• Health Policy and Management
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• v.2 no.1
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• pp.80-114
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• 1992

Current compensation schemes for medical malpractice based on negligence is absolutely malfunctioning in Korea. Focussing on the reform of present tort systems for resolving medical malpractice disputes, this paper discusses the alternative models of the Social Relief Schemes for Medical Malpractice (SRSMM). Alternative models of SRSMM should fundamentally be based on either negligence or nofalult compensation principle. On the foundation of the previous relief principle, the SRSMM should be equupped with three major components-the preventio/reduction of the sharp increasing medical malpractice, the effective and efficient resolving process for malpractice disputes and the proper social financing scheme for compensation. The paper deals with pros and cons of the possible alternative models for reform centering on the three major components of the scheme. As conclusions, administrative arbitration machinaries and a compulsory fund for compensating the injured under the negligence principle are proposed to resolve the current problems Korea has faced.

• Proceedings of the Technology Innovation Conference
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• 1996.12a
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• pp.296-324
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• 1996

Technology financing is different from other forms of corporate financing such as equipment purchase or facility related financing in terms of its riskiness. It is, therefore, difficult for innovative entrepreneurs to access any fund even though there are various ready-made funds available for implementing their technology development projects. The objective of this paper is to suggest a new means of financial support, entitled "stepwise Financing Mechanism" and to introduce credit based financing program. The Stepwise Mechanism will alleviate riskiness of technology development greatly by dividing the process of the development. Also, a credit based financing will make market interest rate decline and may have the same result as increasing the supply of money.

• Journal of mucopolysaccharidosis and rare diseases
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• v.4 no.1
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• pp.11-13
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• 2018

In Malaysia, diagnosis and treatment of patients with mucopolysaccharidoses (MPS) is mainly localized at Hospital Kuala Lumpur, which is the national referral center for rare diseases. To date there are 83 patients diagnosed with MPS in our center, with MPS II being the commonest. The Malaysian National Medicines Policy second edition has a specific section on the orphan drugs which includes recombinant human enzyme for enzyme replacement therapy (ERT) in MPS. So far, National Pharmaceutical Regulatory Agency Malaysia has approved recombinant human enzyme for MPS types I (Loranidase), II (idursulfase), IVA (elosulfase alfa), and VI (Galsufase). Access to Idursulfase beta (another recombinant human enzyme for MPS II) and vestronidase alfa-vjbk (MPS VII) required special authorization on named patient basic. Currently there are 25 patients receiving ERT, 70% of the funding are from Ministry of Health (MOH), the remaining 30% are from various charitable funds and humanitarian programs. Thirteen newly diagnosed patients have to queue for an additional fund. Four patients have been treated with Hematopoietic stem cell transplant. MOH has also published guidelines regarding the patient selection criteria for ERT and treatment monitoring schedule.

• The Journal of Fisheries Business Administration
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• v.31 no.2
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• pp.93-117
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• 2000

Fisheries finance is divided into the policy time of long period of time and low interest and the special financing institutions, such as Fisheries Co-operatives. Union system finance is the system finance, which supports the fisheries system organization. Fisheries Co-operatives in cities, towns and villages are the independent management objects. Prefecture federation of Fisheries Co-operative is in prefecture stage. Norm Chukin Bank is in national stage. Each shares functions in these three stages, and finance is performed systematically, Fisheries policy finance comprises government financial institution capital such as the Agriculture, Forestry and Fishery Finance Corporation whish is based on the capital of a country or a prefecture financial fund, and fishery Modernization Capital used as financial funds through the government. Moreover, to complement such finance institutionally, Fisheries Credit Foundations, Agriculture and Fisheries Saving Insurance Corporation and National fisheries Co-operative Trust Enterprise Mutual Aid system have been established

• Journal of Convergence for Information Technology
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• v.10 no.9
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• pp.206-214
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• 2020

This study analyzed the impact of direct and indirect subsidies on profitability in general hospitals in Korea. The data were collected from medical institution accounting information disclosure system of 270 general hospitals from 2016 to 2018. The analysis index used the ratio of net profit to business revenue for profitability, and Subsidies index the ratio of subsidies to business revenue(state subsidies for facility investment purposes, Fund related to essential business, research revenue and contribution revenue). According to the study, the ratio of state subsidies, which are direct subsidies, was very high at 57.30 percent for public institution hospitals. ratio of Fund related to essential business, which is a tax reduction effect with indirect subsidies, had the highest at 6.69 percent for Private University Hospitals. which are Indirect subsidies for deficit or operational assistance, research revenue ratio had the highest 2.8 percent for National University Hospitals, contribution revenue ratio had the highest 36.4 percent for public institutions. As a result of looking at the impact of subsidies on profitability, Nation University Hospitals had the lower the ratio of Fund related to essential business and the ratio of research revenue, the higher the net profit ratio of Business revenue. Medical Corporation Hospitals and Foundation Hospitals had the higher the ratio of Fund related to essential business to business revenues, the higher the net profit ratio of business revenue. These results mean that profitability may fluctuate depending on the utilization of funds related to essential business.

• Journal of Distribution Science
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• v.13 no.9
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• pp.37-45
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• 2015

Purpose - This paper's aim is to investigate whether or not gross profitability explains the cross-sectional variation of the stock returns in the Korean stock market. Gross profitability is an alternative profitability measure proposed by Novy-Marx in 2013 to predict cross-sectional variation of stock returns in the US. He shows that the gross profitability adds explanatory power to the Fama-French 3 factor model. Interestingly, gross profitability is negatively correlated with the book-to-market ratio. By confirming the gross profitability premium in the Korean stock market, we may provide some implications regarding the well-known value premium. In addition, our empirical results may provide opportunities for the fund distribution industry to promote brand new styles of funds. Research design, data, and methodology - For our empirical analysis, we collect monthly market prices of all the companies listed on the Korea Composite Stock Price Index (KOSPI) of the Korea Exchanges (KRX). Our sample period covers July1994 to December2014. The data from the company financial statementsare provided by the financial information company WISEfn. First, using Fama-Macbeth cross-sectional regression, we investigate the relation between gross profitability and stock return performance. For robustness in analyzing the performance of the gross profitability strategy, we consider value weighted portfolio returns as well as equally weighted portfolio returns. Next, using Fama-French 3 factor models, we examine whether or not the gross profitability strategy generates excess returns when firmsize and the book-to-market ratio are controlled. Finally, we analyze the effect of firm size and the book-to-market ratio on the gross profitability strategy. Results - First, through the Fama-MacBeth cross-sectional regression, we show that gross profitability has almost the same explanatory power as the book-to-market ratio in explaining the cross-sectional variation of the Korean stock market. Second, we find evidence that gross profitability is a statistically significant variable for explaining cross-sectional stock returns when the size and the value effect are controlled. Third, we show that gross profitability, which is positively correlated with stock returns and firm size, is negatively correlated with the book-to-market ratio. From the perspective of portfolio management, our results imply that since the gross profitability strategy is a distinctive growth strategy, value strategies can be improved by hedging with the gross profitability strategy. Conclusions - Our empirical results confirm the existence of a gross profitability premium in the Korean stock market. From the perspective of the fund distribution industry, the gross profitability portfolio is worthy of attention. Since the value strategy portfolio returns are negatively correlated with the gross profitability strategy portfolio returns, by mixing both portfolios, investors could be better off without additional risk. However, the profitable firms are dissimilar from the value firms (high book-to-market ratio firms); therefore, an alternative factor model including gross profitability may help us understand the economic implications of the well-known anomalies such as value premium, momentum, and low volatility. We reserve these topics for future research.

• KDI Journal of Economic Policy
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• v.26 no.2
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• pp.209-247
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• 2004

Although various publicly reserved funds have recently come to the fore of academic and policy-making attention in Korea, researchers rarely take up the issue of the reserve fund retained from annual profits by the central bank (i.e., the Bank of Korea). Starting with the general public choice premise that bureaucrats seek to maximize their discretionary budget, this paper first provides a theoretical reasoning why central bank's bureaucrats would prefer retaining annual profits to turning them to the Treasury. The major tenet to be emphasized is that retained profits as a reserve fund can give the central bankers discretionary power in their disposition. In particular, we focus on the close relationship between the reserve fund and the discount windows. The latter, as a monetary instrument, has traditionally been demonstrated to cause secrecy, arbitrariness, and other bureaucratic amenities in the previous literature. Subsequently, this paper, based on 61 countries data, empirically verifies that the central bank's reserve fund is at least partially used to additionally increase the discount windows. Since an excessive use of discount windows results in inflationary bias, we conclude the paper with some policy suggestions to have such bureaucratic power of discretion in check. This paper, if in its experimental nature yet, is expected to shed a critical implication for establishing the meaningful independence of the central bank to a host of countries.

• International Commerce and Information Review
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• v.14 no.4
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• pp.317-337
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• 2012

This study has investigated shipping finance systems in Korea and China, and extracted negative factors based on it to propose a way to develop the shipping financial system in Korea for shipbuilding industry and marine transportation. From after the global financial crisis in 2008 to right before the Lehman Brothers Holdings bankruptcy, shipping finance has been dominated by the major industrialized countries in Europe. However, the weight point is moving to the countries in Asia region such as Korea, Japan, and China based on relatively strong banking system and low interests rate. This study focused on the alternatives the current situation that the starter of shipping finance among three countries in Northeast Asia, South Korea is facing China's challenges. In the paper, shipping finance in Korea presented its defectives such as the limits of ship financing, lack of professional workforces, ever-present foreign exchange risks, and lack of understandings of the parties. As the countermeasures of them, it proposed establishing professional institute for ship financing, training professionals in financial industry, raising foreign credentials of won, and continuing associations between the parties. Even though we are the first Asian country introduced ship funds, the ship funds growth in China shall be under our eyes while we keep systemic networks between shipping, ship building, and ship financing.

• The Journal of the Convergence on Culture Technology
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• v.8 no.1
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• pp.523-529
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• 2022

Art sponsorship contributed to the development of culture and art by supporting art activities to be financially stable. Various problems in the non-fungible tokens (NFTs) market, such as speculative transactions, are also expected to be improved through sound art sponsorship. This study proposes methods of implementing art sponsorship using NFTs and smart contracts. First, we propose a method of posting the acknowledgement of art sponsorship using NFT metadata. Second, we propose a method to remit sponsorship funds according to the project schedule using time-locked wallets. Third, we propose a method to remit sponsorship funds when major events of the project occur or requirements are met using Event-Driven Execution. The proposed methods can be used to share the fact about art sponsorship and safely fund it. However, many decisions about art projects must be made based on information generated outside the blockchain, which can lead to Oracle problems, so further research is needed.

• Journal of the Korean BIBLIA Society for library and Information Science
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• v.23 no.4
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• pp.45-69
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• 2012

This paper examined the roles of academic libraries in open access journal publishing in terms of monetary supports for publication. As a result, many academic libraries have participated in the cooperative programs such as COPE(Compact for Open-Access Publishing Equity) and $SCOAP^3$(The Sponsoring Consortium for Open Access Publishing in Particle Physics) for authors to publish their research in open access journals. Also, 13 academic libraries in North America have set up the campus-based open access author funds individually. Most of academic libraries in participating COPE did not fund for research that have been published in the hybrid open access journals. In addition to publication funds, academic libraries provided authors or scholarly societies with such services as copyright negotiation, technological supports of the publication process, and the dissemination of open access publications.