• Environmental and Resource Economics Review
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• v.23 no.2
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• pp.187-224
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• 2014

We present key issues to consider in estimating damages from price-fixing cases and then apply the procedure addressing those issues to a transportation fuel market. Among the five methods of overcharge calculation, the regression analysis incorporating the yardstick method is the best. If the price equation relates the domestic price to the foreign price and the exchange rate as in the transportation fuel market, the functional form satisfying both logical consistency and modeling flexibility is the log-log functional form. If the data under analysis is of time series in nature, then the ARDL model should be the base model for each market and the regression analysis incorporating the yardstick method combines these ARDL equations to account for inter-market correlation and arrange constant terms and collusion-period dummies across component equations appropriately so as to identify the overcharge parameter. We propose a two-step test for the benchmarked market: (a) conduct market-by-market Spearman or Kendall test for randomness of the individual market price series first and (b) then conduct across-market Friedman test for homogeneity of the market price series. Statistical significance is the minimal requirement to establish the alleged proposition in the world of uncertainty. Between the sensitivity analysis and the model selection process for the best fitting model, the latter is far more important in the economic analysis of damage in price-fixing litigation. We applied our framework to a transportation fuel market and could not reject the null hypothesis of no overcharge.

• Journal of the Korea Society of Computer and Information
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• v.25 no.5
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• pp.47-56
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• 2020

The stock index is used not only as an economic indicator for a country, but also as an indicator for investment judgment, which is why research into predicting the stock index is ongoing. The task of predicting the stock price index involves technical, basic, and psychological factors, and it is also necessary to consider complex factors for prediction accuracy. Therefore, it is necessary to study the model for predicting the stock price index by selecting and reflecting technical and auxiliary factors that affect the fluctuation of the stock price according to the stock price. Most of the existing studies related to this are forecasting studies that use news information or macroeconomic indicators that create market fluctuations, or reflect only a few combinations of indicators. In this paper, this we propose to present an effective combination of the news information sentiment analysis and various macroeconomic indicators in order to predict the US Dow Jones Index. After Crawling more than 93,000 business news from the New York Times for two years, the sentiment results analyzed using the latest natural language processing techniques BERT and NLTK, along with five macroeconomic indicators, gold prices, oil prices, and five foreign exchange rates affecting the US economy Combination was applied to the prediction algorithm LSTM, which is known to be the most suitable for combining numeric and text information. As a result of experimenting with various combinations, the combination of DJI, NLTK, BERT, OIL, GOLD, and EURUSD in the DJI index prediction yielded the smallest MSE value.

• The Journal of the Korea Contents Association
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• v.19 no.12
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• pp.483-501
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• 2019

This study focuses on university students' social capital, examines the effects of university students' social capital on psychological well-being and campus life adjustment, and analyzes the mediating effects of psychological well-being. Data were gathered from 205 university students. The results showed firstly that university students' social capital did not have a positive effect on personal adjustment. Secondly, social capital did not have a positive effect on academic adjustment. Thirdly, social capital has a positive effect on social adjustment. Finally, psychological well-being mediated the relationship between social capital and campus life adjustment. This study is unique in that it examines the relationship between social capital and campus life adjustment. In addition, theoretical implications can be found in examining the process of mutual cooperation among students and revealing that they are identified by the theory of social exchange. Practically, the study shows that active efforts are needed to strengthen social capital and create a cooperative environment at the school level.

• Journal of the Korean Institute of Traditional Landscape Architecture
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• v.37 no.3
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• pp.83-92
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• 2019

This study aims to examine at the garden characteristics of salt merchant in Yangzhou, China during the Ming and Qing Dynasties, I looked at the background of garden formation through the literature. In addition, analyzed the garden design method and components of salt merchants. The results were as follows; First, the Yangzhou area in the past has achieved cultural and economic development with the establishment of the ancient Grand Canal. Salt merchants accumulated wealth through trade, and created many gardens under the background of securing materials for create garden through trade, forming political forces through the cultivation of students, and inflow of foreign cultures. Second, salt merchants in Yangzhou asked garden experts to design and create the garden as a place for exchange and relaxation. Also, through the production of landscape changes using Gasan(假山) and a long corridor(長廊), clear classification of spaces using architectural elements, and the placement of buildings in scenic areas adjacent to the water, the gardens with practical and aesthetic functions were owned. Third, the gardens of Yangzhou Salt Merchants have a building-oriented commercial space on the front, and a garden-centered design characteristic on the back. The garden of the commercial zone was built in a simple form using pots, oddly shaped stone, bamboo and fence patterns in the remained space, focusing on the front of the building. The garden at the back formed a curved waterway connected to the canal is refracted across the garden. The garden also features piled stones(疊石), stone bridges and ship-shaped stone building(石舫). In addition, the design reflected the introduction of trees that take into account the climate and color contrast of Yangzhou province, pavement of various materials and patterns.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.4
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• pp.191-200
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• 2017

As Korea experienced a Asian foreign exchange crisis in 1997 and a world financial crisis in 2008, the social structure of Korea has undergone many changes. The problem of polarization has become more serious, and the social class has become harder to move between strata. This problem has been accompanied by a growing sense of crisis that the power of social development can be lost along with the problem of population cliffs. Behind the crisis is a reflection of the fact that the growth-oriented economic policies and welfare policies implemented in various European countries can not solve the problem. As an alternative to this, the emergence of social enterprises is attracting attention. Social enterprises have the characteristic of seeking to generate economic profit in order to achieve the purpose of the public interest to provide jobs to the underprivileged. In recent years, the importance of social ventures to expand the scope of new social enterprises in innovative ways has increased. The social venture is a venture business in that it takes risks to develop new areas, not existing business areas, but it also has the character of a social enterprise to achieve the public interest. In other words, an innovative corporate model that provides a creative and challenging solution of social problems in the venture spirit. Although the interest and importance of social enterprises and social ventures are increasing, this academic research is still lacking. The purpose of this study is to introduce and analyze cases of successful social enterprises and social ventures in order to reflect these social interests and their importance and to fill the gap of previous studies. In addition, I hope that this study will stimulate interest and research on the start - up of social venture.

• Korean Journal of Construction Engineering and Management
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• v.9 no.4
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• pp.173-181
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• 2008

Last decade, Korea's export scale has resulted in remarkably increasing tendency, and the Korean construction firms(KCFs)' activities on the global markets also have been revitalized. Therefore, this paper analyze a correlation between changes in the oversee market conditions and firms' competitiveness focused on plant business. The aim of this paper is to analyze the internal competency change of the KCFs on the global markets in the past 5 years and to find gap of internal competencies between KCFs and outstanding foreign firms. From a survey analysis this paper found that the external impacts on the global markets(changes of exchange rates, raw materials prices, supply-demand conditions, etc.) have highly influenced the sales amount of the KCFs. But the impacts to change the operating profit have been analyzed as not important. So it is necessary to reinforce the KCF's internal competencies rater than expecting an improvement of the external conditions. Also, the KCFs should strengthen the design engineering as a core competency.

• Journal of the Korean Data and Information Science Society
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• v.28 no.4
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• pp.831-841
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• 2017

The irrational number ${\pi}$ is defined as the ratio of circumference of a circle to its radius and always becomes constant. This article does Monte Carlo approximation of its value using the famous Buffon's needle experiment and shows that its convergence is not always proportional to the sample size. We also do Monte Carlo simulations to see the convergence of the computed ${\pi}$ values from the random walk series with independent normal increment. Finally we apply the theoretical derivation to various financial time series data such as KOSPI, stock prices of Korean big firms, global stock indices and major foreign exchange rates. The historical data shows that log transformed data random walk process but most of their first lagged data don't follow a normal distribution. More importantly the computed value from the ratio of the regression coefficient ${\pi}$ tend to converge a constant, unfortunately not ${\pi}$. Using this result we could doubt on the efficient market hypothesis, and relate the degree of the hypothesis with the amount of deviation of the estimated ${\pi}$ values.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.5
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• pp.116-124
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• 2016

In the past, once apartments were built by housing construction companies, their presale went smoothly. Therefore, the developer and construction companies in Korea were extremely competitive in the housing market. However, when the 1997 foreign exchange crisis and 2008 global financial crisis occurred, the quantity of unsold new housing stocks rapidly increased, which caused construction companies to experience a serious liquidity crisis. This paper aims at analyzing the influence of Liquidity on the Housing Market before and after Macroeconomic Fluctuations using VECM. The periods from September 2001 to September 2008 and from October 2008 to October 2015, which were before and after the Subprime financial crisis, were set as Models 1 and 2, respectively. The results are as follows. First, it is important to develop a long-term policy for the housing transaction market to improve household incomes. Second, due to the shortage in the supply of jeonse housing, structural changes in the housing market have appeared. Thus, it is necessary to seek political measures to minimize the impact of transitional changes on the market.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.15 no.2
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• pp.1118-1125
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• 2014

The past IMF foreign exchange crisis and subprime financial crisis had a big influence on variability of macroeconomics, even if the origin of its occurrence might be different. This not only had a significant infrequence on the overall industries, but also produced many insolvent companies by being closely linked with a management environment of an individual construction company leading the construction industry. The purpose of this research is to investigate characteristics of management condition of construction company according to the size of construction company using KMV model developed on the basis of the Black & Scholes option pricing theory. This research has set 28 construction companies listed to KOSPI/KOSDAQ for applying the KMV model and measuring the level of the default risk of construction companies. The data was retrieved from TS2000 established by Korea Listed Companies Association (KLCA), Statistics Korea. The analysis period is between first quarter of 2004 and fourth quarter of 2010. This research examine characteristics of the level and fluctuation process of the management condition of construction company according to the size of construction company.

• Korean Security Journal
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• no.42
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• pp.277-308
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• 2015

Recently the Japanese hostage crisis with Syria, the stake of the pilots IS of the terror group's affiliates like Kim incident occurred while urinarado IS not an exception anymore in connection with terrorism will not be able to do. In addition, particularly against terrorist groups worldwide, IS being a hero has been marginalized and wants uncritical drugs aimed at teens, such as dialog or game IS through SNS joined nationals as well as other countries, while recommending domestic complaints until the people power or luck, put the older brother can sign up for any terror group IS the terrorist group's terrorist acts while making the environment a national mark by foreigners or immigrants can be caused by the situation. Therefore, in this study, this IS serious for the terrorist acts of the terrorist group, IS due to the expansion of the domestic terrorist group caused the terror raids of about the dangers of foreign countries to review the case, and the incident has sought ways to prevent and respond to the rapporteur. The result IS due to the expansion of the domestic terrorist group caused the terror raids of the dangers of sex exists and that causes a response to the implements are as follows. First of all, IS brokering for the site of the terrorist group's approach to counter-terrorism Act will be a, and the next, each agency and terror for the information exchange and cooperation and serves as a reexamination of terror occurred through the quick and appropriate measures should be the language. Finally, the duties related to terrorism for teens, especially education and strengthen the safety program development and against terrorism should be carried out.