• 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.

• Proceedings of the Korean Information Science Society Conference
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• 2012.06a
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• pp.4-6
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• 2012

최근 멀티코어 CPU가 장착된 시스템들이 출시되면서 많은 병렬처리 기법들이 제안되고 있다. 본 논문에서는 데이터 종속성이 없는 모듈과 종속성이 있는 모듈이 순차적으로 구성된 응용에서 각 코어에 부하를 효과적으로 분산시키는 방법을 제안한다. 즉, 데이터 종속성이 없는 모듈을 각 코어에 대칭적으로 분산시키는 통상적인 방법 대신, 비대칭적으로 부하를 분산시킴으로써 암달의 법칙에서 계산된 성능 상한치를 뛰어넘는 성능 개선을 얻을 수 있음을 보인다.

• Journal of Convergence for Information Technology
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• v.10 no.11
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• pp.302-312
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• 2020

This study examined whether there is a difference in cost asymmetry between a corporate listed on KOSDAQ and a corporate listed on KOSPI, and whether there is a difference in cost asymmetry depending on the size of the listed corporate. In the previous study, cost asymmetry was examined only for listed corporate, but the difference in size between KOSDAQ-listed corporate and KOSPI-listed corporate was not examined. However, according to many studies, since the characteristics of corporate and firm risks are different between corporate listed on KOSPI and corporate listed on KOSDAQ, or even for listed corporate, such an impact may affect the decision-making of internal resource allocation. The analysis was conducted that there would be a difference in the impact. For this study, the results of analyzing the KOSPI and KOSDAQ markets from 2011 to 2019 using the cost behavior model of Anderson et al. (2003), There was a difference in cost behavior in the KOSPI and KOSDAQ markets. Overall, as in previous studies, Cost Stickiness was appeared. but in the case of the KOSPI market, Cost Stickiness was mitigated.It was found that corporate with large corporate size made the decision to dispose of idle resources more clearly when sales decreased. In addition, it was observed that the higher the foreign investor's ownership ratio, the KOSPI market, and the larger the corporate size, the more clearly the Stickiness of cost was mitigated. This study expands research on cost asymmetry and reveals that there is a difference between the KOSPI market and the KOSDAQ market, and between the size of the corporate, and has a differentiation from previous studies.

• Journal of the Korea Institute of Information Security & Cryptology
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• v.22 no.6
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• pp.1419-1427
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• 2012

This paper deals with the online privacy policy, which is designed to solve the information asymmetry problem between websites and internet users. We empirically analyze the recognition, confirmation of the online privacy policy, and its effects on online transaction behavior using a rich survey data representing 5,422 Korean internet users. Major results are as follows. First, there exists a significant difference between recognition and confirmation, and confirmation behavior is positively related with the importance of privacy issue and the experience of privacy invasion. Second, binary variable regressions show that internet user tends to participate in online transaction if he/she confirms the online privacy policy positively. Finally, if websites would make online privacy policy easy and short, a yearly online transaction market size of Korea would increase by 0.46 million participants and 22.4 billion KRW.

• Journal of the Korea Institute of Information and Communication Engineering
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• v.19 no.1
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• pp.50-60
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• 2015

A Block-Time-Bounded Time Division Multiple Access (BTB-TDMA) medium access control protocol, which estimates the propagation delay of nodes according to their location and moving velocity information, has been proposed for underwater acoustic networks. BTB-TDMA provides nodes with their transmission schedules by a time block that is a time unit, newly designed for BTB-TDMA. In this paper, we investigate how the receiver collision, that is induced by the asymmetry between node's uplink and downlink propagation delay due to its mobility, affects the performance of BTB-TDMA. To do this, we analytically obtain the collision rate, the channel access delay, and the channel utilization by considering the asymmetry of propagation delay. Then, simulations are extensively performed with respect to the length of a time block by varying the number of nodes, the network range, and the node's velocity. Thus, the simulation results can suggest performance criteria to determine the optimal length of a time block which minimizes the collision rate and concurrently maximizes the channel access delay and the channel utilization.

• Journal of Environmental Policy
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• v.7 no.3
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• pp.41-61
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• 2008

Although the size of the organic food market in Korea has increased significantly, its further development is hampered by the information asymmetry between the producers and consumers of organic food. It isn't just about revitalizing the market; it's also about Korean farmers surviving an era of trade liberalization. In order to produce more value-added products, the information asymmetry issue has to be resolved regarding the organic food market and other agricultural credence goods such as Han-woo(Korean beef). Therefore, measuring information asymmetry has become a central issue. One way to measure asymmetry is to use Game Theory. However, in practice, estimating payoffs at the industry level is hard to accomplish, and even when it is possible, the reliability of the estimated payoffs is not guaranteed. As an alternative, the concept of Information Entropy(disorder level of information), developed by Shannon(1948), was used in this study. It is proposed that this measure should be used when assessing the level of information asymmetry in the Korean organic food market. Using recent data, it was found that information entropy in the Korean organic food market has been decreasing constantly since 2003. Therefore, it was proposed that measures should be adopted by the government to improve the certification system of organic food.

• The Korean Journal of Financial Management
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• v.16 no.2
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• pp.285-308
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• 1999

증권의 가격형성에 유리한 뉴스와 불리한 뉴스가 도착할 때 이 뉴스가 주가의 변동성에 미치는 영향의 정도는 차이가 있다. 불리한 뉴스가 변동성에 미치는 영향도가 유리한 뉴스가 변동성에 미치는 영향도보다 크다. 따라서 불리한 뉴스가 발생할 때 형성되는 변동성의 양이 유리한 뉴스의 도착시보다 크다. 그리고 충격의 크기에 따라 이 충격이 야기하는 변동성의 양의 크기에도 차이가 존재한다. 일반 자기회귀 조건부 이분산 과정은 유리한 뉴스와 불리한 뉴스를 대칭적으로 반영하고 있다. 이 뉴스들을 비대칭적으로 포착하는 자기회귀 조건부 이분산 과정의 모형들을 실증적으로 분석하였다. 뉴스의 비대칭성과 규모를 적절히 포착하고 있는 모형들이 비선형 일반 자기회귀 조건부 이분산 과정, 지수 일반 자기회귀 조건부 이분산 과정과 정보 포착 자기회귀 조건부 이분간 과정임이 발견되었다. 이 중 비선형 일반 자기회귀 조건부 이분산 과정이 가장 좋은 모형으로 보인다. 비선형 일반 자기회귀 조건부 이분산 과정의 경우 예측오차의 승멱(power)이 약 1.5이다. 따라서 일반 자기회귀 조건부 이분산 과정의 예측오차의 승멱인 2에 비하여 작다. 이 사실은 일반 자기회귀 조건부 이분산의 예측오차의 승멱이 과도하게 측정되고 없음을 알 수 있다. 뉴스의 비대칭성과 규모를 반영하고 있는 모형들은 한결같이 예측오차의 크기에 적절한 가중치를 부여하여 예측오차의 크기를 조정하고 있다. 이 모형의 성질과 실증분석의 결과에 의하여 예측오차의 승멱은 2 이하로 수정하여 사용해야 한다는 점이 시사되고 있다. 음의 충격이 양의 충격보다 주가의 변동성을 크게 하고 없음이 발견되었다. 주가형성에 유리한 뉴스와 불리한 뉴스가 주가의 변동성에 미치는 영향의 차이와 충격의 중대성을 양으로 표시하는 규모의 차이를 반영해주는 변수들의 추정된 계수가 미국과 일본보다 절대값에 있어서 상당히 작다. 이 현상은 뉴스의 비대칭성과 규모보다는 발생하는 충격, 즉 뉴스 자체에 보다 민감하게 반응하고 있음을 보여주고 있다. 물론 투자자들이 뉴스의 비대칭성과 규모를 완전히 무시하고 투자활동을 전개하고 있다는 것을 의미하는 것은 아니다.

• Proceedings of the Korean Society of Broadcast Engineers Conference
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• 2006.11a
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• pp.313-316
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• 2006

디지털 핑거프린팅(Digital Fingerprinting)은 기 밀 정보를 디지털 콘텐츠에 삽입하는 측면에서는 디지털 워터마킹과 동일 하다고 볼 수 있으나 저작권자나 판매자의 정보가 아닌 콘텐츠를 구매한 사용자의 정보를 삽입함으로써 콘텐츠 불법 배포자를 추적할 수 있도록 한다는 점에서 워터마킹과 차별화된 기술이다. 이러한 핑거프린팅 기술은 소유권에 대한 인증뿐만 아니라 개인 식별 기능까지 제공해야 하므로 기존의 워터마킹이 갖추어야 할 요구사항인 비가시성, 견고성, 유일성과 더불어 공모허용, 비대칭성, 익명성, 조건부 추적성 등이 부가적으로 필요하다. 본 논문에서는 행렬의 한 열을 선택 후 쉬프팅 기법을 사용 하서 사용자 정보로 조합하여 핑거프린트를 생성하였다. 이렇게 생성된 핑거프린트 정보를 2레벨 웨이블릿 변환 영역 중 LH2, HL2, HH2 부대역에 삽입하였다. 쉬프팅 정보와 도메인 개념을 사용하여 보다 많은 사용자에게 핑거프린트 정보를 삽입할 수 있으며, 공모공격과 JPEG 압축에서도 최소한 1명 이상의 공모자를 검출할 수 있는 핑거프린팅의 기본 조건을 만족하였다.

• The Korean Journal of Financial Management
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• v.27 no.1
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• pp.121-156
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• 2010

Back-door-listing can be viewed both as M&A and an alternative to IPO. If IPO is an access to the capital market through regulations, back-door-listing would be the way of entering the market through trading. Back-door-listing can be a better choice considering the common wisdom that regulations hinder the functioning of free market system. One would, however, prefer IPO, for the informational asymmetry isless severe in case of IPO. This paper examines if IPO is superior to back-door-listing as to the informational efficiency. The excess buy-and-hold returns of the Kosdaq back-door-listing firms are estimated over the three-year-period since the event. They are compared against the excess buy-and-hold returns of the Kosdaq IPO firms over the same period of time. The results confirm this paper's prediction that IPO should be more information-efficient. Both IPO and back-door-listing firms start with high short-term excess returns and end up with long-term under-performance. However, back-door-listing firms show more significantly damaging long-term results. Furthermore, back-door-listing firms record poorer accounting results over the research period. These results imply that there exists fad at the time of both events and, in case of back-door-listing, this fad is reinforced by the possibility of window dressing.

• Proceedings of the Korea Information Processing Society Conference
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• 2009.11a
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• pp.531-532
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• 2009

위치기반 라우팅 기법들은 소스에서 목적지노드로 데이터 패킷을 전송하기 위한 목적으로 널리 사용된다. 오리지널 그리디 포워딩 기법은 실제 무선링크의 신뢰성을 고려하지 않아 수많은 데이터 패킷 재전송이 발생한다. 이러한 문제를 해결하기 위해 PRR ${\times}$ Distance 기법이 제안되었지만 실제 무선링크의 비대칭성을 고려하지 않아 여전히 많은 재전송이 발생한다. 제안기법은 포워딩할 데이터 패킷을 가진 현재 노드의 전송 반경 내에서 전송 가능한 1-hop과 2-hop 라우팅 경로를 찾는다. 이들 라우팅 경로들 중 기대전송비용이 최소가 되는 경로를 선택하여 데이터와 ACK 패킷을 전송한다. 시뮬레이션을 결과를 통해 제안기법이 기존 기법들보다 높은 신뢰성과 에너지 효율을 가짐을 보인다.