• Journal of Legislation Research
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• no.41
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• pp.367-399
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• 2011

This Article examines the regulation of outsider trading under the Financial Investment Services and Capital Markets Act (the "Capital Markets Act"). Outsider trading occurs when a market participant who is not a traditional corporate insider trades securities based on either "inside" or "outside" nonpublic information. Unlike "inside" information, "outside" information is referred to as information not derived directly or indirectly from the issuer. "Outside" information includes both "corporate" and "market" information. "Corporate information" is information about events or circumstances which affect the company's assets or earning power. "Outside corporate information" is information about the company's assets or earning power not derived directly or indirectly from the issuer. "Market information" is information about events or circumstances which affect the market for a company's securities but which do not affect the company's assets or earning power. The Capital Markets Act prohibits both "temporary insiders" from using "corporate" information in trading securities and "outsiders" from using "market" information, such as (i) information regarding the initiation or discontinuance of a tender offer; or (ii) information regarding acquisition or disposition of stocks in bulk. However, the Act does not encompass circumstances (i) where an outsider trades securities based on confidential corporate information obtained through certain types of wrongful conduct; (ii) where an outsider trades securities based on corporate information obtained through eavesdropping; and (iii) where an outsider trades securities based on either outside corporate information or market information created by the outsider himself. In order to plug a few of the gaps left open in the law of outsider trading under the Capital Markets Act, this Article suggests that regulators adopt a relatively broad reading of the scope of ${\S}$ 178(1) of the Act, which is similar to SEC Rule 10b-5, to include outsiders with no relationship to the corporation that had issued the securities. Since ${\S}$ 178(1) of the Act does not require "deception" for liability, it would seem to evade the limitations imposed by the U.S. misappropriation theory. Key Words : Outsider Trading, Insider Trading, Material Nonpublic Information, the Capital Markets Act, Misappropriation Theory, Fiduciary Theory.

• Journal of Korea Port Economic Association
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• v.34 no.4
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• pp.191-208
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• 2018

This paper focuses on the integration aspect of operators to determine an improvement strategy for the operating system to enhance competitiveness of Busan Port. This Study proposes the following alternatives: valuation standards for the integration of operators, the road map for the integration period, the scope and role setting of integrated operators' participation of Busan Port Authority(BPA), and the separation and linkage North Port and the New Port operators. First, the valuation standards for operator integration should be based on international standards. Additionally quantitative factors such as financial situation, business performance and participating companies' profitability, and the qualitative factors such as management ability, technology, and labor relations should be considered. Second, the timing of North Port's operator integration should be prioritized in the short term in conjunction with the commencement of its phase 2-4, 2-5, and 2-6. The integration of New Port operators should provide a road map for a relatively long-term perspective. Third, the participation of BPA' integrated operators should be considered in terms of publicity as a policy coordinator between terminals and by pursuing the profitability of entering into overseas business by fostering Korean global terminal operators. The scope and role of participation ensures that the experience and technology of the terminal operation business is maximized. Fourth, because physically intergrating the North Port' operator into a single corporate form is difficult, initially establishing a special purpose company to maximize the effect of the integrated operation is necessary. Then, the operators decided to convert to a holding company given the termination of the lease term contract with the State or BPA, and ultimately proposed a merger into a single corporation.

• Journal of the Society of Cosmetic Scientists of Korea
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• v.31 no.4 s.54
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• pp.337-342
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• 2005

The aim of this study was to evaluate the influence of different skin care ingredient concentrations on the effect of polyols and oils on the human skin moisturization and skin surface roughness. Polyols and oils were essential ingredients to make a skin care formulation. But these were still not understood how much concentration(s) were tested on human skin in the aspect of efficacy and sensory. We studied to examine various concentrations of ingredient by cosmetic companies using noninvasive methods. Polyols were composed of glycerol and butylene glycol (BG) as 1:1 ratio, and oils were hydrogenated polydecene, cetyl ethylhexanoate and pentaerythrityl tetraethylhexanoate (PTO(R), Stearinerie Dubois Fils Co., France) as 1:1:1 ratio. All compounds were tested $0{\sim}27%dml$ Polyols and $0{\sim}35%dml$ oils in O/W emulsions. We investigated the effect of water contents and the effect of stratum corneum roughness in forearm skin after application of compounds. Water contents of the skin measured by skin capacitance and skin surface roughness measured visual scoring of skin surface biopsy through the scanning electron microscopy. Water contents of the skin were highly related to amount of polyols (to 20%) and oils (to 12%). Correlation coefficients were 0.971 and 0.985 respectively (p<0.01), 2 h after application. Skin surface roughness was positively correlated with polyol contents in concentration dependent manner, and depend on oils up to 6%. The ratio of coefficient was 2.5 to 1 (polyol to oils) by regression analysis. Further studies will be conducted with other ingredients such as surfactants, lipids and aqueous materials, and with ether methods for noninvasive measurement.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.4
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• pp.25-58
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• 2021

This study investigated the corporate growth with more emphasis on longitudinal characteristics, not the results of companies with relatively more emphasis on cross-sectional, in the 21st-century entrepreneurial context. As of the end of 2019, sampled 479 global unicorn companies, and 333 high-growth companies with revenue of more than $100 million among 5,000 private companies in the U.S. with a compound annual growth rate (CAGR) exceeding 15% for the past three years. They were examined with 3 perspectives in terms of corporate growth that 1) the growth of enterprise value, 2) the pace of growth, and 3) the effectiveness of growth. As a result of our study, the corporate growth of the perspective of creating enterprise value had a relatively higher relationship with the characteristics of industries and markets. The pace of growth was more fully explained by the characteristics of the industry and the market environment and the choice of strategies that make up a valid combination. In addition, growth in terms of the effectiveness of corporate performance was influenced by the choice of strategy, the characteristics of the industry and market environment, and its business age, the proxy variable of resource accumulation, comprehensively. This study through a sample based on companies with an enterprise value of more than $1 billion and annual revenue of more than $100 million can be a valid reference in terms of creating milestones and roadmaps for scale-up of early-stage startups, particularly in terms of practitioners' point of view. It also provides a critical reference for overcoming the limitations of mainstream theories of the 20th century and developing the theory of corporate growth that fits the 21st-century entrepreneurial context.

• Journal of Mushroom
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• v.19 no.3
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• pp.200-209
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• 2021

In this study, a low-salt Lentinula edodes soybean paste (LSLESP) with improved palatability and storability relative to traditional Korean soybean paste was developed by utilizing low quality log cultivation of L. edodes. We also conducted quality characteristic analyses of spread jam made from low-salt L. edodes soybean paste (SJLLESP). The lowest salinity content and the highest L (brightness) value was found in LSLESP. According to proximate compositions analysis, crude protein, crude fat, and ash content were higher in commercial soybean paste than in LSLESP. Glucose, fructose, and maltose were the only free sugars detected in commercial soybean paste, whereas arabinose and fucose were additionally detected in LSLESP. Only two types of organic acid, were detected in common in commercially available soybean paste and LSLESP. Four types of organic acid, were detected in SJLLESP due to its added ingredients. The major free amino acids in commercially available soybean paste and LSLESP are histidine, glutamic acid, and arginine. Total amino acid, content was higher in LSLESP (54.81 mg%) than in commercial soybean paste (49.26 mg%). Total free amino acid, content in SJLLESP was 43.01 mg%. Ergosterol and β-glucan contents were highest in SJLLESP. The elevated ergosterol and β-glucan content in low-salt LSLESP relative to commercial soybean paste was significant. In conclusion, LSLESP and SJLLESP contain useful components from L. edodes, and offer the advantage of low salinity. LSLESP and SJLLESP could thus contribute to the development of health foods using L. edodes.

• Journal of Mushroom
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• v.19 no.3
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• pp.234-245
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• 2021

To extend the shelf life of king oyster mushrooms for export, we investigated the impacts of mushroom quality grade, fruiting body trimming, and packaging method (tray container sealed packaging vs string-tied OPP bag packaging). Quality is divided into two grades: 1^st grade, which is mushrooms adapted by lowering the cultivation temperature to 9~11℃, and 2^nd grade, mushrooms held at 13~15℃ prior to harvest. Using selected 1^st and 2^nd grade mushrooms, 3 treatments were carried out to assess effects of trimming and packaging method. Test groups included 1) trimming plus string-tied OPP bag packaging (Cut & OPP), 2) no trimming plus string-tied OPP bag packaging (Uncut & OPP), and 3) trimming plus tray container sealing packaging (Cut & Tray). Gas composition inside the packaging, changes in quality factors, and sensory evaluation for fresh quality were performed over 42 days of 0℃ storage. Overall freshness was best maintained in the following order: Cut & Tray > Cut & OPP > Uncut & OPP for both 1^st and 2^nd grade mushrooms. The shelf-life of 1st grade mushrooms was about 30 days for Cut & Tray, 28 days for Cut & OPP, and 21 days for Uncut & OPP. The shelf-life of 2^nd grade mushrooms was about 22 days for Cut & Tray, 17 ays for Cut & OPP, and 14 days for Uncut & OPP. Factors affecting fresh mushroom quality included browning of cap and stalk, and mushroom decay index. Browning of the lower part of the stalk, with related color change as noted in a^* and b^* values were the main factors indicating quality deterioration of king oyster mushrooms.

• International Area Studies Review
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• v.22 no.2
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• pp.163-186
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• 2018

The purpose of this study is to analyze the institutional conditions and problems for the transition to the North Korean economic system. As a research method, we first analyzed the legislative processes of 4th stage market reform policies (liberalization, privatization, privatization, and corporation) by major economic transition countries. And we found out the difference with North Korea. Based on this, it analyzed the process of institutionalization of North Korea's 4th stage economic reform policies (7.1 measures, comprehensive market policies, Currency reform, 6.28 policy). According to research, There are three important conditions that can not compare the changes of the North Korean market economy with those of the transition economies. First, the internal and external conditions and environment for the transition of the economic system and the role of the state and civil society are very different. Second, the means and objectives of the policy decision process and the implementation process are different. Third, it differs absolutely in terms of the nature and effectiveness of the nation's political and economic policies. Fourth, the priority, contents, and legislation process of economic policies for economic reform differ considerably from those of North Korea. Especially, when discussing the possibility of transition to the 'Chinese model', it is accompanied a considerable risk. It is because the purpose of market entry of control power in North Korea and their survival network are quite unique. In addition, China's domestic market size, population size, and type of control are quite different from North Korea. A necessary and sufficient condition for the transition of the North Korean economic system is the relaxation of physical control mechanisms and institutions in the market area. Next, it is necessary to make a legitimate institutionalization as well as an entire survey on the illegal ownership market. Based on this, it is necessary to gradually change the dependence of the domestic market on China to South Korea. In other words, this is a paradigm shift in the semi-controlled power exclusion, post-automation and domestic market.

• Korean Journal of Labor Studies
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• v.24 no.1
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• pp.107-156
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• 2018

This article examines the history of the in - house subcontracting and the stabilization of labor - management relations in the steel industry in Japan. The ratio of in-house subcontract workers among steel workers has increased steadily until the mid-2000s, and about 70% in case of the largest company. In-house subcontracting was used as a strategy of the company to increase the quantity flexibility of employment and to save labor costs. The in-house subcontracting company needed company-specialized skills, and the internal labor market was formed because the rate of full-time workers was high and the turnover rate was low. The in-house subcontractor introduced long-term business relationship with the steel factory by introducing the equipment and materials necessary for the performance of the work, and the factory implemented the productivity improvement policy of the in-house subcontractor, and the win-win relationship between the factory and in-house subcontractor was developed. The trade union did not oppose the idea that the expansion of in-house subcontracting contributed to corporate profits, the stability of employment of the members and maintenance of their working conditions. Since 2000, the steel factory has pursued the transformation of in - house subcontractors into subsidiaries, which has been supported by capital relations. By the way, since the mid-2000s, there has been an increase in the number of regular workers' employment. The major factors are as follows: more strengthened compliance with laws and regulations, the higher quality request of customers, stricter keeping of deadlines, and problem in recruiting of workers at in-house subcontract companies. The wage gap between the factory and in - house subcontracting was less at company B than at company S, and the wage level of in - house subcontracting was about 90% of the factory at company B. The relatively small gap at company B seems to be due to the union's movement of narrowing the gap, low market dominance and unfavorable labor market. The internal labor market has been formed in the in-house subcontracting, and the wage gap is not large, and the possibility of labor disputes is low. Industrial relations are stable in the in-house subcontract company as well as the factory. The stabilization of labor-management relations in the steel industry in Korea is required to reduce the wage gap between the factory and in-house subcontract enterprises by raising productivity and expanding the internal labor market at in-house subcontract enterprises.

• Journal of Cadastre & Land InformatiX
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• v.48 no.2
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• pp.79-98
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• 2018

The purpose of this study is to suggest a model analysing spatio-temporal characteristics of the civil complaints for the officially assessed land price based on big data mining. Specifically, in this study, the underlying reasons for the civil complaints were found from the spatio-temporal perspectives, rather than the institutional factors, and a model was suggested monitoring a trend of the occurrence of such complaints. The official documents of 6,481 civil complaints for the officially assessed land price in the district of Jung-gu of Incheon Metropolitan City over the period from 2006 to 2015 along with their temporal and spatial poperties were collected and used for the analysis. Frequencies of major key words were examined by using a text mining method. Correlations among mafor key words were studied through the social network analysis. By calculating term frequency(TF) and term frequency-inverse document frequency(TF-IDF), which correspond to the weighted value of key words, I identified the major key words for the occurrence of the civil complaint for the officially assessed land price. Then the spatio-temporal characteristics of the civil complaints were examined by analysing hot spot based on the statistics of Getis-Ord $Gi^*$. It was found that the characteristic of civil complaints for the officially assessed land price were changing, forming a cluster that is linked spatio-temporally. Using text mining and social network analysis method, we could find out that the occurrence reason of civil complaints for the officially assessed land price could be identified quantitatively based on natural language. TF and TF-IDF, the weighted averages of key words, can be used as main explanatory variables to analyze spatio-temporal characteristics of civil complaints for the officially assessed land price since these statistics are different over time across different regions.

• The Sea:JOURNAL OF THE KOREAN SOCIETY OF OCEANOGRAPHY
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• v.24 no.3
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• pp.483-494
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• 2019

From the cosmopolitan superiority of the as the first world map completed in 1402 with surprisingly detailed images and contents on the Africa Continent it is reasonable to think that the Koreans in early fifteen century were already with highly up-to-date perspectives on the universe and world history and cultures. However, some 490 year later the first phytohydrographic plankton investigation in the neritic seas of Korea was performed by a Japanese company with sampling points covering from Tokyo Bay through Jeju neritic waters to Shanghai estuary, which was in turn preceded by the first oceanographic investigation other than the simple mapping Koreans seas by using two French sailboats. The first phytohydrographic plankton investigation in Korean seas were behind the world first oceanic plankton exploration, the German Plankton Expedition, by 25 years. Starting from the oceanographic investigation including phytohydrographic samplings in the whole Yellow Sea in 1915 the full-scale phytohydrographic plankton studies were tried in Korean seas which is well represented by the 1921 oceanographic investigation on the whole East Sea with 80 sampling stations. In 1932 two separate oceanographic investigations followed, one in the East Sea where 78 stations from Busan to southern Sakhalin Island were simultaneously visited by 50 research vessels for the physical, chemical, and biological oceanographic studies, and the other one in southern coast and western East Sea of Korea where ocean current observation as well as plankton sampling were made in 120 stations to understand the relationship between the ocean current and plankton distribution in the region. In 1933-1934 more intensified investigations on phytohydrography were carried out particularly in the East Sea as an integral part of the basic marine ecosystem studies for the Myeong-Tae (Alaska Pollock) resources estimation. Scientists' attitude for the marine investigation and research activities seemed to be almost unchanging even to the year 1943, which could be reflected by the fact that publication of the results from the investigations performed in 1945 were finally done in 1967 at Tokyo. Some 70 years later from the mid-twenty century we might be standing on the turning-point of "need to be prepared" for the new era of changing paradigm by reviewing, archiving, and analyzing the prior information big data from the previous ocean observation and biohydrographic investigations. At the same time each professional societies for the above mentioned sciences might trigger a continuous project to reorganize and update the records on related bibliography and its history every 30 years.