• The Korean Journal of Financial Management
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• v.22 no.1
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• pp.71-91
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• 2005

The object or this paper is to analyze the rollover effect on KOSPI 200 index option prices. Especially we analyze the implied volatilities of the options that became the near maturity options as the old one expired. For this analysis, a panel data of KOSPI 200 Index Option Prices from year 1999 to year 2001 were used, and following results were obtained. First, after controlling for the underlying index returns, strike prices and other pricing factors, the call option prices tend to decrease while the put option prices tend to increase during the week of expiry. Second, if one concentrates on the daily price changes, call option prices tend to go up on Thursday (as the old options expire), and then experience a price decrease on the following day, while the reverse is true for the put options. These results imply that the option prices are affected by some of the market micro-structure effects such as whether the option is the near maturity option. We conjecture that the reason for this is related to the undervaluation of KOSPI 200 futures. The results from this paper have implications on the timing of option trades. If one wants to buy put options, and/or sell call options, he has better off by executing his intended trades before the old options expire. On the other hand, if one wants to buy call options, and/or sell put options, hi has better off by executing his intended trades after the expiry.

• KDI Journal of Economic Policy
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• v.14 no.2
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• pp.55-75
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• 1992

At the outset of import liberalization, most economists expected a significant drop in the prices of domestic goods that faced foreign competition. However, it is now generally acknowledge that a significant drop in prices of those goods has not occurred. A common claim is that the prices did not drop significantly because the major importers of many imported goods were also the domestic producers of competing goods. The objective of this paper is to analyze the welfare effect of importation by domestic firms that produce competing goods, to identify the factors that facilitate such business practices, and to formulate a policy that could improve the welfare. We proved that importation by competing domestic firms definitely raises the prices of both imported and domestic goods compared to the situation where foreign goods are imported by non-producers, ceteris paribus. The intuition behind this result is that since a producer-importer is essentially a cartel, its overall profit maximization requires reduced competition between the products that it sells. On the other hand, if a producer-importer is more efficient at distrinbution than a simple importer, the comparison between the two cases is a priori indeterminate. We also find that the industries in which domestic producers are actively involved in importing competing goods are the ones in which the distribution channels are tightly controlled by importer-producers. This finding suggests that exclusive dealing contracts, which work as an entry barrier, may be the source of importing by domestic producers. We argue that in a country such as Korea, where financial market is highly incomplete, tight control of the distribution channels by oligopolistic manufacturers is likely to be an effective entry barrier that leads to importing by domestic producers of similar goods. We further argue that seemingly superior distribution costs of importer-producers is likely to be a result of market foreclosure which would disappear once the entry barrier of exclusive dealing contracts is removed. Above findings suggest that market imperfections are the source of importation by domestic competitors, which in turn constitutes a market imperfection in itself and reduces consumer welfare. As potential remedies, we considered three alternatives; direct price control by the government over the imported goods sold by major domestic producers, regulation of trade itself between major producers, and regulation of exclusive dealing contracts. For reasons both theoretical and pratical, we find that the last alternative is the most attrative. Prohibiting exclusive contracts between manufacturers and dealers in industries where exclusive dealing contracts are a significant entry barrier is expected to break up the importer-producer cartel and improve the welfare.

• Spatial Information Research
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• v.22 no.3
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• pp.23-24
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• 2014

NGII (National Geographic Information Institute) has been providing VRS (Virtual Reference Station) service so that could determine precise positioning in real time since 2007. However, since the VRS service has to maintain the connected status with VRS server, the number of users who can use VRS service are limited by capacity of VRS server. To solve this problem, NGII has been providing FKP (Virtual Reference Station) service using one way telecommunication from November 1, 2012. Therefore, it is predicted that the usage of FKP service will increase in public surveying and cadastral resurveying in the future. However, the studies with respect to analysis of FKP precision for applying to public surveying and cadastral resurveying is not conducted enough. In this study, to analyse the application possibility of FKP on the public surveying and cadastral resurveying, the two kind analysis were performed. First is the analysis of accuracy according to the configuration of reference station of FKP and VRS. One is consisted of same reference stations, another is consisted of different reference stations. Second is the accuracy anlalysis of horizontal and vertical positioning acquiring VRS and FKP data in various measurement environment based on VRS regulation. Result of first study, Positioning accuracy according to the configuration of the reference stations satisfies related regulation. However, accuracy of FKP in case of different reference stations is worse than in case of same reference stations.. The result of second test shows that the horizontal precision of FKP and VRS in good measurement environment satisfy the allowed precision. However, in some case, horizontal precision of FKP and VRS in poor measurement environment exceed the allowed precision. In addition, the number of exceeding the allowed precision in the FKP is more than the VRS. The vertical precision of the VRS satisfy related work provision. In conclusion, the result of this study shows that the FKP only in open area should be used for public survey and cadastral resurvey. Therefore the additional studies with respect to the improvement of FKP precision should be conducted.

• Journal of the Institute of Electronics Engineers of Korea CI
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• v.47 no.5
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• pp.50-60
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• 2010

For the last half a century, the personal computer and software industries have been prosperous due to the incessant evolution of computer systems. In the 21st century, the embedded system market has greatly increased as the market shifted to the mobile gadget field. While a lot of multimedia gadgets such as mobile phone, navigation system, PMP, etc. are pouring into the market, most industrial control systems still rely on 8-bit micro-controllers and simple application software techniques. Unfortunately, the technological barrier which requires additional investment and higher quality manpower to overcome, and the business risks which come from the uncertainty of the market growth and the competitiveness of the resulting products have prevented the companies in the industry from taking advantage of such fancy technologies. However, high performance, low-power and low-cost hardware and software platforms will enable their high-technology products to be developed and recognized by potential clients in the future. This paper presents such a platform for industrial embedded systems. The platform was designed based on Telechips TCC8300 multimedia processor which embedded a variety of parallel hardware for the implementation of multimedia functions. And open-source Embedded Linux, TinyX and GTK+ are used for implementation of GUI to minimize technology costs. In order to estimate the expected performance and power consumption, the performance improvement and the power consumption due to each of enabled hardware sub-systems including YUV2RGB frame converter are measured. An analytic model was devised to check the feasibility of a new application and trade off its performance and power consumption. The validity of the model has been confirmed by implementing a real target system. The cost can be further mitigated by using the hardware parts which are being used for mass production products mostly in the cell-phone market.

• Management & Information Systems Review
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• v.31 no.4
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• pp.167-195
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• 2012

This study focuses on the characteristic of socio-psychological gender of a consumer except a biological gender. Socio-psychological gender is the self-image of a consumer which is related to the gender role. The goal of this study is, first, to examine if socio-psychological gender has more effect on the purchase intention than biological gender. Second, by classifying a group with femininity among socio-psychological gender, it is to examine what kinds of shopping value it aims at. Finally, it is to examine the difference between men and women from the purchase intention according to the circumstances. The result of this study is summarized as follows. First, a consumer can have both characteristics of biological gender and socio-psychological gender. There are masculinity, femininity, bisexuality, and undifferentiated type for the classification of socio-psychological gender. This study shows that there is relatively much bisexuality which has masculinity and femininity at the same time. The outcome showed that the purchase intention was higher for the product which corresponds to socio-psychological gender of a consumer than biological gender. Second, it indicated that a group with femininity pursued pleasurable shopping as compared to a group with masculinity. By contrast, it showed that a group with masculinity aimed at practical shopping more greatly. Finally, it showed that while women are less sensitive to the purchase intention at the male-dominated circumstances, men's purchase intention get lower at the female-dominated circumstances.

• Journal of Service Research and Studies
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• v.10 no.3
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• pp.23-42
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• 2020

This study conceptualized the essence and propensity of modern management in service age, based on philosophy, and developed items to evaluate the conceptualized content. It was carried out as a new study to deepen the study of management philosophy and management theory by the new management framework. In order to establish the philosophical foundation of the modern management, the essence of the modern management was conceptualized based on the fundamental ideas of the East and West, and then an evaluation item was developed to put the essence and propensity of the modern management into practical use through analytical and empirical methods. After analyzing the representative ideas of mankind, it was derived that the Book of Change has the qualification as a philosophical model that can derive the essence of modern management. The Book of Change explains the reasoning of the world in the structure of two opposing parties, such as Taiji or Yin and Yang, and the process of acknowledging the contradictions within each opposing party and overcoming the contradictions through change is the central idea. Because you can see. After conducting a conceptual study, through empirical research, the essence and propensity of a modern manager should be conceptualized. The concept of essence and empirical study of the modern management using the leading role was conducted in two stages. First, a qualitative study using repetitive comparative analysis (CCM), focus group interview (FGI), and text mining was conducted to derive the essential and propensity conceptualization items that modern managers should possess. In addition, a quantitative study using factor analysis to develop sample items and develop measurement items through literature review and FGI was conducted to derive the essential concept of the modern management. Finally, the essence of modern management was derived: learning, preparation, challenge, inclusion, trust, morality, and sacrifice. In the future, it is necessary to conduct empirical research on the effectiveness of the essence of modern management for global and Korean representative companies.

• Journal of the Korean Geographical Society
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• v.28 no.2
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• pp.148-162
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• 1993

There is much speculation that modern capi-talist society is undergoing fundamental and qualitative chnge towards flexible specialization. The purpose of this study is to examine this hypothesis. This paper focusses on: the idea of flexible specialization; the significance of this transition; industrial district; and the implicati-ons of this new production system for Korean industrial space. Main arguments of this study are as follows: First, as all different groups of researchers apply the idea of flexible specialization according to their own specifications, the current debate on this topic is not much fruitful. Not surpri-singly, the concept of flexible specialization has overlapped with subocontracting. This intergration of subcontracting into flexible specialization systems, however, is inappropriate because the two concepts have different historical contexts. The other cause of this controversy is its inherent weekness, conceptual ambiguity. Thus, today's flexibility becomes tomorrow's rigidity. Secondly, transition towards flexible speciali-zation has only been partially achieved even in advanced capitalist countries. The application of dualistic explanatory framework, such as rigidity versus flexibiity, mass production versus small-lot multi-product production, and de-skilling versus re-skilling, has resulted in great exaggeration of the transformation, from Fordism to post-Fordism. There is no intermediary part between two places. Considering that the workers allocated to the Fordist mass production assembly line are not as large as one might imagine, the shift from mass to flexible production has only limited implications for the transformation of capitalist economy. Thirdly, 'industrial district' contorversy has contributed to highlighting the importance of small firms and areas as production space. The agglomeration of small firms in specific areas is common in Korea, but it is quite different from the industrial district based on flexible specialization. The Korean phenomenon stems from close interactions with its major parent firm rather than interactions between flexible, specialized, autonomous and technology-intensive smll firms. Most Korean subcontractors are still low-skilled, labour-intensive, and heavily dependent on their mojor parent firms. Thus, the assertion that the Seoul Metropolitan Area adopts flexible specialization has no base. Fourthly, the main concern of flexible speciali zation is small firms. However, the corporate organization that needs product diversification and technological specialization is oligopolistic large corporations typified by multinational corporations. It is because of this that most of these organizations are adoptiong Fordist mass production methods. The problem of product diversification will be resolved naturally if economic internationalization progresses further. What is more important for business success is the quality and price competitiveness of firms rather than product diversification. Lastly, in order to dispel further misunderst-anding on this issue, it is imparative that the conceptual ambiguity is resolved most urgently. This study recommends adoption of more speci-fied and direct terminology (such as, factory automation, computer design, out-sourcing, the exploitation of part-time labor, job redesign) rather than that of ideological ones (such as, Taylorism, Fordism, neo-Taylorism, neo-Fordism, post-fordism, flexible specialization, peripheral post-Fordism). As the debates on this topic just started, we still have long way to go until consensus is reached.

• Journal of the Korean Institute of Landscape Architecture
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• v.43 no.1
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• pp.108-119
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• 2015

Recently, the ways in which individual communities own and manage parks have been both discussed and realized in America and England. Some benefits of these asset transfers are that local governments can reduce the financial cost of management as well as improve the service of the parks. In addition, communities can develop these parks as unique assets. Ultimately, this is a new understanding of parks as community commons. This study examines the policy of park asset transfers to communities in England. These transfers, which involve reallocating land and building management and/or ownership from the public sector to a community group, are part of a policy agenda known as "Big Society", which aims to create a "small government" within a "big society". The agenda is pursued by both the English Conservative and Unionist Party governments. Eight case studies of community park asset transfers in England were examined in this study, under three categories-transfer process, partnership among stakeholders, and financial structure-and synthesized along three issues-financial contribution, level of public transparency, and closeness of the relationship between park and community. In some cases, new community groups were created specifically to receive park assets, while in other communities, existing groups became the park trustees. For most parks, community groups raise park maintenance funding through diverse methods; however, these groups are often not entirely financially independent from local government. Thus, many park trustees have already created, or are planning to create, other assets from which parks can benefit. Second, some efforts for public transparency include trusts that are registered as charities, of which their public nature is admitted officially. These trusts resolve important decisions through boards of trustees, in an effort to promote income-generating business while not excluding users. Ultimately, a close relationship between park and community empowers the community to participate in managing and maintaining the park; in turn, the park's capacities are improved. Current struggles include the many limits involved in communities accepting ownership and management of a park, and a lack of local government experience regarding public-private management and maintenance of a public asset. This study, however, details interesting policy implications for Korean community involvement as well as diverse financial methods to facilitate park management.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.16 no.11
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• pp.7978-7989
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• 2015

Dyslipidemia is a major risk factor for cardio-cerebrovascular disease. Although the prevalence among Korean adults is very high, its management is known to be poor. The aim of this study was to access the prevalence, awareness, treatment, and control rates of dyslipidemia according to treatment guideline rather than diagnostic criteria. The risk factors for cardio-cerebrovascular disease were evaluated to apply the appropriate risk-based threshold of the lipid treatment targets according to risk category. Analysis was done using nationally representative data (n = 16,263) collected from adults aged 20 years and older participating the Korea National Health and Nutrition Examination Survey (KNHANS) 2010-2012. The age-standardized prevalence rate of dyslipidemia according to treatment criteria was 34.1%. Of these prevalent cases, however, only 19.2% were aware; 9.5% treated; and 8.7% controlled. The age-standardized control rate among treated persons was 47.5%. Men had a significantly higher prevalence than women (39.7% vs. 28.8%), but a significantly lower rate of awareness, treatment, and control (16.0% vs. 22.3%, 7.7% vs. 11.3%, and 6.1% vs. 11.2%, respectively). As the higher risk category, the prevalence rate was higher but the control rate was lower. The prevalence of patients with diabetes was 82.5% when applying the treatment criteria (LDL-cholesterol level of ${\geq}100mg/dL$ and triglyceride level of ${\geq}200mg/dL$). However, only 11.9 % of these were controlled, whose LDL-cholesterol and triglycerides were lower than the treatment goals. Our findings suggest that effective strategies are required to decrease the gap between the prevalence of dyslipidemia and the following treatment. It would be worthwhile to strengthen the follow-up management of patients with dyslipidemia in the National Health Screening Program, especially in the high risk group of cardio-cerebrovascular disease.

• Journal of Korean Society for Geospatial Information Science
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• v.24 no.1
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• pp.43-50
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• 2016

Urbanization in Korea has increased significantly and subsequently, various facilities have been concentrated in urban areas at high speed in accordance with a growing urban population. Accordingly, damages have occurred due to a variety of disasters. In particular, fire damage among the social disasters caused the most severe damage in urban areas along with traffic accidents. 44,432 cases of fire occurred in 2015 in Korea. Due to these accidents, 253 were killed and property damage of 4,50 billion won was generated. However, despite the efforts to reduce a variety of damage, fire danger still remains high. In this regard, this study collected fire data, generated from 2007 to 2014 through the Jinju Fire Department and the National Fire Data System(NFDS) and calculated fire risk by analyzing the clustering of fire cases and facilities in Jinju-si based on the current DB of facilities, offered by the Ministry of Government Administration and Home Affairs. As a result, the risk ratings of fire occurrence were classified as four stages under the standards of the US Society of Fire Protection Engineers(SEPE). Business facilities, entertainment facilities, and automobile facilities were classified as the highest A grade, detached houses, Apartment houses, education facilities, sales facilities, accommodation, set of facilities, medical facilities, industrial facilities, and life service facilities were classified as U grade, and other facilities were classified as EU grade. Finally, hazardous production facilities were classified as BEU grade, the lowest grade. In addition, in the case of setting the standard with loss of life, the highest risk facility was the hazardous production facilities, while in the case of setting the standard with property damage, a set of facilities and industrial facilities showed the highest risk. In this regard, this study is expected to be effectively utilized to establish the fire reduction measures against facilities, distributed in urban space by calculating risk grades regarding the generation frequency, casualties, and property damage, through the classification of fire, occurred in the city, according to the facilities.