Recently, the Korean financial market has implemented a ban on unleveraged short selling, and leveraged short selling, which involves selling borrowed securities, is called general short selling. This study sought to come up with improvement measures to revitalize short selling from the perspective of individual investors. Short selling refers to selling stocks you do not own in the stock market, predicting that the stock price of the stock will fall, and borrowing stocks to sell them. Based on the results of this study, the short selling market's growth and improvement plans are as follows. First, a plan must be developed to expand short selling opportunities for individual investors. In the domestic short selling market, including KOSPI and KOSDAQ, foreign and institutional participants account for more than 95% of the market, and individual investors are very small. Therefore, its expansion is inevitable. Second, monitoring and punishment for unfair short selling transactions must be strengthened. Representative improvement measures that can minimize the side effects of short selling include strengthening monitoring of unfair trading and short selling, and raising the level of punishment. In addition, measures must be taken to further increase the level of punishment for short selling related to unfair transactions. Third, the short selling reporting and disclosure system needs to be improved. In the case of Korea, short selling transactions are not yet as active as in developed countries, but there is a need to expand the disclosure system to strengthen market transparency in preparation for future short selling transactions becoming more active. In conclusion, it is reported that if short selling regulations are excessively strengthened, losses may occur in terms of price efficiency and market liquidity, which may ultimately have a negative impact on the market. Therefore, policies related to short selling must be made while taking into account the positive aspects of regulatory effects and the negative impact on the market.
With the rapid development in network, graphic technology, and digital technology, content industry is emerging as an important industry for new cultural development and economic development. The development in digital content technology has remarkably expanded the generation and distribution of contents, thereby creating new value and extending into a large distribution market. However, the ease of distribution and duplication, which characterizes digital technology, has increased the circulation of illegal contents due to illegal copying, theft, and alteration. The damage caused by this illegal content is severe. Currently, a copyright protection system targeting online sites is available. By contrast, no system has been established for offline companies that sell offline genuine content, which compete with online companies. The demand for content of overseas tourists is increasing due to the Korean wave craze. Nevertheless, many offline content providers have lost competitiveness due to illegal content distribution with online companies. In this study, we analyzed the case and status of similar copyright certification systems in Korea and overseas through previous research and studied a system to certify the offline genuine contents business. In addition to the case analysis, we focused on interviews obtained through in-depth interviews with the copyright stakeholders. We also developed a certification framework by establishing the certification domain, certification direction, and incentive of the certification system for offline businesses with genuine content. Selected certification direction is ethical, open, inward, store, and rigid (post evaluation). This study aimed to increase awareness among consumers about the use of genuine content and establish a transparent trading order in a healthy content market.
The Gaisong Merchants can be regarded to playa pioneering role to activate the Korea's trade with foreign countries. In the early period of Yi-Dynasty, the Gaisong Merchants focused on personal trade, but in the middle period of Yi-Dynasty, they entered to the realm of governmental trade. Furthermore, their business activities widened to various forms of trades, for example, smuggling. Utilizing accumulated capital, Gaisong merchants expanded their trading activities to their neighboring countries such as Japan and China. In recent times, it is necessary for modem Korean companies to diversify risks through the establishment of corporations for production, marketing and R&D abroad or through joint venture, M&A and strategic alliance with foreign companies in order to reduce the risks originated from volatile economic and political situations. In this study, we utilize tools of comparative study to compare Gaisong Merchants' foreign trade strategies with those of modem companies such as AMOREPACIFIC, HANILCEMENT and SHINDORICO. The purpose of the paper is to test the hypothesis that modem Korean companies grew up by following the cases of Gaisong Merchants' business activities. We summarize our main findings as follows. First, both Gaisong Merchants and modem Korean companies have common functional core capability in the field of marketing, manufacturing technology, R&D, and human resources development. Second, both Gaisong Merchants and modem Korean companies have common organizational core capability. Third, both Gaisong Merchants and modem Korean companies have common infrastructures such as planning, finance, accounting and MIS. It constitutes the infrastructure of Korea's foreign trade sector. Fourth, both Gaisong Merchants and modem companies have common organizational culture in the field of management policy and philosophy. Actually, those factors are evaluated to be driving forces of Koera's success in foreign trade. In conclusion, the business activities of Gaisong Merchants who represented the peculiarity of Korean business spirit are partially inherited to current Korean business management. The value system and behavior pattern of modern Korean companies is succeeded from the spirit of Gaisong Merchants and it playa major role to specify the identity of Korean business administration.
Journal of the Korean Institute of Landscape Architecture
/
v.43
no.5
/
pp.74-86
/
2015
The purpose of this study was to deduce the landscape evaluation indices that can be applied from the preparation for the registration of major national farm/fishery heritages to post-management. For this purpose, the Delphi survey was performed on experts. From August to November in 2014, the primary open survey, secondary open survey, and tertiary closed survey were performed to gather opinions from 28 experts, 25 experts, and 29 experts, respectively. As a result, the landscape evaluation indices for farm/fishery heritage consisted of five areas of evaluation, ten items of evaluation, and 40 indices of evaluation. The areas of evaluation were rurality, authenticity, aesthetics, tourism potentials, and locality. Rurality was classified into rurality of farm/fishery towns and nostalgia. Authenticity was classified into objective authenticity and existential authenticity. Aesthetics was classified into attractiveness and harmony. Tourism potentials were classified into value of resources and value of usability. Locality was divided into physical originality and cultural identity. The study made the following findings: first, the general grounds of farm/fishery landscape evaluation cannot be applied when evaluating the quality of landscapes of farm/fishery heritage, as their value as a cultural heritage should be considered. Second, the new indices valued emotional factors in addition to the physical factors considered by the existing farm/fishery landscapes. The new indices involved a more expanded concept of landscapes as it also considers everyday or temporary activities, including the farm/fishery activities of local people or participation in festivals and experience programs. Third, farm/fishery heritage focuses on the lives of local people, as it involves both the synchronic and the diachronic perspectives to see what is currently visible and what is no longer visible. This brings into consideration not only the farms and the natural environments but also their relationships with the villages, especially the residential areas. Finally, the indices reflected both the farm/fishery heritage's value as cultural heritage and its value for tourism. They derived temporary and dynamic landscapes, including the trading activities of local specialty markets in relation to the production landscapes. However, further studies should be conducted as this study could not rate the relative importance of indices or compare the total scores of landscapes without the weight of each item.
This paper tests the relationship among returns, volatilities, contracts and open interests of KOSPI 200 futures markets with the various dynamic models such as granger-causality, impulse response, variance decomposition and ARMA(1, 1)-GJR-GARCH(1, 1)-M. The sample period is from July 7, 1998 to December 29, 2005. The main empirical results are as follows; First, both contract change and open interest change of KOSPI 200 futures market tend to lead the returns of that according to the results of granger-causality, impulse response and variance decomposition with VAR. These results are likely to support the KOSPI 200 futures market seems to be inefficient with rejecting the hypothesis 1. Second, we also find that the returns and volatilities of the KOSPI 200 futures market are effected by both contract change and open interest change of that due to the results of ARMA(1,1)-GJR-GARCH(1,1)-M. These results also reject the hypothesis 1 and 2 suggesting the evidences of inefficiency of the KOSPI 200 futures market. Third, the study shows the asymmetric information effects among the variables. In addition, we can find the feedback relationship between the contract change and open interest change of KOSPI 200 futures market.
As part of a feasibility study for introducing carbon labeling of fruit products in Korea, we explore the use of carbon footprints for Korean kiwifruit from Gyeongnam region as a case study. In Korea, the Korean Environmental Industry and Technology Institute (KEITI) is responsible for the carbon footprint labeling certification, and has two types of certification programs: one program focuses on climate change response (carbon footprint labeling analysis) and the other on low-carbon products (reduction of carbon footprints analysis). Currently agricultural products have not yet been included in the program. Carbon labeling could soon be a prerequisite for the international trading of agricultural products. In general the carbon footprints of various agricultural products from New Zealand followed the methodology described in the ISO standards and conformed to the PAS 2050. The carbon footprint assessment focuses on a supply chain, and considers the foreground and the background systems. The basic scheme consists of four phases, which are the 'goal', 'scope', 'inventory analysis', and 'interpretation' phases. In the case of the carbon footprint of New Zealand kiwifruit the study tried to understand each phase's contribution to total GHG emissions. According to the results, shipping, orchard, and coolstore operation are the main life cycle stages that contribute to the carbon footprint of the kiwifruit supply chain stretching from the orchard in New Zealand to the consumer in the UK. The carbon emission of long-distance transportation such as shipping can be a hot-spot of GHG emissions, but can be balanced out by minimizing the carbon footprint of other life cycle phases. For this reason it is important that orchard and coolstore operations reduce the GHG-intensive inputs such as fuel or electricity to minimize GHG emissions and consequently facilitate the industry to compete in international markets. The carbon footprint labeling guided by international standards should be introduced for fruit products in Korea as soon as possible. The already established LCA methodology of NZ kiwifruit can be applied for fruit products as a case study.
In this study, we investigated pesticide residues in 207 agricultural products distributed by direct trade in the northern area of Gyeonggi Province. A total of 94 general agricultural products and 113 eco-friendly agricultural products collected from local grocers and cooperative stores were analyzed by multiresidue method for 263 pesticides using GC (gas chromatography)/ECD (electron capture detector), GC/NPD (nitrogen phosphorus detector), GC-MS/MS (tandem mass spectrometry), LC (liquid chromatography)/PDA (photodiode array detector), LC/FLD (fluorescence detector), LC-MS/MS. All samples showing pesticide residues were general agricultural products collected from local food stores. The pesticide residue levels of 14 samples (6.8%) were below the maximum residue limits (MRLs) and one of them (0.5%) exceeded the MRLs. Sixteen pesticides were detected from samples of the following produce items: spinach, young cabbage, perilla leaves, mallow, cucumber, chives and water dropwort. The safety of the detected pesticides was assessed by monitoring the daily intake estimate (EDI) and the daily intake allowance (ADI) based on the amount of pesticides detected. The ADI percentage range (the ratio of EDI to ADI) was 0.0134-61.6259% and there was no health risk connected with consuming agricultural products in which pesticide residues were detected.
This study is to evaluate, to the extent to, which advanced currency futures and emerging currency futures markets can predict accurately the future spot rate. To this end, Johansen's the maximum-likelihood cointegration method(1988, 1991) is adopted to test the unbiasedness and efficiency hypothesis. Also, this study is to estimate and compare a quantitative measure of relative efficiency as a ratio of the forecast error variance from the best-fitting quasi-error correction model to the forecast error variance of the futures price as predictor of the spot price in advanced currency futures with in emerging currency futures market. Advanced currency futures is British pound and Japan yen. Emerging currency futures includes Korea won, Mexico peso, and Brazil real. The empirical results are summarized as follows : First, the unbiasedness hypothesis is not rejected for Korea won and Japan yen futures exchange rates. This indicates that the emerging currency Korea won and the advanced currency Japan yen futures exchange rates are likely to predict accurately realized spot exchange rate at a maturity date without the trader having to pay a risk premium for the privilege of trading the contract. Second, in emerging currency futures markets, the unbiasedness hypothesis is not rejected for Korea won futures market apart from Mexico peso and Brazil real futures markets. This indicates that in emerging currency futures markets, Korea won futures market is more efficient than Mexico peso and Brazil real futures markets and is likely to predict accurately realized spot exchange rate at a maturity date without risk premium. Third, this findings show that the results of unbiasedness hypothesis tests can provide conflicting finding. according to currency futures class and forecasts horizon period, Fourth, from the best-fitting quasi-error correction model with forecast horizons of 14 days, the findings suggest the Japan yen futures market is 27.06% efficient, the British pound futures market is 26.87% efficient, the Korea won futures market is 20.77% efficient, the Mexico peso futures market is 11.55%, and the Brazil real futures market is 4.45% efficient in the usual order. This indicates that the Korea won-dollar futures market is more efficient than Mexico peso, and Brazil real futures market. It is therefore possible to concludes that the Korea won-dollar currency futures market has relatively high efficiency comparing with Mexico peso and Brazil real futures markets of emerging currency futures markets.
Since 2011, DCF(Discounted Cash Flow) method has been used initiatively for valuating R&D technology assets in the agricultural food industry and recently technology valuation based on royalties comparison among technology transfer transactions has been also carried out in parallel when evaluating the technology assets such as new seed development technologies. Since the DCF method which has been known until now has many input variables to be estimated, sophisticated estimation has been demanded at the time of technology valuation. In addition, considering more similar trading cases when applying sales transaction comparison or industry norm method based on information of technology transfer royalty, it is an important issue that should be taken into account in the same way in the Agri-Food industry. The main input variables used for technology valuation in the Agri-Food industry are life cycle of technology asset, the financial information related to the Agri-Food industry, discount rate, and technology contribution rate. The latest infrastructure building and data updating related to technology valuation has been carried out on a regular basis in the evaluation organization of the Agri-Food segment. This study verifies the key variables that give the most important impact on the results for the existing technology valuation in the Agri-Food industry and clarifies the difference between the existing valuation result and the outcome by referring the support information that is derived through the latest input information applied in DCF method. In addition, while presenting the scheme to complement fragment information which the latest input data just influence result of technology valuation, we tried to perform comparative analysis between the existing valuation results and the evaluated outcome after the latest of reference data for making a decision the input values to be estimated in DCF. To perform these analyzes, it was first selected the representative cases evaluated past in the Agri-Food industry, applied a sensitivity analysis for input variables based on these selected cases, and then executed a simulation analysis utilizing the key input variables derived from sensitivity analysis. The results of this study is to provide the information which there are the need for modernization of the data related to the input variables that are utilized during valuating technology assets in the Agri-Food sector and for building the infrastructure of the key input variables in DCF. Therefore it is expected to provide more fruitful information about the results of valuation.
For more efficient and proactive safety control of imported food, new trend in U.S. is emerging, which assesses the food safety control systems of exporting countries using Systems Recognition Assessment Tool and helps ensure safety of imported foods. This study examines trends in development and application of assessmemnt tool and country assessment reports in U.S. where an active discussion on this issue is in progress. The expert interviews were also conducted. U.S. Systems Recognition Assessment Tool was developed by FDA to recognize the potential value in leveraging the expertise of foreign food safety systems and help ensure safety of imported food. The tool is comprised of ten standards and provides an objective framework for determining the robustness of trading partners' overall food safety systems. Using its own tool, the U.S. FDA conducted a preliminary assessment of the food safety control systems of New Zealand and Canada. According to the U.S.-New Zealand and the U.S.-Canada assessment reports, the overall structure of the systems was similar between the countries. In summarizing the opinions of experts, such a trend in National Food Safety Control System Assessment may be utilized in the sanitary assessment and the control of imported food border inspection frequency before importing food. It would contribute to more effective distribution of national budget and increased public trust. Additionally, international collaboration as well as securing of qualified experts and sufficient budget appear to be crucial to further increase the utility of National Food Safety Control Systems Assessment. In conclusion, firstly, it is critically important for the competent authority of South Korea to proactively respond to international trend in National Food Safety Control System Assessment by identifying the details of its background, assessment purpose, core assessment elements, and assessment procedures. Secondly, it is necessary to identify and complement the weaknesses of Korea's food safety control system by reviewing it with U.S. Systems Recognition Assessment Tool. Thirdly, by adapting the assessment results from imported countries' food safety control systems to the imported food inspection intensity, the resources previously used in inspecting the imported food from accredited countries can be redistributed to inspecting the imported food from unaccredited countries, and it would contribute to more efficient imported food safety control. Fourthly, the competent authority of South Korea should also consider developing its own assessment tool designed to reflect the unique characteristics of its food safety control system and international guidelines.
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