Purpose: The issue of access to credit for private enterprises has been given an increased amount of attention given their crucial role in fueling economic growth. Vietnamese small and medium-sized businesses, however, face many obstacles in accessing financing for profitable investment opportunities, with up to 70% unable to access or obtain bank loans. This paper aims to address the factors affecting the credit accessibility of Vietnamese enterprises, and provide further insights of this issue under the new context of Basel II. Research design, data and methodology: We adopt a pooled sections approach to construct a sample of 155 firm observations before and after the implementation of Basel II accord in Vietnam and employing binary logistic regression and interaction terms for data analysis. Results: We find that firm characteristics (export participation, female ownership) and proxies for bank-borrower relationship (deposit, overdraft facility) have significant and positive effects on firm's access to credit. Notably, the sign of interaction coefficient shows that the implementation of Basel II tends to benefit small-sized firms in terms of credit accessibility. Conclusions: The finding further emphasizes the important role of relationship lending in Vietnam's credit market, which is even more critical for small firms when Basel II is universally applied as the new banking standards in the coming years.
Parking lot within housing site contains public interest of relieving parking space shortage problem and subject to public restriction. If auctioned off at higher price by excessive competition in general competitive bid for land bidders, the development of parking lot will be made against its original purpose supply. The core issue is that a bid price is quite often to be blown out of proportion by 150%~ 250% due to extreme competition and, could face serious problem if a winning bidder runs sale business. If it is rental business, although about 30% of the total floor space of the whole building to be used as neighborhood facilities, too high winning bid price cause to lose transparency. In case of sale at aggregate buildings, most business operators would sell 30% of the neighborhood facilities, spare the parking lot and manages thereof separately. According to Aggregate Buildings Act, neighborhood facilities are allowed for individual registration and ownership of parking lot by business operator or designated person by business operator. In this case, the parking lot becomes 70% of the total floor space of the whole building and 70% of the land share which makes the mortgage very valuable and easier for business operator to get financial loan. There used to be many cases such as owners of neighborhood facilities (aggregate buildings partial owners) who run parking lot to repay their loan running parking lot to repay loan, but found that very tough and reached auction and relatively disadvantaged. For parking lot within housing site, it is recommend to exclude the public factors that land has and take into account of public restriction in area (housing site). Business opportunity for operators and protection of property rights for buyers in aggregate buildings, land supply method is recommended to replace from highest bid method into draw or private contract. In terms of price, supply at estimated price (construction price) and restriction on usage (Co-ownership of parking lot) proposals are submitted.
International Journal of Computer Science & Network Security
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v.23
no.12
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pp.27-80
/
2023
Nowadays usage of different applications of identity management IDM demands prime attention to clarify which is more efficient regarding preserve privacy as well as security to perform different operations concerning digital identity. Those operations represent the available interactions with identity during its lifecycle in the digital world e.g., create, update, delete, verify and so on. With the rapid growth in technology, this field has been evolving with a number of IDM models being proposed to ensure that identity lifecycle and face some significant issues. However, the control and ownership of data remines in the hand of identity service providers for central and federated approaches unlike in the self-sovereign identity management SSIM approach. SSIM is the recent IDM model were introduced to solve the issue regarding ownership of identity and storing the associated data of it. Thus, SSIM aims to grant the individual's ability to govern their identities without intervening administrative authorities or approval of any authority. Recently, we noticed that numerous IDM solutions enable individuals to own and control their identities in order to adapt with SSIM model. Therefore, we intend to make comparative study as much of these solutions that have proper technical documentation, reports, or whitepapers as well as provide an overview of IDM models. We will point out the existing research gaps and how this study will bridge it. Finally, the study will propose a technical enhancement, everKEY solution, to address some significant drawbacks in current SSIM solutions.
There is no provision regarding the 'litigation on land boundary' under the Korean laws. Therefore, there are disputes in theory with respect to its nature, requirements for litigation, criteria for determination, etc., and it is necessary to establish the provisions of the law on this issue in the future. For this legislation, it is necessary to conduct a comparative consideration on laws of other countries which have completed the relevant provisions. This study, as a first step, researches a history of litigation for determination of boundary under the Roman law and medieval law, and furthermore introduces the German law which has relatively completed legal provisions on litigation for determination of boundary. In addition to common ownership litigation, the German law has established a provision on litigation for boundary as a judicial procedure considering a special place, called as a dispute on ownership of adjacent land, on the assumption that it is difficult or impossible to prove the boundary. The primary purpose of this litigation is to clarify a true boundary, and if such clarification is impossible, a boundary is discretionally created in accordance with the statutory standards under Article 920 of the German Civil Act (BGB). It means creation of the scope of land ownership by operation of decision, not only by the 'discovery of original boundary'. Both cases are different from each other in the aspect of judicial decision, but embracing them into one is a lawsuit for determination of boundary under the German law. Under the Korean legislation, it is necessary to make a theory containing two different criteria for determination into a single type of litigation, considering such aspects.
KSII Transactions on Internet and Information Systems (TIIS)
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v.5
no.8
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pp.1472-1491
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2011
As used product transactions are currently on the rise, the demand for transactions of secondhand digital content will grow in the future; thus, learning to make secure transactions while avoiding cyber attacks becomes an important issue. In this paper, we combine the new buyer's secret key, the new buyer's watermark to embed in resold digital content, and the reseller's encrypted watermark, which can prove legal ownership of the reseller. Using the privacy homomorphism property of RSA and exponential calculus, the original seller of digital content can verify the legality of the reseller and the new buyer. We also reduced the load of encryption/decryption digital content using a partial encryption/decryption algorithm to make our protocol more efficient and practical. In the proposed protocol, the seller is not able to conduct piracy and easily frame any other innocent secondhand buyer when a case of piracy is found. In fact, piracy can be clearly traced using the privacy homomorphism property of RSA and the embedded watermark mechanism. Further, in the proposed protocol, the seller himself can trace the piracy using exponential calculus. Since it is unnecessary to trust third party participation, the conspiracy problem is resolved and the new buyer is not required to participate in the dispute. Moreover, the seller, reseller and new buyer can simultaneously benefit from the secondhand transaction.
International Journal of Computer Science & Network Security
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v.23
no.9
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pp.29-36
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2023
Blockchain is an emerging technology that is used to address ownership, centrality, and security issues in different fields. The blockchain technology has converted centralized applications into decentralized and distributed ones. In existing sharing economy applications, there are issues related to low efficiency and high complexity of services. However, blockchain technology can be adopted to overcome these issues by effectively opening up secure information channels of the sharing economy industry and other related parties, encouraging industry integration and improving the ability of sharing economy organizations to readily gain required information. This paper discusses blockchain technology to enhance the development of insurance services by proposing a five-layer decentralized model. The Najm for Insurance Services Company in Saudi Arabia was employed in a case study for applying the proposed model to effectively solve the issue of online underwriting, and to securely and efficiently enhance the verification and validation of transactions. The paper concludes with a review of the lessons learned and provides suggestions for blockchain application development process.
Our article investigates the risk implication of ownership structure in life insurance companies. We set up a model to identify the priority structure of policyholder's and shareholder's cashflow claims, and to derive its implications. Current literature on this issue has focused on the agency paradigm or the risk-sharing efficiency. Fama and Jensen(1983a, 1983b) and Mayers and Smith(1981, 1986, 1988, 1990, 1994) argue that the survival of both the corporate and the mutual form of organization is due in part to the relative efficiencies in controlling agency problems. With regard to insurance business, agency problems arise because of the three functions inherent in the organizations:manager, risk-bearer(owner), and policyholder. Stock insurers are characterized by the potentially complete separation of all three functions while mutual insurers merger the policyholder with the ownership function. Doherty and Dionne(1993) and Doherty(1991) concentrate their analysis on differences in the efficiency of risk sharing between participating and non-participating policies. They argue that when the undiversifiable risk has higher portion in business risk, combining policy and equity claims into a single package is a more efficient risk-sharing contract than a simple prepaid risk-transfer. Among various methods for assembling the policy/equity package, Doherty and Dionne(1993) and Doherty(1991) suggest that policy/equity package offered by the mutual is the most efficient risk-sharing arrangement. There has been a controversy on the property of participating policies sold by life insurance corporations in Korea. Some scholars argue that participating policyholders of Korean life insurance companies have shared the cashflow risk with shareholders. They emphasize that insurance firms have used dividend reserves to supplement for equity deficits. Thus, they argue that the economic entities of Korean life insurance companies are mutual companies though their legal entities are corporations. Our article explicitly sets up each stakeholder's cashflow claim in stock and mutual insurers, and thus identify risk differences in shareholder and policyholder. Using our model, we could derive direct implications on the controversy. Our model shows that life insurance companies would sell participating policies since policyholders would have the incentive to share the risk inherent in their primary claims with equityholders. And there exists a fundamental difference in shareholder's risk and equityholder's.
International circulation of cultural assets involves numerous countries thereby making an approach based on international law essential to resolving this problem. Since the end of the $2^{nd}$ World War, as the value of cultural assets evolved from material value to moral and ethical values, with emphasis on establishing national identities, newly independent nations and former colonial states took issue with ownership of cultural assets which led to the need for international cooperation and statutory provisions for the return of cultural assets. UNESCO's 1954 "Convention for the Protection of Cultural Property in the Event of Armed Conflict" as preparatory measures for the protection of cultural assets, the 1970 "Convention on the Means of Prohibiting and Preventing the Illicit Import and Transfer of Ownership of Cultural Property" to regulate transfer of cultural assets, and the 1995 "Unidroit Convention on Stolen or Illegally Exported Cultural Objects" which required the return of illegally acquired cultural property are examples of international agreements established on illegal transfers of cultural assets. In addition, the UN agency UNESCO established the Division of Cultural Heritage to oversee cultural assets related matters, and the UN since its 1973 resolution 3187, has continued to demonstrate interest in protection of cultural assets. The resolution 3187 affirms the return of cultural assets to the country of origin, advises on preventing illegal transfers of works of art and cultural assets, advises cataloguing cultural assets within the respective countries and, conclusively, recommends becoming a member of UNESCO, composing a forum for international cooperation. Differences in defining cultural assets pose a limitation on international agreements. While the 1954 Convention states that cultural assets are not limited to movable property and includes immovable property, the 1970 Convention's objective of 'Prohibiting and preventing the illicit import, export and transfer of ownership of cultural property' effectively limits the subject to tangible movable cultural property. The 1995 Convention also has tangible movable cultural property as its subject. On this point, the two conventions demonstrate distinction from the 1954 Convention and the 1972 Convention that focuses on immovable cultural property and natural property. The disparity in defining cultural property is due to the object and purpose of the convention and does not reflect an inherent divergence. In the case of Korea, beginning with the 1866 French invasion, 36 years of Japanese colonial rule, military rule and period of economic development caused outflow of numerous cultural assets to foreign countries. Of course, it is neither possible nor necessary to have all of these cultural properties returned, but among those that have significant value in establishing cultural and historical identity or those that have been taken symbolically as a demonstration of occupational rule can cause issues in their return. In these cases, the 1954 Convention and the ratification of the first legislation must be actively considered. In the return of cultural property, if the illicit acquisition is the core issue, it is a simple matter of following the international accords, while if it rises to the level of diplomatic discussions, it will become a political issue. In that case, the country requesting the return must convince the counterpart country. Realizing a response to the earnest need for preventing illicit trading of cultural assets will require extensive national and civic societal efforts in the East Asian area to overcome its current deficiencies. The most effective way to prevent illicit trading of cultural property is rapid circulation of information between Interpol member countries, which will require development of an internet based communication system as well as more effective deployment of legislation to prevent trading of illicitly acquired cultural property, subscription to international conventions and cataloguing collections.
The previous studies based on a resource-based view of firm highlighted the role of resources within a firm in creating and sustaining competitive advantage. Recent research, however, the relational view points to the importance of inter-firm sources(or relational capital) in creating firm competitiveness. In international business field, the studies on born-global firms also states that when firms are lack of ownership-specific advantages in their internationalization process, they resort to the external partners and social networks to complement their resource scarcity. By adopting the relational view and born-global firms concept, a network-based approach needs to be applied to explain the international strategy of Korean service firms. This is because most of Korean service firms own less ownership-specific advantages than global competitors. This study proposes Korean firms' global network building and exploiting strategy to enhance their international stages of development. The network, for example, Global Korean Tourism Network, enables network members access to the valuable resources and capabilities they are lack of when undergoing internationalization process. This study's contribution is along two dimension. First, even global Korean network is emerging as a major issue in recent years, we could not figure out how to build global Korean network for service firms. This studies gives an answer. Second, we derived what benefits can be gained from the network if Global Korean Tourism Network is developed for hotel, tourism, convention firms' internationalization.
Korean Journal of Construction Engineering and Management
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v.20
no.5
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pp.104-114
/
2019
This study explored to analyze the winning determinants of the lawsuit cases on the urban and housing redevelopment project based on jurimetric methods. Based on affirm-rate and staircase matrix tables, 441 lawsuit judgments are analyzed. Research findings in affirm-rate analysis indicate that past legal relation, no own defect of accreditation, no ownership or association member status, lapse of period of litigation, and no legal interest are identified as higher rate in order for the reason for plea on the merit. And so are defect on calculation of consent rate, defect in relation with written consent, approval before zoning designation, defect in relation with general meeting, and defect on zoning designation for the issue on the merit. It is noteworthy from the staircase matrix table analysis that the criteria for affecting the lawsuit outcome is determined based on key forecasting variables such as past legal relation and no ownership or association member status. This study intends to provide the implication that the unnecessary disputes can be reduced in the urban and housing redevelopment project by the implementation of jurimetric quantitative analysis methodology from the perspective of empirical law.
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