• Journal of Distribution Research
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• v.16 no.5
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• pp.123-140
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• 2011

This study analyzed large distributors' trade features with local suppliers and their direct purchase features through the survey and the interview targeting some MDs(Merchandisers) in large retailers responsible for buying fresh foods (agricultural, fishery, livestock and proceeded products). As the result of conducting the survey targeting the large purchase MDs, it was found that when they select local suppliers, they importantly consider the factors of stable products supply, the quality management, the aggressive management attitude, the affordable (cheap) price, and the suggestion of differentiated goods in order. Concerning their direct purchases in local places, their preference toward the direct-purchase traders were higher than that toward vendors and whole markets as their existing major traders. Among the traders for direct purchase, they preferred farm corporations (including agricultural corporations) the most, and followed the National Agricultural Cooperative, and the unit agricultural cooperative in order. Regarding to the trades with suppliers, when they set the trade price, the merchandisers (MDs) of large distributors preferred long-term trades over 2 years, and utilized the factors of market rate(50.9%), production cost(31.2%) and sale price in the same industry(18.0%). For the local distribution organizations to aggressively counteract the changes of distribution environment in the consumption places, it needs some strategies to organize the agricultural production, to expand the production size and to specialize the distribution channels. And the supply system's continuality and stability are required, so it needs to establish the counteract system enabling to supply all year round through the link of production organizations. Additionally, as an effort to intensify the market negotiation ability, it should collect various market information from the consumption places.

• Honam Mathematical Journal
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• v.32 no.1
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• pp.101-112
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• 2010

Using some interesting convolution, we find kernels recovering the given function f. By a slight change of this convolution, we obtain an identity filter related to the Fourier series in the discrete time domain. We also introduce some techniques to decompose an impulse into several dilated pieces in the discrete domain. The detail examples deal with specific constructions of those decompositions. Also we obtain localized moving averages from a decomposition of an impulse to make hybrid Bollinger bands, that might give various strategies for stock traders.

• Journal of the Korean Data and Information Science Society
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• v.21 no.4
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• pp.777-782
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• 2010

We introduce some techniques to decompose the impulse (the unit sample) into several dilated pieces in the discrete time domain. From the decomposition of the impulse, we obtain localized moving averages. Thus we construct hybrid Bollinger bands that may give various strategies for stock traders. By simulations, we report that more than 94% of stock prices of companies in KOSPI 200 are inside this hybrid Bollinger band.

• Korean Journal of Poultry Science
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• v.12 no.1
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• pp.45-50
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• 1985

These studies were carried out to obtain the materials for the establish ment of marketing standard of eggs. The data for these studies were collected from 8 collection traders, 16 whole sale traders, 12 retail stores and 6 supermarkets located at the suburbs of Seoul, Daejon, Kwangju and Busan. The weight grading of eggs was operated by egg producers and the price differences were 2-3 won by marketing channels. Most jumbo and extra-large eggs were sold for table e99s, large eggs were sold for restaurant and table eggs and medium and small eggs were sold for restaurants. Egg consumers prefer the brown shell eggs to white shell eggs in spite of higher prices by 1.5 won and most consumers trusted the egg gradings. The purchasing unit of eggs at retail store was 30 eggs, and consumers wanted 10 eggs packing. The average packing cost per 10 eggs was 10-20 won and 55-64% of consumers hoped packed eggs and most of eggs were sold within 7 days after they arrived at retail stores.

• Korean Management Science Review
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• v.32 no.4
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• pp.57-67
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• 2015

It is a familiar Wall Street adage that "It takes volume to make prices move." Numerous researches have found the positive correlation between trading volume and price changes. Recent studies have documented that informed traders have strong influences on stock market prices through their trading with distinctive information power. Ever since 1992 capital market liberalization in Korea, it is said that foreign investors make consistent profits with their superior information and analytical skills. This study aims at whether we can make a profitable trading strategy by using the foreign investors' trading information. We analyse the relation between the KOSPI index returns and the foreign investors trading volume using GARCH models and VAR models. This study suggests the profitable trading strategies based on the documented relation between the foreign investors' trading volume and KOSPI index returns. We simulate the trading system with the real stock market data. The data include the daily KOSPI index returns and foreign investors' trading volume for 2001~2013. We estimate the GARCH and VAR models using 2001~2011 data and simulate the suggested trading system with the remaining out-of-sample data. Empirical results are as follows. First, we found the significant positive relation between the KOSPI index returns and contemporaneous foreign investors' trading volume. Second, we also found the positive relation between the KOSPI index returns and lagged foreign investors' trading volume. But the relation showed no statistical significance. Third, our suggested trading system showed better trading performance than B&H strategy, especially trading system 2. Our results provide good information for uninformed traders in the Korean stock market.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.69
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• pp.85-105
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• 2016

The fact that one of the parties to the sale contract has had to pay demurrage to the shipowner under LD clauses in the charterparty does not of itself mean that he can recover that loss from his sale counter party under the sale contract: the route to such recovery is through express clauses in the sale contract itself. LD clauses in a sale contract stand free and independent of their counterparts in the relevant charterparty. LD clauses in a sale contract should be construed and applied as clauses in sale contracts, not as adjuncts to charterparties. Their interpretation should therefore be coloured not by decisions on laytime and demurrage in charterparties, but by their relationship to the contractual duties of CIF and FOB sellers and buyers. The results discussed here have implications for the drafting of LD clauses in sale contracts. If unwelcome surprises are to be avoided, it seems to advisable to start from the principle: what exactly do traders want or need in LD clauses. They need a clause which covers them against charterparty losses where those losses are the result of dealy caused by the counterparty to the sale contract. The parties to the sale contracts are well advised to prepare LD clauses concentrating on that purpose and bearing in mind the followiing questions. First, should the loading and discharge code in the sale contract appear in traders' or trade associations' standard terms and conditions or should they be left to ad hoc negotiation in contract sheets? Second, should that code be as complete as possible, covering loading or discharge periods or rates, demurrage and despatch, or is it enough for only some of those matters to be covered explicitly, leaving other matters to be governed" as per charterparty"? Third, does the introduction or incorporation of a stipulation for the giving of a notice of readiness make the start of laytime more or less predictable as between seller and buyer? Finally should a loading and discharge code in a sale contract actully be called a "laytime and demmurrage clauses"?

• Journal of KIISE:Software and Applications
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• v.32 no.8
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• pp.693-703
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• 2005

Given the local traders with pattern-based multi-predictors of stock prices, we study a method of dynamic asset allocation to maximize the trading performance. To optimize the proportion of asset allocated to each recommendation of the predictors, we design an asset allocation strategy called meta policy in the reinforcement teaming framework. We utilize both the information of each predictor's recommendations and the ratio of the stock fund over the total asset to efficiently describe the state space. The experimental results on Korean stock market show that the trading system with the proposed meta policy outperforms other systems with fixed asset allocation methods. This means that reinforcement learning can bring synergy effects to the decision making problem through exploiting supervised-learned predictors.

• Journal of the Korea Convergence Society
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• v.8 no.11
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• pp.383-391
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• 2017

This study examines the relationship between sentiment of speculators and price movements in the futures markets of WTI crude oil, copper, and wheat during the period 2003~2014 using Granger causality tests. The results indicate that speculative positions overall has no predictive power for returns in each futures market. Rather, returns seem to have effects on speculators' sentiment especially during periods of both economic expansion and recovery. During a recession, meanwhile, changes of speculators' sentiment index in the WTI crude oil and copper markets provide predictive power for returns in a positive direction, suggesting that speculators' pessimistic sentiment aggravates declines in commodity prices. Since the effects of speculative positions on market prices are ambiguous, tight regulations on speculative trading are not advisable. In a bearish market, however, regulatory bodies should consider raising speculative position limits because large speculative short positions and (or) liquidation of index traders' long positions may lead steep price declines.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.13
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• pp.657-677
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• 2000

Since January 1, 1999, traders, bankers and their counsels worldwide have available for their use the first set of rules exclusively dealing with standby letters of credit:the International Standby Practices(ISP98). Numerous standbys have alreadby been issued in the United States and worldwide subject to the new ISP. The international banking community is anticipating an increasing demand from their customers to issue ISP-governed undertakings. Before the adoption of ISP, traders and bankers had only the choice of issuing their standby subject to the International Chamber of Commerce's(ICC) Uniform Customs and Practices for Documentary Credits(UCP) and, to a much lesser extent, to the ICC's Uniform Rules for Demand Guarantees(URDG). However, practice showed that UCP rules are not easily adapted to regulate transnational standbys. Indeed, UCP was conceived to govern documentary credits, which are intended to serve as a means of payment. By contrast, standbys are means of guaranty. The core of UCP cannot therefore be appropriate for standby practices and, as a consequence, a number of UCP's provisions have to be excluded in the standby's text. UCP's shortcomings indicated above fulfil the requirements of a key factor for the success of uniform rules. Indeed, to achieve success in the sense of meeting the market's acceptance, any such rules should fill a widely recognized need expressed by merchant community to which such rules are addressed. The ISP cleary has such a vocation. Nonetheless, the already largely encumbered regulatory environment of guarantee devices can hardly go unnoticed. The question therefore arises as to the proper place of ISP in such a context.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.13
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• pp.3-26
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• 2000

The International Chamber of Commerce published the millennium edition of its standard trade definitions, Incoterms 2000. Incoterms are a basic reference for sales contracts, in constant daily use throughout the world. The new version will make it easier for traders to do business in the new century, despite the growing volume and complexity of international transactions. Since Incoterms were first published in 1936, they have been updated six times. They precisely define the responsibilities of buyer and seller and are recognized as the international standard by customs authorities and courts in all the main trading nations. It is important for traders to incorporate the correct Incoterms into their international contracts to avoid unnecessary legal problems. Courts may otherwise interpret trade terms according to often widely divergent national laws and unless the use of Incoterms is specified, expensive legal disputes can arise. Division of costs is a most important element in every contract of sale. The parties must know not only who does what but also how costs resulting therefrom should be divided between them. In most cases the fact that a party must do something means that he must also bear the resulting costs, unless otherwise agreed. But there are many exceptions to this principle and uncertainties arise, particularly with respect to services performed by other parties. Also, difficulties arise with respect to the division of costs whenever additional costs are caused by unexpected events, such as hindrances causing a ship to deviate or to remain in a seaport longer than expected. The main principle of the division of costs is clear enough: the seller has to pay costs necessary for the goods to reach the agreed point of delivery, and the buyer has to pay any further costs after that point. But as noted, it is not always easy to implement this principle in practice, since the detailed distribution of functions under the various trade terms is not and cannot be fully defined in Incoterms. Instead, failing precise stipulations in the contract of sale, guidance must be sought from other criteria such as commercial practices used earlier by the same parties or the custom of trade.