• Proceedings of the Safety Management and Science Conference
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• 2002.11a
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• pp.295-304
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• 2002

This case describes key development challenges and patterns as experienced by Internet Auction Company, Ltd. from the startup stage through IPO to the sale to eBay. Currently an eBay company, Internet Auction Co. continues to pursue new auction systems and substitute distribution systems for the future with a renewed entrepreneurial spirit. In 1997, Mr Hyuk Oh saw a business opportunity in the Internet allowing two-way communications. At that time, the success stories of eBay and Onsale in the United States were good stimuli to his startup of an auction site. He opened the Website in April 1, 1998 after four months of development efforts. Auction has merit more than other shopping malls. First, it brings about interesting and benefit. Second, it has interactive trade system. Third, customers will trade for reasonable price through direct own will of them. Fourth, Auction's model brings about multitude sale through aggressive sales. Even if Network Marketing has socially negative effect in case of inappropriate use, it is good mood for further business. In case E-Commerce use as useful purpose, it will have competitive priority revenue model.

• KDI Journal of Economic Policy
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• v.45 no.4
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• pp.23-56
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• 2023

To investigate the causes of Korea's growth slowdown over the past thirty years, we estimate the contributions of major developmental factors, including i) demographic factors (changes in population growth and workforce age due to the demographic transition), ii) quality-of-life-related choice factors (changes in working hours, education, and the female employment rate), iii) structural change, and iv) the effects of productivity catch-up. Our estimates show that these four groups of factors account for approximately 90 percent of the growth slowdown, with demographic factors contributing approximately 30 percent and the other three groups of factors each contributing about 20 percent. We also show that the same factors explain most of Korea's high growth in the 1980s. These results suggest that Korea's growth slowdown is basically a consequence of its successful economic development and that the high growth and subsequent slowdown can be regarded as a single process. In addition, given that the factors examined here exhibit similar patterns of change in the course of economic development of most countries, we think that our estimation results of the relationship between economic development and changes in economic growth trends could have more general implications that go beyond Korea's experience.

• International Area Studies Review
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• v.17 no.4
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• pp.43-63
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• 2013

This paper investigates the impact of free trade agreement (FTA) on the performance of Korea's foreign direct investment (FDI) firms. We use plant- and firm-level data to examine the trends of FDI patterns of Korean firms between 2002 and 2010 by dividing firms based on their sizes - large and small firms. Analyzing firms' FDI activities worldwide, we find that small firms account for large share of investment cases especially in countries where FTA became effective with Korea during our sample period. Using these facts, we estimate the changes of productivity and performance of large and small firms and their foreign affiliates before and after FTA became effective. Our results show that FTA increases productivity of small firms and their foreign affiliates after its formation. In particular, we provide evidence that productivity improvement by small firms and their foreign affiliates may result from an increase in production and capital during FTA period.

• Journal of Korea Trade
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• v.25 no.1
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• pp.65-88
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• 2021

Purpose - This paper aims to examine the determinants of SWFs' investment in Asian countries and to identify consistent investment patterns of SWFs in specific target firms from Asia, particularly China and South Korea. Design/methodology - This study extends the Tobin's Q model to examine the relationship between SWF investments in target firms and their returns with other firm-level control variables. We collect consistent data on SWF investments and the matched firm-level data on target firms, which of observation is 1,512 firms (333 in South Korea and 1,179 in China) targeted by 20 SWF sources during 1997-2017. The panel random effect model is used to estimate the extended Tobin's Q model. The robustness of the estimations is tested by the simultaneous equation models and the panel GEE model. Findings - The evidence shows that sovereign wealth funds are more inclined to invest in the financial sector with a monopoly position and in large firms with higher growth opportunity and superior cash asset ratios in China. In contrast to their investments in China, sovereign wealth funds in South Korea prefer to invest in strategic sectors, such as energy and information technology, and in large firms with high performance and low leverage. Sovereign wealth funds' investments tend to significantly improve the target firm's performance measured by sales growth and returns in both Korea and China. Originality/value - The existing literature focuses on examining the determination of SWFs investment in the developed countries, such as Europe and the United States. Our paper contributes to the literature in three ways; first, we analyzes case studies of SWF investments in Asian markets, which are less developed and riskier. Second, we examine whether the determination of SWF investment in Asian target firms depends on the different time periods, on types of sources of SWFs, and on acquiring countries. Third, our research uses vast sample data on target firms in longer time periods (1997-2017) than other previous studies on the SWFs for Asian markets.

• Korea Trade Review
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• v.43 no.1
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• pp.177-197
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• 2018

This paper aims to analyze the effects of external uncertainty on the entry modes decision of multinational firms. On the basic assumption that the entry modes of the firms are dependent on ex-ante or ex-post perceived risk, we empirically analyzed the impacts of perceived risk factors on the investment patterns of firms. We found that the larger the population, the higher the level of GDP per capita, and the larger the trade volume as a ratio of GDP resulted in increased M&A FDI and greenfield FDI. The economic growth rate variables were found to be significantly positive effect on only greenfield entry mode. Regarding the main variables, lower levels of corruption and increased stability regarding political issues resulted in the host country receiving increased M&A investment. However, we found only a positive statistical significance of the political stability variable on the explaining greenfield FDI. Results show that M&A entry mode is affected by both corruption and political instability level. However, the greenfield FDI featuring sunk costs, seems more responsive to political instability.

• Korea Trade Review
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• v.46 no.1
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• pp.1-21
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• 2021

The main purpose of this research is to analyze the changes in investment motivation by year through time series and cross-sectional analysis of the factors and investment decisions of Korean manufacturing companies. According to the investment pattern for Asean from the 1980s to the 19th, the first expansion period was 82 to 86, the average increase in overseas investment for securing foreign raw materials due to the second oil shock, and the second expansion period was a gradual increase in exports to the U.S. in 1987 to 1996. During the first stagnation period, direct investment in Asean stagnated in the aftermath of the 1998-05 Asian crisis, and in the third expansion period, part of the production facilities invested in China were relocated to Asean, increasing Asean's investment to become Korea's largest manufacturing investment in 17. Korea's proportion of investment in Asean surpassed that of mass investment since 10 years ago, and the proportion of investment in manufacturing sector has been transferred from China to Asean, and after 17 years, it has served as an overseas production base connecting China. As such, The main purpose of the research will be to extract the determinant factors and key factors for overseas direct investment and investment patterns in conjunction with global manufacturing companies' production base relocation and investment trends through empirical analysis. This research paper gave basic reference to the motivation and determinant of investment 16 years ago, and analyzed the changes in investment motivation by year and content through empirical analysis, contributing some reasonable purpose to the decision of companies and policy makers interested in overseas direct investment.

• International Commerce and Information Review
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• v.19 no.4
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• pp.175-197
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• 2017

As a revision negotiation on the KORUS FTA has become a national pending issue, this study aims to analyze changes in the trade structure of Korean export industry before and after the KORUS FTA. For the analysis, this study used Market Comparative Advantage(MCA) and Intra-industry Trade(IIT) indexes. Results of the analysis are as follows: First, in analyzing the competitive and complementary relationships of export products using the MCA index, it was discovered that Korea has formed an export-oriented complementary relationship with the United States. Second, the results of analysing IIT showed that Korea has made a low-quality vertical IIT with the U.S. in some items while it has usually made a weak IIT with the U.S.. Based on the results above, this study proposes a few policy suggestions in the following areas: Improvement of competitiveness in trade-deficit service sector, achievement of the balance of profit and loss in goods and service sectors through the revision negotiation of the KORUS FTA, enhancement of competitiveness in competitive and comparative disadvantage items, reinforcement of ability to respond to consumption patterns in U.S. market, etc. in export-dominant items, and pursuit of horizontal-vertical division of labor in comparative advantage items and horizontal division of labor in comparative disadvantage items.

• The Journal of Society for e-Business Studies
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• v.21 no.3
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• pp.79-99
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• 2016

Supply network of automobile part is addressed with the e-invoices generated at real time. Automobile is composed of 8 modules. Firms which produce these modules are defined as the first outsourcing firm. Brake is the part of power control module and so, brake manufacturing firm is called the second outsourcing firm. In this paper, the third supply networks of brake manufacturing firms is analyzed with e-invoices and social network method. At the node-level, the third outsourcing firms are classified into 3 categories, interator, allocator and hub with respect to their role at the ego-network of each brake manufacturing firm. At the network level, A2, one of 3 brake manufacturing firms have more outsourcing firms and bigger centrality than the other brake manufacturing firms. Intre-firms trade patterns are, also, analyzed by using the degree of trade dedication with respect to the modes of business. It is shown that trade pattern of retail, commodity brokerage firm, rubber and plastic manufacturing firm are hierarchical trade because their degree of trade dedication is almost near to 1.

• Journal of Intelligence and Information Systems
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• v.25 no.1
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• pp.63-83
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• 2019

Investors prefer to look for trading points based on the graph shown in the chart rather than complex analysis, such as corporate intrinsic value analysis and technical auxiliary index analysis. However, the pattern analysis technique is difficult and computerized less than the needs of users. In recent years, there have been many cases of studying stock price patterns using various machine learning techniques including neural networks in the field of artificial intelligence(AI). In particular, the development of IT technology has made it easier to analyze a huge number of chart data to find patterns that can predict stock prices. Although short-term forecasting power of prices has increased in terms of performance so far, long-term forecasting power is limited and is used in short-term trading rather than long-term investment. Other studies have focused on mechanically and accurately identifying patterns that were not recognized by past technology, but it can be vulnerable in practical areas because it is a separate matter whether the patterns found are suitable for trading. When they find a meaningful pattern, they find a point that matches the pattern. They then measure their performance after n days, assuming that they have bought at that point in time. Since this approach is to calculate virtual revenues, there can be many disparities with reality. The existing research method tries to find a pattern with stock price prediction power, but this study proposes to define the patterns first and to trade when the pattern with high success probability appears. The M & W wave pattern published by Merrill(1980) is simple because we can distinguish it by five turning points. Despite the report that some patterns have price predictability, there were no performance reports used in the actual market. The simplicity of a pattern consisting of five turning points has the advantage of reducing the cost of increasing pattern recognition accuracy. In this study, 16 patterns of up conversion and 16 patterns of down conversion are reclassified into ten groups so that they can be easily implemented by the system. Only one pattern with high success rate per group is selected for trading. Patterns that had a high probability of success in the past are likely to succeed in the future. So we trade when such a pattern occurs. It is a real situation because it is measured assuming that both the buy and sell have been executed. We tested three ways to calculate the turning point. The first method, the minimum change rate zig-zag method, removes price movements below a certain percentage and calculates the vertex. In the second method, high-low line zig-zag, the high price that meets the n-day high price line is calculated at the peak price, and the low price that meets the n-day low price line is calculated at the valley price. In the third method, the swing wave method, the high price in the center higher than n high prices on the left and right is calculated as the peak price. If the central low price is lower than the n low price on the left and right, it is calculated as valley price. The swing wave method was superior to the other methods in the test results. It is interpreted that the transaction after checking the completion of the pattern is more effective than the transaction in the unfinished state of the pattern. Genetic algorithms(GA) were the most suitable solution, although it was virtually impossible to find patterns with high success rates because the number of cases was too large in this simulation. We also performed the simulation using the Walk-forward Analysis(WFA) method, which tests the test section and the application section separately. So we were able to respond appropriately to market changes. In this study, we optimize the stock portfolio because there is a risk of over-optimized if we implement the variable optimality for each individual stock. Therefore, we selected the number of constituent stocks as 20 to increase the effect of diversified investment while avoiding optimization. We tested the KOSPI market by dividing it into six categories. In the results, the portfolio of small cap stock was the most successful and the high vol stock portfolio was the second best. This shows that patterns need to have some price volatility in order for patterns to be shaped, but volatility is not the best.

• Journal of Fashion Business
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• v.22 no.4
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• pp.47-58
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• 2018

The Belgian textile wallcovering has the following background. The unique oceanic climate is optimized for flax. Beginning in the thirteenth century, British wool was produced for export to Britain or neighboring countries. Since the 15th century, Flemish paintings were influenced by color implementations, and these colors have influenced the developments of tapestry and art. Since that time, tapestry and paintings combined with paper technologies and Oriental civilizations, such as silk, that had been developed through trade ports, have been transformed into the form of current wallcoverings. Belgium produces the highest quality textile wallcovering using natural materials i.e., a combination of irregular and modern materials, and the implementation of different colors. The Belgian textile wallcovering is also a good representation of nature at the Heimtextil 2018, It provides a wide range of colors while retaining the best styles for wallcoverings in Belgium. The characteristics of Belgian wall coverings are: First, the high proportion of achromatic colors, especially the white ones, are analyzed for current trends. Second, it expresses the characteristics of materials by using only one material. This not only shows a high level of understanding of natural materials, but also shows a high level of development in terms of processing technology. Thirdly, linen was made into a formative expression using wrinkle processing and by printing geometric patterns, the rough texture of natural materials was expressed in harmony with modern patterns.