• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.6
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• pp.560-565
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• 2016

In this study, we empirically scrutinize the relationship between short selling transactions and stock price behaviors using the stock market data in Korea during the period from January 2005 to March 2016. We chose the short selling volume ratio (SVR), stock lending volume ratio (LVR), and stock lending open interest ratio (LIR) as variables of the short selling trading activities. We construct portfolios based on the percentile of the short selling volume ratio during the sample period; upper-10%-SVR portfolio, upper-25%-SVR portfolio, upper-50%-SVR portfolio. We estimate the monthly firm-specific return and monthly skewness of the daily firm-specific returns of each portfolio. The firm-specific return or skewness is specified as a dependent variable and the short selling activities as explanatory variables. The results show that all of the statistically significant estimates of the short selling activities for the firm-specific returns are negative and that all of the statistically significant estimates of the skewness of the short selling activities are positive. These results support the hypothesis that short selling activities cause the stock price to decrease.

• Journal of Life Science
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• v.18 no.7
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• pp.958-962
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• 2008

To get the nutritional data of hot water extract from imported kangaroo tails, research was done about contents of collagen, chondroitin sulfate, protein, fat, mineral ions, and conjugated linoleic acid (CLA) in tails. Collagen content of sulfuric acid digested sample was way higher at bones than meats in both kangaroo tail and cow tail. Comparing kangaroo tail and cow tail, meat of kangaroo tail have 1.7 times higher collagen content than that of cow tail. Content of collagen in bone parts of kangaroo tail was also higher 1.2 times than that of cow tail. Meat sample of kangaroo tail (liquid extraction) have 1.3 times higher content of muco-polysaccharide than that of cow tail. In the born part, kangaroo tail was 2.4 times higher than cow tail in its content of muco-polysaccharide. The CLA content of the kangaroo tail showed the content that was higher than 0.9% of the cow tail for 4.9% and showed about 5.3 times high ratios. Especially in kangaroo tail, a band with high content of CLA was found between C18:1 and C18:2.

• Journal of Environmental Science International
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• v.17 no.4
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• pp.423-437
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• 2008

Until comparatively lately, the annual time series of the $SO_2$ concentration had been shown in a decreasing trend in Ulsan as well as other Korean cities. However, the high concentration of $SO_2$ was frequently found in the specific countermeasure region including the national industrial complex such as Mipo and Onsan in the Ulsan city for the period of $2001{\sim}2004$. There are many conditions that can influence the high concentration of $SO_2$ at monitoring sites in Ulsan, such as: First, annual usage of the fuel including sulfur increased in comparison with the year before in spite of the fuel conversion policy which wants to use low sulfur oil less than 3% and LNG. Second, point source, such as the power plants and the petroleum and chemistry stacks, was the biggest contributor in $SO_2$ emission, as a analyzed result of both the air quality modeling and the stack tole-monitoring system (TMS) data. And third, the air pollutants that occurred in processes of homing and manufacturing of the fuel including sulfur were transported slow into a special monitoring site by accumulating along the frontal area of see-breeze. It was concluded that Ulsan's current environmental policy together with control methods should be changed into the regulation on total amount of emission, including a market-based emission trading with calculating of atmospheric environmental critical loads, for the $SO_2$ reduction like the specific countermeasure for the $O_3$ and PM10 reduction in the Seoul metropolitan area. And this change should be started in the big point sources of $1{\sim}3$ species because they are big contributors of Ulsan's $SO_2$ pollution. Especially it is necessary to revitalize of the self-regulation environmental management. Other control methods for sustaining the $SO_2$ reduction are as follows: maintenance of the fuel conversion policy, reinforcement of the regional stationary source emission standard, and enlargement of the stack TMS.

• International Commerce and Information Review
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• v.13 no.3
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• pp.403-431
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• 2011

The environmental issues including domestic measures to protect public life or health are generally easy to bring the tension between the WTO and its member countries. The standard of review, whether de novo review, total deference, or somewhere in between, is largely important in the WTO's adjudicating mechanism because it is closely related to the appropriate balance of power between sovereign nations and the WTO: The multilateral trading regime, through the proper standard of review, could harmoniously operated without interest conflicts among the member countries and at the same time between the WTO and the member countries. Irrespective the important function of the standard of review in the WTO judicial system, applicable standard of review has not been established in the current SPS Agreement. Furthermore, the nature of the SPS Agreement related in scientific factors, such as scientific experiment, data and assessment prevents the WTO's panel from applying consistent standard of review. Considering the judicial demand for the moderate treatment of the case under the SPS Agreement, this paper explores appropriate standard of review applicable the SPS-related environmental measures, particularly, by analysing the recent SPS-related dispute, US-Hormones Suspension.

• Journal of the Korea Institute of Information Security & Cryptology
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• v.26 no.2
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• pp.463-474
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• 2016

As IT environment has changed, paths of information security in financial environment which is based on IT have become more diverse and damage caused by information leakage has been more serious. Among security incidents, personal information leakage incident is liable to give the greatest damage. Personal information leakage incident is more serious than any other types of information leakage incidents in that it may lead to secondary damage. The purpose of this study is to find how much personal information leakage incident influences corporate value by analyzing 21 cases of personal information leakage incident for the last 15 years 1,899 listing firm through case research method and inferring investors' response of to personal information leakage incident surveying a change in transaction before and after personal information leakage incident. This study made a quantitative analysis of what influence personal information leakage incident has on outcome of investment by types of investors by classifying types of investors into foreign investors, private investors and institutional investors. This study is significant in that it helps improve awareness of importance of personal information security by providing data that personal information leakage incident can have a significant influence on outcome of investment as well as corporate value in Korea stock market.

• Journal of Energy Engineering
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• v.26 no.2
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• pp.99-120
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• 2017

In SS branch of Korea District Heating Corporation, Combined Heat & Power power plant with 99MW capacity and 98Gcal / h capacity is operated as a district electricity business. In this region, it is difficult to operate the generator due to the problem of surplus heat treatment between June and September due to the economic recession and the decrease in demand, so it is urgent to develop an economical energy new business model. In this study, we will develop an optimized operation model by introducing a renewable energy hybrid system based on actual operation data of this site. In particular, among renewable energy sources, fuel cell (Fuel Cell) power generation which can generate heat and electricity at the same time with limited location constraints, photovoltaic power generation which is representative renewable energy, ESS (Energy Storage System). HOMER (Hybrid Optimization of Multiple Energy Resources) program was used to select the optimal model. As a result of the economic analysis, 99MW CHP combined cycle power generation is the most economical in terms of net present cost (NPC), but 99MW CHP in terms of carbon emission trading and renewable energy certificate And 5MW fuel cells, and 521kW of solar power to supply electricity and heat than the supply of electricity and heat by 99MW CHP cogeneration power, it was shown that it is economically up to 247.5 billion won. we confirmed the results of the improvement of the zone electricity business condition by introducing the fuel cell and the renewable energy hybrid system as the optimization process model.

• Journal of Distribution Science
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• v.12 no.2
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• pp.7-16
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• 2014

Purpose - The purpose of this study is to target Chinese consumers of Korean agri-food through the analysis of agri-food brand identity images to set future directions for proposed agri-food exports to China. Since negotiations began for a free trade agreement (FTA) between Korea and China, some Koreans have worried about the Korean agriculture sector. The world trading system has undergone many changes in recent years. Since the start of FTA negotiations on agriculture, China and Korea have faced a heightened sense of crisis. China is trying to export agricultural products so actively that its agricultural exports could increase by more than 7% annually. China exported about one-tenth of its agricultural products to Korea in the period 2002-2010. Recently, the importance of brand identity has tended to increase, as the world becomes one unified market. In this situation, we should try to promote agri-food exports to China. It is very important to understand consumers' recognition of Korean food and the image of the Korean agri-food industry, to establish an export strategy. Research design, data, and methodology - This study targeted 2,800 adult men and women aged 25-59 years living in four major cities in China (Beijing, Shanghai, Guangzhou, and Qingdao) with a household income within the top 10% level in the China, using the one-to-one interview survey method. In addition, four groups by region (eight people per group) for a total of 32 groups were surveyed by using the focus group interview (FGI) research method, and impressions of imported agri-food were surveyed using 17 questions about fresh agri-food and 22 questions on processed agri-food. Factor analysis, brand positioning, biplot analysis, and so on, were carried out based on the results of these surveys. This research presents the brand identity of Korean food; according to the analyses, the brand identity is based on trust, safety, and attractiveness. Result - Factor analysis results showed that Chinese consumers expect four major qualities in imported fresh agri-food: freshness/safety, attractive appearance, premium branding, and excellent taste/quality. In the case of processed agri-food, it turned out that Chinese consumers are focused on safety/hygiene/freshness, health, and taste. In addition, in the fresh agri-food analysis by country, American foods had the upper hand; the image of American foods was also recognized as the most positive for processed agri-food. Meanwhile, according to the biplot analysis, Korean agri-food is strongly preferred for its appearance, but no country is strongly preferred as regards the level of freshness/safety that is expected by Chinese consumers. Conclusions - In this study, we analyzed the image of imported agri-food expected by Chinese consumers by reconstructing agri-food characteristics from the brand perspective. The research result shows that a Korean brand identity must be the ultimate goal for activities undertaken to enhance the image of Korean agri-food in the future. Additional research is needed because brand image can be formed through various channels.

• Journal of Distribution Science
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• v.9 no.2
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• pp.13-24
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• 2011

With the increasing market share of retailer brands, many authors have paid considerable attention to retailer brands. Before market liberalisation in 1996 in Korea, retailer brand market was led by the supermarket retailing format, although the first retailer brand product was developed by the department store format. In parallel with the entry of foreign multiple retailers, the retailer brand market has experienced rapid growth. Particularly, the expansion of Tesco UK with well-established retailing know-how into Korea has encouraged Tesco Korea to actively get involved in retailer brand program. As a result, Tesco Korea has led retailer brand market in the Korean marketplace. The research starts with the question of why Tesco Korea has achieved such a higher retailer brand share. Accordingly, this study is to explore how Tesco UK has transferred its own retailing knowledge into Tesco Korea, in terms of retailer brand program development. In order to explore why the retailer brand share of Tesco Korea is higher than that of its counterparts, the author adopted in-depth interview with prepared-questions and store observation as a research methodology. To examine working process as well as information flows within Tesco Korea and from UK to Korea, in-depth interview method is one of the most suitable research methodologies, because of the difficulty of quantifying information or data related to work flows. In addition, to increase the validity of information, the researcher had interviews with Tesco Korea supplier and store personnel. Based on these research techniques, this research explored how Tesco UK has influenced or advised Tesco Korea, particularly, from the point of view of knowledge transfer. Since the entry of Tesco UK into Korea as a joint-venture, the retailer brand market share of Tesco Korea has continuously increased. It would be expected that Tesco UK has helped Tesco Korea to settle down in the Korean market. During interviews with Tesco and a Tesco supplier, the researcher found that Tesco Korea has obviously taken an advantage of retailing know-how created by Tesco UK. Furthermore, the retailer brand development and handling process of Tesco Korea has been operated with the help of Tesco UK. This might mean that Tesco UK has directly or indirectly an impact on the improvement of Korean retailer brand development skills. As a mechanism to transfer retailing knowledge developed in the home market into the host market, one of the international retailers, Tesco UK has adopted many different ways such as annual meeting, trading meeting to import or export own retailer brand products, offering of operation manual developed by Tesco UK and buyer cooperation between Tesco UK and Korea, in order to share information. Through these communication techniques, the knowledge of Tesco UK has been transferred to Tesco Korea. This research accordingly suggests that retailer brand market share is apparently related to how sophisticated or advanced the knowledge of the retailer brand development and handling process of retailers are. It is also demonstrated by this research that advanced development and handling skills make a considerable contribution to increasing retailer brand share in markets with a lower share or no presence of retailer brands.

• Journal of Distribution Science
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• v.10 no.2
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• pp.7-17
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• 2012

The aim of this study is to empirically explore micro and macroeconomic factors affecting the Pakistani sugar industries and searching the energy potential of this industry, through the survey of literature. The empirical part has been explored by employing Vector Autoregression (VAR), Granger Causality tests and simultaneous equation models through quarterly data for the period of 1991q2-2008q4. The study also aims to devise policies for the development of sugar industries and identify its growing importance for the energy sector of Pakistan. Empirical tests applied on the domestic prices of sugar, domestic interest rates, and exchange rate, productive capacities of sugar mills, per capita income, world sugar prices on cultivable area and sugar production reveal very useful results. Results reveal an improvement of productive capacity of the sugar mills of Pakistan on account of increasing crushing capacity of this sector. Negative effect of rising wholesale prices on the harvesting area was also observed. Profit earnings of the sugar mills significantly increase with the rise of sugar prices but the system does not exist for the farming community to share the rising prices of sugar. The models indicate positive and significant effect of local prices of sugar on its volume of import. Another of the findings of this study positively relates the local sugar markets with the international prices of sugar. Additionally, the causality tests results reveal exchange rate, harvesting area and overall output of sugarcane to have significant effects on the local prices of sugar. Similarly, import of sugar, interest rate, per capita consumption of sugar, per capita national income and the international prices of sugar also significantly affect currency exchange rate of Pakistani rupee in terms of US$. The study also finds sugar as an essential and basic necessity of the Pakistani consumers. That is why there are no significant income and price effects on the per capita consumption of sugar in Pakistan. All the empirical methods reiterate the relationship of variables. Economic policy makers are recommended to improve governance and management in the production, stock taking, internal and external trading and distribution of sugar in Pakistan using bumper crop policies. Macroeconomic variables such as interest rate, exchange rate per capita income and consumption are closely connected with the production and distribution of sugar in Pakistan. The cartelized role of the sugar industries should also be examined by further studies. There is need to further explore sugar sector of Pakistan with the perspective of energy generation through this sector; cartelized sugar markets in Pakistan and many more other dimensions of this sector. Exact appraisal of sugar industries for energy generation can be done appropriately by the experts from applied sciences.

• Management & Information Systems Review
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• v.35 no.3
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• pp.195-212
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• 2016

Utilizing intra-day volume weighted average price (VWAP) based on 1 minute return data of stocks traded on the Korean Stock Exchange, this paper examines and analyzes abnormal returns in reaction to patent listing disclosures as well as the cumulative abnormal returns, traded volumes, the interaction of VWAP spreads, the reaction of volumes, the reaction of VWAP spreads and the realized returns obtained from trading using an event driven arbitrage strategy. The results of the aforementioned research topics are follows. First, our analysis suggests that on average, 0.92% positive cumulative returns arise 1 minute after the patent listing disclosure announcement with high statistical significance, thereby reconfirming that the Korean stock market is a semi-strong form of the efficient market. Employing 3 separate panel tests differentiated by the size factor, we find that the abnormal returns of small sized stocks were less than the returns of medium sized stocks, which goes to support recent research findings suggesting that the size premium is no longer existent in the Korean stock market. Secondly, we show that among the event driven type strategies, the most outstanding realized returns are from the market making strategies. Furthermore, placing market order trades only at the bid or ask price resulted in negative returns. This implies that strategies utilizing a combination of market orders and limit orders, order cancelations ratios and order flows can enhance realized returns.