• 무역학회지
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• 제45권4호
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• pp.171-194
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• 2020

Although there is a lot of literature on the effectiveness of regional trade agreements(RTAs), it is usually analyzed only using trade-related theories and data. However, this paper has a differentiation in that we examine the linkage between international trade and financial markets through the stock markets reactions when the trade agreements related news arrived. Specifically, using an event study, we look into the Korea-US free trade agreement(KORUS FTA) which is the most commercially significant FTA in almost two decades for both the countries. Korean stock market generally responded more sensitively to FTA news than the US stock market, especially in 'Auto & Parts', 'Electrical Equipment' and 'Chemicals' industries. And the investors' perception toward the effect of KORUS FTA on Korean industries changed from negative to positive as negotiations proceed. Korea has a comparative advantage in the production of labor-intensive goods relative to US, but the economies of scale hypothesis does not hold.

• 통상정보연구
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• 제11권4호
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• pp.77-109
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• 2009

The purpose of this study is to review the current trend of FDIs by Korean companies into EU, and to present the optimal strategies for them to combine their firm-specific factors and FDI attractiveness of the regions in EU. The companies are divided into two categories, SMEs and large enterprises. The regions of EU are composed of 15 incumbent members before the fifth enlargement in 2004 and 12 new members. Large Korean companies tend to make large investments in 15 incumbent members with stable and mature markets. Korean SMEs, by contrast, mainly invest on small scales in the new members due to the lack of their available inner resources and knowledge for the markets. The main objects of the investments in EU by the large Korean companies are to gain more market share and to acquire the advanced technologies. Although such goals are also important for the SMEs, the most important objects for the investments by Korean SMEs in EU are usually to enter EU markets and to take advantage of the relatively cheap labor forces for the efficient operations. The effects of such passive strategies by the SMEs, however, are expected to extinct because the cost advantages in regions of the new EU members will not last in the long term, so the SMEs must take longer views for the choice of locations. Many empirical results suggest that the optimal FDI strategies for the Korean companies in EU could be worked mainly by more aggressive localization policy of companies and by the cooperations of SMEs and large enterprises for the reduction in costs of foreignness.

• 응용통계연구
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• 제24권1호
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• pp.1-10
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• 2011

본 연구는 포트폴리오 이론에 입각해 위험을 최소화하기 위한 투자의 국제적 분산 가능성에 대해 통계적으로 검정해 보았다. 국내외 주요 주식시장 간 동적 상호의존 관계와 구조변화를 검색하는 접근방식을 적용시켜 본 결과 아시아 외환위기에 따른 공통요인들의 존재로 인해 각 주식시장의 독자적 변동이 제약을 받아 투자의 다각화에 따른 수익이 제한되는 것으로 나타났다. 투자 다변화 여건이 조성되는 시기는 주식시장 간 동조화 현상이 약화된 이후로 판명되며, 검정결과는 당시 해외투자와 펀드판매의 증가 시기 및 시장성향의 현실을 그대로 반영한다.

• 통상정보연구
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• 제10권4호
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• pp.277-298
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• 2008

This study develops the market attractiveness assessment model and draws the strategic target markets and their corresponding exporting strategies through identifying the market positions in the dimensions of market attractiveness scores and market positional strength to achieve the innovative export promotion of Korean heavy electric industry and the resulting improvement and reversal of comparative-disadvantage position. In chapter 2, we analyze the stages of selecting target markets, the constructs and their measure variables of market attractiveness models, and the components and strategic policy implications of directional policy matrix. And in chapter 3, we identify the comparative advantage positions of Korean heavy electric industry in the global market through analyzing its trade structure, trends, balance, ratio-balance, and specialization index by the item and the region respectively. We find that the Asia/Pacific region is the most attractive export market of the Korean heavy electric equipment industry, the following important strategic target markets are the America, MENA, CIS/East Europe Regions in the order of their attractiveness and competitive position dimensions. In the mean time, the sub-Sahara Africa and West Europe region is shown to be the long-run-viewpoint target market requiring the innovation or divest strategies owing to their low attractiveness and the low market share of Korean exports.

• 보건행정학회지
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• 제6권2호
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• pp.14-42
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• 1996

민간 시장에서의 경쟁의 실패는 일반적으로 정부개입과 규제의 대표적인 근거를 제공한다. 하지만 보건의료분야는 정보의 비대칭성, 의료보험의 보편화, 고가의료기술 및 장비에 의한 비용상승 등과 같은 특수성으로 인하여, 정부가 단순히 충분한 의료공급자나 병원의 수를 보장함으로써 가격의 하락과 서비스 양의 증가와 같은 경쟁의 효과를 기대하기 힘들다. 본 논문은 경쟁과 규제와 관련한 보건의료의 특수성과, 보건의료분야에서 경쟁이 소비자 후생에 미치는 영향에 관한 이론 및 실증분석의 결과들을 고찰한다. 나아가 경쟁과 규제가 조화된 지속가능한(sustainable) 보건의료체계를 위해, 병원설비투자의 직접적인 규제로부터 규제를 통해 경쟁을 촉진시키는 인센티브규제(incentive regulation)로서의 지불보상제도 그리고 필요한 정보의 제공을 통한 시장기능의 회복에 이르는, 정부가 집행할 수 있는 효과적인 정책도구들을 분석한다.

• The Journal of Asian Finance, Economics and Business
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• 제8권8호
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• pp.297-309
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• 2021

In this study, to capture the skewness and kurtosis detected in both conditional and unconditional return distributions of the stock markets of Kazakhstan and Russia, two versions of normal mixture GARCH models are employed. The data set consists of daily observations of the Kazakhstan and Russia stock prices, and world crude oil price, covering the period from 1 June 2006 through 1 March 2021. From the empirical results, incorporating the long memory effect on the returns not only provides better descriptions of dynamic behaviors of the stock market prices but also plays a significant role in improving a better understanding of the return dynamics. In addition, normal mixture models for time-varying volatility provide a better fit to the conditional densities than the usual GARCH specifications and has an important advantage that the conditional higher moments are time-varying. This implies that the volatility skews implied by normal mixture models are more likely to exhibit the features of risk and the direction of the information flow is regime-dependent. The findings of this study contain useful information for diverse purposes of cross-border stock market players such as asset allocation, portfolio management, risk management, and market regulations.

• 한국정보통신설비학회:학술대회논문집
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• 한국정보통신설비학회 2005년도 춘계 세미나 : Fiber to The Home FTTH 기술현황과 활성화 전략
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• pp.111-135
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• 2005

• 통상정보연구
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• 제7권3호
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• pp.177-191
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• 2005

This paper makes a valuable contribution to understanding how the Internet may interface with existing channels to export markets. It classifies the market and firm-level capabilities that may have an impact on how effectively firms can use a virtual channel to export markets(VECs). The most important findings of the paper are that it matters less what function the Internet serve-whether it provides information, tries to build interactive relationships or is used to sell products or services- than hoe fufills its role. Finally, the Internet can facilitate direct channels to market. Export sales ability is essential, and is more important the length of time spent exporting. The Internet to add value to existing export channels.

• Agribusiness and Information Management
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• 제3권2호
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• pp.1-8
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• 2011

The main goal of this study is to show promising future food market of Northeast Asia countries, including China, Japan, and South Korea. Drinks market, including soft and alcoholic drinks is selected to show global food companies new opportunities for next strategic movements. Market Attractiveness Matrix is developed based on BCG matrix as a main framework for this study. CDI (Category Development Index) is also used. It is found that Asia-pacific has fast-growing markets and it has strong potential for future investment. Northeast Asia countries (China, Japan, and South Korea) turned out to be ones of the most attractive regional markets. However, European drinks market is saturated even though its size is still big. This study suggests that Northeast Asian market be considered a market for the next strategic movement and investment.

• 재무관리연구
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• 제25권4호
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• pp.117-144
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• 2008

This article examines the information transmission process between the KOSPI 200 futures market and its underlying stock market, using the 10-second quote and trade data. The VAR analysis reveals that quote revisions through limit orders in general lead trades through market orders. In addition, the VAR analysis shows that the futures market tends to lead the stock market in terms of quote revisions and trades, even though the other direction is also observable. Even when we focus on the events causing large movements in quote revisions and trades, those lead and lag relations between those markets and between quote revisions and order imbalances are confirmed.