification problem, a technique such as Multinomial Logistic Regression Analysis (MLOGIT), Multiple Discriminant Analysis (MDA) or Artificial Neural Networks (ANN) we propose an optimization model using Genetic Algorithm as a wrapper for improving the performance of this model using Multi-classification Support Vector Machines (MSVM), which has proved to be superior in prediction performance. In particular, the proposed model named GA-MSVM is designed to maximize model performance by optimizing not only the kernel function parameters of MSVM, but also the optimal selection of input variables (feature selection) as well as instance selection. In order to verify the performance of the proposed model, we applied the proposed method to the real data. The results show that the proposed method is more effective than the conventional multivariate SVM, which has been known to show the best prediction performance up to now, as well as existing artificial intelligence / data mining techniques such as MDA, MLOGIT, CBR, and it is confirmed that the prediction performance is better than this. Especially, it has been confirmed that the 'instance selection' plays a very important role in predicting the stock index trend, and it is confirmed that the improvement effect of the model is more important than other factors. To verify the usefulness of GA-MSVM, we applied it to Korea's real KOSPI200 stock index trend forecast. Our research is primarily aimed at predicting trend segments to capture signal acquisition or short-term trend transition points. The experimental data set includes technical indicators such as the price and volatility index (2004 ~ 2017) and macroeconomic data (interest rate, exchange rate, S&P 500, etc.) of KOSPI200 stock index in Korea. Using a variety of statistical methods including one-way ANOVA and stepwise MDA, 15 indicators were selected as candidate independent variables. The dependent variable, trend classification, was classified into three states: 1 (upward trend), 0 (boxed), and -1 (downward trend). 70% of the total data for each class was used for training and the remaining 30% was used for verifying. To verify the performance of the proposed model, several comparative model experiments such as MDA, MLOGIT, CBR, ANN and MSVM were conducted. MSVM has adopted the One-Against-One (OAO) approach, which is known as the most accurate approach among the various MSVM approaches. Although there are some limitations, the final experimental results demonstrate that the proposed model, GA-MSVM, performs at a significantly higher level than all comparative models.

• Journal of the Korean Institute of Traditional Landscape Architecture
• /
• v.38 no.1
• /
• pp.92-102
• /
• 2020

The followings are the landscape preference aspects from the 816 landscapes(景, Kyung), which comprise the 78 modern Palkyungs, presented by the 78 local governments in Korea. First, the natural environment elements selected as Kyung(景), which are topographical landscapes, mostly consist of mountain elements such as mountains, terrace(臺), rocks and stones and water elements classified as rivers, oceans, and lakes. Natural elements also include old-growth and giant trees such as pines, ginkgos, Japanese cornels and fringe trees, tree-lined streets and forests, and plant elements such as azaleas, rhododendrons, lotuses, reeds, and silver grasses which provide seasonal landscapes. Second, more than half of Kyung, selected as human environment elements, are historical and cultural heritages such as graveyards, mountain fortresses, town fortresses, traditional villages, pavilion in villas, and temples. And it is followed by leisure tourism facilities such as traditional markets, exhibition halls, theme parks, beaches, and food streets, green-based structures such as trails, plazas, parks, and botanical gardens, and industrial heritages such as ranches, abandoned coal mines, stations, ports and bridges. Third, modern Palkyungs include objects not related to the views such as local representative facilities, regional products, and festivals. Fourth, although most of the modern Palkyungs consist of eight, some include 20, 38, or 100 in order to increase the number of objects of public relations. Fifth, a certain local government makes two modern Palkyungs with different subjects by introducing traditional Palkyung and modern Palkyung altogether. In this case, it presents several modern Palkyungs like by selecting Palkyungs in a limited area. Furthermore, one Palkyung includes numerous place names at a time in some cases. Sixth, Sosangjeonhyeong(瀟湘典型)-style modern Palkyung uses 'NakAn(落雁)' as the name of Kyung. Sosangyusahyeong(瀟湘類似型)-style modern Palkyung expresses 'Hyojong(曉鐘)' and landscape of glow of the setting sun, sunset, night view, dawn, sunrise and depicts cloud, sunset, moon, and snow. There are many Myeongsocheheomhyeong(名所體驗型)-style Palkyungs exhibiting the behavior of tourism and Myeongseunghyeong(名勝型)-style Palkyungs raising the awareness only by the names of the places. Seventh, modern Palkyung's naming styles are diverse, such as using only four letters instead of specifying Kyungmul(景物) or Kyungsaek(景色) in combination with Chinese characters or adding modifiers specializing in places.

• Journal of the Korean Institute of Traditional Landscape Architecture
• /
• v.39 no.4
• /
• pp.85-98
• /
• 2021

In accordance with planning to construct culture park on Songhyeon-dong (district) near Gyeongbokgung Palace, This study analyzed literature and drawings from the early Joseon Dynasty to today for the district, known as 'Songhyeon (pine hill)' to identify historical and cultural landscapes during essential times. The following are the results; First, the owners of significant lots were identified, and land use and landscape components were extracted for a diachronic examination of the landscape of the whole area of Songhyeon-dong. Songhyeon district had been regarded as the 'Inner Blue Dragon (Spot) of Gyeongbokgung Palace' in terms of geomancy since the foundation of Joseon in 1392 in that the government created and managed a 'pine forest' in the district. A state warehouse called 'bungam' was constructed, and small fruit stores, 'ujeon,' opened due to the complete reformation and urban planning led by King Taejong in 1410. From the 19th century, mansions of the upper class, such as 'Gaseonggak', 'Changnyeongwuigung' and 'Byeoksugeosajeong' were in the district. A prominent official residential complex called 'Sigeun Sataek' was constructed in 1919 after Chosen Siksan Bank purchased the site. Later, it was transferred to America in 1948 and used as the 'US Embassy Staff Quarters'. Second, the changes in the site view, associated with the aspects of society by the times, were examined by estimating the location and the time the landscape components lasted in each period extracted and identifying the physical entity. The pine forest, regarded as the 'Inner Blue Dragon' that guards the left side of the palace within the geomantic world view, was located in the highlands in the west of the site. In the same period, the flat area in the east was regarded as the 'commoner's district', the streets adjacent to various government facilities and the market, packed with people from different walks of life. From the 19th century, the gardens of the aristocrats of the capital city were created in the pine forest, turning the place into the forest in the middle of the city. The whole area of Songhyeon-dong, which existed as a large lot in the city center for a long time, was developed by Japanese imperialists in the 20th century based on the concept of 'Ideal Healthy Land,' which interrupted the placeness of Songhyeon-dong that had adhered to the traditional geomatic view of the Joseon Dynasty.

• Microbiology and Biotechnology Letters
• /
• v.49 no.4
• /
• pp.552-558
• /
• 2021

Traditional foods are manufactured according to the characteristics of each region for the nations of the world. Korea has mainly farmed, and seasonings have developed around rice and vegetables. In fermented foods, lactic acid bacteria such as Lactobacillus sp. and Pediococcus sp. and Bacillus sp. were isolated and identified from fermented foods. In this study, lactic acid bacteria were isolated and identified from commercially available traditional Korean fermented foods, and candidate strains were selected through antibacterial activity tests on human and fish disease bacteria. Thereafter, the final strain was selected by examining the resistance to simulated gastric and intestinal fluids, and hemolysis. The three (M1, K1, C13) final selected latic acid bacteria were miced with prebiotics and the antibacterial activity of synbiotics was evaluated. As for the fist antibacterial activity result, C13 showed high antibacterial acitivity in human diseases and fish diseases. Then, M1, K1 and C13, which did not produce β-haemolysis and were resistant to simulated gastric and intestinal fluids, were subjected to the second antibacterial activity of synbiotics. When the three prebiotics (FOS, GOS, Inulin) and probiotics (M1, K1, C13) were mixed, the antibacterial activity was increased or inhibited. Based on the 16S rRNA gene sequencing results, K1 and M1 were analyzed as Bacillus tequiensis 99.72%, Bacillus subtilis 99.65%, Bacillus inaquosorum 99.72%, Bacillus cabrialesii 99.72%, Bacillus stercoris 99.58%, Bacillus spizizenii 99.58%, Bacillus halotolerans 99.58%, and Bacillus mojavensis 99.51%. And C13 was analyzed as Bacillus velezensis 99.71%, Bacillus nematocida 99.36%, Bacillus amyloliquefaciens 99.44%, Bacillus atrophaeus 99.22%, and Bacillus nakamurai 99.44%.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.15 no.3
• /
• pp.33-46
• /
• 2020

This study analyzes the entrepreneurship education phenomena for agri-food entrepreneurs whose main business is the production of agricultural products and the sale of processed products, using the qualitative study Strauss & Corbin(1998)'s evidence theory approach. From the entrepreneur's point of view, I would like to summarize the phenomena that appear in education, and to prepare a theoretical basis for explaining the phenomena. The importance of entrepreneurship education is emphasized to cultivate the ability to develop and provide products tailored to customers. The necessity of education leads to an increase in demand according to the situational awareness of the founders, and the quantitative increase in entrepreneurship education in the agri-food sector is a clear trend. Inevitably, the need for various discussions on systematic and effective entrepreneurship education is raised. For the study, an interview was conducted with preliminary or entrepreneur who have experienced entrepreneurship education in the agri-food sector. As a research method, I use Strauss & Corbin(1998)'s approach and analyze qualitative data using QSR's NVIVO 12 program. Through this study, it was found that contextual and systematic entrepreneurship education in the agri-food sector has the effect of strengthening competitiveness and strengthening sales. There is a need for follow-up management of trainees. Strengthening the competitiveness of start-ups is based on training professional manpower through education and linking regions with cities. Strengthening sales is based on product planning and market development. This study explores entrepreneurship education in the agri-food sector, which has not been actively conducted in the past. Exploratory analysis on the experiences of the founders of agri-food sector as education demanders has an important meaning for understanding the phenomenon of start-up education.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.13 no.6
• /
• pp.1-14
• /
• 2018

As interest and consumption of luxury goods have become more popular, luxury goods market is growing rapidly. Consumers can acquire psychological satisfaction with material abundance by purchasing and using luxury goods. Also, from the view of corporations, luxury goods have price inelastic characteristics, so they can enjoy price premium and it is good to produce good performance. That is the reason why they should pay much attention to securing luxuriousness. This study examined the establishment of brands luxuriousness in Korean SMEs. First, it examined the world market of luxury goods industry and the present condition of Korean market. Then it identified the constituents of luxuriousness by examining the prior studies and related literatures, and designed a research model based on the theoretical grounds to suggest the methods of brand luxuriousness building of Korean SMEs. Luxuriousness can be defined as the attribute of product that distinguishes luxury goods from other products by consumers' perceptions, and the factor that provides situational benefits that motivate consumers' purchasing behavior. In this study, I identified the sub-dimensions of luxuriousness according to whether there are product related attributes and consumers' benefit in consideration of the problems of existing studies. Product related luxuriousness are classified into superiority(functional benefit) and scarcity(experiential benefit), while non-product related luxuriousness are classified into differentiation(symbolic benefit) and traditionality(exclusive benefit). The following are the ways to build brand luxuriousness. First, company can use product factors. High quality, excellent design, high recognized brand with strong, favorable and unique images can enhance the luxuriousness of brand. Second, company can use price factors. Consumers tend to perceive luxury goods as high-priced items, so lowering the price of product can undermine the luxuriousness of product. Third, company can use distribution factors. It is effective for making consumers to perceive the differentiation and scarcity of luxuriousness through limited distribution channel. In addition, store atmosphere suitable for luxury brands should be created. Fourth, company can use promotion factors. The more consumers are exposed to advertisements, the more positive attitudes toward luxury brands are made, and consumers recognize luxuriousness higher. Price promotion negatively affects consumers' perception of luxuriousness. Fifth, company can use corporate factors. Consumer evaluations of products are influenced not only by the product attributes but also by the corporate association and corporate image surrounding the product. Considering the existing researches, it is possible to enhance the brand luxuriousness through high corporate competence and good corporate reputation. In order to increase the competence of the enterprise, it is useful to approach multidimensionally in relation with the knowledge creation capability. In corporate reputation, the external stakeholders' reputation is important, but the internal members' reputation is also important. Korean SMEs will be able to build brand luxuriousness by establishing marketing strategies as above and/or mix(integrate) them according to the situation.

• Journal of Digital Convergence
• /
• v.10 no.10
• /
• pp.261-275
• /
• 2012

An increasing number of mountaineers are recently creating diverse consumer needs for mountaineering garments, thereby leading to a production of smart mountaineering garments with diverse-functions. Smart mountaineering garments are increasingly adding to comfort and safety, boosting their market size. This study researched on the Technology Acceptance Model (TAM) to examine factors that influence the intention of consumers to purchase buy mountaineering garments. For that purpose, 641 people aged 20-61 years who experienced in mountaineering were surveyed online. An extended TAM was designed by adding new variables such as fashion involvement and garment involvement associated with the characteristics of clothing products to the variables such as self-efficacy sense, technological innovativeness, perceived enjoyment. The findings of the study suggested that self-efficacy sense influenced perceived usefulness, perceived easiness of use, and perceived enjoyment, while garment involvement and fashion involvement influenced the perceived easiness of use and the perceived usefulness, respectively. Also, the perceived easiness of use influenced perceived usefulness and perceived enjoyment, while the perceived usefulness and perceived enjoyment directly influenced the intention of purchase. Based on the findings of this research, this study seeks to determine factors variables of smart garments purchase intention, and to explore measures to enhance such purchase intention, thereby offering working implications for developing smart mountaineering garments.