• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.48
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• pp.57-76
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• 2010

This study reviews maritime transport policy regarding liner conference and the changes in the liner market over the decades. Liner shipping industry has long been protected from competition by block exemption. To prevent excessive competition in punctual operation and its inelastic market structure, liner shipping companies formed conferences that are protected to fix the prices under the law. In the US, deregulation in transport sector began from 80's and continuing with OSRA 1998, conferences were dissolving. On the other hand, the EU with close conference system, Regulation 4056/86 contained block exemption remained in force for unlimited time without review clause. However, in Oct 2008, the EU has announced its removal, and conferences were no longer permitted to fix the price nor exchange information. Although OSRA 1998 has already broken up conferences by allowing individual service contracts, but the repeal of the immunity for price fixing will alter significantly the rule on cooperation in the industry since it is a unilateral move by the EU, especially in transatlantic lane. There are rapid changes in shipping market getting much more complicated, and with removal of 4056/86 allowing the market to be more competitive, opening up the industry with far more diverse strategic options. Hence this paper reviews on liner shipping industry and its changes of policies over the years from protected market to open competition market of today.

• Journal of the Korean Operations Research and Management Science Society
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• v.23 no.4
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• pp.213-224
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• 1998

Since the late 1980s, an Increasing number of neural network models have been studied in the areas of financial prediction and analysis. The purpose of this study is to Investigate the possibility of building a neural network model that is able to construct a profitable trading strategy in the Korean Stock Market. This study classifies stocks into the future market winners and losers from the publicly available accounting information and builds portfolios based on this information. The performances of the winner portfolios and the loser portfolios are compared with each other and against the market index. The empirical result of this research is consistent with the traditional fundamental analysis where it is claimed that the financial statements contain firm values that may not be fully reflected In stock prices without delay. Despite the supporting empirical evidence. It is somewhat Inconclusive as to whether or not the abnormal return in excess of market return is the result of the extra knowledge obtained in the neural network models derived from the historical accounting data. This research attempts to open another avenue using neural network models for searching for evidence against market efficiency where statistics and intuition have played a major role.

• Management & Information Systems Review
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• v.25
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• pp.387-405
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• 2008

Vietnam is gaining much attention as an attractive emerging market that can replace BRICs for the corporations who are destined to always look for a new market in order to secure competitive powers in the global market. The reason for Vietnam's becoming an attractive place for production is that much uncertainty has been found in China, which has been the traditional country that absorbed the most amount of capital investment. Also, the favorable conditions of Vietnam market itself and the environmental changes such as the open-door policy of Vietnam government attract the investment of Korean companies, and Korea currently holds the most amount of cumulative investments in Vietnam. However, it is necessary to remember that Vietnam is still a socialist nation, and many required components for corporate activities are not sufficiently provided in Vietnam market. Also, many unstable environmental factors exist such as the lack of infrastructure, the lack of many required institutions, the prevalent corruption, the excessive processing time and cost for adjusting the investment, the lack of advanced work force, and the underdevelopment of part and material industry. Therefore, those companies who are planning to invest in Vietnam should take a long-term perspective in planning the investment strategies, carry out a detailed market investigation and analysis in advance, diversify the investment areas and investment sectors, carefully make a joint venture and management, carefully determine the factory location, establish a local agency, make co-investments with the part suppliers, etc.

• Journal of the Korea Convergence Society
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• v.11 no.11
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• pp.219-232
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• 2020

The result of efforts for the revitalization of traditional market have not been satisfied. The purpose of this study was to suggest implications on planning and design method for revitalization of the traditional market in Korean cities. For that, theoretical review and case analysis were conducted on public spaces in 'Quincy Market' and 'Granville Island Public Market'. The results of case analysis are as follows. (1) The various spaces and facilities that make up the traditional market show a synergistic effect through linkage. (2) Various public spaces for traditional market users have been made in market buildings and open spaces. (3) Food and beverages sold in traditional markets can be eaten in public spaces, and meetings, breaks, performances and events are held in public spaces. (4) A company or non-profit organization with unified executive power is in charge of or participating in market operation.

• Asia-Pacific Journal of Business
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• v.13 no.4
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• pp.45-59
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• 2022

Purpose - This study investigates the performance of investment strategies incorporating estimated stock market cycle based on a lead-lag relationship between business cycle and stock market cycle, thereby deriving empirical implications on risk management. Design/methodology/approach - The data period ranges from June 1953 to September 2022 and de-trended short rate, term spread, credit spread, stock market volatility are considered as major input variables to estimate business cycle and stock market cycle by applying probit model. Based on the estimated stock market cycle, two types of strategies are constructed and their performance relative to the benchmark is empirically examined. Findings Two types of strategies based on stock market cycle are considered: The first strategy is to long(short) on stocks when stock market stage is expected to be an expansion(a recession), and the second one is to long on stocks(bonds) when expecting an expansion(a recession). The empirical results show that the strategies based on stock market cycle outperforms a simple buy and hold strategy in both in-sample and out-of-sample investigation. Also the out-of-sample evidence suggests that the second strategy which is in line with asset allocation is more profitable than the first one. Research implications or Originality The strategies considered in this study are based on the estimated stock market cycle which only depends on a few easily available financial variables, thereby making easier to establish such a strategy. It implies that investors enhance investment performance by constructing a relatively simple trading strategies if they set their position on stocks or choose which asset class to buy conditioning on stock market cycle.

• Journal of Distribution Research
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• v.15 no.5
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• pp.127-153
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• 2010

This study explores the locomotives of the growth in the Korean online shopping industry upon the theoretical basis based on the last 10 years' rapid changing environment. This attempt reveals the counter-arguments against preemtive effects based on the observation of reintermediation process in the online industry. We reviewed the NEBIC model proposed by Wheeler(2002) and propose the growth model, double helix framework based on the dynamic capability view. Furthermore the relevance of the proposed framework was validated with the review of last 10 years' sales and market share data in the online shopping industry. Meanwhile we found the limits of online market growth with the open market domination. So future of the online shopping retailers is depending on the development of the channel functions and merchandising on the basis of self-capability. Based on the tentative conclusion, we also suggest implications for the policy makers. Firstly policy facilitating the specialization of the power sellers incubased in the open market is necessary for the sustainable online market growth. And the establishment of the control tower is suggested to coordinate the consistency of the policies and regulations. And the device of the incentive is also proposed to strengthen the open markets' function to facilitate the small and medium online merchants.

• Journal of Distribution Science
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• v.16 no.8
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• pp.63-68
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• 2018

Purpose - Lettuce (Lactuca sativ L.) is one of the economically important vegetable crops, which worldwide market value is over 100 billion U.S. dollar. In Korea, about 89.7 kilo ton of lettuce was produced in 3400ha in 2016, recoded as No. 1 vegetable crop in domestic green house production. However, recently, domestic lettuce production and cultivation areas are all getting decreased. Thus, novel approaches are needed to be implemented to revive the production. Research design, data and methodology - In this review paper, we first prioritized the end-user traits which are imperative to positively stimulate the domestic lettuce market and discussed relevant genomics strategies. Especially, we assessed a possibility whether school meal program would be a potential niche market. Results - The genomics technologies, which become widely applied in the crop biotechnology since 2008 when next generation sequencing method was developed, may be a good solution in the crop improvement, efficiently gathering valuable information of agriculturally useful traits. Significantly, in lettuce, the high quality whole genome sequence, based on Lactuca sativa cv. Salinas, is publically available and this genomics platform, thus, would be implemented in lettuce breeding program to innovate relevant end-user traits both for the farmers and customers, including the disease resistance to the Fusarium wilt, productivity under hot weather conditions, various nutritional qualities and so forth. These improvements will boost domestic lettuce industries in the near future. Conclusions - Due to the nutritional distinctions comparing to the western style lettuces, domestic leaf lettuces could be one of the important vegetables in the school meal programs. To make it happen, we would better devise diverse recipes to make a salad with it, instead of only using as a wrap vegetable. Meanwhile, novel lettuce varieties need to be developed, which are favorable to the students and also easy to be handled with while processing. Overall, to achieve international competence in the lettuce industries, we need to create elite lettuce varieties that satisfies domestic farmers as well as customers, suitable to various niche markets, such as school meal program. Thus, efficient breeding programs using genomics approaches should be established in advance and careful monitoring on the preference of the related customers for a niche market be continued persistently.

• Environmental and Resource Economics Review
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• v.29 no.1
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• pp.47-89
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• 2020

We introduce a simple theoretical model to analyze the welfare impact of a competition policy in the natural gas market in South Korea. An incumbent monopolistic firm currently owns essential facilities, but the competition policy mandates that the firm provide open access to any entrant firm, charging an access fee. When no regulation is imposed on the fee pricing, this policy increases social welfare as well as the profit of the incumbent firm. When the pricing is regulated, however, social welfare depends on whether there is information asymmetry between the government and the firm regarding the operating cost of the facilities. If the government has complete information, social welfare can be maximized by choosing the optimal prices. Otherwise, the government has to set the prices based on the information that the firm delivers. We formulate a Bayesian game to analyze this case and identify a set of perfect Bayesian equilibria to compare social welfare.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.41 no.1
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• pp.128-139
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• 2018

As The Fourth Industrial Revolution and Intelligent Information Age came into full-scale, the policy of open government data has become a hot topic for each country. The United States, the United Kingdom, and other countries are shifting policy direction to "creating value" of open government data. Also, in the age of the digital economy where the data market is soaring, open government data is gradually being recognized as a new raw material for new business and start-ups. In addition, Korea ranked first in the OECD open government data evaluation twice in a row, and was highly evaluated in the international evaluation. However, domestic firms are still lacking in qualitative openness of government data, data is dispersed among institutions, lack of public-private data linkage, and development of app-oriented development. This study attempts to analyze major national policies for the creation of a data ecosystem that considers data lifecycle, from production to storage, distribution and utilization of data. First, the target countries were the leading public data countries among the OGP member countries, the USA, the UK, Australia and Canada. The results of this study are as follows. As a result of analyzing the results and comparing Korea's policies, it was concluded that most of Korea is superior in open government data policy. However, improvement of data quality, development of open data portal as an open platform, support for finding various users including apps and web development companies, and cultivation of open government data utilizing personnel are analyzed as policy issues. In addition, the direction of policy for the balanced ecosystem of Korea is presented together.

• Korea Trade Review
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• v.42 no.4
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• pp.185-215
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• 2017

While the future of Trans-Pacific Partnership Agreement is uncertain, TPP did succeed in convincing certain developing countries, which had been reluctant to open its government procurement market in the past, to open their markets. In this paper, we compare the government procurement chapter of TPP with WTO Government Procurement Agreement to see what factors may have convinced these countries to open their government procurement markets. The key factors seem to be an initially very high levels of threshold, coupled with an extended transition period (up to 20 years) to lower the threshold to figures comparable to other countries; and reduction of legal and regulatory burdens dealing with some transparency and procedural requirements. Korea should use these strategies in their future FTA negotiations to try to open foreign government procurement markets. If Korea wants to accede to TPP, it should have very few problems since Korea has similar threshold levels as current TPP members, and legal and regulatory requirements are more strict under GPA, of which Korea is a member.