• Journal of Internet Computing and Services
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• v.15 no.6
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• pp.15-26
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• 2014

This study focus on a economic value of the Big Data technologies by real options model using big data technology company's stock price to determine the price of the economic value of incremental assessed value. For estimating stochastic process of company's stock price by big data technology to extract the incremental shares, Generalized Moments Method (GMM) are used. Option value for Black-Scholes partial differential equation was derived, in which finite difference numerical methods to obtain the Big Data technology was introduced to estimate the economic value. As a result, a option value of big data technology investment is 38.5 billion under assumption which investment cost is 50 million won and time value is a about 1 million, respectively. Thus, introduction of big data technology to create a substantial effect on corporate profits, is valuable and there are an effects on the additional time value. Sensitivity analysis of lower underlying asset value appear decreased options value and the lower investment cost showed increased options value. A volatility are not sensitive on the option value due to the big data technological characteristics which are low stock volatility and introduction periods.

• Science of Emotion and Sensibility
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• v.13 no.4
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• pp.741-752
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• 2010

City culture resources are critical elements to city brand strategies for improving city attraction and provide much contribution to induce visitors from competitive city. A city brand needs to be distinguished and differentiated from competing cities because they are all engaged in the similar environment of city. The differentiation of brand achievement has become increasingly important to highlight certain brand functions to include emotional, self-expressive, and symbolic functions since the importance of such functions has been further emphasized in promoting tourism activities. In particular, That is the recent role of city brand personality that has been emphasized in city management. In other words, visitors now freely and actively express their personalities or egos in tourism activities, taking an important role in construction of a brand asset. The study examines how culture resources affect city brand personality, relationship quality, and city brand royalty in the tourism city. The authors test the proposed model using data from Jeju tourists. The pivotal findings via the structural equation model in the study are as follows; 1) culture resources have been classified culture programs, culture infra, human resources, 2) The city brand personality has been classified as innovativeness, peacefulness, sophistication, confidence and dynamics; 3) The culture resources influenced on the city brand personality; 4) The city brand personality influenced on the satisfaction and involvement; 5) The satisfaction and involvement influenced on the loyalty. Results from the empirical study indicates that culture resources have a strong positive impaction on city brand personality. To increase tourist' royalty of city brand personality, managements must manage culture effectively and create friendly city brand personality to in accord with tourist needs.

• Journal of the Korean Institute of Navigation
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• v.21 no.3
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• pp.1-18
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• 1997

From the beginning of 1990s , also in the shipping industry, especially liner shipping industry competition has been more intensive and difference of the service quality among shipping companies has been learned . On the other hand, a shipping company has some limitations to do its international mission for itself just by broadening service area. For this reason, the necessity for the global strategi alliance among the shipping companies, which is orginally aimed at sharing of facilities and organixation, has been developed. Through strategic alliance, liner shipping companies do not need to input the additional capitals to increase the material assets such as vessel capacity and spread the risk by the enlargement of the market. Also, they can secure the competitive edge through efficient utilizaton of assets. The purpose of strategic alliance of Hanjin Shipping Ltd., can be summarized as follows ; broadening of service area, cost reduction through vessel sharing, realization of rationalized shipping service by terminal and equipment or facilities sharing. Liner strategic alliances are agreement among liner companies to pol their equipment , andterminals for joint operations and services in which each alliance partner continues to serve its market using jointly operated or used inland feeders,inland terminals, port terminals, and mainline fleets of ship as well as joint pools of containers and equipment. Strategic alliances are generally more formal agreements than consortia and impose longer term and far reaching obligation on their members. It also acts as one in developing and advancing the strategic aims of the alliance members. The most important objective for liner strategic alliances is cost reduction and improvement in capital asset utilization. Main aims of strategic alliance drawn in this paper, can be enumerated follows : 1. improvements in service frequency and quality : 2. improvements in vessel and equipment utilization and thereby reductions in fixed and variable cost ; 3. improvements in market shares and high value cargo booking ; 4. reductions in intermodal storage and port terminal throughput costs ; 5. improvements in negotiating powers with ports and feeder transport providers ; 6. reduction in financial and other fixed costs such as insurance; 7. coordination and integration of MIS and EDI systems and service for greater efficiency and market penetration ; and, 8. improvements in logistic chain management and economic of scale by equipment depot, terminal, and vessel sharing.

• Proceedings of the Korea Water Resources Association Conference
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• 2011.05a
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• pp.20-20
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• 2011

The purpose of this research aims to evaluate the emergence of new business mode in the Chinese water market since the mid-2000s - Transfer-Operate-Transfer(TOT) Projects. The study pays special attention to the case of the Hefei Wangxiaoying Wastewater Treatment TOT Project, which was awarded to the consortium of Berlin Water International and its Chinese partner in late 2004. The consortium secured an exclusive operating right for 23 years on the basis of a TOT scheme and would take responsibility of all the profits and losses in the operation of the plant. The total investment for the transfer amounted to RMB 491 million(US$70 million). The price was more than 288% of the original value, RMB 170 million (US$24 million). The project can be regarded as a successful case because of the following three causes. First, the Hefei government followed a series of standardized procedures in the international bidding, which ignited best-performed international players' competition for the project. Second, the project will bring in cutting-edge operation skills and management know-how. Third, the government succeeded in raising public asset values, and thanks to this, the government is able to consider other similar projects not only in the water sector but also other sectors in public utility services. Nevertheless, Berlin Water's point of view, there are several challenges. First, the company took a risk to pay such a large amount of cash to the Hefei government. Although such premium can be recouped in the operation period of 23 years, whether or not the company would be able to recover the initial investment and realize profits is in question due to an uncertainty of socio-political circumstances in China. Second, Berlin Water should expect a steep rise of water tariffs over the contract period in order to get the investment back. Water pricing is still a sensible matter to Chinese authorities, and therefore, it is uncertain if such rise of water tariffs would be possible. Third, the TOT mode leads to creation of a large amount of cash to government officials, which might have caused corruption between those who are involved in TOT deals. Then, the final contract fee would soar, which often results in the burden of normal customers. As discussed, the TOT mode has drawn much attention of foreign investors as a new alternative to enter into the Chinese water market. But it is important to note that foreign investors should be aware of possible risks in water TOT projects, which reflects some features of the Chinese political economy landscape and social norms. The Hefei case indicates that benefits can overshadow risks in TOT projects, which will continue to attract foreign investors that are dedicated to establishing their strongholds in the Chinese water market.

• Journal of the Korean Institute of Landscape Architecture
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• v.27 no.4
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• pp.1-12
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• 1999

This study aims to find basic data for using the quantitative assessment of the sustainability and establishing the systematic index of the planning for local cities to consider the environmentally sound and sustainable development. The research designs to review professional responding to surveys preceded by separate questionnaires and interviews from book reviews, and suggests to make an assessment model of the sustainability for local cities. The research found consequently as follows. Firstly, the research survey items were decides totally 52, grouped 9 assessmental issues and distributed under 4 assessmental domains for the sustainability from the references of book reviews. Secondly, the research result concentrated on the followings from the professional responding to surveys. 1. A most influent factor is the distribution of animals and plants in a nature domain. The next influent factors are the ratio of mass-transportation systems, the numbers of the species of animals and plants, the acreage of conservative forestry, the numbers of reused water resources, and the usage number of water supply, orderly in the nature domain. 2. A most influent factor is the usage number of synthetic detergents in a pollution domain. The next influent factors are the volume of waste water, the number of registered vehicles, the degree of soil pollution, and the charge of development imposition, orderly in the pollution domain. 3. A most influent factor is the acreage of athletic facilities, in an urban domain. the next influent factors are the acreage of recreational facilities, the number and acreage of cultural assets, the number of cultural facilities, the acreage of landscape conservation area, the charge of cultural asset management, orderly in the urban domain. 4. A most influent factor is the number of waste disposal facilities in a participation domain. The next influent factors are the capacity of reused waste, the usage of synthetic detergents, the ratio of waste water disposal, orderly in the participation domain. 5. A most contributed influent domain to the assessment of the sustainability for local cities is the urban domain. The next influent domains are nature domain, participation domain, and pollution domain, orderly in the contribution of the assessment of the sustainability. But, the pollution domain is little relationship with the sustainability. Therefore, it is clear that the abundant greens and the improved level of culture are dominant influences on the sustainabiligy, as like improving the ratio of roadside trees, the acreage of parks, and enlarging the number of cultural facilities.

• The Journal of the Korea Contents Association
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• v.12 no.9
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• pp.280-292
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• 2012

In general, a venture capital invests in tech startups and helps them improve the corporate transparency through board of directors. With respect to venture capital investment and its impact on the corporate transparency of the newly public firms from 2004 to 2010 in Korea, we have made regression analysis. First, it was found that it was likely to be less transparent, the larger its asset size or the higher its debt ratio was. Second, lower level of ownership-control disparity resulted in higher transparency. Third, a shorter period to IPO and higher growth rate were more prominent in companies with lower degree of transparency. The above findings were not conclusive to prove whether or not venture capital directly increases the transparency level of its portfolio companies, but do insinuate the possibility of a negative impact on the transparency of its investee companies, as early IPO's were associated with less transparency. This is all the more persuasive as it was observed that companies with a lower level of transparency had generally raised more money from venture capitals, and that companies with a higher growth rate and/or higher PBR, have shown to be less transparent.

• Journal of Digital Convergence
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• v.13 no.2
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• pp.73-81
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• 2015

SNS is in the process of fast evolution as well. This study is about influence of authenticity and interactivity among Facebook Fan Page users. Authenticity is something people form in the process of expressing and sharing information thru SNS Facebook Fan Page. Interactivity is a level of participation of users in the process of expressing and sharing information thru SNS Facebook Fan Page. The focus of this paper is to see the power of authenticity and interactivity of SNS Facebook Fan Page users in a time of crisis. Authenticity is proven as a valuable asset for corporations for it showed a sturdy characteristic even when something terrible happened. When a crisis attacked, high authenticity user group was not willing to change their evaluation on a company reputation and image as much as low authenticity user group. Interestingly enough, the meaning interactivity level was strikingly different from what we expected. The more their level of interactivity, was the more they were likely to change their evaluation on a company in a time of crisis. A serious discussion is necessary for this contraty results.

• The Journal of Society for e-Business Studies
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• v.25 no.4
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• pp.61-75
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• 2020

The scope of data for understanding or predicting stock prices has been continuously widened from traditional structured format data to unstructured data. This study investigates whether commentary data collected from SNS may affect future stock prices. From "Stock Discussion Room" in Naver, we collect 20 stocks' commentary data for six months, and test whether this data have prediction power with respect to one-hour ahead price direction and price range. Deep neural network such as LSTM and CNN methods are employed to model the predictive relationship. Among the 20 stocks, we find that future price direction can be predicted with higher than the accuracy of 50% in 13 stocks. Also, the future price range can be predicted with higher than the accuracy of 50% in 16 stocks. This study validate that the investors' sentiment reflected in SNS community such as Naver's "Stock Discussion Room" may affect the demand and supply of stocks, thus driving the stock prices.

• Korean Business Review
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• v.11
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• pp.195-216
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• 1998

Ownership of an asset can be identified with the right to exercise "residual control" where the contract is silent about decision rights, or with the right to receive any "residual returns" that remain after contractual. obligations are fulfilled. Although the concept of "ownership" seems reasonably clear in many of the cases, the concepts of residual control and the residual returns that define ownership are actually quite elusive. For large corporations, there is really no single individual who owns both the residual returns and the residual control. Despite the limited qualifications, ownership is clearly. the most common and effective meas to motivate people to create, maintain, and improve the value of assets. In this paper, we try to clarify the relationships among financial structure, ownership, and corporate control with the concept of ownership defined as the residual control and the residual returns, Financial securities are not just claims to part of a firm's net income. They give the security holder certain rights. A careful matching of rights of control and returns can create incentives that increase total value of the firms. In the corporate firms, managers, lenders, and shareholders have different interests. And the financial structure affects how different those interests are and what decisions management will make. Managers are, in general, better informed than investors about the firm's prospects. The financial decisions by managers may affect investors' beliefs and, therefore, the price of shares and the value of the firm.

• The Journal of Bigdata
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• v.5 no.1
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• pp.155-180
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• 2020

It takes the most important role the problem of assigining vehicles and desigining optimal routes for each vehicle in order to enhance the logistics service level. While solving the problem, various cost factors such as number of vehicles, the capacity of vehicles, total travelling distance, should be considered at the same time. Although most of logistics service providers introduced the Transportation Management System (TMS), the system has the limitation which can not consider the practical constraints. In order to make the solution of TMS applicable, it is required experts revised the solution of TMS based on their own experience and intuition. In this research, different from previous research which have focused on minimizing the total cost, it has been proposed the methodology which can enhance the efficiency and fairness of asset utilization, simultaneously. First of all, it has been adopted the Cluster-First Route-Second (CFRS) approach. Based on the location of customers, we have grouped customers as clusters by using four different clustering algorithm such as K-Means, K-Medoids, DBSCAN, Model-based clustering and a procedural approach, Fisher & Jaikumar algorithm. After getting the result of clustering, it has been developed the optiamal vehicle routes within clusters. Based on the result of numerical experiments, it can be said that the propsed approach based on CFRS may guarantee the better performance in terms of total travelling time and distance. At the same time, the variance of travelling distance and number of visiting customers among vehicles, it can be concluded that the proposed approach can guarantee the better performance of assigning tasks in terms of fairness.