• Journal of Arbitration Studies
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• v.20 no.3
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• pp.121-145
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• 2010

In the past, ADR has not been used as frequently in Japan as it has in other parts of the industrialized world. However, though litigation is still the most utilized vehicle of dispute resolution by Japanese financial institutions, this will be changing. The New Financial ADR system, which was created by a June 2009 amendment to the Financial Instruments and Exchange Act, is meant to deal with every stage of financial-related disputes and, as such, strives to resolve disputes before they become significant and acts to ameliorate any post-ADR issues that may remain, thereby completing the FIEA's purpose to protect investors. Since the foundation of the New Financial ADR system applies to all related industries, new provisions were set out in 16 business related acts, such as the Banking Act, the Insurance Business Act, and FIEA itself. October 2010 will mark the formal introduction of a new system of financial ADR in Japan. New Financial ADR in Japan will be modeled on the Financial Ombudsman Service in the United Kingdom, but will not feature one comprehensive dispute resolution system in which one dispute resolution institution covers all disputes in the financial field. The New Financial ADR system is merely one step towards a foundation of comprehensive financial ADR such as FOS. It must be noted, however, that this all important first step was over seven years in the making, involving a great deal of discussion, debate, and compromise amongst many parts of Japanese government, business, and society. The New Financial ADR system grants participating parties the ability to stop the clock on any statute of limitations which may correspond to any future possible court cases related to the dispute,13 and further grants the ability to suspend related court proceedings while the parties are utilizing the New Financial ADR system. In addition, where financial institutions have not accepted dispute resolution proceedings or have not accepted a special conciliation proposal, the Ministry of Finance may issue an order compelling compliance if it is found that certain actions are necessary to ensure the appropriate operations of a financial institution's business. In Japan, as best practices have not yet been created.

• International Commerce and Information Review
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• v.14 no.3
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• pp.31-47
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• 2012

The Eurozone was launched to set a goal on using the single currency perfectly in 1999. Using the Euro could get rid of exchange cost and cost of Foreign exchange risk management which was approximately 1% of each member's GDP. It was possible that members has maintained a stable level of inflation and stimulate investment and employment with low interest rate. In addition, they could lead to economic growth and investment as well as increase the Euro demand in financial market. Especially, members has used the Euro as the method of payment on trade each other so that the volume of trade among the Eurozone members has increased continuously which was called "the effect of single market." This paper analyzes the correlation between using the Euro and members' export/import by using random effect estimation and fixed effect estimation. As a result, Eurozone members can get export decreasing effect of 4.68% and import increasing effect of 10.5% respectively on average by using the Euro.

• Information Systems Review
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• v.10 no.1
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• pp.21-45
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• 2008

Over the years a lot of organizations or enterprises are spending the majority of their IT budgets on IT resources procurement and maintenance. IT resources are typically duplicated in each Region, Division, and/or Business Unit. The biggest sources of cost savings come directly from the reduction in maintenance cost and the elimination of duplicated resources. Global corporations are investing heavily in shared services implementations in order to stay competitive in an industry environment. A number of financial services firms have turned to IT shared services to reduce the level of IT asset and infrastructure redundancies. Recently, Korean financial services industry is moving to diversification(bank, securities, insurance, etc.) and consolidation(M&A, strategic alliance, etc.), and wants the elimination of duplicated IT resources. This research is intended to find out and demonstrate the factors having a significant effect on adoption of IT shared services center in finance services industry.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.14 no.2
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• pp.696-706
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• 2013

This study aims to develop DEA model which can look into budget cost variance analysis tool based on standard cost using 68 hospital's input and output data. For accomplishing this purpose, by introducing new DEA model which can get an attainable target cost, we can decompose an actual cost difference into several meaningful sub variances. Also based on the 2008 general hospital data, this model can make variance analysis between actual cost and target cost. Total variance can be divided into technical inefficiency variance, price inefficiency variance, allocation inefficiency variance. This study introduces that by using target budget cost concept, traditional actual cost variance can be divided into a technical variance, price variance, budget variance. Finally, we can get result which confirms there does not exist favorable size effects on efficiency and cost management in running a general hospital.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.21 no.2
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• pp.470-478
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• 2020

In this paper, a theoretical model that separates one single conversion factor into two conversion factors for both outpatients and inpatients is introduced. By using hypothetical numbers, two conversion factors and an adjustment factor were calculated. The major implications are as follows. Firstly, by introducing two conversion factors, a minimum incentive mechanism for admitting outpatients to a clinic and high risk inpatients to a hospital was installed. Secondly, the introduction of two conversion factors decreased the drive to admit outpatients to a hospital by reducing the economic benefits for the hospital. Thirdly, it is possible to make explicit contracts for several factors rather than a single conversion factor, so that it can be used as an appropriate management tool for rapidly increasing medical expenses. Finally, this research can be used to set up policy tools to establish a proper healthcare delivery system in Korea by inducing behavioral changes in healthcare institutions.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.48
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• pp.127-155
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• 2010

The international transactions of capital goods such as industrial plant exports, overseas constructions, and shipbuilding exports, are so huge that tremendous amount of funds are required, and that most of the loans are long-term credits of over five years. In the export of huge capital goods, financing is more crucial than technology itself. Some of the importing countries are developing ones that are politically and economically unstable. Therefore the financing mechanism for these transactions is conclusive in winning these projects. Global financial market instability caused by US sub-prime mortgage financial crisis expanded all over the world, and the international transactions have been decreased due to global credit crisis. This indicates how much influential the financing market is in international transactions. The financing schemes are classified into supplier credit and buyer credit by who provides the financing. A supplier credit is a credit extended by an exporter(seller) to an importer(buyer) as part of an export contract. Cover for this transaction may be extended by an export credit agency('ECA') to the exporter. In a sales contract a seller shall provide fund required to manufacture goods, and in a construction contract a contractor shall provide fund required to complete a construction. A buyer credit is an arrangement in which an exporter enters into a contract with an importer, which is financed by means of a loan agreement A Comparative Study on a Supplier Credit and a Buyer Credit in International Transactions of Capital Goods 155 where the borrower is the importer. In a sales contract a buyer shall provide fund required to manufacture and procure the goods, and in a construction contract an owner shall provide fund required to complete a construction. Therefore an exporter is paid on progressive payment method. A supplier credit and a buyer credit have their own advantages and disadvantages in the respect of the parties respectively. These two financing methods are selectively used considering financing conditions such as funding cost, importer's and/or exporter's financial conditions, importing country's political risk.

• Journal of the Korean Geographical Society
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• v.33 no.1
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• pp.75-91
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• 1998

The purpose of this paper is to investigate office location dynamic in Seoul and to analyze comparatively the office activities of emerging office centers. Since mid 1980s, the expansion of office employment and spatial differentiation of the office-type jobs have changed the employment and spatial structure of Seoul. The major employment centers are CBD, Kangnam district and Youido. Among these, CBD and Kangnam have developed as the two leading centers of Seoul. Youido, the typical office-oriented center, shares CBD functions especially specializing security business. Selective decentralization of offices made qualitative differences among the centers. In spite of vigorous office decentralization, CBD has kept the principal offices of finance and insurance, travel agencies, advertising agencies, management consulting firms, major public institutions and headquarters of upper 100 companies in Korea. But the offices of producer services such as law, architects, engineering and computer consulting and real estates and headquarters of upper 5000 companies in Korea have been decentralized dominantly to Kangnam.

• Journal of the Korean Data and Information Science Society
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• v.27 no.4
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• pp.959-967
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• 2016

Distributional assumptions on equity returns play a key role in valuation theories for derivative securities. Elberlein and Keller (1995) investigated the distributional form of compound returns and found that some of standard assumptions can not be justified. Instead, Generalized Hyperbolic (GH) distribution fit the empirical returns with high accuracy. Hu and Kercheval (2007) also show that the normal distribution leads to VaR (Value at Risk) estimate that significantly underestimate the realized empirical values, while the GH distributions do not. We consider saddlepoint approximations to estimate the VaR and the ES (Expected Shortfall) which frequently encountered in finance and insurance as measures of risk management. We supposed GH distributions instead of normal ones, as underlying distribution of linear portfolios. Simulation results show the saddlepoint approximations are very accurate than normal ones.

• Journal of the Economic Geographical Society of Korea
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• v.13 no.4
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• pp.584-600
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• 2010

Aiming to reveal the employment evolution around interstate highway corridors, an extended shift-share analysis is conducted for metropolitan areas in two interstate highway corridors on the U.S. east coast: I-95 and I-85. Our focus is on knowledge service sectors, specifically finance, insurance, business services and health services for two time periods, 1977-1990 and 1990-2005. In the first period, the two corridors' metropolitan areas have outperformed their regions in terms of both output and labor productivity. But this picture turned negative in later period with some variation by industries. Also variation in performance over time was found even in metropolitan areas in the same corridor or in geographically adjacent areas.

• Journal of Convergence for Information Technology
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• v.10 no.8
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• pp.15-22
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• 2020

The 4th industrial revolution and the rapid change in the data environment revealed technical limitations in the existing relational database(RDB). As a new analysis method for unstructured data in all fields such as IDC/finance/insurance, interest in graph database(GDB) technology is increasing. The graph database is an efficient technique for expressing interlocked data and analyzing associations in a wide range of networks. This study extended the existing RDB to the GDB model and applied machine learning algorithms (pattern recognition, clustering, path distance, core extraction) to detect new abnormal signs. As a result of the performance analysis, it was confirmed that the performance of abnormal behavior(about 180 times or more) was greatly improved, and that it was possible to extract an abnormal symptom pattern after 5 steps that could not be analyzed by RDB.