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A Case Study on the Online Fractional Investment Securitization Platform (온라인 분할 투자 증권화 플랫폼 사례 연구)

  • Tae Hyup ROH
    • The Journal of the Convergence on Culture Technology
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    • v.9 no.1
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    • pp.747-754
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    • 2023
  • With the development of information and communication technology, online fractional investment platforms have emerged through the convergence of online platform technology and new investment techniques for asset-backed derivatives. In this study, the concept and previous studies of the online fractional investment platform business, commercialization models and service processes, market status, and pending discussions and alternatives were presented. Recently, the Securities and Futures Commission's decision on securitization of split ownership has become an important guide to the stable business sustainability of platform operators, but academic research is needed according to the current status and case analysis. To identify specific market issues, examples of representative online fractional investment securitization platform businesses such as "MusiCow" for music copyright, "Tessa" based on art, "Kasa" for real estate, "Piece" based on real assets, and "BangCow" for Korean beef shipments were analyzed. Through the case analysis of this study, the characteristics of the business model according to the basic assets of the online fractional investment platform were compared and presented. Since most business models are judged to be securitic, they must comply with the provisions of the Capital Markets Act or be recognized as the target of innovative financial services. From a practical point of view, it is meaningful in that it presented improvement directions that online fractional securitization platform operators should consider and organized institutional considerations for investor protection.

A Study on the Adaptation to Korean College life of Uzbekistan Students' (재한 우즈베키스탄 유학생들의 한국 대학생활 적응에 관한 연구)

  • Firuza, Azizova
    • Asia-pacific Journal of Multimedia Services Convergent with Art, Humanities, and Sociology
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    • v.8 no.4
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    • pp.517-531
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    • 2018
  • This study was carried out for the purpose of investigating Uzbekistan students's adaptation to Korea college life. Qualitative interviews were conducted in regards to the motivation for college entrance and stresses incurred during college life for 10 Uzbekistan students who were studying at I college located in Incheon. Data from the interviews were analyzed using theme analysis method. Most of the participants in this study got information about Korean colleges through their overseas study exhibitions in their own countries and became Korea college. The results showed that the reasons for college enrollment were (1)preparation for future goals (2)the influence of family. In Uzbekistan, parents play a big role in determining their children's education. Therefore, their decision to study abroad and the role of their parents were significant. The stress they experienced in college life fell into five categories, namely, (1)financial stress (2)stress about studies (3) stress in regards to human relationships (4)stress in regards to their futures and getting a job. In addition, this study discussed how to solve such as problems experienced by Uzbekistan students. And also the role of college and the necessity of providing appropriate support programs were discussed. Finally, the implications of these findings were presented.

A Study on the Cooperative of Franchise Industry : Focusing on the Case of US Dunkin' Donuts (프랜차이즈산업의 협동조합에 관한 연구 - 미국 던킨 도너츠를 중심으로 -)

  • Choi, In-Sik;Lee, Sang-Youn
    • The Korean Journal of Franchise Management
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    • v.3 no.2
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    • pp.1-19
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    • 2012
  • This study intends to suggest the cooperative, win-win collaboration, as methods for settling disputes with the existing self-employed people over back-street business areas and disputes and conflicts between a franchiser and franchisees. In addition, it intends to analyze the Dunkin' Donuts purchasing cooperative in the US, where the franchising industry has been well developed; and to find the implications of cooperation strategies between Dunkin' Donuts and its franchisees that may be helpful for the South Korea's franchising industry. This study tries to discover a new model of the Korean-style franchise cooperative out of the basic principles and practice guidelines of cooperatives ranging from an early American franchise cooperative in 1955 to ARCOP, KFC, and Dunkin' Doughnuts in the late 1970s. Further, it looks into successful programs of a purchasing cooperative at Dunkin' Donuts such as TDP (Total Distribution Program), SFP (Shortening Futures Program) and DCP (Distribution Commitment Program). The case of the US Dunkin' Donuts, which operates the purchasing cooperative, suggests the following for the improvement of franchisees' profitability. First, relations of cooperation rather than of power are necessary between a franchiser and franchisees. Second, mutual solidarity of franchisees is necessary. Third, problems proper to the Korean franchise system should be improved. Fourth, an entrepreneurial spirit of going together rather than going fast is required. Fifth, complete satisfaction management is required. Considering different system environments between the two countries such as quantitative expansion within a short franchising history of 30 years or so and franchise profit models, there is a limit to generalizing down to a successful model of the win-win partnership cooperative. It is hoped that the sustainable management of the domestic franchising industry will be promoted in the future through the in-depth analysis of successful cooperatives.

Climatic Yield Potential Changes Under Climate Change over Korean Peninsula Using 1-km High Resolution SSP-RCP Scenarios (고해상도(1km) SSP-RCP시나리오 기반 한반도의 벼 기후생산력지수 변화 전망)

  • Sera Jo;Yong-Seok Kim;Jina Hur;Joonlee Lee;Eung-Sup Kim;Kyo-Moon Shim;Mingu Kang
    • Korean Journal of Agricultural and Forest Meteorology
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    • v.25 no.4
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    • pp.284-301
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    • 2023
  • The changes in rice climatic yield potential (CYP) across the Korean Peninsula are evaluated based on the new climate change scenario produced by the National Institute of Agricultural Sciences with 18 ensemble members at 1 km resolution under a Shared Socioeconomic Pathway (SSP) and Representative Concentration Pathways (RCP) emission scenarios. To overcome the data availability, we utilize solar radiation f or CYP instead of sunshine duration which is relatively uncommon in the climate prediction f ield. The result show that maximum CYP(CYPmax) decreased, and the optimal heading date is progressively delayed under warmer temperature conditions compared to the current climate. This trend is particularly pronounced in the SSP5-85 scenario, indicating faster warming, except for the northeastern mountainous regions of North Korea. This shows the benef its of lower emission scenarios and pursuing more efforts to limit greenhouse gas emissions. On the other hand, the CYPmax shows a wide range of feasible futures, which shows inherent uncertainties in f uture climate projections and the risks when analyzing a single model or a small number of model results, highlighting the importance of the ensemble approach. The f indings of this study on changes in rice productivity and uncertainties in temperature and solar radiation during the 21st century, based on climate change scenarios, hold value as f undamental information for climate change adaptation efforts.

Life Cycle of Index Derivatives and Trading Behavior by Investor Types (주가지수 파생상품 Life Cycle과 투자자 유형별 거래행태)

  • Oh, Seung-Hyun;Hahn, Sang-Buhm
    • The Korean Journal of Financial Management
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    • v.25 no.2
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    • pp.165-190
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    • 2008
  • The degree of informational asymmetry relating to the expiration of index derivatives is usually increased as an expiration day of index derivatives approaches. The increase in the degree of informational asymmetry may have some effects on trading behavior of investors. To examine what the effects look like, 'life cycle of index derivatives' in this study is defined as three adjacent periods around expiration day: pre-expiration period(a week before the expiration day), post-expiration period(a week after the expiration day), and remaining period. It is inspected whether stock investor's trading behavior is changed according to the life cycle of KOSPI200 derivatives and what the reason of the changing behavior is. We have four results. First, trading behavior of each investor group is categorized into three patterns: ㄱ-pattern, L-pattern and U-pattern. The level of trading activity is low for pre-expiration period and normal for other periods in the ㄱ-pattern. L-pattern means that the level of trading activity is high for post-expiration period and normal for other periods. In the U-pattern, the trading activity is reduced for remaining period compared to other periods. Second, individual investors have ㄱ-pattern of trading large stocks according to the life cycle of KOSPI200 index futures while they show U-pattern according to the life cycle of KOSPI200 index options. Their trading behavior is consistent with the prediction of Foster and Viswanathan(1990)'s model for strategic liquidity investors. Third, trading pattern of foreign investors in relation to life cycle of index derivatives is partially explained by the model, but trading pattern of institutional investors has nothing to do with the predictions of the model.

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A Study on the Knowledge and Attitude about Sex in One Commercial Girls' High school in Seoul (서울지역 일 여자 상업고등학교의 성에 대한 지식 및 태도에 관한 연구)

  • Kim, Eun Hee
    • Journal of the Korean Society of School Health
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    • v.4 no.2
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    • pp.100-118
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    • 1991
  • This study was conducted in order to grasp the condition of the student's knowledge and attitude about sex. And to offer the basic materials for sex education of school health service. The objects were comprised of 464 volunteered students who study in commercial girls' high school. The material of this study was the questionaire suited to the purposed of this research which has been made through studying references. All the questionaire written by students. The self reported questionaires were collected immediately without explanation on supervision of school nurse. The data was collected from 28th to 30th of June on 1990. Analysis of the data was done utilizing SPSS for percentage, mean, ANOVA and Pearson Correlation Coefficients. The Results are as follows; 1. General features of the objects of study School grade distribution was similar. Fathers of 41-50 years were the highest(58.3%), mothers of 41-50 years were the highest(64.3%), family of living together were the highest(87.5%), fathers of graduated high school were highest(60.7%), mothers of graduated middle school were the highest(43.0%) and neuclear families were highest(91.5%). 2. The Conditions of Knowledge about sex When 5 Point was given to "Well known" and 1 point was given to "Never known", the total average was 2.97, Especially the mean of Female physiology was shown 3.93, 73.4% of students have known. But the mean of male physiology was shown 2.23, 17.2% of students only. And Family planning item was 3.54, hymen item was 3.38, female genitalia item was 3.35, abortion item was 3.25, Intercourse and pregnancy item was 3.24, Ovulation item was 3.02, Contraception item was 2.97, Veneral disease and masturbation item was 2.82, maintenance of pregnancy item was 2.76, Anatomical differences between male and female item was 2.59, male genitalia item was 2.31, ejaculation item was 2.27. 3. The conditions of attitude about Sex When 5 point was given to "Very affirming" and 1 point was given to "Very deny" the total average was 3.20. Especially the mean of social intercourse between other sex was shown 3.92, 73.4% of students have affirmed. But the mean of psychic response on menstruation was shown 2.24, 8.8% of students only. And baby birth item was 3.72, the fact that I am a woman item was 3.53, marriage item was 3.49. Secondary body change item was 3.38, puberty item was 3.31, delivery and sexual intercourse item was 3.05, pregenancy item was 3.02, psychic condition on menarche item was 2.50. Also present counsellors about sex were teachers in charge (44.9%), friends(21.6%), mothers(20.6%), elder sisters (10.6%), mass-communications (1.5%), fathers (0.4%), school nurses and elder brother(0.2%). In addition to, future counsellors about sex were friends (37.7%), mothers(30.6%), elder sister (18.4%), school nurses (4.6%), mass communication (3.8%), teachers in charge (2.5%), elder brothers (1.4%) and fathers(1.0%). 4. Correlation between the general features and knowledge variables School grade and knowledge condition has relationship to female genitalia(P<0.05), female physiology (P<0.00), male physiology (P<0.05),ovulation (P<0.00), and femily planning (P<0.005). Fathers age and knowledge condition has relationship to male physiology(P<0.05), and abortion (P<0.05). Marrital status and knowledge condition has relationship to female physiology (P<0.01), masturbation (P<0.05). Fathers educational background and knowledge condition has relationship to masturbation (P<0.00). Mothers age and knowledge condition has relationship to family planning (P<0.05). 5. Correlation between the general futures and attituded variables Fathers age and attitude condition has relationship to psychic response on menstruation (P<0.05). Mothers age and attitude condition has relationship to fact that I am a woman (P<0.00). Mothers educational background and attitude condition has relationship to social intercourse between other sex (P<0.05). Type of family and attitude condition has relationship to puberty (P<0.01). 6. Correlation between knowledge condition and attitude condition Those who had more knowledge about sex have more affirmative response (P<0.001).

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Framework of Stock Market Platform for Fine Wine Investment Using Consortium Blockchain (공유경제 체제로서 컨소시엄 블록체인을 활용한 와인투자 주식플랫폼 프레임워크)

  • Chung, Yunkyeong;Ha, Yeyoung;Lee, Hyein;Yang, Hee-Dong
    • Knowledge Management Research
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    • v.21 no.3
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    • pp.45-65
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    • 2020
  • It is desirable to invest in wine that increases its value, but wine investment itself is unfamiliar in Korea. Also, the process itself is unreasonable, and information is often forged, because pricing in the wine market is done by a small number of people. With the right solution, however, the wine market can be a desirable investment destination in that the longer one invests, the higher one can expect. Also, it is expected that the domestic wine consumption market will expand through the steady increase in domestic wine imports. This study presents the consortium block chain framework for revitalizing the wine market and enhancing transparency as the "right solution" of the nation's wine investment market. Blockchain governance can compensate for the shortcomings of the wine market because it guarantees desirable decision-making rights and accountability. Because the data stored in the block chain can be checked by consumers, it reduces the likelihood of counterfeit wine appearing and complements the process of unreasonably priced. In addition, digitization of assets resolves low cash liquidity and saves money and time throughout the supply chain through smart contracts, lowering entry barriers to wine investment. In particular, if the governance of the block chain is composed of 'chateau-distributor-investor' through consortium blockchains, it can create a desirable wine market. The production process is stored in the block chain to secure production costs, set a reasonable launch price, and efficiently operate the distribution system by storing the distribution process in the block chain, and forecast the amount of orders for futures trading. Finally, investors make rational decisions by viewing all of these data. The study presented a new perspective on alternative investment in that ownership can be treated like a share. We also look forward to the simplification of food import procedures and the formation of trust within the wine industry by presenting a framework for wine-owned sales. In future studies, we would like to expand the framework to study the areas to be applied.

A Novel Chenodeoxycholic Derivative HS-1200 Enhances Radiation-induced Apoptosis in Human MCF-7 Breast Cancer Cells (담즙산 합성유도체(HS-1200)가 인체 유방암 세포주(MCF-7)에서 유도하는 방사선 감작 효과)

  • Lee Hyung Sik;Choi Young Min;Kwon Hyuk Chan;Song Yeon Suk
    • Radiation Oncology Journal
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    • v.22 no.2
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    • pp.145-154
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    • 2004
  • Purpose : To examine whether a synthetic bile acid derivatives (HS-1200) sensitizes the radiation-induced apoptosis in human breast cancer cells (MCF-7) and to investigate the underlying mechanism. Materials and Methods : Human breast cancer cells (MCF-7) in exponential growth phase were treated with HS-1200 for 24 hours at 37$^{\circ}C$ with 5$\%$ CO$_{2}$ in air atmosphere. After removal of HS-1200, cells were irradiated with 2$\~$8 Gy X-ray, and then cultured Ii drug-free media for 24-96 hours. The effect of radiation on the clonogenicity of MCF-7 cells was determined with clonogenic cell survival assay with 16$\mu$M of HS-1200. The induction of apoptosis was determined using agarose gel electrophoresis and Hoechst staining. The expression level of apoptosis-related molecules, such as PARP, Bax, Bcl-2, Bak and AIF, were assayed by Western blotting analysis with 40$\mu$M of HS-1200 combined with 8 Gy irradiation. To examine the cellular location of cytochrome c, bax and AIF immunofluorescent stainings were undertaken. Results : Treatment of MCF-7 cells with 40$\mu$M of HS-1200 combined with 8 Gy irradiation showed several changes associated with enhanced apoptosis by agarose gel electrophoresis and Hoechst staining. HS-1200 combined with 8 Gy irradiation treatment also enhanced production of PARP cleavage products and increased Bax/Bcl-2 ratio by Western blotting. Loss of mitochondrial membrane potential ($\Delta$$\psi$$_{m}$) and increased cytochrome c staining indicated that cytochrome c had been released from the mitochondria in HS-1200 treated cells. Conclusion : We demonstrated that combination treatment with a synthetic chenodeoxycholic acid derivative HS-1200 and irradiation enhanced radiation-induced apoptosis of human breast cancer cells (MCF-7). We suggest that the increased Bax/Bcl-2 ratio In HS-1200 co-treatment group underlies the increased radio sensitivity of MCF-7 cells. Further futures studies are remained elusive.

A Study on the Compensatory Education for the Disadvantaged Children in Preschool Age (Focussed on the Programs of Compensatory Education in the U.S.A. and Japan) (불리(不利)한 환경(環境)의 학령전(學齡前) 아동(兒童)을 위한 보상교육(補償敎育)에 관(關)한 연구(硏究) - 미국(美國) 및 일본(日本)의 보상교육(補償敎育)·프로그램을 중심(中心)으로 -)

  • Chong, Young-Sook;Lee, Hee-Ja
    • Korean Journal of Child Studies
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    • v.1
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    • pp.65-81
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    • 1980
  • This study is aimed at investigating the compensatory education which was already implemented or is being implemented in the U.S.A. and Japan; and at studying the types of programs and their characteristics; and at sounding out the possibilities of the application of such programs in family and social conditions is Korea. In order to achieve the above mentioned objectives, the established items for the study are as follows: (1) Various types of early children's education (2) Programs of compensatory education for the disadvantaged Children (3) Head Start Program, Early Training Project and Montessori School (4) Integrated Preschool Programs (5) Day-Care Center for employed mothers We investigated the various compensatory education programs for the preschool children who are in economically, socially, culturally disadvantaged conditions. Head Start Programs were federally supported programs for preschool children and opened as summer programs in 1965 for the first time. The purpose of Head Start has been to give preschool children the kinds of experiences they need in preparation for school. The Head Start children were found to be significantly better prepared for school than the normal children. However, after six to eight months, their initial advantages had virtually. disappeared and then the simple problem with Head Start and other such programs was that little long-term good could be evidenced unless the high quality educational environment was maintained. Therefore, to solve this problem, three other programs were funded as part of the overall Head Start. These three programs are the Parent-Child Center, Home Start, and the Child and Family Resources Program. The Early Training Project for disadvantaged children was implemented by Klaus and Gray of Peabody College in 1962. The program was a field research study concerned with the development and testing over time of procedures for improving the educability of young children from low income homes. Its major concern was to study whether it was possible to offset the progressive retardation observed in the public schooling careers of children, living in deprived circumstances. Children, who were trained through the Early Training Project were superior to control groups in the test of IQ and vocabulary as well as linguistic abilities, and preparation for reading. This project showed the possibilities which could prevent preschool children from being disadvantaged socially, culturally and mentally. In 1907, Montessori School was established by Maria Montessori in Italy and her school program has been introduced at present to several countries in the world as one compensatory educations. She first began her experimental methods with retarded children, followed by disadvantaged children from the tenements of Rome. The Montessori approach futures a prepared environment and carefully designed, self-correcting materials. The Montessori curriculum presents tastes that feature sequence, order, and regularity, in addition to those that develop motor and sensory skills. She was interested in children's intellectual development and in developing good work habits. One of the latest developed programs for disadvantaged children is "Integrated Preschool Program" which has successfully integrated handicapped and nonhandicapped children. Several studies have showed that handicapped children in integrated school environments are accepted by and interact with their nonhandicapped peers. In fact, this program provides a number of potential, and perhaps opportunities for nonhandicapped children to serve as valuable resources in fostering the development of their handicapped peers. Next we turn to Japanese programs which are divided into two different types. One is Day-Care Center which was established by Child Welfare Law and the other is kindergarten organized by School Education Law. The kindergarten opened in 1876 and it has been part of school systems since 1947 by the implementation of education law, and the Day-Care Center which started in 1890 for the employed mothers. was changed into Day-Nursery by the enactment of child welfare law in 1947. The laws and operational regulations for the Day-Nursery were set up and were put in effect by the establishment standard acts of children welfare facilities, and the Day-Nursery has been operated in various types by the increasing demand, chiefly because of the socio-economical changes of family structures in both urban and suburban areas. Nursery education for physically and mentally disadvantaged children is for those who are blind, deaf and dumb, mentally retarded; physically disadvantaged by accidents or diseases. Montessori education in Japan was started in 1968 and many research groups for studying Montessori were organized. In 1977, Montessori remedial education society was also organized in which they started a number of studies; a study for developing materials; in-service training for the remedial education; and seminars and lectures, etc It is strongly suggested that we study the early educations that are being implemented in Japan and a variety of compensatory educations that were already implemented in the U.S.A. and modify them for the organization of our own model and properly accommodate them to our social needs.

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Rollover Effects on KOSPI 200 Index Option Prices (KOSPI 200 지수 옵션 만기시 Rollover 효과에 관한 연구)

  • Kim, Tae-Yong;Lee, Jung-Ho;Cho, Jin-Wan
    • The Korean Journal of Financial Management
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    • v.22 no.1
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    • pp.71-91
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    • 2005
  • The object or this paper is to analyze the rollover effect on KOSPI 200 index option prices. Especially we analyze the implied volatilities of the options that became the near maturity options as the old one expired. For this analysis, a panel data of KOSPI 200 Index Option Prices from year 1999 to year 2001 were used, and following results were obtained. First, after controlling for the underlying index returns, strike prices and other pricing factors, the call option prices tend to decrease while the put option prices tend to increase during the week of expiry. Second, if one concentrates on the daily price changes, call option prices tend to go up on Thursday (as the old options expire), and then experience a price decrease on the following day, while the reverse is true for the put options. These results imply that the option prices are affected by some of the market micro-structure effects such as whether the option is the near maturity option. We conjecture that the reason for this is related to the undervaluation of KOSPI 200 futures. The results from this paper have implications on the timing of option trades. If one wants to buy put options, and/or sell call options, he has better off by executing his intended trades before the old options expire. On the other hand, if one wants to buy call options, and/or sell put options, hi has better off by executing his intended trades after the expiry.

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