• KDI Journal of Economic Policy
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• v.42 no.2
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• pp.1-30
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• 2020

This paper analyzes how injunctions relate to patent hold-up problems. To this end, we present a simple model of licensing negotiations between a patent holder and a downstream firm in the shadow of litigation. More specifically, we consider the situation in which an injunction is granted as a matter of course if a patent is found valid and infringed upon in litigation, but the patent holder may be under-compensated due to aspects of the patent remedy system other than injunctions. We show that if the downstream user is unaware of the patent before any investment in initially designing its product, the patent hold-up problems created by injunction threats are worrisome when (i) the redesign process is costly, (ii) the degree of patent protection (by aspects of the patent remedy system other than injunctions) is sufficiently strong and (iii) the injunction is requested not to practice the patented technology exclusively but to collect excessive patent royalties. Even if the downstream user is aware of the patent before the initial investment, the patent hold-up problems do not disappear. The findings here imply that a discretionary approach is required towards denying injunctions against patent infringement. If the degree of patent protection is not sufficiently strong, denying injunctions can exacerbate the under-compensation problem. However, once patent protection improves enough (not necessarily perfectly), we may see a surge of patent hold-up problems, and it would be better to apply alternative patent remedies in place of injunctions when necessary. Lastly, we discuss several possible alternatives to injunctions and their pros and cons.

• Asian Journal of Business Environment
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• v.11 no.3
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• pp.33-43
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• 2021

Purpose: The purpose of the paper is to assess the greening of investment flows as well as the orientation of financial sources of effective environmental protection. Both India and Vietnam are considered to be two Asian countries that are radically affected by global climate change. Governments of the two countries have implimented numerous measures against environmental pollution through the banking and finance sector. Developing green banking operations in India and Vietnam is a new direction in the socio-economic development strategy coupled with effective environmental protection. Research design, data and methodology: The data was mainly based on Asia Development Bank Institution (ADBI) and Bank of India (BOI) from 2015 - 2018. This paper focused on comparing and evaluating the development of green banks between the two countries. Result: The banks' contribution to green growth and green economy is shown in two basic aspects: (i) the connection between organizations, and individuals, and management process for investment projects, including environmental risks; and (ii) the operation of banks has a direct impact on the environment, through the application of technology to pay documents and apply e-banking. Conclusion: Paper reflects, compares and evaluates green banking operations in India and Vietnam to provide new directions aiming to develop financial and economic system along with effective and efficient step toward climate change control. India's green banking operations, after a specific assessment, will be lessons for the Government of Vietnam during the process of socio-economic development and environmental protection.

• Korea Trade Review
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• v.41 no.2
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• pp.29-60
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• 2016

Research and Development(R&D) investment is an issue of central importance in any economy. In this paper we analyze the relationship between R&D spillovers and trade-related variables, using a two-stage model where duopolists simultaneously decide on R&D in the first stage and engage in Cournot competition in the second stage. We characterized and compared the free-trade and trade-restriction R&D equilibrium in a two-stage game of R&D investment followed by Cournot market competition. We also assessed the impact of varying the R&D spillover on the equilibrium outcomes and tariff. We showed for both free trade and protection cases that there exists a unique symmetric solution(subgame perfect Nash equilibrium). As the solution, while analytical, cannot be stated in closed form, we resorted to numerical experiments to investigate the equilibrium results. Our estimates indicate for both free trade and protection cases that the level of R&D investment and the rate of R&D expenditure decrease as the degree of R&D spillovers increases, and that there is an inverse relation between the degree of R&D spillovers and level of protection. The latter implies that the larger the degree of R&D spillovers, the lesser the level of protection.

• Journal of Arbitration Studies
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• v.18 no.2
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• pp.149-171
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• 2008

The purpose of this paper is to examine the Measures against Risks in International Investment Agreement: focusing on Umbrella Clause and MIGA. Umbrella Clauses have become a regular feature of international investment agreements and have been included to provide additional protection to investors by covering the contractual obligations in investment agreements between host countries and foreign investors. The meaning of umbrella clauses is one of the most controversial issues with which international arbitral tribunals have been recently confronted with while adjudicating investment disputes brought before them MIGA issues guarantees against non-commercial risks for investments, such as: currency transfer restrictions, expropriations, war and civil disturbances and breach of contract by host governments, and the case that the investor obtains an arbitration award or judical decision for damages and is unable to enforce it after a specified period. Furthermore, MIGA undertakes a wide range of mediation activities designed to remove obstacles to the flow of foreign direct investment in its developing member countries.

• Journal of Families and Better Life
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• v.29 no.2
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• pp.51-62
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• 2011

Financial consumers can invest their financial assets directly or indirectly. This investment type have effect on their financial well-being and may be influenced by their financial characteristics and investment attitude. The purposes of the study were to classify the consumers by direct and indirect investment behavior of their financial assets and to investigate their socio-economic characteristics and investment attitudes to give implications for financial counseling and education. The data came from the 2009 Fund Investors Survey which was conducted by Korea Investors Protection Foundation. Total 2,530 consumers were analyzed using frequency, CROSSTAB, ANOVA and Duncan's multiple range test. In general, consumer tended to be rational in choosing the investment type. Noninvestors consisted of 38.5% of the sample. The economic level was the lowest for the noninvestors. The consumers who invest both indirectly and directly consisted of 21.0% and their economic level was the highest. Their investment tendency was between direct and indirect investors'. The proportion of direct investors ws 12.1% and that of indirect investors was 28.4%. Although the economic levels of indirect investors and direct investors were not statistically different, there were differences in their demographics and investment attitudes. The proportions of those aged 30-39, female and nonmarried were greater for indirect investors. They had the tendency to invest safely and diversely for a long term with reserve money. On the other hand, direct investors tended to be male, married and aged 40-49. They tended to invest intensively for a shorter term and seek returns even with borrowing money.

• Journal of Digital Contents Society
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• v.19 no.8
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• pp.1515-1525
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• 2018

Security threats in the 4th Industrial Revolution have expanded to the issue of safety, but the environment for information security of domestic companies is still at a low level. This study aims to propose policy implications by empirically analyzing factors affecting investment intention. We investigated the state of information security and protection behavior and expanded UTAUT to investigate correlations. The results showed that information assets affect facilitating conditions, and perceived and new concerns have impacts on social influence. Social influence affect experience and habits, but the impact on security investment intentions was rejected. Facilitation conditions, previous experiences and habits have great influences on investment intention, new service security investment intention. The influence of perceived and new concern are low or rejected. There are moderating effects between types of business, size, security organization, experience of infringement, security personnel ratio, and personal information collection. This study will help to establish policies for enhancing the level of information security.

• Journal of Korea Society of Digital Industry and Information Management
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• v.8 no.3
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• pp.33-39
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• 2012

Since the passing of the Personal Information Act in March 2011 and its initial introduction in September, over the one year to date diverse security devices and solutions have been flowing into the market to enable observance of the relevant laws. Beginning with security consulting, corporations and institutions have focused on technology-based business in order to enable observance of those laws competitively in accordance with 6-step key procedures including proposal, materialization, introduction, construction, implementation, and execution. However there has not been any investment in human resources in the field of education such as technology education and policy education relative to the most important human resources field nor investment in professionals in the organization for the protection of personal information or in human resources for operating and managing IT infrastructure for actual entire personal information such as special sub-organizations. In this situation, as one process of attracting change from the nature of the technology-based security market toward a professional human resource-based security infrastructure market, it is necessary to conduct research into standardization modeling concerning special organizational composition and a management system for the protection of personal information.

• Journal of Arbitration Studies
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• v.19 no.1
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• pp.121-145
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• 2009

South Korea has investment agreements such as FTAs, BITs with several countries. Up to now, no single case has been registered against the Korean government on breach of investment agreements, but it is likely that the number of such cases would increase. Therefore, an investor-state dispute settlement system, an arbitral procedure by which a foreign investor may seek compensation of damage against the host country, is gaining its importance. The provision of the ISDS has been one of the hottest issues in Korea while the Kor-US FTA was being signed. In this respect, with the growing number of regional agreements such as BITs and FTAs, a careful scrutiny on the ISDS is necessary for Korea. I have therefore studied theoretically subjects including the National Treatment(NT), the Most-Favored Nation(MFN), Fair and Equitable Treatment and Expropriation - those that have been the objects of protection on investors. And I have analyzed ICSID arbitral awards and provided implications. In the ICSID arbitral awards, the Fair and Equitable Treatment turned out to be the most recognized violation on investors by the host State in terms of investor protection. On the other hand, Indirect Expropriation - a matter of which public anxiety was shown led by civic groups - was not generally recognized in arbitral awards. This study is written for sake of governments, local autonomous entities and public enterprises that are in charge of FTAs and BITs.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.58
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• pp.313-328
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• 2013

Today FTA extends over the world and Korea as a main member of international trade is no exception. In the past Korea, as the developing countries, has made endlessly effort to induce foreign investment from foreign enterprise and/or government to be a truly OECD countries today and made it. Korea's trade economy was reached 1 trillion dollars in 2012. Now we have to find a new way to produce, process, procure goods from foreign investment and also need to protect our profit and/or rights within foreign judicial territory. There are two method to protect foreign enterprise or government. First they rely on general principles in WTO or Bilateral Investment Treaty that the principle of equality, national treatment, and most-favored-nation treatment, you can create a predictable environment to protect foreign enterprise and/or government. Second they need to incorporate contractual clauses in their agreement such as stabilization clause, force majeure, arbitration, governing law or sovereign immunity. Of course there are many things left behind to consider I hope it will be helpful to those who prepare foreign investment contract.

• Journal of Information Technology Services
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• v.18 no.5
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• pp.165-182
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• 2019

An equity crowdfunding system of Korea has been introduced since January 25, 2016. The crowdfunding has contributed to remove the funding gap for startups in Korea. In the three years since the introduction of the system, the amount issued has been growing annually 31 percent. In 2018, the general investors who participated in equity crowdfunding, account for 93.8% of the total market size. General investors are a large part of equity crowdfunding. Investors, however, are facing the information asymmetry problems. General investors rely heavily on the investment prospectus provided by startups to obtain the information they need to determine their investment decisions. Under these circumstances, startups have the incentive to provide information that is advantageous to them, and investors are likely to be adversely affected by the investment prospectus. In this study, we collected the novel crowdfunding prospectus dataset: a total of 459 investment prospectus and conducted a morphological analysis. The analysis showed that the more positive the word, the higher the success rate of investors' subscriptions. We also compared projects that were heavily invested by general investors with projects that were heavily invested by professional investors. Then, we were able to examine that the success rates of project subscription, which were heavily invested by general investors, were higher than the projects of professional investor type. It can be interpreted as a general investor driven crowdfunding market. Based on these results, we propose three policies. First, the supervisor should be strengthened to provide more detailed information on investment risk factors in the prospectus. Second, the crowdfunding intermediary should monitor information provided by startups. Third, an investor should be asked to add a question to the investment compliance test that allows the investor to recognize the problem in the manual.