• KDI Journal of Economic Policy
• /
• v.25 no.2
• /
• pp.137-170
• /
• 2003

Despite the great success of the derivatives market, several concerns were expressed regarding the additional volatilitystemming from program trading during the expiration of derivatives. This paper examines the impact of the expiration of the KOSPI 200 index derivatives on cash market of Korea Stock Exchange(KSE). The KOSPI 200 index derivatives market has a unique settlement price determination process. The settlement price for the expiration of derivatives is determined by call auction during the last 10 minutes after the trades for matured derivatives are finalized. We analyze typical expiration day effects such as price, volatility, and volume effects. With high frequency data, we find that there are strong expiration day effects in the KSE and try to interpret the results with the unique settlement procedures of the KOSPI 200 cash and derivatives markets.

• Asia pacific journal of information systems
• /
• v.13 no.3
• /
• pp.23-39
• /
• 2003

Recently, many organizations in various industries have introduced e-business for the purpose of adding value to their business. But, the e-business model has not existed before and so, it is difficult to analyze clear effectiveness. It frequently does not live up to an organization's expectations. It is due to an absence of environmental changes analysis in the new model, not by a new model itself. System Dynamics(SD) may provide effective results as a tool of analysis for the new model. This research shows the analysis of the effects of a simulated e channel model, which was expanded from existing channel modeling with actual data in basic materials industries. The results show average prices increasing by auction process on the e-market and an increase in sales. So, by increasing the speed of sale revolution stock expenses are reduced. Additionally, we applied a possible scenario to the developed simulation model and investigated strategic issues to draw desirable strategies with market changes.

• The Korean Journal of Financial Management
• /
• v.14 no.2
• /
• pp.83-108
• /
• 1997

본 논문은 Roll이 제시한 딜러시장에서의 함축스프레드의 의미를 한국증권시장에 적용하여 미국을 중심으로 한 딜러시장(dealer market)과 한국의 지정가주문형 공매(公賣)시장(auction market)의 형태를 간접적으로 비교하고 시장미시구조의 주가행태에 미치는 영향을 연구하였다. 또한 공매(公賣)시장에서의 Roll이 제시한 함축스프레드 모델의 의미를 확장 재분석했다. Roll의 모델을 한국시장에서 적용하여 실증한 결과 미국을 중심으로 한 딜러시장과 한국의 공매(公賣)시장의 시장미시구조는 근본적으로 패턴의 차이가 없었다. 실증분석한 결과 함축스프레드는 거래량에 반비례하고 수익률의 분산이 크면 추정 함축스프레드가 큼을 확인하였다. Roll이 제시한 딜러시장의 추정된 함축스프레드는 실제 스프레드 자체에 의한 영향일 수도 있지만 이 보다는 일차적으로 거래량이나 거래빈도(trading thinness) 같은 시장 유동성위험 및 충격요인이 관측된 실제 거래주가가 이론적인 균형가에서 벗어나게 작용한 요인의 결과일 수도 있다.

• Journal of Korea Society of Industrial Information Systems
• /
• v.8 no.4
• /
• pp.17-25
• /
• 2003

In the current bandwidth mechanism, ISPs provide guaranteed internet bandwidth within itself domains. Also transmission of data through the network can cause congestion. An inevitable consequence is partly responsible for the difficulties to ISPs and customers. In economic views, multiple demands for a scarce resource are mediated through a bandwidth market. Using the auction-based admission algorithm In price congestion, I propose a different pricing scheme for statistically guaranteed QoS.

• Journal of Digital Convergence
• /
• v.19 no.11
• /
• pp.255-266
• /
• 2021

Investment demand for factory facilities has increased due to the balloon effect caused by housing price regulation. This study investigated the impact of the real estate market and macroeconomic factors on the bid price ratio of apartment auctions and factory auctions, focusing on the metropolitan area. To this end, we reviewed theories and previous studies on real estate auctions, and examined how macroeconomic variables affect bid price ratio of apartments and factories using the panel vector autoregressive model. It was found that the increase in the apartment bid price ratio increases as the participation in apartment auctions increases. However, as the factory bid price ratio increases, the factory bid price ratio does not increase, it was confirmed that the positive (+) relationship between the successful bid price ratio and the bid price ratioe does not exist, unlike previous studies. Based on the analysis results, it is suggested that the real estate market and macroeconomic factors should be considered for the stable operation of the related relevant auction system. This study has limitations in that it is limited to the metropolitan area. In the future, research that expands the scope of research to the whole country and provinces should be conducted.

• Environmental and Resource Economics Review
• /
• v.14 no.4
• /
• pp.817-838
• /
• 2005

In this paper, the resource adequacy as well as the optimum fuel mix is obtained by the following procedures. First, the regulation body, the government agency, determine the reliability index as well as the optimum portfolio of the fuel mix during the planning horizon. Here, the resources with the characteristics of public goods such as demand-side management, renewable resources are assigned in advance. Also, the optimum portfolio is determined by reflecting the economics, environmental characteristics, public acceptance, regional supply and demand, etc. Second, the government announces the required amount of each fuel-type new resources during the planning horizon and the market participants bid to the government based on their own estimated fixed cost. Here, the government announces the winners of the each auction by plant type and the guaranteed fixed cost is determined by the marginal auction price by plant type. Third, the energy market is run and the surplus of each plant except their cost (guaranteed fixed cost and operating cost) is withdrew by the regulatory body. Here, to induce the generators to reduce their operating cost some incentives for each generator is given based on their performance. The performance is determined by the mechanism of the performance-based regulation (PBR). Here the free-riding performance should be subtracted to guarantee the transparent competition. Although the suggested mechanism looks like very regulated one, it provides two mechanism of the competition. That is, one is in the resource construction auction and the other is in the energy spot market. Also the advantages of the proposed method are it guarantee the proper resource adequacy as well as the desired fuel mix. However, this mechanism should be sustained during the transient period of the deregulation only. Therefore, generation resource planning procedure and market mechanisms are suggested to minimize possible stranded costs.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.12 no.3
• /
• pp.191-202
• /
• 2017

KONEX (Korea New Exchange) is the organised stock exchange for small enterprises. It is a channel through which venture start-ups at their early stage can raise funds without a huge burden of debt. We explain the regulations in this market and examine the effects of major changes in the relevant regulations. The first change was replacing the call auction mechanism with the continuous auction mechanism. The change improved the information asymmetry among investors. The second was lowering the minimum deposit requirement for individual investors from 300 million won to 100 million won. As the result of the change, market liquidity increased a lot and the number of investors increased. The last change was introducing the small investment account. Although this raised the participation of individual investors but did not lead to the improvement in market liquidity or information asymmetry. In overall, encouraging more investors to participate in the transactions in KONEX is the fast way to boost the market, while the long-term strategy should focus more on improving the information asymmetry by helping information generating and transferring activities.

• Journal of Fashion Business
• /
• v.14 no.5
• /
• pp.49-65
• /
• 2010

The purpose of this paper is to derive the categories of negative e-WOM (electronic word of mouth) via consumer review. Disclosing the details of negative e-WOM based consumer reviews has never been done before. For this reason, a content analysis was adopted to provide knowledge and understanding of the phenomenon. This paper analyzes the content of 630 consumer reviews posted on the open market internet site, www.auction.co.kr. The analysis was conducted from October 20th, 2008 to March 10th, 2009. The results indicated that the negative e-WOM based consumer reviews can be divided into two categories: the cognitive evaluation and the expression of consumer's emotion. The category of cognitive evaluation is consisted of negative e-WOM of product, negative e-WOM of service, and warning about the risk of purchasing products. The category of expressing consumers' emotion are composed of venting customers' dissatisfaction and passive response of dissatisfaction. Investigating the details of negative e-WOM has a number of implications. Most importantly, the results revealed multidimensional structure of negative e-WOM. This understanding of negative e-WOM communication allows marketers to improve products and services that better meet customers' current and future needs.

• The Journal of Fisheries Business Administration
• /
• v.51 no.4
• /
• pp.137-146
• /
• 2020

In this study, the differences of institutional development processes of fishery products wholesale markets were compared between Korea and Japan in order to suggest improvement direction of trading system in Korea. The wholesale markets have shrunk while wholesale and distribution has been becoming larger in size in both countries. A summary of differences in the wholesale market trading systems between Korea and Japan is as follows: first, middle wholesalers play pivotal roles in wholesale transaction in Korea, and wholesale corporations take such roles in Japan. Second, most wholesale corporations take charge of listing in Korea whereas such corporations are in charge of buying in Japan. Third, Korea has high proportion of auction for transactions, in contrast to Japan with high proportion of relative transactions. Forth, Korea maintains more sales within the wholesale markers and has more small and medium customers than Japan. Finally, Korea investigates inside causes to find solutions for the decreased competitive power of the wholesale market, whereas Japan copes with the problem by searching for outside customers. To seek solutions for the decreased competitiveness of Korean fishery products wholesale markets, middle wholesalers' consignment should be limitedly allowed, and improvement direction of wholesale corporations should be investigated in the future study.

• The Journal of Society for e-Business Studies
• /
• v.12 no.4
• /
• pp.29-36
• /
• 2007

Recently, Jaiswal et al. proposed a protocol to improve the multi-agent negotiation test-bed which was proposed by Collins et al. Using publish/subscribe system, time-release cryptography and anonymous communication, their protocol gives an improvement on the old one. However, it is shown that the protocol also has some security weaknesses: such as replay data attack and DOS (denial-of-service) attack, anonymity disclosure, collusion between customers and a certain supplier. So proposed protocol reduces DOS attack and avoids replay data attack by providing ticket token and deal sequence number to the supplier. And it is proved that the way that market generates random number to the supplier is better than the supplier do by himself in guaranteeing anonymity. Market publishes interpolating polynomial for sharing the determination process data. It avoids collusion between customer and a certain supplie