• International Commerce and Information Review
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• v.7 no.4
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• pp.219-243
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• 2005

The Purpose of this Article is to analyze the examination criteria on the compliance of multimodal transport document in the ISBP. When the goods are taken in charge by the multimodal transport operator, he shall issue a multimodal transport document which, at the option of the consignor, shall be in either negotiable or non-negotiable form. The multimodal transport document shall be signed by the multimodal transport operator or by a person having authority from him. When the multimodal transport document is presented by the beneficiary to the bank in the letter of credit operations, the bank should examinate the bill of exchange and/or shipping documents, including multimodal transport document. There are two rules in connection with examination of the documents in the letter of credit operations. One is the "Uniform Customs and Practice for Documentary Credits(UCP 500)" approved by the Banking Commission in March 10, 1993, the other is the "International Standard Banking Practice for the Examination of Documents under Documentary Letters of Credits(ISBP)" approved by the ICC Banking Commission in October 2002. Therefore, this Article has studied the multimodal transport document presented under documentary credits on the basis of the UCP 500 and the ISBP it reflects.

• Journal of Navigation and Port Research
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• v.44 no.5
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• pp.414-422
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• 2020

In this study, an empirical analysis of 55 ship finance cases executed by a specific ship finance bank from 2009 to 2016 during the recession period was conducted. The purpose of this study was to find the factors affecting changes in the debt performance of Korean shipping companies. The main factors were the loan nature (investment purpose, loan-to-value (LTV), syndicated loans, loan terms, put-option, balloon, and spread), financial nature (total assets turnover, net profit-to-sales ratio, debt ratio, quick ratio, total borrowing, bonds payable to total assets, interest expenses-to-sales ratio, debt service coverage ratio (DSCR), and total assets), and the company nature (company age, chief executive officer's (CEO's) shares, and listing status). In this study, the factors affecting the debt repayment capability of domestic shipping companies (loan nature, financial nature, and company nature) were verified. The credit rating was used to measure the dependent variable, debt repayment ability. The variables of investment purpose, put-option, balloon, and spread in the loan nature, debt ratio in the financial nature, and the CEO's shares and company age in the company nature were found to be significant.

• Environmental and Resource Economics Review
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• v.29 no.1
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• pp.91-111
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• 2020

While the renewable energy portfolio standard (RPS) is in place to expand the scale of renewable energy generation, the power producer can obtain the renewable energy credit (REC) and use it as an incentive to operate the facility. RECs secured by solar power generation can be traded through spot market or fixed price contracts, and, in the spot market trading, power producers are exposed to the uncertainty of REC spot price. In this study, real option analysis is conducted to analyze the optimal threshold of REC spot price for the conversion of REC trading method by power producer considering the uncertainty of REC spot price. We calculated the optimal threshold of REC spot price that can convert the trading method of REC from spot market to fixed price contract. In conclusion, the spot market trading is a rational trading method when considering the uncertainty of REC price, but the fixed price bidding is a rational trading method when not considering the uncertainty of REC price.

• The Journal of the Convergence on Culture Technology
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• v.6 no.2
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• pp.191-197
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• 2020

As an effective means of price discrimination, some suppliers offer trade credit to the distributors for the purpose of increasing the demand of the product they produce. The availability of the delay in payments from the supplier enables discount of the distributor's selling price from a wider range of the price option in anticipation of increased customer's demand. In this regard, we consider the problem of determining the distributor's optimal price and lot size simultaneously when the supplier permits delay in payments for an order of a product whose demand rate is represented by a constant price elasticity function. It is assumed that the distributor pays the shipping cost for the order and hence, the distributor's ordering cost consists of a fixed ordering cost and the shipping cost that depend on the order quantity. For the analysis, it is also assumed that inventory is depleted not only by customer's demand but also by decay. We are able to develop a solution algorithm from the properties of the mathematical model. A numerical example is presented to illustrate the algorithm developed.

• The Journal of Society for e-Business Studies
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• v.27 no.2
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• pp.105-135
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• 2022

As COVID-19 has led to a surge in e-commerce Buy Now Pay Later(BNPL) has become preferred choice among millennials. In Korea Coupang followed by Naver Pay offers a deferred payment, aiming to create customer lock-in effect, save credit card processing fee and lay the groundwork for entering into new financial services. However the literature related to the influential factors of customers' usage intention toward a deferred payment is scarce. For the study, a multi-group analysis was carried out to find differences between Naver shopping and Coupang. The results revealed that the important factors that affect a deferred payment adoption were compatibility, impulsive buying tendency in Naver shopping, whereas compatibility, relative advantage, additional value in Coupang(listed in order of most important). In addition, impulsive buying tendency had a positive effect on adoption intention in Naver shopping and on perceived risk in Coupang. The results imply that Naver shopping need to focus on managing delinquency while Coupang should provide sufficient information on how late fees and credit rating downgrade work and try not to make a deferred payment option stand out. In order to increase adoption rate it is recommendable to narrow down target segment of a deferred payment and expand it to a specialized vertical such as travel.

• Journal of Korean Institute of Industrial Engineers
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• v.39 no.5
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• pp.429-439
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• 2013

The Korean Veterans' Pension Fund has previously pre-purchased Gibril Tower on Business Complex in Dubai, UAE, via a project-financed construction investment. Although the property is near completion, the investor syndicate's attempt to debt-finance due arrears was foiled in Dubai central bank's credit control of real estaterelated loans. Accordingly, the investment coordinator offered an additional capital injection, a collateralized leverage, and a maturity extension to the syndicate. If the syndicate rejects the offer, they may risk a nearcomplete capital loss and a possible default of the main contractor. Otherwise, the syndicate may still face uncertainties regarding interest receivables, principal re-payment, foreclosure, economic recession in Dubai, and the Islamic bond bill in the Korean Parliament. A possible exercise of the latter option may be due to the agency-prone nature of pension fund managers. Given these qualitative risk factors as at April 1, 2011, a real options approach-implied optimal decision suggests an extended and complete cash augmentation into the project finance deal.

• Journal of Arbitration Studies
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• v.22 no.3
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• pp.71-92
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• 2012

The significant increase in international trade over the last few decades has been accompanied by an increase in the number of commercial disputes between Korea and India. Understanding the Indian dispute resolution system, including arbitration, is necessary for successful business operation with Indian companies. This article investigates characteristics of India's Arbitration and Conciliation Act in order to help then traders who enter into business with Indian companies to settle their disputes efficiently. The Arbitration and Conciliation Act(1996) based on the 1985 UNCITRAL Model Law on International Commercial Arbitration and the UNCITRAL Arbitration Rules 1976, has a number of characteristics including the following: (i) this act covers ad hoc arbitration and institutional arbitration (ii) parties to the arbitration agreement have no option except arbitration in case of any dispute (iii) the parties can choose their own laws, places, procedures, and arbitrators (iv) the decision of the arbitrators is final and binding (v)role of the court has been minimized and (vi) enforcement of foreign awards is recognized. However, there have been some court decisions that have not been in tune with the spirit and provisions of the Act. Therefore, Korean companies insert the KCAB's standard arbitration clause into their contracts and use India's ADR(Alternative Dispute Resolution) Methods to strategically resolve their disputes. Additionally, Korean companies investigate Indian companies' credit standing before entering into business relations with them.

• Environmental and Resource Economics Review
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• v.29 no.2
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• pp.219-246
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• 2020

From the Phase II (2018~2020) of K-ETS, the offset credit from 'CDM projects that domestic companies and others have carried out in foreign countries' can be used in the K-ETS. As a result, stakeholders in the K-ETS market are actively developing overseas CDM projects, such as the 'high-efficiency cook stove project'. which can secure a large amount of credits while marginal cost is relatively low. This paper develops the investment decision-making model of offset project for the 'high-efficiency cook stove project' using the real option approach. Under the uncertainty of the emission allowance price, the optimal investment threshold (p^⁎) is derived and sensitivity analysis is conducted. As a result, in the standard scenario (PoA-S), the optimal investment threshold is 29,054won/ton, which is lower than the stock price (p^⁎_spot). However, allocation entities are not only economics in the CDM project, but also CDM risk factors such as non-renewable biomass ratio, cook stove replacement ratio, equity ratio with host country, investment period and submission limitation of emission allowance. In addition, offset project developers will be able to derive the optimal investment threshold for each business stage and use it for economic feasibility checks.

• Journal of Korean Society of Forest Science
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• v.96 no.3
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• pp.235-244
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• 2007

Potentials of AR CDM project in North Korea are assessed and feasible land area for AR CDM project is estimated. According to our estimation, There could be 515,000 hectares of forest lands deforested before 1990 in North Korea and 8,854 hectares at the regional level of Gae-sung City, which are eligible for AR CDM project, based on researches of satellite image analyses conducted from 1980's to 1990's. A baseline scenario assumed 44.73 tones of carbon stored in soil per hectare with no vegetation above ground remained during the project period following the default value of IPCC's Good Practice Guidance for LULUCF considering soil structure, climate and land use of the project area. The scenario also assumes that black rocust (Robinia pseudoacacia) is planted and the CDM project is implemented for 20 years. The costs for producing greenhouse gases CER (certified emission reduction) credits include costs of tree planting and forest management, and costs of project negotiation and transactions for issuing the credits. It is estimated that 376 tones of carbon dioxide per hectare can be accumulated and 503 temporary CER credits per hectare and 265 long-term CER credits per hectare could be produced during the project period. It is estimated to cost US$ 4.04 and US$ 7.67 to provide one unit of temporary credit and long-term credit, respectively. These values can be regarded as the cost of conferring emission commitment of a country or a private entity. However, it is not clear which option is better economically because the replacement periods are different in these two cases.

• Management & Information Systems Review
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• v.7
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• pp.21-51
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• 2001

For increasing the competitiveness and efficiency of Korea's finance industry under the new e-finance paradigm, this paper compared the practical use of finance portal site' on service parts and stage between Korea and U.S.A.. The services which can be served from site are banking, mortgage and credit loan, stock, card, retirement tax, PFM(Personal Finance Management), EBPP(Electronic Bill Presentment and Payment) and Account Aggregation and so on. The stage of site can be divided as the information provide stage which only gives information about service parts, on-line transaction stage which real-time transaction is possibile and PFM services provide stage according to development process. As a result, the beginning of finance portal service in Korea was lated about 10years and more than it of U.S.A. So the development stage of domestic portal site is still staying in the first step and the providing services and contents or business model development parts are also in the same stage than U.S.A. Resides, Korea's sites mainly focus on their first service parts even though they recently aim internet finance portal, and provide not real time transaction but finance information. On the other hand, the U.S.A. site support substantially not only various on-line transactions but also distinctive personal services like PFM(Personal Finance Management), EBPP(Electronic Bill Presentment and Payment), Account Aggregation and Trans-account, brokerage, education center, mortgage loan, mutual fund, option, pension fund and IPOs and so on. Thus, the site of Korea need to establish real type of internet finance portal which provides one-stop services on every type of finance to customers in the real time and also require the strategic integration among finance institutions. The next turn, they need to build information system and education center to give best satisfaction to customers and acquire customer information and marker environment changes and need to provide distinctive services to quality customers throughout database from this. Also the site should provide various type of banking services which refereed above like PEM, EBPP and education center etc, and the government of Korea should support the building of IT infrastructure to Physical, legal, systematic, sociocultural, technical and human resource sections. This paper provided the future movement direction of the domestic finance portal through comparison and analysis on the practical use of it between Korea and U.S.A. and also wanted to contribute for developing and reading of Korea finance portal in the new era of the finance paradigm.