• Management & Information Systems Review
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• v.36 no.3
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• pp.37-49
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• 2017

This study investigates the dynamic relationship between KOSPI200 stock index and stock index futures and stock index option markets which is its derived from KOSPI200 stock index. We use 5-minutes rate of return data from 2012. 06 to 2014. 12. To empirical analysis, this study use autocorrelation and cross-correlation analysis as a preliminary analysis and then following Stoll and Whaley(1990) and Chan(1992), the multiple regression is estimated to examine the lead-lag patterns between the stock index and stock index futures and option markets by Newey and West's(1987) Empirical results of our study shows as follows. First, there exist a strong autocorrelation in the KOSPI200 stock index before 10minutes but a very weak autocorrelation in the stock index futures and option markets. Second, there is a strong evidence that stock index future and option markets lead KOSPI200 stock index in the cross-correlation analysis. Third, based on the multiple regression, the stock index futures and option markets lead the stock index prior to 10-15 minutes and weak evidence that the stock index leads the future and option markets. This results show that the market efficient of KOSPI200 stock index market is improved as compared to the early stage of stock index future and option market.

• Journal of Korean Society of Transportation
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• v.29 no.6
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• pp.75-83
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• 2011

This research explores the relative importance of factors and service items that influence the air cargo service quality for provision services by the Skyteam Cargo in the Korean market. In general, the Skyteam Cargo provides a package of services which are different functions and operations of service such item as Equation Heavy (heavy and large express freight), Equation (small express freight), Variation (special freight), and Dimension (general freight). To carry out the research, the expert questionnaire survey, the Analytic Hierarchy Process (AHP) analysis had adopted to evaluate the level of quality for the provision air cargo operation services by the Skyteam Cargo at Incheon International Airport. Based on an expert survey and the AHP, five core service factors, namely, infrastructure as installed facilities, reliability, promptness, efficiency, and safety are defined.

• Archives of design research
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• v.19 no.6 s.68
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• pp.21-26
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• 2006

This paper suggests our own new brand, Kirin. Not only we are able to design the symbolic animal of UOU, but also we are able to use the character to advertize UOU and merchandize it. These days many men between teens and 30s contact with the various characters through internet games, also they purchase goods related with the characters. For women between elementary students and workers, they purchase the various character goods such as stationery, clothes, and dolls. However, there are not many universities that produce their own characters to advertize their schools and to merchandize them. From this point of view, developing new brand would be the medium of transmitting joy to attract excellent students and to elevate the love of school. Originating the distinctive character in UOU can be used as various merchandising through licensing. Moreover, this friendly brand using character would be produced as skin image of fun and stories and spread through internet homepage. Finally, it would accord with the brand needs of consumer and contribute to advertize UOU.

• Journal of Venture Innovation
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• v.1 no.1
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• pp.83-98
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• 2018

This paper makes a theoretical approach to the differences between transaction tax and capital gains tax when the financial instruments are traded and imposed taxes in K-OTC market, a newly emerging off-board market. Since it is difficult to reduce risk to the level which investors would like to pursue - depending on the taxation methods of portfolio-composed financial instruments - when it comes to forming a synthetic bond to hedge risk, this paper also seeks for effective taxation methods to make this applicable. First of all, to thoroughly review the taxation balance of synthetic bonds, this paper analyzed the effects of the transaction tax and capital gains tax imposed upon synthetic bonds according to the changes in final stock price and strike price in K-OTC market, and analyzed after-tax profit differences among them depending on whether income tax deduction took place or not. As a result of the research upon the tax gap in transaction tax and capital gains tax according to the changes of final stock prices, it was shown that imposing transaction tax is more likely to be effective for some level of risk hedging with replicating portfolio considering taxation policies and financial markets, since the effect of the transaction tax has a much lower tax gap than that of capital gains tax. In addition, in relation to whether income tax deduction was permitted or not, it was proved that the effect of the transaction tax and the capital gains tax vary depending on the variation in the strike price. Above all, it was shown that if the strike price is lower than the stock price, the transaction tax will be less affected by the existence of income tax deduction than the capital gains tax, while both will be equally affected by the existence of income tax deduction if the strike price is higher than the stock price. Further study would be to demonstrate the validation of this in the K-OTC market with actual financial instruments and, also, to seek for a more systematic hedging method by using a ratio analysis approach to the calculation of the option transaction tax

• The Journal of Information Systems
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• v.20 no.1
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• pp.107-126
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• 2011

Model-based decision support system (DSS) has acted as a crucial role in strengthening the business competitiveness by providing a way of modeling and solving real-world decision problems in a quantitative and scientific manner. It is even more important for trading OTC derivatives, which requires extensive financial-engineering expertise while actively reacting to the continuously changing financial market. This paper proposes a flexible model-based DSS architecture that can support user-friendly interface for executing and analyzing the models and can adapt to the changes of financial market seamlessly. For user-friendliness, we implement the user-interfaces (UIs) using Microsoft Excel, a very widely used spreadsheet program for its great generality and extensibility. Users can utilize the analysis results of DSS or reprocess them for their special needs through the UIs in the form of familiar spreadsheets easily. For adaptiveness to the markets, the proposed architecture is constructed based on the object-oriented concepts, which enables such changes as release of a new financial product can be updated into the system without any delay at the lowest cost. We investigate the practical benefits and limitations of the proposed architecture by a case study on the construction of Model-based Trading Support System (MTSS), performed by a commercial bank in Korea.

• Asia-Pacific Journal of Business
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• v.9 no.4
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• pp.85-97
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• 2018

This paper investigates factors underlying a decrease in trading values in KOSPI 200 futures/options market on the basis of the current state of the markets. Among the factors that could affect trading values in KOSPI 200 derivatives market, we focus on the market activity of underlying assets as it has an impact on the trading of financial derivatives. Trading value and volatility are designated as market activity and the empirical results confirm that the market activity of the underlying assets is significant in explaining the decrease in trading values in KOSPI 200 futures/options market. To figure out fundamental reasons of the decrease in trading values in this market, we examine mitigation of home bias and decrease in leverage incentives as they are presumed to have influence on KOSPI 200 index market. As the global and local financial environment is time-varying, the degree of home bias and the leverage demand also changes. It implies that institutional change and/or policy effort to promote the trading of KOSPI 200 financial derivatives should be made taking into account the fact that considerable portion of the change in trading values in financial derivatives market depends on the state of the market.

• The Journal of the Korea Contents Association
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• v.17 no.4
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• pp.510-519
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• 2017

Our world is communicating by digital network that transcends time and space. In such world of rich technology, people are longing for humanity and analog esthetic. 'Art' stimulates analog esthetic and 'design' is a good and easy tool to show personal esthetic preferences. This study is about the convergence of digital and analog art focusing on the researcher's artwork series. The series is derived from series. They are made by cut and deconstructed pieces from the original series. I assembled these pieces into another creation by using graphic editing programs. I looked into the succession cases of art and design collaborations and developed various design products with the assembled artwork images. Through this, I want to communicate more familiarly with the world widely connected to network viewers. There are already many fine artists making their artworks into design products. Collaboration with cultural art and commercial product provides win-win effect to artist, company, and consumer. It also creates innovative products and values. In this study, I try to design products from various fields using my artwork images, and research about how to promote the artist and art products effectively to the world.

• Korean Journal of Construction Engineering and Management
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• v.11 no.1
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• pp.101-112
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• 2010

The Korean real estate market currently is experiencing a slowdown due to the global economic crisis which has resulted from subprime mortgage lending practices. In response, the Korean government has enforced various policies, based on intend to deregulate real estate speculation, such as increasing the Loan to value ratio (LTV) in order to stimulate housing supply, demand and accompanying housing transactions. However, these policies have appeared to result in deep confusion in the Korean housing market. Furthermore, analyses for housing market forecasting particularly those which examine the impact of the international financial crisis on the Korean real estate market have been partial and fragmentary. Therefore, a comprehensive and systematical approach is required to analyze the real estate financial market and the causal nexus between market determining factors. Thus, with an integrated perspective and applying a system dynamics methodology, this paper proposes Korean Real Estate and Mortgage Market dynamics models based on the fundamental principles of housing markets, which are determined by supply and demand. As well, the potential effects of the Korean government's deregulation policies are considered by focusing on the main factor of these policies: the mortgage loan.

• The Journal of the Korea institute of electronic communication sciences
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• v.13 no.4
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• pp.765-776
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• 2018

Artificial Intelligence is a rapidly growing technology with the latest developments in computing technology and is considered as one of the next major technologies. Chat-Bot is a system that is designed to respond to user's input according to the rules that are set up in advance and it provides more services through simple and repetitive tasks such as counseling, ordering and others. Accordingly, the study aims to present a model of a celeb-bot using Artificial Intelligence. Celeb-Bot is a combination of Celeb, which are short for Celebrity and Chat-bot. Celeb-Bot provides a Chat-Bot service that allows people to talk to a celebrity. The celeb is the best thing to build a relationship and has the advantages of being accessible to anyone. At the same time, Artificial Intelligence is a technology that can be seen as a person, not a product. Based on this, we believe that Celeb's Characteristic and Chat-bot based on artificial intelligence technologies need to be combined, so variety of products can generate synergy. It is predicted that there will be variety of derivatives that utilize this technology, and it is going to present a celeb-bot model accordingly.

• Journal of Korea Port Economic Association
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• v.38 no.1
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• pp.31-47
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• 2022

While the ship finance industry has long been struggling with diminishing involvements from the private sector, government-run banks have consistently increased their presence in maritime finance. To address such concerns, this research conceptually explores the creation of blockchain technology-driven security token offering (STO) platforms. To suggest a sound platform model, this piece first examines key design principles. Based on the integral perspective on the digital platform, this paper exhibits three core design principles to create a virtuous platform ecosystem, then sets out STO platform design guidelines. This paper further explores an STO platform model by considering conventional ship finance systems and practices in Korea. The STO platform has three main effects; 1) the wider availability of STOs can enlarge both the scope and size of ship finance users, 2) the activation of security token transactions leads to an increase in participation, and 3) possibilities to create complementary innovative financial services can further encourage the participation of private investors. The STO ecosystem may contribute to the shipping, shipbuilding, and ship finance industries by enhancing its attractiveness to the general public and by creating positive externalities for Busan as a maritime finance center.