• 아태비즈니스연구
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• 제11권1호
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• pp.61-75
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• 2020

Purpose - The purpose of this study was to examine the efficiency of the foreign exchange markets in Korea, Japan and China. Design/methodology/approach - This study collected 1327 observations each of the daily closing exchange rates of the three currencies against the US dollar for the sample period from January 1, 2015 to January 31, 2020, based on the tests for autocorrelation, unit root tests and GARCH-M(1,1) model estimation. Findings - We have found that the autocorrelation test indicates the lack of autocorrelation and unit root test confirms the existence of unit roots in all times series of the three currencies, respectively. The GARCH-M(1,1) test results, however, suggest that the exchange rates do not follow a random walk process. In conclusion, the recent spot foreign exchange markets in Korea, Japan and China are believed to be informationally inefficient. Research implications or Originality - These findings have practical implications for both individual and institutional investors to be able to obtain excess returns on their investments in the foreign exchange markets in three countries by using appropriate risk management, portfolio strategy, technical analysis, etc. This study provides the first empirical examination on the foreign exchange market efficiency in the three biggest economies in Asia including China, which has been excluded from research due to its exchange rate regime.

• Journal of Information Processing Systems
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• 제19권3호
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• pp.347-354
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• 2023

The rapid development of information technology has accelerated the application of big data and the Internet of Things in various industries. Big data has a great potential in the development of smart tourism. With the help of innovation in emerging technologies such as big data and Internet of Things, smart tourism has a better possibility to surpass traditional tourism. Therefore, this article provides a theoretical support to this process. It has explored the innovative management model of big data and IoT in smart tourism and evaluate their effects on promoting tourism. It offers a reference for the integration and innovation of the tourism theory system. Before big data technology, the development of Internet boosted online tourism. However, tourism marketing is still inefficient due to a lack of understanding about tourists. After many practical explorations of big data technology, tourism websites begin to adopt big data technology in their daily operations. With the changes in tourists' preferences and needs, further innovation and research are needed to help smart tourism keep up with the changes in the market and create more competitive products and services. Innovation serves as the driving force for enterprises to occupy the market and develop.

• 재무관리연구
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• 제27권1호
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• pp.1-30
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• 2010

본 연구는 영국 파운드, 캐나다 달러, 호주달러, 원달러 및 브라질 레알화 통화선물시장과 현물시장 수익률사이의 선도-지연관계, 변동성의 비대칭적 인과관계 및 시장효율성을 비교분석하였다. 각 통화현 선물시장 수익률간의 선도 지연관계 분석을 위하여 VAR(vector auto regressive)모형에 기초를 둔 Granger 인과관계분석을 실시하였으며 변동성의 비대칭적인 정보전달메커니즘 분석은 시간변동MA(1)-GJR-GARCH(1, 1)-M모형을 도입하였다. 주요 실증분석결과는 다음과 같다. 첫째, Granger 인과관계분석결과 각 통화선물 및 현물시장사이에는 피드백적인 인과관계가 존재하는 것으로 나타났다. 각 통화선물시장의 현물시장에 대한 가격발견기능이 통화현물시장의 선물시장에 대한 영향력보다 상대적으로 더 높은 것으로 나타났다. 둘째, MA(1)-GJR-GARCH(1, 1)-M모형을 추정한 결과, 각국 통화 현 선물시장사이에는 피드백적인 조건부평균이전효과(conditional mean spillovers)가 강하게 존재하는 것으로 나타났으며 전반적으로 선물시장의 현물시장에 대한 영향력이 그 반대의 경우보다 상대적으로 강한 것으로 나타났다. 셋째, 변동성의 비대칭적인 전이효과를 분석한 결과, 각국 모두 통화 선물시장에서 현물시장으로의 비대칭적인 변동성이전효과가 강하게 존재하고 있으며 통화현물시장에서 선물시장으로는 호주달러현물시장을 제외하고 나머지 시장에서는 정보의 비대칭적특성이 존재하는 것으로 나타났다. 이러한 각국 통화선물시장과 현물시장사이의 대칭적 비대칭적 정보이전효과로부터 통화 선물시장이 현물시장에 대한 가격발견기능이 지배적이며 각 통화 현 선물시장은 정보에 비효율적인 시장임을 추론해 볼 수 있다. 이는 주식시장을 연구한 Stoll and Whaley(1990), Abhyankar(1995), Brooks et al.(2001) 등의 연구와 일맥상통하는 것으로 나타났다.

• 보건행정학회지
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• 제18권4호
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• pp.185-206
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• 2008

The National Health Insurance (NHI) has been the main body of health care system in Korea for the last 30 years since the NHI was founded. However, the inefficient management and strong regulations of the NHI have hindered the development of health care industry. The establishment of the MB government, whose interest lies on economic growth rather than equity, is expected to help the health care services gain a momentum. The essential measures that can step up public health care services overall are the following: the introduction of competition within NHI, the activation of private health care insurance, and the allowance of for-profit hospital. The private-public mix with market mechanism would level up the health care service for the public.

• 대한전기학회:학술대회논문집
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• 대한전기학회 2008년도 제39회 하계학술대회
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• pp.273-274
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• 2008

Recently, the most wide-area blackout in North America, Canada and Europe had shown us indirectly the importance of Wide-Area Power System Protection and had influence on the direction of domestic electric power industry. After reorganization of the electric power industry in 2001, market incentives controls the power generation, transmission and distribution rather than stability of power grid, and moreover it produce bad results like inefficient facility management and too much competition. In addition, we can easily predict the massive loss of social and economic when the wide-area outage occurs by north direction load flow which is a pending problems of domestic power system and in a changed industry likes hi-tech manufacture and information technology industries. This paper introduces the development of infra systems for prevent wide-area blackout in situations of the power system operations.

• 한국항해항만학회지
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• 제37권2호
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• pp.187-193
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• 2013

In this prolonged economic recession, the countries in Northeast Asia play a crucial role in the global market and the relationship between Korea and China gets more attention due to its significant achievement during the past 20 years after the establishment of diplomatic ties in 1992. In this regards, this study presents general overview of Korea-China Car Ferry Route and evaluates the efficiency level of each operating route using DEA model. Incheon-Yingkou, Incheon-Lianyungang, Pyeong Taek-Lianyungang are analyzed as efficent routes, while from the view point of passenger efficiency, 4 routes i.e, Incheon-Dalian, Incheon-Dandong, Pyeong Taek- Weihai, Gunsan-Shidao are also noted as efficient routes. Consequently, other inefficient routes can benchmark these efficient routes by increasing cargo volume and passengers.

• Asia pacific journal of information systems
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• 제15권3호
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• pp.223-241
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• 2005

In spite of the rapid growth of mobile multimedia contents market, most of the customers experience inconvenience, lengthy search processes and frustration in searching for the specific multimedia contents they want. These difficulties are attributable to the current mobile Internet service method based on inefficient sequential search. To overcome these difficulties, this paper proposes a MOBIIe COntents Recommender System for Movie(MOBICORS-Movie), which is designed to reduce customers' search efforts in finding desired movies on the mobile Internet. MOBICORS-Movie consists of three agents: CF(Collaborative Filtering), CBIR(Content-Based Information Retrieval) and RF(Relevance Feedback). These agents collaborate each other to support a customer in finding a desired movie by generating personalized recommendations of movies. To verify the performance of MOBICORS-Movie, the simulation-based experiments were conducted. The results from this experiments show that MOBICORS-Movie significantly reduces the customer's search effort and can be a realistic solution for movie recommendation in the mobile Internet environment.

• 국제학술발표논문집
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• The 2th International Conference on Construction Engineering and Project Management
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• pp.366-375
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• 2007

Our nation has a problem with discrimination of income distribution and inefficient of resources distribution caused by real estate price rising from a sudden economy growth and industrialization. Specially, in recent years, there is a great disparity of condominium price between the north and south of the Han river. Because the housing price is deciede by the immanent value of a house and neighborhood effects of the regional where the house is situated, the housing price is occurred difference. In this study, I analyzed the differences of housing price determinants about condominium developments in the old and new residential areas, and found the important factors that affect the condominium price using Structural Equation Modeling(SEM) The purpose of study is to analyze the influence of various factors of housing price. Also, this study tried to predict real estate market and to establish previous effective real estate policy.

• 한국의류학회지
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• 제30권11호
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• pp.1495-1506
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• 2006

The purposes of this study are to investigate the formation and the change of apparel retail structure historically with the viewpoint that the retail structure is affected by the process of economic development. This study was done by literature research method and the result of this study is the following. The tailor and seamstress shops, the first clothing shops in Korea, were replaced by ready-made shops, because mass production system which had developed with the industrialization of Korea increased the advantage of economy of scale compared to handicrafts individual one. After that, the production system of apparel industry had been efficient continuously, while retail system had not. The retailing of famous brand apparel conducted by exclusive franchise store caused supplier oriented markets where the opinion and the desire of consumers were not reflected. While the retailing of the unknown brand apparel handled by small retail stores were inefficient. As the apparel industry matured in 1990s, various types of new stores appeared such as specialty stores, discount stores, TV home shopping, internet shopping, outlet malls, and big fashion stores in Dongdeamoon. These new stores have features of seeking profits in mass merchandising. As these large retail stores grow, the apparel retail structure of Korea is changing from a fragmented market to a vertically integrated one. This change is shown by the decrease of stores per inhabitants. With the change of environment, the apparel retail system which has lagged behind comparatively is expected to develop into more efficient system based on the large capital investment which raise the advantage of economy of scale.

• 유통과학연구
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• 제15권12호
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• pp.53-60
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• 2017

Purpose - This paper analyzes the effect of the handset subsidy and the Mobile Number Portability subscriber subsidy regulation, which are the main regulation adopted in "Law on the Improvement of the Mobile Terminal Distribution System" (Mobile Terminal Distribution Act), on the social surplus, the consumer surplus and profits of telecommunications carriers. We focus our analysis on whether the service charge competition is stimulated enough so that it can compensate for the loss of subsidies. Research design, data, and methodology - We use simple economic model to assess the impact of the handset subsidy and the Mobile Number Portability subscriber subsidy regulation. Unlike the former researches on this topic, we depart from using Hotelling model, and instead use the switching cost model, which uses switching cost as a parameter of market powers of telecommunications carriers. We also study the effect of the two different regulations when they are adopted both independently and concurrently. Results - If the market powers of telecommunications carriers are over certain threshold, contrary to the regulatory agency's assertion, the service charge competition would not be stimulated enough to compensate for the deduction in the subsidies, and thus the consumer surplus is compromised. Number Portability subsidy, especially, undermines the rival's market power and thus reduces the service charge. On the other hand, the regulations will also increase the profits of telecommunications carriers. However, social surplus is maximized when both of the regulations are present because the regulations reduces the frequency of switching handsets inefficiently. Conclusions - In enacting the Mobile Terminal Distribution Act, the telecommunications regulatory agency asserted that the regulation on subsidies will stimulate service charge competition, and in the long run, enhance the consumer surplus. However, contrary to the regulatory agency's assertion, subsidy regulation, especially the regulation on Number Portability subsidy, reduces consumer surplus. On the other hand, the Mobile Terminal Distribution Act can also increase the profits of telecommunications carriers because it decreases competition among the telecommunications carriers. However, the Mobile Terminal Distribution Act can increase the social surplus because it reduces inefficient switching of handsets.