• Journal of Distribution Science
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• v.15 no.11
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• pp.73-82
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• 2017

Purpose - This paper aims to investigate a profit maximizing incentive of foreign traders in distributing the KOSPI 200 Futures. Such an incentive may induce unsophisticated retail traders to suffer loss from speculative trading. Since Korean government increased the entry barriers of the market to protect unsophisticated traders, the market size has been decreasing while the proportion of the contract held by foreign traders has been increasing. These on going changes make the market imperfectly competitive, where a profit maximization incentives of foreign traders are expected to grow. In this paper, we attempt to find any evidence of such behavior, thereby providing implications regarding market policy and market efficiency. Research design, data, and methodology - According to Kyle(1985), an informed trader exploits his/her monopoly power optimally in a dynamic context so that he/she makes positive profit, where he/she could conceal his/her trading utilizing noise trading as camouflage. We apply the KOSPI 200 Futures market to the Kyle's model: foreign traders who take into account the effect of his/her trading to maximize expected profits as an informed trader, retail investors as noise traders, and financial institutions as market makers. To find any evidence of monopolistic behavior, we test the variants of trading volume and price data of the KOSPI 200 Futures over the period of 2009 and 2017. Results - First, we find that the price of the KOSPI 200 Futures are more volatile than the price of underlying asset. Second, we find that monopolistic foreign trader's trading order flows are consistent with exploiting his/her monopoly power to maximize profit. Finally, we find that retail investors' trading order flows are inversely consistent with maximizing profit, that is, uninformed retail investors suffer loss continuously in speculative trading against informed traders. Conclusions - Our results show that the quantity of strategic order flows may have a large effect on the price, therefore, resulting the market inefficiency. The results also imply that, in implementing regulations, the depth of the market must be considered to maintain market liquidity, and suggesting interesting research topics regarding the market structure.

• Journal of the Society of Disaster Information
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• v.12 no.2
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• pp.150-166
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• 2016

In the aftermath of a recent outbreak of Middle East respiratory syndrome (MERS), legal matters on the spread of epidemics have emerged as major social issues in Korea, with the awareness that rampant contagious diseases are disasters in society. Problems arose over damages arising from patients who contract infectious diseases, compensation for people under quarantine and for a partial, or entire, shutdown of hospitals, and information disclosure on infectious diseases. As epidemic-linked problems have never been socially disputed in Korea, the relevant legal issues appear to be studied comparatively less than other areas. As interests are heightened over legal issues on infectious illnesses amid the MERS scare, in-depth, further research on such legal issues should be conducted in an utmost effort to prevent and make preparations for epidemics which potentially become a social disaster, such as new Hong Kong flu, Ebola virus and Zika virus.

• Journal of Fisheries and Marine Sciences Education
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• v.5 no.1
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• pp.23-30
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• 1993

The Korea Seaman's Act is providing that fishermen s salaries are exceptionally defined and working hours and paid leave are not defined at all. Significant problems of Fishermen's Labor Condition are, (1) It is hard to guarantee the basic right of fishermen as their wages are variable depending on the catch. (2) Excessive working hours would hamper the labor reproduction ability and increase the frequency of disaster. (3) Moreover, fishermen have to search for a new job following the lay off after working aboard during the period defined by contract. The possible implement of Seamen's Act are : (1) The wage system must be unified by regular wages. If it is hard to perish the lay system its relative importance should be diminished whereas the fixed minimum wages and the allowance depending on the position and working days should be paid. (2) This discrimination of the fishing vessels from merchant should be eliminated by removing the item on the Act which excludes the fishermen on the working hours. If it is hard to do so practically the lower regulations defining the maximum periods of duty and minimum periods of rest for fishermen must enact separately as in Japan and England. (3) The difference in the provisions of paid leave between the merchant seamen and fishermen must be abolished (4) It is the most desirable to improve the fishermen's labor conditions through the completion of the Act. However, before doing this, the employers and employees must try to solve the problems through the collective agreement by themselves.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• autumn
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• pp.96-101
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• 2001

Incheon International Airport Construction Project the biggest national multi-complex construction project in a single area in Korea, the necessity for introducing the Program Management System has been brought up from the development stage due to its specific characteristics and environment and with the Project Management Services Contract in December 1994 the system has been established and operated. At the time of contracting, there were controversies over the expected effect of the system since there were no related laws and regulations in domestic construction codes. Furthermore the situation was very hard in which some practical problems have been found in the process of applying and operating the system due to the lack of recognition and infrastructure in Korea. Incheon. In spite of these difficulties, thanks to the devotion and efforts of the project participants along with thoughtful concerns from the industries and the academies, the project goal has been successfully accomplished. This paper will analyze the various problems arose in the process of applying the Project Management System to Incheon International Airport and present more practical and desirable ways so that it can help to make the environment for properly settling Construction Management at the earliest.

• Journal of the Korea Institute of Building Construction
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• v.10 no.1
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• pp.175-180
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• 2010

Despite continuous efforts by the construction industry to achieve better quality, it doesn't seem that much has been improved. This is mainly because current specifications do not satisfy a change in the market environment, which is that a higher level of quality is now demanded by users. Quality improvement efforts have been satisfied merely to meet specifications. On the other hand, advanced countries have been experienced great success in their construction techniques and have reduced costs by introducing apay adjustment system to the construction industry, in which compensation is based on performance. Following their example, Koreashould introduce such a pay adjustment system in order to motivate the members of our construction industry to achieve better quality and a higher level of construction techniques. However, there has been a lack of a rational approach to the development of a system for cost coordination, as well as performance and quality inspection. Thus, in this study a legal and logical plan was developed that can be used to adjust the construction cost, along with the performance inspection of quality results, in order to introduce a pay adjustment system that is appropriate for domestic regulations.

• Journal of the Korea Safety Management & Science
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• v.20 no.1
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• pp.11-21
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• 2018

Safety accidents, which are called industrial accidents in construction work, are often caused by unstable physical and personal conditions combined during preparation and execution of work. It is difficult to manage all the construction works, but especially in the field of apartment construction work, complex and many kinds of works are being carried out at the same time. In the current construction, safety regulations such as safety management guidelines are generally well maintained, but the execution of manpower resources that can fulfill them is limited, and it is difficult to reduce the accident rate and loss cost. Therefore, in this study, it is a reality that most of the types of construction work are under contruction by subcontracting contract, so they are limit by methods of manual maintenance and safety education. Currently, the subcontractor is also allowed to perform safety management through the composition of the safety management review body, but it is operated formally. So alternatives to this were studied. As a result, safety accidents occur in the subcontractor's worker due to vertical integration, which is characteristic of the construction industry, together to the contractor, the safety management system is based on a safety construction system in which a worker who has a certain qualification condition such as career experience of the work type, work understanding of the work type, and management experience of the work type among the subcontractor, when we manage based on mutual personality which is the personality of interpersonal relationship that can communicate with each other by work type, process and grouping, it is concluded that effective and practical safety management can be achieved to reduce the accident rate and loss cost.

• The Korean Society of Law and Medicine
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• v.10 no.1
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• pp.263-305
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• 2009

Is it lawful to withhold or withdraw life-sustaining treatment applied to a patient in a terminal condition or permanent unconscious condition? In Korea, there are no such laws or regulations which control affairs related to the withholding or withdrawal life-support treatment and active euthanasia as the Natural Death Act or the Death with Dignity Act in the U. S. A. And in addition there has had no precedent of Supreme Court. Recently Supreme Court has pronounced a historical judgment on a terminal care case. The court allowed the withdrawal of life-sustaining treatment from a patient in a permanent unconscious state. Fundamentally the court judged that the continuation of that medical treatment would infringe dignity and value of a patient as a human being. And the court required some legal grounds to consider such withdrawal or withholding of medical care lawful. The legal grounds are as follow. First, the patient is in a incurable and irreversible condition and already entered a stage of death. Second, the patient executed a directive, in advance, directing the withholding or withdrawal of life-support treatment in a incurable and irreversible condition or in a terminal condition. Otherwise, at least, the patient's will would be presumed through his/her character, view of value, philosophy, religious faith and career etc. I regard if a patient is in a incurable and irreversible condition or in a terminal condition, the medical contract between a patient and a doctor would be terminated because of the actual impossibility of achievement of it's purpose. So I think the discontinuation of life-sustaining care would be legally allowed without depending on the patient's own will.

• Safety and Health at Work
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• v.1 no.1
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• pp.19-28
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• 2010

Industrial Safety and Health Law (ISH Law) of Japan requires abnormalities identified in evaluations of worker health and working environments are reported to occupational physicians, and employers are advised of measures to ensure appropriate accommodations in working environments and work procedures. Since the 1980s, notions of a risk assessment and occupational safety and health management system were expected to further prevent industrial accidents. In 2005, ISH Law stipulated workplace risk assessment using the wording "employers shall endeavor." Following the amendment, multiple documents and guidelines for risk assessment for different work procedures were developed. They require ISH Laws to be implemented fully and workplaces to plan and execute measures to reduce risks, ranking them from those addressing potential hazards to those requiring workers to wear protective articles. A governmental survey in 2005 found the performance of risk assessment was 20.4% and common reasons for not implementing risk assessments were lack of adequate personnel or knowledge. ISH Law specifies criminal penalties for both individuals and organizations. Moreover, under the Labor Contract Law promulgated in 2007, employers are obliged to make reasonable efforts to ensure employee health for foreseeable and avoidable risks. Therefore, enterprises neglecting even the non-binding provisions of guidelines are likely to suffer significant business impact if judged to be responsible for industrial accidents or occupational disease. To promote risk assessment, we must strengthen technical, financial, and physical support from public-service organizations, encourage the dissemination of good practices to reduce risks, and consider additional employer incentives, including relaxed mandatory regulations.

• Safety and Health at Work
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• v.10 no.3
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• pp.305-313
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• 2019

Background: The oil and gas industry is one of the riskiest industries for confined space injuries. This study aimed to understand an overall picture of the causal factors of confined space accidents through analyzing accident reports and the use of a qualitative approach. Methods: Twenty-one fatal occupational accidents were analyzed according to the Human Factors Analysis and Classification System approach. Furthermore, thirty-three semistructured interviews were conducted with employees in different roles to capture their experiences regarding the contributory factors. The content analyses of the interview transcripts were conducted using MAXQDA software. Results: Based on accident reports, the largest proportions of causal factors (77%) were attributed to the organizational and supervisory levels, with the predominant influence of the organizational process. We identified 25 contributory factors in confined space accidents that were causal factors outside of the original Human Factors Analysis and Classification System framework. Therefore, modifications were made to deal with factors outside the organization and newly explored causal factors at the organizational level. External Influences as the fifth level considered contributory factors beyond the organization including Laws, Regulations and Standards, Government Policies, Political Influences, and Economic Status categories. Moreover, Contracting/Contract Management and Emergency Management were two extra categories identified at the organizational level. Conclusions: Preventing confined space accidents requires addressing issues from the organizational to operator level and external influences beyond the organization. The recommended modifications provide a basis for accident investigation and risk analysis, which may be applicable across a broad range of industries and accident types.

• Journal of Korea Trade
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• v.25 no.1
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• pp.152-168
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• 2021

Purpose - This paper has an objective to suggest reasonable criteria in choosing Incoterms 2020 rules for efficient and effective logistics management in that the Incoterms rules affect not only the rights and obligations of the parties to the sales contract but also the control and management of logistics system and transaction costs in the transaction. Design/methodology - An analysis of the various factors is needed to assess the positive or negative impact on global value chain in choosing Incoterms rules from a total logistics view. This study analyzes the impact of which the content of individual incoterms rules can have on the operation of international logistics systems under the global value chain from a strategic perspective to suggest reasonable criteria for selection of Incoterms rules depending on the transaction situation. Findings - Results of this study shows that consideration of various aspects which includes the characteristics of the products, logistics capabilities, infrastructure, transaction volume, operational cost, customs regulations, tax and accounting should be reflected in choosing the appropriate Incoterms rules. Therefore, in order to minimize the total cost and improve logistics performance, it may be helpful to develop a decision support model which allows users to select appropriate Incoterms rules based on various influencing factors. Originality/value - This Study is different from previous research which has mainly focused on the rights and obligations of the parties to the transaction regarding the transfer of risks and costs under the Incoterms. In addition, this study has significance in that it provides implications for export and import companies that can be able to use Incoterms as a strategic tool to efficiently manage the global value chain and improve supply chain performance.