• East Asian Economic Review
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• v.20 no.4
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• pp.469-491
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• 2016

In this paper, we estimate the exchange rate exposure, indicating the effect of exchange rate movements on firm values, for a sample of 1,400 firms in seven East Asian countries. The exposure estimates based on various exchange rate variables, return horizons and a control variable are compared. A key result from our analysis is that the long term effect of exchange rate movements on firm values is greater than the short term effect. And we find very similar results from using other exchange rate variables such as the U.S. dollar exchange rate, etc. Second, we add exchange rate volatility as a control variable and find that the extent of exposure is not much changed. Third, we examine the changes in exposure to exchange rate volatility with an increase in return horizon. Consequently the ratio of firms with significant exposures increases with the return horizons. Interestingly, the increase of exposure with the return horizons is faster for exposure to volatility than for exposure to exchange rate itself. Taken as a whole, our findings suggest that the socalled "exposure puzzle" may be a matter of the methodology used to measure exposure.

• Cartoon and Animation Studies
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• s.40
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• pp.367-395
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• 2015

Mobile games have taken 80% of the market sales in smart device application industry that is highly regarded as one of the fast growing pool of cultural content after the distribution of smart devices. One of the most successful mobile games after the smart device's appearance is . created by Gung-ho Online entertainment under Softbank Japan, has gained the sales revenue of one trillion dollars after its release in 2012, just after one year of its exposure to the market. The game also has been the top rank by Worldwide Mobile Game Revenues for 2years achieving 40 million downloads worldwide in 2015. However, there is no place for a Korean game in world mobile game sales ranks yet. Even though the mobile game industry has been expanding every year, Korean games are losing its places in the market. Therefore, the analysis of a successful game such as is vital for diagnosing Korea's game content and its lack of direction. This study utilizes K. Masanao's Matrix for Creating Profit System for analyzing 's factors for its success. First, the game has incorporated puzzle and RPG contents for creating a new genre, which led various age groups to play the game. Second, the developers have applied 'limited time' in-game festivals and collaborations between the game and famous contents such as God Festival and Character Draw system to increase the profit revenue. Third, the company communicated with on and off line players to seek their needs for developing the game's better development. Consequently, the three success factors of deduced from this study not only reflect the related researches and academic values, but also contribute for the search in finding better ways to developing game contents for Korean mobile game industry.