• Bulletin of the Korean Mathematical Society
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• v.56 no.5
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• pp.1129-1141
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• 2019

We propose a stochastic delay financial model which describes influences driven by historical events. The underlying is modeled by stochastic delay differential equation (SDDE), and the delay effect is modeled by a stopping time in coefficient functions. While this model makes good economical sense, it is difficult to mathematically deal with this. Therefore, we circumvent this model with similar delay effects but mathematically more tractable, which is by the backward time integration. We derive the option pricing equation and provide the option price and the perfect hedging portfolio.

• Journal of the Economic Geographical Society of Korea
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• v.10 no.3
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• pp.245-262
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• 2007

This paper aims at analyzing the characteristics of performance and asset management system of listed property trusts(LPT) in Australia, and elucidating the implications for Korean real estate indirect investment market. The main results of this paper are as follows. Firstly, LPT have a leading position among the real estate indirect investment systems in Australia, through the rapid growth of market capitalization. Secondly, LPT achieved superior risk adjustment performance than other financial products, and had valid portfolio diversification effect. Thirdly, many LPT have used stapled securities structure as a asset management system, and stapled LPT revealed superior risk adjustment performance than unit LPT. Finally, implications and policy measures such as using the stapled structure and activating the development activities were examined for the development of Korean real estate indirect investment market.

• Information Systems Review
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• v.12 no.1
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• pp.131-144
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• 2010

To survive in the rapidly changing business environment, it is very important for companies to respond to the changing environment effectively as well as agilely. As an approach to appropriately respond to the changing environment, companies have developed and exploited various business rules and related knowledge and attempted to implement them through information systems. However, most of legacy information systems used in companies have suffered from the limitations that do not properly utilize and systematically organize the business rules. This study proposes an introduction of BRE (business rule engine) as a solution to cope with the limitations and explores its effect on organizational agility based the case analysis of "W" Investment and securities Co., Ltd.

• Korean Business Review
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• v.12
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• pp.103-118
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• 1999

Many security companies in Korea play the same role as the broker who can do dual trading in the American securities market. It seems that the proper model for the Korean market microstructure should contain the existence of broker. But the broker occupied little attention in U.S. until the early 1990. The purpose of this paper is to review and evaluate the strategic trader models of market microstructure theory which contain the broker as player. Three major models, Sarkar(1995), Chakravarty(1994), Chun, Oh, and Weller(1996) were compared and evaluated critically in the context of the Korean security market microstructure. The model of Sarkar(1995) was evaluated to be more appropriate for the Korean securities market context. Finally, limitations of this paper were indicated and some directions for the further research were suggested.

• Convergence Security Journal
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• v.13 no.5
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• pp.117-127
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• 2013

Even though, the Korean private Security Guard's industry is developing, it did not reached at the expected quality services because of the below cost tendering from flooded small security companies, consequently low pays and fragile benefits occur therefore, the skill level and morale decreased. Also, the private security guards field's education, training and development of expert certification system is not enough. One of the plans to solve these problems can be invigorate the certification system. The improving ways are suggested after the research and the analysis of the certification system as below. First, the qualification system to become a security leader will need to add directly related subject, skill examination and continuous refresh training. Moreover, it needs accurate needed the number of the securities and the reduction of the 1st examination exemption object. Second, the qualified system to be become securities will need to strengthen on standard of qualification and focus on skill evaluation, the job education need to state by the law, also exemption for applicant who approached requirements.

• 한국벤처창업학회:학술대회논문집
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• 2006.04a
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• pp.77-104
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• 2006

Utilizing the patent application data between 1997 and 2002, this study focuses on analysing the impact of patents on firm value. Especially we attempt to examine the difference of patents between venture firms and general firms. This paper first shows that the number of the patent applications of general firms listed on the securities market are more than those of venture firms listed on KOSDAQ. It is thought that this result is originated from facts that the size of firms of the securities market is usually bigger than the firms of KOSDAQ and that these large firms could manage R&D more efficiently. Second, this paper reports that there is no difference in the ratio of patent maintenance between venture firms and general firms. Both venture firms and non-venture firms would do their best to keep their patents after patent regisration. Third, in the regression of patent index and firm growth, we find that the excellence of patent and the number of patents per employee would have an impact on the growth of firms. Fourth, the regression of patent index and profitability shows that the excellence and the number of patents per employee might have an effect on the profitability of firms.

• Journal of Internet Computing and Services
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• v.10 no.1
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• pp.123-134
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• 2009

The CRM(Customer Relationship Management) is a business strategy model which can reap higher profits and can provide a competitive edge to an enterprise in today's new business environments. Early next year (2009), the Capital Market Consolidation Act will be in effect in South Korea. This is required for a qualitative growth to provide QoS (Quality of Service) and ensure growth in finance, IT industry & service. Accordingly, the securities and insurance companies, banks and other financial institutions make efforts to improve their derivative financial product and also enhance their services. In this paper we design and implement a Channel Server model for a Scalable Service Channel Server to efficiently manage the high volumes of inbound customer interactions based on the requirements of a CRM center. The proposed Scalable Service Channel Server supports integration with other third party service and standardization of multiple inbound service channels. The proposed model can be efficiently used in an inbound CRM center of any banking, finance, securities and insurance establishments.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.50
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• pp.215-250
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• 2011

Korean won overseas construction projects worth 71.6 billion US Dollars in 2010, which exceeded that of 2009 by 45.6%. An overseas construction project is a transaction of large scale, long term project, many parties participating, deferred payment, and of high-technology. It contributes to foreign currency earning, and also leads the nation's export restructuring work towards high value-added one. There are various kinds of risks towards the relevant parties respectively, which are key elements in successfully performing the overseas construction project. There are completion risk, financing risk, operating risk, revenue risk etc, in an employer's place. A contractor may be confronted with payment risk, issuance risk of performance bond, financing risk, performance risk of sub-contractors, and exchange rate risk. In lenders place there are repayment risk, completion risk, and political risk in the host country. In order to mitigate risks, the parties shall take relevant measures or require relevant securities. A contractor needs to evaluate the credibility of an employer in respect of payment risk, and can also request export insurance cover by the Korea Trade Insurance Corporation(the former 'Korea Export Insurance Corporation"). An employer can require a contractor to provide performance bond in respect of completion risk, and employ a well-known first class bank as a mandated arranger to arrange financing with regard to completion risk. Lenders needs to evaluate the credibility of an employer and accomplish feasibility study of the project. Lenders can request insurance cover from export credit agency. Once the parties assess the respective risks and obtain relevant securities, the project will be successfully completed. The success of the project will be sure to bring the parties involved enormous profits and another opportunity to participate in overseas construction project afterwards.

• Architectural research
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• v.17 no.1
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• pp.13-20
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• 2015

The physical environment can dramatically affect students' feeling and their behavior, educational attainment, and the way in which we do school activities. Unlimited access to campus areas without appropriate securities have reported an increase of crime in school area and safety issues has encouraged school facility planners to install securities devices at every corner of buildings. However, it is still questionable whether this approach is enough to protect students and staffs from the victimization of crime, including thefts, burglaries and sexual offences. There has been continued doubt about the safety of educational facilities where individual college students are studying and enjoying extra-curricular activities. Therefore, the purpose of this study is intended to investigate the effects of perception of safety by students on the level of academic performance at public outdoor environment of university campus. An extensive literature noted that the central element of modern school design principle mainly holds the theory of crime prevention through environmental design (CPTED) and the concept of defensible space. The second generation of CPTED also focused on social soft issues as well as situational factors, which extends beyond mere physical design to include social factors. The correlation analysis found that the effect of sense of safety does appear to be statistically significant on the facilitation of academic achievement. However, the analysis of Chi-square concluded that the perception of safety was not related to demographic and socio-economic profiles of the group except for gender. Further, stepwise multiple regression analysis revealed that the most prime predictor for academic achievement were 'safe public outdoor space/paths' at university campus environment, implying careful design of public open space and sidewalks based on the guideline of CPTED. The study also demonstrated that as the level of positive perception of safety rose, the overall academic achievement also responded to the specified rate (${\beta}=.99$). Finally, the findings reinforce an evidence that high-quality school environments are a positive factor in student academic performance.

• Journal of the Korean Regional Science Association
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• v.31 no.4
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• pp.91-105
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• 2015

Mortgage-Backed Securities (MBS) was introduced in 1999 in order to stabilize housing market and prevent potential speculation. However, research on MBS is limited, so this paper try to narrow the gap by focusing on the factors relating the pre-payment risk of MBS. We used Granger Causality Validation, Vector Auto Regressive, and HP-filtering with time-series data from 2004 to 2014. This paper shows that the prepayment rate of MBS increases as Mortgage rate decreases because borrowers tend to refinance existing MBS with new lower-rate MBS. In addition, it reveals that the rate increases as housing price increases. This outcome support the hypothesis that introduction of low-rate MBS invites more investment or speculation, and hence the housing price rises. The relationship between the MBS pre-payment rate and housing price is yet a peculiar characteristic of the MBS in Korea.