• Journal of Global Scholars of Marketing Science
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• v.20 no.1
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• pp.27-34
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• 2010

During the past 10 years, sales of luxury goods increased significantly to more than US$ 130 billion in 2007. In this industry, more than half of the revenue comes from Asia where the average income has risen significantly, and the demand for luxury products is forecast to grow rapidly. Purchasing luxury brands appears to be an intriguing social phenomenon that is profitable for companies in this region. As a newly developed country, Korea is one of the most attractive luxury markets in Asia. Currently, a total of 120 luxury fashion brands have entered the Korean market, primarily in luxury districts in Seoul where the competition is fierce. The purposes of this study are to: (1) identify antecedents of attitude toward luxury brands, (2) examine the effect of attitudes toward luxury brands on customer equity, (3) determine the impact of attitudes toward luxury brands on customer lifetime value, and (4) investigate the influence of customer equity on customer life time value. Previous studies have examined materialism, social need, experiential need, need for uniqueness, conformity, and fashion involvement as antecedents of attitude toward luxury brands. Richins and Dowson (1992) suggested that that materialism influences consumption behavior relative to quantity of goods purchased. Nueno and Quelch (1998) reported that the ownership of luxury brands conveys information related to the owner's social status, communicates an image of success and prestige, and is a determinant of purchase behavior. Experiential need is recognized as an important aspect of consumption, especially for new products developed to meet consumer demand. Since luxury goods, by definition are relatively scarce, ownership of these types of products may fulfill consumers' need for uniqueness. In this study, value equity, relationship equity, and brand equity are examined as drivers of customer equity. The sample (n = 114) was undergraduate and graduate students at two private women's universities in Seoul, Korea. Data collection was conducted using a self-administered questionnaire survey in March, 2009. Data analysis included descriptive statistics, factor analysis, reliability analysis, and regression analysis using SPSS 15.0 software. Data analysis resulted in a number of conclusions. First, experiential need and fashion involvement positively influence participants' attitude toward luxury brands. Second, attitude toward luxury brands positively influences brand equity, followed by value equity and relationship equity. However, there is no significant relationship between attitude toward luxury brand and customer lifetime value. Finally, relationship equity positively influences customer lifetime value. In conclusion, young consumers are an important potential consumer group that tries different brands to discover the ones most suitable for them. Luxury marketers that use effective marketing strategies to attract and engender loyalty among this potentially lucrative consumer group may increase customer equity and lifetime value.

• The Korean Journal of Air & Space Law and Policy
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• v.35 no.1
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• pp.181-202
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• 2020

The Non-Appropriation Principle was stipulated in the OST and the MA. However the MA, creating CHM in international law for the first time, attempted to further limit the prohibitions to include ownership of resources extracted from celestial bodies, its rejection by the U.S. and most of the international spacefaring community prevented it from serving as a binding international treaty. Individuals or private enterprises intending to perform space exploitation must receive approval from the nation and may not appropriate outer space or celestial bodies. In the course of this space activity, each party will be liable. Articles 6 and 7 of the OST and the Liability Convention of 1972 deal with matters concerning those problems. The CSLCA of 2015 and Luxembourg Space Resources Law of 2017 allows States to provide commercial exploration and use of space resources to their own nationals and to companies operated by other countries within their territory. These laws do not violate Article 2 of the OST. In the case of the CSLCA of 2015, the law clearly states that it cannot claim ownership, sovereignty or jurisdiction over certain celestial bodies. Even if scholars claim that the U.S. CSLCA and Luxembourg Space Resources Law violate the non-appropriation principle of the OST, they cannot prevent these two countries from extracting the space resources on "the first come, first served" basis. The legal status of outer space including the moon and other celestial bodies is res extra commercium, like the high seas, where the fishing vessels from each country catch and sell fish without occupying the sea. Major space-faring nations must push for the adoption of an international regulatory committee which will oversee applications and issue permits based on a set of robust, modern, and forward-thinking ideals that are best equipped to govern and protect outer space as individuals, businesses, and nations compete to commercialize space through mining and the extraction of space-based resources. The new Corpus Juris Spatialis on the development of space resources, whether it is a treaty or a soft law such as recommendation and declaration, in the case of the Moon and Mars, will cover a certain amount of area to develop, and the development period by the states should be specified.

• KDI Journal of Economic Policy
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• v.12 no.2
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• pp.95-120
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• 1990

The underpricing of new shares of a firm that are offered to the public for the first time (initial offerings) is well known and has puzzled financial economists for a long time since it seems at odds with the optimal behavior of the owners of issuing firms. Past attempts by financial economists to explain this phenomenon have not been successful in the sense that the explanations given by them are either inconsistent with the equilibrium theory or implausible. Approaches by such authors as Welch or Allen and Faulhaber are no exceptions. In this paper, we develop a signalling model of capital investment to explain the underpricing phenomenon and also analyze the efficiency of investment. The model focuses on the information asymmetry between the owners of issuing firms and general investors. We consider a firm that has been owned and operated by a single owner and that has a profitable project but has no capital to develop it. The profit from the project depends on the capital invested in the project as well as a profitability parameter. The model also assumes that the financial market is represented by a single investor who maximizes the expected wealth. The owner has superior information as to the value of the firm to investors in the sense that it knows the true value of the parameter while investors have only a probability distribution about the parameter. The owner offers the representative investor a fraction of the ownership of the firm in return for a certain amount of investment in the firm. This offer condition is equivalent to the usual offer condition consisting of the number of issues to sell and the unit price of a share. Thus, the model is a signalling game. Using Kreps' criterion as the solution concept, we obtained an essentially unique separating equilibrium offer condition. Analysis of this separating equilibrium shows that the owner of the firm with high profitability chooses an offer condition that raises an amount of capital that is short of the amount that maximizes the potential profit from the project. It also reveals that the fraction of the ownership of the firm that the representative investor receives from the owner of the highly profitable firm in return for its investment has a value that exceeds the investment. In other words, the initial offering in the model is underpriced when the profitability of the firm is high. The source of underpricing and underinvestment is the signalling activity by the owner of the highly profitable firm who attempts to convince investors that his firm has a highly profitable project by choosing an offer condition that cannot be imitated by the owner of a firm with low profitability. Thus, we obtained two main results. First, underpricing is a result of a signalling activity by the owner of a firm with high profitability when there exists information asymmetry between the owner of the issuing firm and investors. Second, such information asymmetry also leads to underinvestment in a highly profitable project. Those results clearly show the underpricing entails underinvestment and that information asymmetry leads to a social cost as well as a private cost. The above results are quite general in the sense that they are based upon a neoclassical profit function and full rationality of economic agents. We believe that the results of this paper can be used as a basis for further research on the capital investment process. For instance, one can view the results of this paper as a subgame equilibrium in a larger game in which a firm chooses among diverse ways to raise capital. In addition, the method used in this paper can be used in analyzing a wide range of problems arising from information asymmetry that the Korean financial market faces.

• The Korean Journal of Financial Management
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• v.26 no.4
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• pp.1-34
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• 2009

We test the effect of corporate cash holdings on firm value by using the KOSPI listed firms over the period between 2002 and 2007 from the agency theories perspective, which has not been the central interest of prior studies. Unlike existing studies, using the manager's ownership ratio or foreign investor's shareholder ratio as a proxy variable for agency costs, we use the individual firm's corporate governance scores by the KCGS to test the effect of agency costs on the value of firm's cash holdings. We find that a firm value is positively related with its cash holdings. We also find that a firm with good corporate governance tends to experience a higher value of its cash holdings, compared with a firm with bad corporate governance. These results are consistent even after controlling for the endogeneity problems between corporate governance and firm value, strongly supporting the agency theory of cash holdings. Therefore, a firm's cash holdings, even from liquidity or precautionary motives, could increase the firm cash value, as long as its managers' interest is shareholders' wealth maximization rather than their private benefits.

• Journal of the Korean Geographical Society
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• v.31 no.3
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• pp.558-576
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• 1996

Since 1978. China has progressed her reforms of her economy. In this process, refroms in rual area have been operated with top priority. The system of collective economy had been changed into that of private economy. Rural farming and land-use system had been changed also. The household responsibility system took the place of a People's Commune. That was the system that could inspire farm-household with a will to work, and hence, increase the productivity of agriculture. However, with the developement of market mechanism in the later 1980s, that system got inadequate to new situation. For instance, incentives of a will to work slowly decreased, agricultural productivity did not increase, and labor forces were tremendously transferred to non-agricultural sector. This situation created the demand for a new system of rural land policy and use. This paper intends to describe changes of new system of land use in rual China. Those changes are as follows. 1. The system of land-circulation has been spread widely. 2. 'Liangtianzhi' (the system of two kind land-use) divided the land into two kinds, 'kouliangtian' (the land of food) and 'zerentian' (the land of obligation). The one is allocated in proportion to the per capita, and to support farm-household' and function, the other is allocated in proportion to the labor force, in order to increase the commercial function of land. 4. 'Guimojingying' (management of scale): For overcomint the disadvantage of dispersal of land, the relative concentration of land was required. 4. 'Gufenzhi' (a joint-stock system) is practised for the purpose of establishing clear-cut lines of land ownership. 5. 'Sihuangpaimai' (auction the use right of four kinds of wasteland) is for full-using of the wasteland. It can be apprehended that these systems and policies were the process of adaption to market mechanism. In these, rural China could escape form the disorder due to rapid changes, and overcome the existing contradiction.

• Journal of Cadastre & Land InformatiX
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• v.49 no.2
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• pp.123-134
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• 2019

The introduction of the world geodetic reference system in cadastral sector can apply the international standardization of cadastral survey and can be the basis for the creation of new industries by merging with other industries based on spatial information. With the introduction of the world geodetic reference system, non-coincidence land may cause problems which are whether the cadastral record and the real estate register are not consistent, etc. This problem infringes on the protection of ownership of citizens suggested in the main purpose of ｢Act On The Establishment, Management, Etc. Of Spatial Data｣. We have analyzed at overlapping cases between private land and overlapping cases between national and public land and suggested institutional improvement measures to solve problems arising on the site. As a result, it will be necessary to introduce a transformation verification measure by the world geodetic reference system in order to assign a function as a cadastral records to mapping converted to the world geodetic reference system. It is also expected that the legal and institutional basis should be established for alert adjustment and positioning through verification measures. Finally, it is difficult to determine the transformation factor as the co-ordinates of common points also differ because survey results vary by work area. Therefore, it is deemed necessary to consider the requirement to use the cadastral measurement basis by the world geodetic reference system in 2021.

• Journal of Internet Computing and Services
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• v.20 no.6
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• pp.129-135
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• 2019

Recently, studies have been conducted to improve the m-commerce process in the NFC-based mobile environment and the increase of the number of smart phones built in NFC. Since authentication is important in mobile electronic payment, FIDO(Fast IDentity Online) and 2 Factor electronic payment system are applied. In addition, block-chains using distributed raw materials have emerged as a representative technology of the fourth industry. In this study, for the mobile gallery auction of the traders using NFC embedded terminal (smartphone) in a small gallery auction in which an unspecified minority participates, password-based authentication and biometric authentication technology (fingerprint) were applied to record transaction details and ownership transfer of the auction participants in electronic payment. And, for the cost reduction and data integrity related to gallery auction, the private distributed director block chain was constructed and used. In addition, domestic and foreign cases applying block chain in the auction field were investigated and compared. In the future, the study will also study the implementation of block chain networks and smart contract and the integration of block chain and artificial intelligence to apply the proposed method.

• Journal of the Korean Institute of Traditional Landscape Architecture
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• v.38 no.1
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• pp.67-76
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• 2020

This study aims to elicit criteria regarding reassessment and designation of linear scenic sites henceforth. The results are as follows; First, based on the documents from the Cultural Properties Protection Committee of Korea, 23 out of 113 scenic sites in Korea were drawn, and their linear characteristics were categorized into four types including valleys, paths, rivers, and ridges. The linear scenic sites provide certain features in terms of sequence and direction, which results in the similar utilization among the sites which share the linear similarity. Second, the 23 sites mentioned above were intensely examined on the basis of six criteria for linear scenic sites through FGI, focus group interview. The criteria consist of six elements involving core resource(12), lot number(8), unclear(8), management path(5), ridge(4), basin(3). Third, the Cultural Heritage Administration has prioritized core resource since 2010, when designating a scenic site, whereas it tended to consider lot number as priority prior to 2010. It is thought that the authority gave consideration to issues related to private ownership of property in the scenic sites and the purpose of designation. Fourth, scenic sites are generally designated in accordance with the boundary of core resource, and in most cases, there are buffer zones alongside the core resource.

• Journal of Service Research and Studies
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• v.9 no.2
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• pp.77-88
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• 2019

Appropriation means the process of transforming resources to property. John Locke earlier investigated the appropriation process of natural resources into the land property, which grounded the jurisprudential base of the private ownership of the land. In the same way human resources are transformed into the human assets. Appropriation process, very rarely studied so far, in this case of human property is the focus of this paper. The appropriation of intangible property is by far easier than the appropriation of tangible property. Learning is a process of embodiment, which naturally mean the process of appropriation. For the material resources which exist out of human body, appropriation necessary need special philosophical and institutional justification. In the process appropriation for intangibles, investigator found, appropriator and learner either can be same, or can be differentiated. In the former case substantial human assets are created while in the latter relational human assets are built. After the discussion of appropriation process, Investigator proceeds to the problem of visualizing the invisibles. Evaluation and assessment issue were discussed in this perspective. Qualification system is particularly noted as a system to regulate substantial human assets including their issuing and registration. The work done in this paper would contribute in understanding the law of education and the law of qualification.

• Journal of architectural history
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• v.3 no.1
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• pp.101-122
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• 1994

This paper is one of the sequels from 'A Survey of Villages and Dwellings of Korean Immigrants in the North-Eastern Part of China'. It is the result of the extensive survey of Ch'ang-ts'ai-tsun village and covers several architectural characteristics of the dwellings. This paper alma to identify the 'double file' dwelling type, which is believed as one of the main stream of Korean folk dwelling. In this type, 'Chung-ju-kan' forms the central open space, where main household functions are carried out. This type originates from climatic reasons and functional reasons as well. This paper also aims to clarify how the dwelling forms are changed according to the life styles of various periods. The Korean immigrants in this village have experienced rapid changes in modern times like other Chinese. Through various political movements, the original dwelling type of this village has changed to adapt various needs and functions, which shows the simple truth : dwelling form changes according to the changes of life style and social structure. In this paper the directions of chimney through various periods are analyzed to verify the differences of the house layout methods and concepts of the time. The village had grown through 3 main periods before liberation period(1946), communization period(1946 - 1966) and contemporary period (1967 - ). It is concluded as follows: 1. The village was originated in late 19th century along the east-west street, which was a major routes of Korean Immigrants to China. In this area there was no regularity in its site plan. The direction of chimney, which was usually westward, was not determined according to the location of gate. This type was kept until liberization of this area, 1946. The plans of dwellings followed Ham-kyong-do 'double file' dwelling type, '6-kan dwelling' or '8-kan dwelling'. 2. The 'New Village' area, which was formed in the communization period, has a strict regularity in its site plan. The direction of chimney was determined as opposite direction of the gate. This method was maintained until 1976, when Mao died and new 'open' policy was held by Chinese government. In this area the 'dwelling house' plan type was not changed, but its layout and size were restricted. The general form of the dwelling in this village was shaped in this period. 3. The contemporary dwellings were built in random site location. The dwelling type was changed because of the reduction of family size and the permissin of private ownership. The number of rooms was reduced but the storage rooms and domestic animal hutches were added. But the 'Chung-ju-kan', the major chacteristics of north-eastern Korea dwelling is still kept. It becomes one large 'Chtin-ju-kan' room like 'open plan' type.