• Review of Culture and Economy
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• v.17 no.2
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• pp.29-62
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• 2014

Game industry, one of cultural-content industry which is considered as a typical knowledge-based industry and creative industry, is not like the overseas expansion of traditional manufacture, and has different strategy and performance of export expansion through product or project-based strategy. Therefore, it should be approached by each content unit, and necessary to look at the factors that make their decision makings of foreign market entry vary. This study focuses on discovering creativity, absorptive capacity and strategic orientation(market orientation and innovation orientation) which affect the difference of distribution's decision making of entry into foreign market in game industry This paper examined 252 cases of online games in order to investigate creativity, absorptive capacity and strategic orientations for each foreign market and what entry type(among licensing, joint distribution, exclusive distribution) they chose according to the products developed in team level. This helps us analyze the factors affecting market orientation and innovation orientation in the perspectives of creativity and absorptive capacity in comprehensive way, and notice the phenomena which use different foreign distribution strategy though there are company incorporated abroad and their results. This study supplements the limit of the existing Resource-Based View, Resource-Dependent View, and traditional international business theories such as Transaction Cost Theory or OLI Paradigm(Eclectic Framework), and proves how company could reduce asymmetry of uncertainty and information in creative industry and whether they accomplish successful overseas expansion according to strategic orientations.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.20 no.5
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• pp.163-169
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• 2019

This study examined whether industry-level competition affects excess stock returns because of changes in cash holdings. Competitive inter-company threats increase the possibility of the manager's replacement, and function to induce management to make their best efforts, resulting in the amount and quality of the information provided by the enterprise increasing. Therefore, as competition intensifies, agency problems are reduced and stock returns increase because the company's cash holdings are expected to increase. However, there is a view that firms in industries with severe competition tend to have high information asymmetry because competitors may compete in more favorable positions by using detailed information disclosed by the competing firms. Accordingly, as market competition intensifies, the excess stock returns resulting from increased cash holdings are expected to decline. These results show that excess stock returns because of increases in cash holdings increase as the degree of competition in the industry intensifies, thus supporting the positive effect of market competition. Overall, the results of this study provide an understanding that market competition plays an effective external governance mechanism and that investors positively evaluate the cash held by companies with severe industry competition.

• Journal of Technology Innovation
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• v.30 no.1
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• pp.57-104
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• 2022

The government has supported the innovation of private firms by intervening the market for various purposes, such as preventing market failure, alleviating information asymmetry, and allocating resources efficiently. Although the government's R&D budget increased rapidly in the 2000s, it is not clear whether the government intervention has made desirable impact on the market. To address this, the current study attempts to explore this issue by doing a systematic literature review on foreign and domestic papers in an integrated way. In total, 168 studies are analyzed using contents analysis approach and various lens, such as policy additionality, policy tools, firm size, unit of analysis, data and method, are adopted for analysis. Overlapping policy target, time lag between government intervention and policy effects, non-linearity of financial supports, interference between different polices, and out-dated R&D tax incentive system are reported as factors hampering the effect of the government intervention. Many policy prescriptions, such as program evaluation indices reflecting behavioral additionality, an introduction of policy mix and evidence-based policy using machine learning, are suggested to improve these hurdles.

• The Journal of the Convergence on Culture Technology
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• v.9 no.2
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• pp.533-543
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• 2023

This study explores the influence of the COVID-19 pandemic on the Korean art market and contrasts the classic hedonic method of art price prediction with the Artificial Neural Network technique. The empirical analysis of this paper utilizes 14,639 observations of Korean art auction data from 2015 to 2021. There are three types of variables in this study: artist-related, artwork-related, and sales-related. Previous studies have suggested that these three types of variables influence art prices. The empirical findings in this research are in twofold. First, in terms of RMSE and R², the Artificial Neural Network outperforms the hedonic model. Both techniques discover that sales and artwork variables have a greater impact than artist-related attributes. Second, when the primary factors of art price are controlled, Korean art prices are found to fall dramatically in 2020, shortly following the onset of COVID-19, but to rebound in 2021. The main lesson in this study is that the Artificial Neural Network enhances art price prediction and reduces information asymmetry in the Korean art market even in the face of unanticipated turmoil such as the COVID-19 outbreak.

• Economic Analysis
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• v.25 no.2
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• pp.1-53
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• 2019

This paper examines monetary policy quantitatively in a two-agent and small-scale New-Keynesian economy with debt-constrained households that cannot smooth their consumption intertemporally and frictionlessly since highly indebted households are not allowed to borrow above a certain debt ceiling in incomplete financial markets without additional risk premiums due to information asymmetry between savers and borrowers. We find that, in the event of cost shocks, the asymmetric responses of borrowing households without, and saving households with, dividend incomes lead to different labor supplies and consumptions over heterogeneous households, and eventually to an extension of the monetary policy transmission channels. The income effect and low elasticity of the labor supply play key roles in such asymmetric responses over heterogeneous households. We also find that the social welfare in a flexible inflation targeting (FIT) monetary policy, in which both the inflation gap and the output gap are considered in an integrated manner when policy-making, is similar to that of the Ramsey optimal monetary policy (ROP), in which the shares of debt-constrained households, as well as all economic states, including both the inflation gap and output gap, are considered comprehensively for policy-making, and that it is greater than that of simple inflation targeting (SIT) monetary policy, in which only the inflation gap is considered mechanically for policy-making. Such social welfare implies that a FIT policy may still work even in an economy with a sizable number of debt-constrained households. Further, the responses of cost shocks to consumption and labor supply are dying out more slowly under FIT and ROP policies than under an SIT policy.

• The Journal of Korean Medicine
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• v.27 no.3 s.67
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• pp.187-200
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• 2006

Objectives: Acupuncture has been applied in Asia for thousands of years, especially to rehabilitation after stroke. It has been reported that acupuncture increased cerebral blood supply and stimulated the functional activity of brain nerve cells shown by using brain imaging techniques. This study was to evaluate the effect of GB 34-GB 39 electro-acupuncture (EA) on regional cerebral blood flow (rCBF) in stroke patients and normal volunteers using single photon emission computed tomography (SPECT). Methods: The study procedure was divided into two parts: patients and volunteers studies. For the patients study, ten ischemic stroke patients (3 males, 7 females, mean age $68.5{\pm}8.9$ years old) were selected. Baseline brain SPECT was done with triple head gamma camera (MultiSPECT3, Siemens, USA) after intravenous administration of 1,110 MBq of $^{99m}Tc-ECD$. Fifteen-minute EA at GB 34 and GB 39 were applied on the affected limb. The same dose of $^{99m}Tc-ECD$ was injected during the EA, and the second set of SPECT images wasobtained. Using the computer software (ICON 7.1, Siemens, USA), 3 SPECT slices (upper, middle, lower) surrounding the brain lesion were selected and each slice was divided into 10-16 brain regions. Asymmetry indexes (AI) were analyzed in each brain region. We regarded over 10% changes of AI between before and after EA as significance. For the volunteers study, 10 healthy human volunteers (5 males, 5 females, mean age $28.1{\pm}6$ years old) were selected. In the resting state, $^{99m}Tc-ECD$ brain SPECT scans were performed. On the 7th day after the resting examination, 15 minute EA was applied at GB 34 and GB 39 on the right side of the subjects. Immediately after EA, the second SPECT images were obtained inthe same manner as the resting state. Significant increases and decreases of rCBF after EA were estimated by comparing their SPECT images with those of the resting state using paired t statistics at every voxel, which were analyzed by statistical parametric mapping with a threshold of p = 0.01, uncorrected (extent threshold: k=100 voxels). Results: In stroke patients, six of the eight (75%) had significantly increased perfusion in post-acupuncture scans compared to their baseline state. In normal volunteers, GB 34-GB GB EA increased rCBF in both hemispheres including right ventral posterior cingulate (Brodmann area (BA) 23), left superior temporal, anterior transverse temporal (BA 22, 41), left parastriate, peristriate (BA 18, 19), right occipitotemporal, angular (BA 37, 39), left rostral postcentral, caudal postcentral and preparietal (BA 2, 3, 5). However GB 34-GB 39 EA decreased rCBF in the right hemisphere including triangular and middle frontal lobes. Conclusions: The results demonstrated that OB 34-GB 39 EA increased cerebral perfusion in ischemic stroke patients and increased rCBF grossly in temporal lobes of normal volunteers. It is also suggested that there may be a correlation between the GB meridian and the territory of the middle cerebral artery.

• Journal of Korean Society of Coastal and Ocean Engineers
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• v.31 no.6
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• pp.434-449
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• 2019

In this study, we develop a new cross-shore sediment module which takes the effect of infra-gravity waves of bound mode, and boundary layer streaming on the sediment transport into account besides the well-known asymmetry and under-tow. In doing so, the effect of individual random waves occurring during the unit observation period of 1 hr on sediment transport is also fully taken into account. To demonstrate how the individual random waves would affect the sediment transport, we numerically simulate the non-linear shoaling process of random wavers over the beach of uniform slope. Numerical results show that with the consistent frequency Boussinesq Eq. the application of which is lately extended to surf zone, we could simulate the saw-tooth profile observed without exception over the surf zone, infra-gravity waves of bound mode, and boundary-layer streaming accurately enough. It is also shown that when yearly highest random waves are modeled by the equivalent nonlinear uniform waves, the maximum cross-shore transport rate well exceeds the one where the randomness is fully taken into account as much as three times. Besides, in order to optimize the free parameter K involved in the long-shore sediment module, we carry out the numerical simulation to trace the yearly shoreline change of Mang-Bang beach from 2017.4.26 to 2018.4.20 as well, and proceeds to optimize the K by comparing the traced shoreline change with the measured one. Numerical results show that the optimized K for Mang-Bang beach would be 0.17. With K = 0.17, via yearly grand circulation process comprising severe erosion by consecutively occurring yearly highest waves at the end of October, and gradual recovery over the winter and spring by swell, the advance of shore-line at the northern and southern ends of Mang-Bang beach by 18 m, and the retreat of shore-line by 2.4 m at the middle of Mang-Bang beach can be successfully duplicated in the numerical simulation.

• Proceedings of the KSPS conference
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• 1996.10a
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• pp.246-246
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• 1996

Purpose: Some of the properties of the prosodic phrasing and some acoustic and phonological effects of contrastive focus on the tonal pattern of Seoul Korean is explored based on a brief experiment of analyzing the fundamental frequency(=FO) contour of the speech of the author. Data Base and Analysis Procedures: The examples were chosen to contain mostly nasal and liquid consonants, since it is difficult to track down the formants in stops and fricatives during their corresponding consonantal intervals and stops may yield an effect of unwanted increase in the FO value due to their burst into the following vowel. All examples were recorded three times and the spectrum of the most stable repetition was generated, from which the FO contour of each sentence was obtained, the peaks with a value higher than 250Hz being interpreted as a high tone (=H). The result is then discussed within the prosodic hierarchy framework of Selkirk (1986) and compared with the tonal pattern of the Northern Kyungsang dialect of Korean reported in Kenstowicz & Sohn (1996). Prosodic Phrasing: In N.K. Korean, H never appears both on the object and on the verb in a neutral sentence, which indicates the object and the verb form a single Phonological Phrase ($={\phi}$), given that there is only one pitch peak for each $={\phi}$. However, Seoul Korean shows that both the object and the verb have H of their own, indicating that they are not contained in one $={\phi}$. This violates the Optimality constraint of Wrap-XP (=Enclose a lexical head and its arguments in one $={\phi}$), while N.K. Korean obeys the constraint by grouping a VP in a single $={\phi}$. This asymmetry can be resolved through a constraint that favors the separate grouping of each lexical category and is ranked higher than Wrap-XP in Seoul Korean but vice versa in N.K. Korean; $Align-x^{lex}$ (=Align the left edge of a lexical category with that of a $={\phi}$). (1) nuna-ka manll-ll mEk-nIn-ta ('sister-NOM garlic-ACC eat-PRES-DECL') a. (LLH) (LLH) (HLL) ----Seoul Korean b. (LLH) (LLL LHL) ----N.K. Korean Focus and Phrasing: Two major effects of contrastive focus on phonological phrasing are found in Seoul Korean: (a) the peak of an Intonatioanl Phrase (=IP) falls on the focused element; and (b) focus has the effect of deleting all the following prosodic structures. A focused element always attracts the peak of IP, showing an increase of approximately 30Hz compared with the peak of a non-focused IP. When a subject is focused, no H appears either on the object or on the verb and a focused object is never followed by a verb with H. The post-focus deletion of prosodic boundaries is forced through the interaction of StressFocus (=If F is a focus and DF is its semantic domain, the highest prominence in DF will be within F) and Rightmost-IP (=The peak of an IP projects from the rightmost $={\phi}$). First Stress-F requires the peak of IP to fall on the focused element. Then to avoid violating Rightmost-IP, all the boundaries after the focused element should delete, minimizing the number of $={\phi}$'s intervening from the right edge of IP. (2) (omitted) Conclusion: In general, there seems to be no direct alignment constraints between the syntactically focused element and the edge of $={\phi}$ determined in phonology; all the alignment effects come from a single requirement that the peak of IP projects from the rightmost $={\phi}$ as proposed in Truckenbrodt (1995).

• The Sea:JOURNAL OF THE KOREAN SOCIETY OF OCEANOGRAPHY
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• v.26 no.1
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• pp.11-36
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• 2021

The solar annual (Sa) and semiannual (Ssa) tides account for much of the non-uniform annual and seasonal variability observed in sea levels. These non-equilibrium tides depend on atmospheric variations, forced by changes in the Sun's distance and declination, as well as on hydrographic conditions. Here we employ tidal harmonic analyses to calculate Sa and Ssa harmonic constants for 21 Korean coastal tidal stations (TS), operated by the Korea Hydrographic and Oceanographic Agency. We used 19 year-long (1999 to 2017) 1 hr-interval sea level records from each site, and used two conventional harmonic analysis (HA) programs (Task2K and UTide). The stability of Sa harmonic constants was estimated with respect to starting date and record length of the data, and we examined the spatial distribution of the calculated Sa and Ssa harmonic constants. HA was performed on Incheon TS (ITS) records using 369-day subsets; the first start date was January 1, 1999, the subsequent data subset starting 24 hours later, and so on up until the final start date was December 27, 2017. Variations in the Sa constants produced by the two HA packages had similar magnitudes and start date sensitivity. Results from the two HA packages had a large difference in phase lag (about 78°) but relatively small amplitude (<1 cm) difference. The phase lag difference occurred in large part since Task2K excludes the perihelion astronomical variable. Sensitivity of the ITS Sa constants to data record length (i.e., 1, 2, 3, 5, 9, and 19 years) was also tested to determine the data length needed to yield stable Sa results. HA results revealed that 5 to 9 year sea level records could estimate Sa harmonic constants with relatively small error, while the best results are produced using 19 year-long records. As noted earlier, Sa amplitudes vary with regional hydrographic and atmospheric conditions. Sa amplitudes at the twenty one TS ranged from 15.0 to 18.6 cm, 10.7 to 17.5 cm, and 10.5 to 13.0 cm, along the west coast, south coast including Jejudo, and east coast including Ulleungdo, respectively. Except at Ulleungdo, it was found that the Ssa constituent contributes to produce asymmetric seasonal sea level variation and it delays (hastens) the highest (lowest) sea levels. Comparisons between monthly mean, air-pressure adjusted, and steric sea level variations revealed that year-to-year and asymmetric seasonal variations in sea levels were largely produced by steric sea level variation and inverted barometer effect.

• Journal of the Korean Orthopaedic Association
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• v.56 no.5
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• pp.413-418
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• 2021

Purpose: To investigate the effect of facet tropism on the degeneration of facet joint and intervertebral disc in the cervical spine. Materials and Methods: From January 2017 to December 2018, cervical tropism of 100 patients at the C5/6 level was analyzed retrospectively. In computed tomography (CT), the orientation and tropism of the facet joint with respect to the sagittal, coronal, and horizontal planes were measured. Regression of the facet joint in magnetic resonance imaging (MRI) and CT was assessed using a grading system. Intervertebral disc degeneration was assessed and divided into five grades on MRI. For the left and right asymmetry, a difference between two facet angles of less than 7° was classified as the control group, more than 7° was classified as the tropism group. Results: The mean age of the patients was 55.44±12.3 years (31-81 years) in the tropism group and 55.66±10.7 years (32-76 years) in the control group. In the tropism group, 32 were male and 18 were female. In the control group, 24 were male and 26 were female. Facet joint degeneration was identified in 24 patients (48.0%) in the tropism group and 14 patients (28.0%) in the control group, showing a significant difference. Intervertebral disc degeneration was identified in 29 patients (58.0%) in the tropism group and 17 patients (34.0%) in the control group, showing a significant difference. Multivariate revealed, tropism to be a factor that affected the facet joint and intervertebral disc degeneration. Conclusion: Facet joint and intervertebral disc degeneration occurred significantly in the tropism group, and tropism is a factor affecting the degeneration of facet joint and intervertebral disc in the C5/6 level.