• Asia-Pacific Journal of Business
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• v.13 no.4
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• pp.135-149
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• 2022

Purpose - The primary objective of this article is to investigate the impact of U.S. monetary policy on institutional / individual / foreign investor reactions in the Korean stock market. Design/methodology/approach - This study employs a high frequency event study methodology to identify U.S. monetary policy shocks and quantify the impact of identified shocks on investor reactions. The dependent variable in the regression model is net stock purchase, while the explanatory variables are U.S. monetary policy shocks. The model is estimated for the period 2000-2019, including 156 FOMC meetings. Findings - Foreign investors immediately sell stocks in response to contractionary U.S. monetary shocks. They do not, however, react to anticipated changes in monetary policy rates, confirming the rationality of foreign investors. Individual investors demonstrate the opposite response, indicating that a non-trivial proportion of individual investors are irrational. Research implications or Originality - This study adds to the current literature on the effect of U.S. monetary policy on the Korean stock market. This study demonstrates a heterogeneous response to U.S. monetary policy shocks, validating the rational investment behavior of foreign investors, while individual investors exhibit a certain degree of irrationality. Methodologically, this study adds to the literature by quantifying the impact of U.S. monetary policy employing a sharper identification method allowing a simple and consistent estimation.

• Informatization Policy
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• v.26 no.2
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• pp.62-80
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• 2019

The purpose of this study is to investigate the direct effect of victimization experience on cyber security behavior and the indirect effect of information protection awareness through the Dual Process Theory. Baron & Kenny regression analysis was conducted and the results are as follows - first, victimization experience has a positive effect on cyber security behavior; second, the relationship between victimization experience and cyber security behavior is mediated by cyber security awareness; and third, the direct effect of victimization experience on cyber security behavior and the indirect mediating effect of cyber security awareness are both positive (+). The direct effect of victimization experience on cyber security behavior is analyzed to be relatively large compared to the indirect effect that cyber security awareness has on cyber security behavior. Based on these results, It is suggested that periodic cyber security education and campaign policies are needed to enhance cyber security behavior.

• Korean Journal of Child Studies
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• v.37 no.2
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• pp.27-42
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• 2016

Objective: The purpose of this study was to examine the changes of childcare expenses and private education expenses caused by target expanding the childcare subsidy policy and its relationship to household income. Methods: The study analyzed data of the Korean Welfare Panel Study from 2009, before the universal childcare policy was enforced, to 2013, when the universal childcare policy was enforced. Results and Conclusion: The results of analysis were as follows. First, while childcare expenses, private education expenses, and their ratios to household income showed a tendency of gradual decline, the graphs of childcare and private education expenses were symmetric. Second, there were differences in childcare and private education expenses among income classes. Third, in 2009, before the universal childcare policy was enforced, household income affected childcare and private expenses. Lastly, in 2013, after the universal childcare policy was implemented, household income had a greater effect on private education expenses, while the effect of household income on childcare expenses became insignificant.

• Journal of architectural history
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• v.15 no.3
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• pp.99-118
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• 2006

We have focused on the building appearance according to the change of conservation policy and urban fabric in Bukchon, Seoul. The Urban Hanok, urban traditional housing type, had been evolved in modern contort from 1920's to 1960's, that is to say, many buildings(Urban Hanok) in Bukchon area has built up with a lot and road at the same time. But the change of conservation policy has an effect on the urban fabric and building(wooden structure, RC and brick building). Thus many types of building in Bukchon has undergone a various change. The purpose of this paper is to define a change factor of Bukchon buildings. Thus we need to pay attention to policy and urban fabric. We reached the result as follows. First, the change of architecture regulations according to the several policies(an aesthetic area, an altitude area for sky line restriction and so on) brought into building deformation and eventually the historic scenery of Bukchon has been spoiled. Second, the change of policy had an effect on the change of roads and lots. Buildings on a widen road and a united lot was built newly. But new buildings built up with a concrete or brick structure was not in harmony with the historic scenery of Bukchon area. Third, a development method of a large lot with lack prudence(disregarded a scale and size of lot) did damage to Urban hanok and urban fabric. With the understanding on the relationship of buildings, a urban fabric and a policy in Bukchon, we can define the identity and correspond with the urgent request for a the conservation of historic urban scenery In addition we can suggest the policy and the design guidelines for the reservation and rehabilitation for Bukchon, Seoul.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2006.11a
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• pp.665-668
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• 2006

After foreign exchange trouble, Korean government became effective an economy-invigorating policy that to raise the housing demand and transaction. In result, the rate economic growth kept up a high growth rate and the market recovered. But an economy-invigorating policy of continuance caused an excessive boom of housing market in the second half of 2001. Therefore Korean government enforced a speculation-restraint policy. But it caused a instability of economics. This study is to analyze the effect between the housing policy and the housing cost and is to apply the basis data of the next housing policy.

• Journal of Korean Society of Transportation
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• v.35 no.1
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• pp.37-49
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• 2017

This study proposes an analysis methodology for air quality improvement effect of transport and environment policy that are used for mobile pollution sources. The methodology considers the changes of traffic of road transport sources and air pollutant emission, the changes of atmospheric dispersion of air pollutants and the effects on the health of local residents in response to policy implementation. Especially, the changes to traffic flow must be considered in evaluating the effects on atmospheric environment as it has a direct connection to the effects of the policy in this study. We used bottom-up approach (BUA) based on the travel demand model to reflect the changes of travel behavior in detail in response to the policy implementation compared to the top-down approach (TDA) when calculating the changes of emission level of road transport. We showed the applicability of the proposed analysis methodology through a policy scenario analysis, and the analysis method can be effectively applied to the cases in which travelers' behavior changes are expected.

• Journal of Digital Convergence
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• v.19 no.8
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• pp.141-149
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• 2021

This study investigated the effect of accounting information on dividend policy as a measure of corporate conservatism from the perspective of the internal accounting management system. The verification is based on a sample of 543 companies listed on securities (excluding KOSDAQ and financial industry) among the Bank of Korea (2019) 「2018 Corporate Management Analysis」 and company analysis of the Korea Productivity Center (financial data disclosed as listed companies as a December settlement company) was composed. Using SPSS 22, empirical analysis was conducted using exploratory factor analysis and regression analysis. The first is the verification related to corporate conservatism and the role of dividend policy, and it is verification of whether internal accounting management influences financial decision-making. Second, if internal accounting management exists, it is a verification of how conservatism and investment policies (in-house reserve, debt borrowing, capital increase, dividends, etc.) affect the corporate value according to accounting information. As a result, from the perspective of the internal accounting management system, it was found that among the variables of accounting information, profitability can have a positive effect on corporate conservatism and dividend policy as a corporate valuation method of reinvestment. In addition, it has been proven that corporate conservatism has an effect on profitability-to-value through capital accumulation and reinvestment such as surplus and internal reserves. In the future, we will study and discuss the complementarity of corporate conservatism and dividend policy in relation to governance structure and improvement of the internal accounting management system.

• Journal of Environmental Policy
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• v.14 no.4
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• pp.23-44
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• 2015

The policy aimed at introducing a Bonus-Malus system to reduce GHG and raise the market share of small cars is scheduled to go into effect in South Korea in 2020. Although the policy was originally planned to be enforced from 2015, the Ministry of Trade, Industry and Energy argued that the system brings low reduction effect and relative disadvantage to domestic small cars and brought arguments in 2014. As a result, the enforcement was pushed back. Related studies are mainly focused on offering statistical estimation of the policy's effect to support the arguments, and few theoretical studies were published given that there was not enough time until 2015 back then. The author approached the issue with mathematical modeling in order to give theoretical basis for sophisticated empirical studies. If car suppliers have market power and strategically set their prices, the impact of Bouns-Malus on car prices would be lower than what was originally intended. In case only a part of the car market loses its market power, the effect of the policy would be improved. Assume that the Bonus-Malus is currently at an optimal level and the car market structure is undergoing changes, then the direction of the new optimal level would depend on the elasticity of demand of each market and substitute elasticity. For example, if the car market becomes more monopolistic while the demand for big cars is elastic, demand for small cars is inelastic and substitution elasticity is low, then the new optimal level of Bonus-Malus should be higher.

• The Journal of the Convergence on Culture Technology
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• v.7 no.2
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• pp.325-331
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• 2021

The purpose of this study was to identify the effect of dementia attitudes according to dementia education in university students on the recognition of dementia policy, focusing on the mediating effect of dementia knowledge. The participants were 306, 1~2 grad of students of U and K university in 2 G cities. The data were collected from September 1 to 31, 2017, and analyzed using the SPSS/WIN 21.0 program with t-test, Pearson correlation coefficients and multiple stepwise regression. There were significant differences in the education group compared to the non-education group in recognition of dementia policy, dementia knowledge, and dementia attitude according to the subject's dementia education. The level of dementia attitudes, recognition of dementia policy, dementia knowledge and attitudes were more than moderate. The positive correlations among recognition of dementia policy, dementia knowledge and attitudes were significant. Dementia knowledge was a predictor of recognition of dementia policy (t=2.35, p=019) and showed a significant partial mediating effect, and the explanatory power was 17.8%. It is necessary to continuously systematically provide the development and application of dementia education programs for the whole people to raise correct dementia knowledge, positive attitudes toward dementia, and awareness of dementia policies.

• Journal of the Korean Regional Science Association
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• v.9 no.1
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• pp.45-63
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• 1993

University enrollment has long been regarded as one of the major factors inducing population concentration in Seoul and the Capital Region of Korea. Consequently, since early 1980's increases in enrollment and new establishments of extention universities beyond the boundary of Seoul, has been promoted, while university enrollment quota in Seoul has been strictly controlled. The degree of actual population dispersal, however, resulting from such a university enrollment policy has not been empirically tested. This paper aims at: First, identifying the trend of population growth and evolution process of the university enrollment policy in the Capital Region; Second, comparing the degree of influence of university enrollment on population concetration factors; Third, measuring actual effect of the enrollment control on population dispersal out of Seoul and the Capital Region. Major findings are as follows: First, only a week correlation between population and university enrollment growth trends was found; Second, the relative degree of influence on population concentration in the Capital Region, were order, in the order of magnitude, the physical amenity factor, the socio-cultural amenity factor, the employment climate factor and the educational factor. Third, and most improtant, based on the comparison of spatial distribution of graduated high schools and current residence of the selected university students, the gap between the two distributions was revealed and the inter-regional student population movement was estimated. The result shows that in Seoul's case about one-half of and in Kyunggi Province's case about one-fifth of university enrollment size, contributes to population concentration into Seoul. Fourth, as to the universities outside of the Capital Region, little effect in the case of universities located within the commuting distance, and a little effect on population dispersal in the case of universities located beyond commuting distance, were found. In sum, it seems clear that university enrollment policy in the Capital Region, especially in Inchon/Kyunggi Province has not been effective on student population dispersal out of Seoul and the Capital Region. Therefore, it is strongly recommended that university enrollment policy be throughly re-examined from its goal to the implementation means.