• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.43
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• pp.481-507
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• 2009

Along with continuous increase in international investments encouraged by wide spread bilateral investment treaties (BIT) including free trade agreements (FTA), international investment disputes have been also increasing. This means that a host State, an importer of foreign investments, and a investor who exports its investment to foreign State, need to take measures to prevent international disputes arising from international investment or to prepare for the arbitration for resolving the disputes. Under these circumstances, this paper compares ICSID arbitration rules and UNCITRAL arbitration rules in respect of (i) the institution of arbitration, (ii) the appointment of arbitrators and the composition of arbitral tribunal, and (iii) the procedures for, and the form of, arbitral awards. On base of this comparison, this paper further suggests certain practical issues that the host State's government and the foreign investors should be aware of in order to be ready for the resolutions of disputes by ICSID or UNCITRAL arbitrations.

• Advances in robotics research
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• v.1 no.2
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• pp.171-183
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• 2014

Distributed planning and decision making can be beneficial from the robustness, adaptability and fault tolerance in multi-robot systems. Distributed mechanisms have not been employed in three dimensional transportation systems namely aerial and underwater environments. This paper presents a distributed cooperation mechanism on multi robot transportation problem in three dimensional environments. The cooperation mechanism is based on artificial capital market, a newly introduced market based negotiation protocol. In the proposed mechanism contributing in transportation task is defined as asset. Each robot is considered as an investor who decides if he is going to invest on some assets. The decision is made based on environmental constraint including fuel limitation and distances those are modeled as capital and cost. Simulations show effectiveness of the algorithm in terms of robustness, speed and adaptability.

• Proceedings of the Korea Contents Association Conference
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• 2003.05a
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• pp.327-332
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• 2003

This paper is to outline a methodology for establishing the fair market value of knowledge assets that may be associated with a going-concern business enterprise and identify the elements of knowledge assets and provide the basic concepts for valuing thorn Within this contort we will identify the nature of some of the more common or well-know forms of knowledge assets, discuss the normal relationship of these forms of knowledge assets to the monetary and tangible assets of a business enterprise from an investor's perspective.

• Proceedings of the KAIS Fall Conference
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• 2011.05b
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• pp.792-795
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• 2011

After the year of 2000, compositions of stock holders in domestic firms are rapidly changing. In domestic stock market, the proportion of market value held by foreign investors reaches over 40%. There are several blue chip companies among those where foreign investors hold more than 50% of the stocks. There are still hot debates going on about whether the increase in the number of foreign investors contributes to domestic companies. This research attempted to determine foreign ownership increases enhance firm value empirically. It has been shown that foreign ownership variable has significant positive impact on Tobin's Q of firm value variable. The result suggests that foreign ownership increases in domestic corporations positively contribute to firm value, as they monitor and keep the management transparent as an institutional investor, and they work to soothe agency problems by the managements or the large stock holders.

• Journal of Arbitration Studies
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• v.23 no.3
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• pp.127-147
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• 2013

Korea is, after China, the Asian country with the largest number of concluded investment treaties. One of the protections that Korean investment treaties frequently afford to foreign investors and their investment is the so-called "umbrella clause," which requires the host state of the investment to observe the commitments that it has undertaken toward the foreign investor or its investment. This is a potentially very powerful protection. Umbrella clauses, however, have proven to be amongst the most controversial provisions in investment treaties, giving rise to diverging interpretations by tribunals and commentators that are still not reconciled today.

• Asia pacific journal of information systems
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• v.26 no.1
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• pp.109-123
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• 2016

The success of a crowd-funding project can be attributed to various reasons, among which, backer's (also known as 'investor', or 'funder') perception of project credibility may be a salient one. The purpose of this study is to investigate the extent to which perceived project credibility can affect a backer's investment decision. We examine the factors that could influence the building of perceived project credibility by testing the proposed research model using survey data. Analysis results indicate that perceived project credibility has a significantly positive effect on backer's investment intention. Furthermore, information quality and source credibility are two key determinants of perceived project credibility. This study contributes to crowd-funding literature by enriching the list of successful factors for fund-raising with project credibility. The study also has practical implications because it explains why and how a backer's perception of project credibility can be improved.

• The Korean Journal of Financial Management
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• v.26 no.4
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• pp.103-140
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• 2009

This paper investigates various channels through which liquidity can affect stock returns and examines whether behavioral explanation for liquidity risk is reasonable. First, we examine whether liquidity level (average liquidity) plays a significant role in determining asset returns. The result is consistent with the hypothesis that a stock with higher average illiquidity will have a higher expected return. Second, we focus on the argument that liquidity has a non-diversifiable systematic component. If systemic liquidity has a different impact across individual securities, a stock that is more sensitive to systematic liquidity will have a higher expected return. The results of various tests are inconsistent with each other, not completely supporting the argument. Finally, the intra-market tests in Korea support the behavioral explanation for the liquidity premium, and the effect is stronger in the liquidity level than in the liquidity beta related to systematic liquidity.

• Asian Journal of Business Environment
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• v.5 no.3
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• pp.17-21
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• 2015

Purpose - This paper compares current requirements for depreciation accounting from the Financial Accounting Standards Board in America for equity securities and all debt securities with determinable fair value, and disclosure requirements related to the fair value of securities below registered cost with the requirements of the international Financial Reporting Standards Board and accounting standards committee. Research design, data, and methodology - Mini-review statements are examined relating to depreciation of investments in America and the Financial Accounting Standards depreciation of investments in Iran that meet the requirements of international reporting standards and the Iranian Accounting Standards Committee. Results - Accounting rules for depreciation of investments in securities requires a good deal of judgment. In particular, devaluation decisions during the recession and market crisis were controversial, although even with no clear guidelines on devaluation, sometimes such decisions were simple. Conclusions -Companies can choose from formal policies applied uniformly and documentations of interest to provide a summary of the principles and conclusions obtained through disclosure, enabling market participants to assess the entity's conclusions reasonably, thereby easing investor and market worries.

• New & Renewable Energy
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• v.10 no.1
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• pp.41-49
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• 2014

For a proper valuation of wind power project, it is necessary to consider volatilities of key parameters such as annual energy production, electricity sales price, and long term interest rate. Real option methodology allows to calculate option values of these parameters. Volatilities to be considered in wind project valuation are 1) annual energy production (AEP) estimation due to meteorological variation and estimation errors in wind speed distribution, 2) changes in system marginal price (SMP), and 3) interest rate fluctuation of project financing which provides refinancing option to be exercised during a loan tenor for commercial scale projects. Real option valuation turns out to be more than half of the sales value based on a case study for a FIT scheme wind project that was sold to a financial investor.

• Journal of the Korean Society of Industry Convergence
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• v.8 no.2
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• pp.85-95
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• 2005

The margin level in the futures market platys an important role in balancing the default probability with the investor's opportunity cost. In this paper, we investigate whether the movement of KOSPI200 futures daily prices can be modeled with the extreme value theory. Based on this investigation, we examine the validity of the margin level set by the extreme value theory. Moreover, we propose an expected profit-maximization model for securities companies. In this model, the extreme value theory is used for cost estimation, and a regression analysis is used for revenue calculation. Computational results are presented to compare the extreme value distribution with the empirical distribution of margin violation in KOSPI200 and to examine the suitability of the expected profit-maximization model.