• Digital Contents
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• no.8 s.135
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• pp.67-67
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• 2004

한국소프트웨어진흥원(KIPA)과 한국컨설팅협회(KCA)가 주최하고 정보통신부가 후원한‘2004년 상반기 SW 디지털콘텐츠 투자마트’가 지난 6월 24일 코엑스에서 개최됐다. 이번 투자마트에는 정보보호기술, 아이온커뮤니케이션즈, 마크애니, 엔로그소프트,윌로우소프트 등 유망 벤처기업들과 호서벤처투자, LG벤처투자, KTB네트워크, 한미창투 등 기관투자자들이 참석했다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.1
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• pp.177-189
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• 2022

This study proposes policy recommendations for the Korea New Exchange ("KONEX"), which is a financial platform for SMEs and startups that relied on indirect and policy financing in the past. SMEs and venture firms with limited human and physical listing resources can grow through market incubation, and venture capitalists expect an early exit or return on investment. However, the lack of liquidity and sluggish trading volume have weakened the function of the market. Despite prior policy efforts, the number of newly listed companies has decreased while listing demand for KOSDAQ and K-OTC has increased. This study aims to suggest short- and long-term improvements in regulations and throughout the KONEX firms' listing life cycle. First, the minimum deposit requirement on individual investors should be abolished to increase the number of investors. Second, information disclosure should be conducted by firms so that the nominated advisor can focus on discovering and supporting new listed companies. Third, in order to increase trading volume, the 5% dispersion rule should be changed to 25% dispersion incentive principle. Fourth, a new track without profit condition in expedited transfer listing should be introduced because the KOSDAQ relaxes the profit realization requirements for listing. Lastly, transfer listing without additional review for firms that fulfill ownership dispersion, information disclosure, and investor protection will strengthen the incubating role of the KONEX.

• KDI Journal of Economic Policy
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• v.35 no.2
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• pp.133-166
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• 2013

This study analyzes the relationships between soft dollar(brokerage commission) and characteristics of funds, and between brokerage commission and return on funds, using the data on equity funds of Korea from June 2008 to November 2011. The result confirms a statistically significant negative relationship between management & sales fees and brokerage commission, meaning that rather than raising management & sales fees, which could be easily recognized by investors, it is through brokerage commission, a hidden cost, which asset management firms indirectly compensate for their services. Meanwhile, the analysis on the relationship between brokerage commission and return on funds reveals that higher brokerage commissions lead to lower return on funds, meaning at least in short-term no contribution to increasing returns in the future. These results suggest the need for streamlining the system to alleviate conflicts of interest between investors and management firms in addition to effectively controlling for principal-agent problems.

• Information Systems Review
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• v.22 no.4
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• pp.135-161
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• 2020

With the growth of blockchain and cryptocurrency-related markets, cryptocurrency exchanges are growing as a new industry. However, as the legal and regulatory definitions of cryptocurrencies are still in progress, unlike existing industrial groups, they are not under the supervision of regulatory agencies. As a result, users (i.e., cryptocurrency investors) have suffered two types of damage that could occur from hacking and other accidents on the exchanges. One type of the damage is the loss of assets caused by the extortion of personal information or account and the other is the damage from users who might be involved in external frauds. Both are analyzed in comparison with existing operators whose functions are like the exchanges. The results of this study show that membership (KYC: Know Your Client), log-in, and additional authentication in transactions are on the similar level to those of the operators while the fraud detection system (FDS) and anti-money laundering (AML) of fiat currencies and cryptocurrencies need rapid improvement.

• The Journal of the Institute of Internet, Broadcasting and Communication
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• v.19 no.5
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• pp.25-32
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• 2019

The purpose of this study is to investigate how to make a proper investment in ICO in the market. Previously, companies used to borrow money from banks or to obtain investments from venture capital (VC) and angel investors, but now ICOs are used as a new type of funding and financing model. The ICO sells the tokens or coins created on the blockchain openly online to raise the necessary funds, and provides the market value by paying the tokens or coins as much as the investment amount. According to this study, the limitations of the ICO market are (1) difficulties in evaluating the company, (2) uncertainties in investments, (3) lack of legal safeguards, and (4) measures to secure corporate stability after recruitment. At present, there is no way to cope with this systematically since the ICO is not protected in the legal framework. Nevertheless, we investigated the ways to make proper investment in the existing ICO market. In investing in ICO, investors should (1) consider investment methods and profitability, and (2) verify and judge investment fraud through various channels (ex. Homepage, composition team profile, etc.) and make investments based on this. This study will contribute to the formation of a healthy ICO market by understanding the newly emerged ICO market and studying the considerations when investing in it, thereby contributing to the right investor training and reducing the mass production of consumer damages caused by fraud. The limitation of this study is that the domestic ICO has not yet been examined in the legal framework, so further research is needed when policy changes occur in the future.

• Journal of Legislation Research
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• no.55
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• pp.193-237
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• 2018

The recent surge in the ISD lawsuit filed against the Korean government is likely to cause major domestic confusion. This is because in most cases, foreign investors have claimed billions of won in damages filed against Korea in the ISD lawsuit. Public opinion will be generated to abolish the ISD lawsuit system, which is included in the international investment agreement, when a decision comes out in the Elliott/Mason case or Lone Star case, which has already been completed by the hearing. It is clear that the ISD clause, which is commonly included in most of the BITs, FTAs, can be a limiting factor in the government's public policy, as shown by many investment disputes. However, it is not necessary to have a negative view of the ISD clause itself, given that it is a system that can protect Korean investors from illegal and inappropriate actions by local governments. Since Korea already allows the system of ISD lawsuits with many countries through FTAs and BITs, and negotiations are underway to sign FTAs with new countries, the possibility that foreign investors will refer to the ISD proceeding further to our government's public policy will increase. In order to prepare for an ISD lawsuit, the Korean government has launched a response team consisting of government practitioners, private scholars, and legal professionals in the central government ministries to review major legal issues that are controversial in the cases of the ISD. In particular, local governments and public institutions, which fail to recognize the importance of international investment regulations and ISD clause, need to share and train relevant information so that all processes for public policy planning and implementation comply with international investment rules such as BITs and FTAs.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.6
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• pp.43-54
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• 2020

This paper investigates the causal impact of the increase in institutional distance between two geographic regions on the flow of cross-border Venture Capital (VC) between the regions. While cross-border VCs are believed to have competitive advantages at identifying and managing promising startups in a local market compared to local counterparts, the discrepancy in institutional characteristics between two markets exacerbates the difficulty of credible information exchange and negotiation, significantly increasing transaction cost related to a cross-border venture capital investment. This study conducts a difference-in-difference analysis to examine the relationship between institutional distance and the flow of cross-border VC investment using the fact that the official adoption of the Euro currency by member countries of the European Union except the UK created an institutional chasm between the UK and other EU member countries. The outcomes of the analysis suggests that UK-based VCs significantly decreased the VC investment into EU-based startups and that EU-based VCs reduced the investment into UK-based startups. The results have meaningful implications for understanding the impact of the change in institutional difference on cross-border VC investment, which seems to increasingly take place with the recent trend of de-globalization and the rise of protectionism.

• Industry Promotion Research
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• v.9 no.2
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• pp.29-35
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• 2024

Recently, the Korean financial market has implemented a ban on unleveraged short selling, and leveraged short selling, which involves selling borrowed securities, is called general short selling. This study sought to come up with improvement measures to revitalize short selling from the perspective of individual investors. Short selling refers to selling stocks you do not own in the stock market, predicting that the stock price of the stock will fall, and borrowing stocks to sell them. Based on the results of this study, the short selling market's growth and improvement plans are as follows. First, a plan must be developed to expand short selling opportunities for individual investors. In the domestic short selling market, including KOSPI and KOSDAQ, foreign and institutional participants account for more than 95% of the market, and individual investors are very small. Therefore, its expansion is inevitable. Second, monitoring and punishment for unfair short selling transactions must be strengthened. Representative improvement measures that can minimize the side effects of short selling include strengthening monitoring of unfair trading and short selling, and raising the level of punishment. In addition, measures must be taken to further increase the level of punishment for short selling related to unfair transactions. Third, the short selling reporting and disclosure system needs to be improved. In the case of Korea, short selling transactions are not yet as active as in developed countries, but there is a need to expand the disclosure system to strengthen market transparency in preparation for future short selling transactions becoming more active. In conclusion, it is reported that if short selling regulations are excessively strengthened, losses may occur in terms of price efficiency and market liquidity, which may ultimately have a negative impact on the market. Therefore, policies related to short selling must be made while taking into account the positive aspects of regulatory effects and the negative impact on the market.

• Journal of the Korea Institute of Information Security & Cryptology
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• v.23 no.1
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• pp.19-32
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• 2013

As cyber stock trading grows rapidly, stock trading using Home Trading System have been brisk recently. Home Trading System is a heavy-weight in the stock market, and the system has shown 75% and 40% market shares for KOSPI and KOSDAQ, respectively. However, since Home Trading System focuses on the convenience and the availability, it has some security problems. In this paper, we found that the authentication information in memory remains during the stock trading and we proposed its countermeasure through two-channel authentication using a mobile device such as a cell phone.

• International Commerce and Information Review
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• v.16 no.5
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• pp.67-86
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• 2014

The commercial arbitration is considered an effective and rapid means in solving problems and finding solutions for disputes between the business partners. For the development of commercial arbitration, there is a need to study arbitration in practice as well as in theory. This paper analyse the situation of commercial arbitration system in Pakistan both with respect to domestic laws and international laws applicable in Pakistan. The Arbitration Bill 2009 aims to consolidate law relating domestic arbitration, international commercial arbitration, recognition and enforcement of foreign arbitral awards as well as settlement of international investment disputes. Pakistan while defending investment claims and in order to restore investor's confidence, in 2011, Pakistan introduced a law to secure foreign investments. This study explains the relationship of old and new Pakistani arbitration laws and elaborates the changes brought about by the new enactments and gives a comprehensive analysis of Pakistani arbitration laws, rules and procedures dealing with arbitration agreements and awards. In the absence of relevant trade information in Pakistan, this paper is designed to meet the needs of a Korean international trade scholars to obtain an understanding of Pakistani commercial arbitration system quickly.