• Journal of Korean Philosophical Society
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• v.126
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• pp.213-233
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• 2013

The aim of this paper is to reveal the ethical problem of insider trading. 'Insider trading' refer to obtaining information from non-public sources such as private acquaintances about trade secret, using it purposes of enhancing insider's financial advantages. And sometimes such a practice can be conducted fraudulently. Therefore, the focus of this paper will be on fairness or justice arguments against insider trading. And all kinds of discussion this paper are to focus the underlying consideration behind these arguments, that is, the underlying consideration about violation of ethical standards of fairness. First, one of these arguments argues that insider trading does necessarily involve defrauding general investors such as general employees, general stockholders. And economic power and unjust advantage of insider can be exercised to the detriment of this non-insider's interests. Second, another argument argues that insider trading undermines competition which is the principle of any free market. And insider trading is not only a complication in the free market mechanism, but also thwarts free competition which free markets depend. Third, the final argument argues that insider trading will be made something unfair about the concept of equal access to information. This argument argues, therefore, that to permit insider trading would be to set up stock market trading rules that are unfair to non-insiders.

• Journal of the Economic Geographical Society of Korea
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• v.24 no.1
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• pp.76-101
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• 2021

This paper analyzes two cases of space tokenization, Meridio and QuantmRE, to explore the potential of tokenization as a new means of space financialization. Space tokenization is based on blockchain technology and security token offering (STO). Although some financial geographers noted the possible impact of blockchain technology on space financialization, it has not been examined in depth. Therefore, this paper demonstrates space tokenization cases in detail. Meridio and QuantmRE suggest financial structures that convert space into tokens based on fractional ownership transactions. QuantmRE, specifically, allows a homeowner to secure cash without either debt or ownership relinquishment through sales of tokenized home equity. As this method takes a form of sale transaction rather than a loan, it enables financial institutions to circumvent strengthened regulation on loans after the 2008 global financial crisis. Moreover, even "house poor" households, who own houses but lack cash due to excessive loans, can cash out from their properties through QuantmRE. As such, space tokenization enables financial institutions to overcome constrained conditions after the global financial crisis, thereby reproducing space financialization. Space tokenization also has the potential to geographically expand space financialization through stimulating investment in the depressed housing market.

• Journal of Energy Engineering
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• v.27 no.4
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• pp.36-49
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• 2018

This study analyzed the public preference and acceptance regarding renewable energy projects through Choice Based Conjoint Analysis. The results show that the surveyed respondents consider the leading authority of the projects, as the most important factor when considering participating in renewable energy initiatives. Following this, the mode of participation and profit distribution and the power plant location are also viewed as important, whereas participation through decision making regarding the projects was less important. Also when participating in renewable energy projects, respondents tend to prefer to financially participating through loans or owning shares rather than volunteering support for the business such as sharing information, stating one's views, or providing cooperation and coordination. Therefore, the focus is on distributional justice, such as financial investment and profit distribution, rather than procedural justice, for instance decision making. When analyzing the part-worths utilities for the participation attribute, the respondents most preferred to receiving dividends based on earnings by owning shares with the local government in charge of the entire projects. As a consequence, the results suggest that it is important to have local government get involved and have trust-worthy governing systems in place for the initiation of the public participating-renewable energy projects.

• International Area Studies Review
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• v.20 no.2
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• pp.85-111
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• 2016

Global semiconductor companies is investing enormous capital worldwide. And direct investment in China is increasing greatly these days, Especially, global semiconductor companies are setting up a factory in China due to expanding market rather than utilizing low labor cost. Therefore, this study is trying to analyze the background and process of direct investment from global Korean and Taiwanese semiconductor companies in China. Firstly, In 1996, Samsung semiconductor established a back end process factory in Suzhou. And in 2014, Samsung semiconductor set up a front and back end factory in Xian. Secondly, In 2006, SK Hynix built a front and back end factory in Wuxi. and SK Hynix set up a back end factory named Hitech semiconductor with Chinese company in 2009. Later in 2015, SK Hynix established a back end factory in Chongqing. Thirdly, In 2004, TSMC started to operate a factory in Shanghai, and in 2018, TSMC is going to establish a factory in Nanjing. Lastly, UMC bought a stock to produce product in Chinese local company named HJT, and at the end of 2016, UMC is going to finish building a factory in Xiamen. As a result, it was proved that most companies hoped to expand the chinese market by setting up a factory in china. In addition, Samsung expected to avoid a risk by setting up a factory in china, and SK Hynix wanted to avoid a countervailing duty by setting up a factory in china. Based on the result of this study, this study indicates some implications for other semiconductor companies which are very helpful for their future foreign direct investment.

• Journal of Digital Convergence
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• v.17 no.4
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• pp.95-105
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• 2019

The failure of company management that does not overcome the recession of shipping economy has negative impact on front-end and back-end industries in relation to shipping industry overall. This study aims to derive a measure of government policy support for win-win of ship owners and shippers by performing a survey with experts in ship owners, shippers, and port-related institutions. This study employed a consistent fuzzy preference relation (CFPR) method to provide the priority of government policies. The study results showed that out of all 14 policies, the policy perceived most important was "expansion of participation in share of shipping company or ships of shipper (0.102)" followed by "strengthening of national shipper-centered service quality (0.101)", and "providing a long-term transportation contract model of container cargo (0.085)". To recover the Korean shipping industry via win-win of ship owners and shipper, the policy enforcement is important through correct government policy establishment and priority selection. In this regard, this study contributed to proposing policies and priority of the policies. For the future study, detailed analysis on comparison of perception difference among stakeholders in the shipping industry is needed.

• Food Engineering Progress
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• v.22 no.4
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• pp.344-352
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• 2018

The effects of chemical compositions (protein, lipid, and dietary fiber) on the physical properties of dried biji powders were investigated. The raw biji was freeze-dried (control) and hot-air dried (untreated). The untreated biji was further defatted and deproteinated. The prepared biji powders were analyzed for the proximate composition, total dietary fiber (TDF), water absorption index (WAI), water solubility index (WSI), swelling power, solubility (including the quantification of soluble carbohydrate and protein fractions), and final viscosity (using a rapid visco analyzer). Control and untreated biji powders exhibited the similar chemical compositions. The defatted biji possessed higher TDF, although its protein content did not significantly differ for control and untreated ones. The deproteinated biji consisted mainly of TDF. WAI and swelling power increased in the order: deproteinated > defatted > control > untreated biji powders. WSI and solubility increased in the order: control > untreated > defatted > deproteinated biji powders. The similar patterns were observed for soluble carbohydrate and protein fractions. The deproteinated biji revealed the highest viscosity over applied temperatures, while the untreated one was lowest. Overall results suggested that the physical properties of the dried biji powder were reduced by protein and fat, but enhanced by dietary fiber.

• The Southeast Asian review
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• v.28 no.4
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• pp.161-196
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• 2018

The major object of this study is to analyze the political development of Myanmar's civilian government on the concept of defective democracy, and to investigate the main actors who delayed or stymied political development and their interrelation. In doing so, this study suggests the tasks required for political development overcoming the current political structure and behavior. The civilian government, which was launched in 2016, failed to achieve positive political development by following the behavior of military authoritarianism in terms of exercise of power and decision making structure. On the perspective of the government, delegative democracy and domain democracy have been strengthening since one person has taken over all political power and hesitate to take horizontal accountability for each power organizations. The military, which is responsible for national defence and security seeks illiberal democracy and exclusive democracy, keeping on an undemocratic constitution by the military and Burman ethnocentrism. The reasons why defective democracy has been occurred are that the lack of a group to run a democratic institutions and the limitation of power structure that fails to adhere to the principle of civilian control to the military due to long-term military rule. Therefore, there is a need for military's come back to barracks and transform the power structure to democratic of the civilian government which is tamed an authoritarian order for the political development in Myanmar. In order to achieve this, this study concludes that setting up a empowered democratic government is required.

• Korean small business review
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• v.43 no.4
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• pp.173-209
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• 2021

Start-up accelerators are a new type of investor that provide mentoring, education and seed capital to start-ups for a fixed duration and receive a certain stake in them in return. They help start-ups achieve successful commercialization. With increase in performance visibility, the number of private and public sector accelerators rose across domestic and international markets. Private sector accelerators are established and operated by private entities while public sector accelerators are established and operated by the government. Both play complementary roles that are becoming increasingly important to start-ups. Therefore, this study aims to examine the differences in major operational goals and investment determinants between private and public sectors and to understand their implications. The results show that the private sector prioritizes profit generation through the investment, while the public sector aims to contribute to the development of high-growth start-ups, and create region-specific and technology-specific start-up ecosystems. Additionally, both groups consider customer needs the most important determinant. Public groups are more conservative in investments and tend to place importance on objective indicators such as patents, partners, mentors, and co-founders. Conversely, private groups value the capabilities of founders and their ease of collaboration with accelerators. These findings can help start-ups get support from public or private accelerators more easily. It will also help public and private accelerators refine the criteria for selecting start-ups.

• Journal of the Korea Society for Simulation
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• v.19 no.1
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• pp.143-151
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• 2010

Fingerprint classification is a step to increase the efficiency of an 1:N fingerprint recognition system and plays a role to reduce the matching time of fingerprint and to increase accuracy of recognition. It is difficult to classify fingerprints, because the ridge pattern of each fingerprint class has an overlapping characteristic with more than one class, fingerprint images may include a lot of noise and an input condition is an exceptional case. In this paper, we propose a novel approach to design a stochastic model and to accomplish fingerprint classification using a directional characteristic of fingerprints for an effective classification of various qualities. We compute the directional value by searching a fingerprint ridge pixel by pixel and extract a directional characteristic by merging a computed directional value by fixed pixels unit. The modified Markov model of each fingerprint class is generated using Markov model which is a stochastic information extraction and a recognition method by extracted directional characteristic. The weight list of classification model of each class is decided by analyzing the state transition matrixes of the generated Markov model of each class and the optimized value which improves the performance of fingerprint classification using GA (Genetic Algorithm) is estimated. The performance of the optimized classification model by GA is superior to the model before the optimization by the experiment result of applying the fingerprint database of various qualities to the optimized model by GA. And the proposed method effectively achieved fingerprint classification to exceptional input conditions because this approach is independent of the existence and nonexistence of singular points by the result of analyzing the fingerprint database which is used to the experiments.

• Korea Trade Review
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• v.41 no.1
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• pp.67-90
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• 2016

This study examines whether there is any significant relation between executive compensation and future firm performance for the Korean export manufacturing small and medium-sized firms. We sorted the whole sample firms into the sub-groups of 10 deciles by firm size and the KSIC standard. We found the following empirical results. First, Korean export manufacturing small and medium-sized firms typically showed lower or even negative profitability in terms of return on equity and operating profit ratio to sales. Foreign equity ownership is very low with an average of 3.77%. Second, for the firms with higher ratio of excess executive compensation to asset had lower future firm performance. It implies that the typical owner-manager in Korean export manufacturing SMEs earns excess pay, but do not contribute much to firm performance. Third, as for future cumulative abnormal returns for future one- and three-year periods, firms with higher owner-executive pay had lower returns compared with firms with lower pay. So the stock market investors set a lower value on them. Fourth, there is a positive relation between excess executive pay and executive overconfidence, and it implies that owner-CEOs with higher pay may become overconfident, thereby lowering future firm performance somehow.