• 유통과학연구
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• 제20권9호
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• pp.83-95
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• 2022

Purpose: This study aims to explore an ability to time market-wide investor sentiment of mutual fund managers in an emerging market. Research design, data, and methodology: Based on data of Thai mutual fund market over the period of 2000-2019, our sample includes 283 equity funds, consisting of 204 bank-related funds and 79 nonbank-related funds. We perform our regression analyses at the aggregate and portfolio levels. Results: Under the non-normal distribution of return, we find different behaviors between the best- and worst-performing funds in an ability to time market-wide investor sentiment in Thailand, which is dissimilar to the findings in the U.S. Bottom fund managers act as sentiment hedgers, who decrease (increase) an exposure of investment portfolios when the investor sentiment is high (low). Oppositely, top fund managers are likely to chase investor sentiment. Conclusion: We find that only the worst-performing fund managers, especially for bank-related funds are able to time the market-wide investor sentiment. An advantage of gaining information from their bank's clients is a key success. A competition in the mutual fund industry, an ability to predict fundamentals, and financial literacy are possible reasons to explain the main findings found in this study.

• 한국환경복원기술학회지
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• 제11권4호
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• pp.46-56
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• 2008

This study examined the natural restoration of vegetation through monitoring of the development of a vegetation community from 2006 through 2007 after a forest fire. Approximately 5,000 $m^2$ in a forest near Topyeon-ri, Kangnae-myeon, Chungcheongbuk-do with Japanese red pine (Pinus densiflora) forest and its floor vegetation had been completely burned by a fire in April 2005. This area and another nearby Japanese red pine forest were selected as the experiment site and the control site, respectively. Vegetation survey was conducted at the experiment site and the control site. A seed bank experiment was carried out in the greenhouse to examine underground vegetation. Effective microorganism(EM) was applied to the seed bank experiment to estimate its effects on the direction of ecological succession. According to the results, a total of 36 plant species including shrub and herbaceous species were discovered in the experiment site. Quercus serrata, Lespedeza cyrtobotrya, and Castanea crenata, Rubus crataegifolius, Oplismenus undulatifolius, and Carex lanceolata were among the most abundant species. Biomass in the experiment site reached 2.4 times biomass than those in the control site, indicating the productivities of shrub and herbaceous layers are better in the experiment site. According to the result of the soil seed bank experiment of the experiment site, a total of 182 plants of 14 species were recorded. In addition, a total of 13 plants of 2 species were found from soil seed bank of the experiment site applied by EM. If EM is applied to the burned site, it will control the budding of herbaceous plants, creating the gap between herbaceous plants. This loss of competition is expected to help the restoration of trees in the burned area.

• 디지털융복합연구
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• 제14권9호
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• pp.139-147
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• 2016

우리나라는 미국과 유럽, 일본 등에 이어 인터넷 전문은행의 출범을 앞두고 있다. 인터넷 전문은행은 인터넷과 콜센터에서 예금 및 대출 등의 업무를 수행하는 무점포 은행이다. 저비용 구조로 운영되어 기존은행에 비해 예금 대출 및 각종 수수료를 최소화하여 수익을 얻고자 한다. 인터넷 전문은행이 성공하기 위해서는 기존은행과 차별화된 업무를 개발하여 경쟁력을 확보해야 한다. 본 논문에서는 미국과 일본 등의 사례를 살펴보고 분석하여 앞으로 국내 인터넷 전문은행의 나아갈 방향을 제시해 보고자 한다. 인터넷 전문은행의 출현으로 은행을 이용하는 소비자의 경우 모바일이나 스마트폰을 이용하여 다양한 금융서비스를 제공받을 수 있다. 또한 신속하고 간편한 원스톱 금융서비스가 더욱 활성화될 것으로 기대한다. 기존은행과의 경쟁이 불가피하여 차별화된 금융서비스가 개발되면서 인터넷 전문은행은 더욱 발전해 나갈 것으로 기대한다. 은산분리 규제 완화와 증권, 보험, 통신, 유통 등 다양한 기업체들이 참여하여 산업간 융합을 이루어 새로운 금융서비스가 개발될 것으로 기대한다.

• KDI Journal of Economic Policy
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• 제12권3호
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• pp.71-94
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• 1990

본고(本稿)서는, 최근 자유금융학파(自由金融學派)와 신화폐경제학과(新貨幣經濟學科)들의 등장으로 화폐(貨幣) 금융문제(金融問題)에서의 자유경쟁(自由競爭) 및 자유방임주의적(自由放任主義的) 사고가 새롭게 확산되고 있는 시점(時點)에서, 정부(政府) 및 중앙은행(中央銀行)의 화폐(貨幣) 금융개입(金融介入)의 이론적(理論的) 근거(根據)와 그에 관련된 논쟁(論爭)을 다음의 6가지 논거(論據)들을 중심으로 개관해 보았다 : (1) 자유금융하(自由金融下)의 銀行券(은행권) 초과발행(超過發行) 가능성(可能性), (2) 화폐사용에 있어서의 외부경제효과(外部經濟效果)와 화폐제도의 공공재적(公共財的) 성격(性格) (3) 화폐발행업무의 규모(規模)의 경제(經濟)와 자연독점적(自然獨占的) 성격(性格), (4) 실물부문(實物部門)의 불안정성(不安定性)과 거시안정화정책(巨視安定化政策)의 필요성, (5) 은행금융시장(銀行金融市場)의 불안정성(不安定性)과 은행파산(銀行破産)의 외부효과(外部效果), (6) 소액거래자(少額去來者) 및 예금자(預金者)의 보호(保護) 이러한 논거들에 의하면 외부화폐(外部貨幣)(outside money)의 공급은 전형적인 공공재이론(公共財理論)이나 기술적(技術的) 독점주장(獨占主張)이 적용되는 경우이기 때문에 외부화폐제도(外部貨幣制度)의 유지에 있어서 정부(政附)나 중앙은행(中央銀行) 독점(獨占) 및 개입(介入)이 불가피하고 또한 바람직하지만, 내부화폐(內部貨幣)(inside money)제도(制度)의 경우는 적절한 최소한의 안전장치만 강구된다면 최근의 자유금융학파(自由金融學派) 및 신화폐경제학과(新貨幣經濟學科)들의 주장과 같이 사적(私的) 자유경쟁(自由競爭)이 보다 활성화되도록 하는 것이 바람직할 것으로 판단된다 . 한편 외부화폐제도(外部貨幣制度)에의 개입(介入)에 따른 (정부(政府) 및) 중앙은행(中央銀行)의 거시통화정책기능(巨視通貨政策機能)은 물론, 보다 자유화(自由化)된 내부화폐제도하(內部貨幣制度下)에서도 중앙은행(中央銀行)의 최종대여자기능(最終貸與者機能)과 미시적(微視的) 감독기능(監督機能)은 동(同) 제도(制度)의 안전성(安全性)을 유지하기 위해 중요한 역할을 할 것으로 보인다.

• 유통과학연구
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• 제15권12호
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• pp.53-60
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• 2017

Purpose - This paper analyzes the effect of the handset subsidy and the Mobile Number Portability subscriber subsidy regulation, which are the main regulation adopted in "Law on the Improvement of the Mobile Terminal Distribution System" (Mobile Terminal Distribution Act), on the social surplus, the consumer surplus and profits of telecommunications carriers. We focus our analysis on whether the service charge competition is stimulated enough so that it can compensate for the loss of subsidies. Research design, data, and methodology - We use simple economic model to assess the impact of the handset subsidy and the Mobile Number Portability subscriber subsidy regulation. Unlike the former researches on this topic, we depart from using Hotelling model, and instead use the switching cost model, which uses switching cost as a parameter of market powers of telecommunications carriers. We also study the effect of the two different regulations when they are adopted both independently and concurrently. Results - If the market powers of telecommunications carriers are over certain threshold, contrary to the regulatory agency's assertion, the service charge competition would not be stimulated enough to compensate for the deduction in the subsidies, and thus the consumer surplus is compromised. Number Portability subsidy, especially, undermines the rival's market power and thus reduces the service charge. On the other hand, the regulations will also increase the profits of telecommunications carriers. However, social surplus is maximized when both of the regulations are present because the regulations reduces the frequency of switching handsets inefficiently. Conclusions - In enacting the Mobile Terminal Distribution Act, the telecommunications regulatory agency asserted that the regulation on subsidies will stimulate service charge competition, and in the long run, enhance the consumer surplus. However, contrary to the regulatory agency's assertion, subsidy regulation, especially the regulation on Number Portability subsidy, reduces consumer surplus. On the other hand, the Mobile Terminal Distribution Act can also increase the profits of telecommunications carriers because it decreases competition among the telecommunications carriers. However, the Mobile Terminal Distribution Act can increase the social surplus because it reduces inefficient switching of handsets.

• 통상정보연구
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• 제10권2호
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• pp.283-304
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• 2008

According to globalization and localization of world economics international trade payment method was also changed. A traditional payment was Letter of Credit basis, however it is being increased to various methods such as remittance, documentary collection(D/P, D/A) and open account. In order to acquire a secure export payment, exporters prefer to L/C basis which is guaranteed by a reliable bank. However, the L/C should bear a security so that importers would rather documentary collection than L/C. The reasons for the preference of collection payment rather than L/C are a low commission cost, the conversion of buyer's market from seller's market due to severe competition in the world market, transaction increase between main office and branches and a right to control the goods until executing the payment by exporters. Besides of them, collection payment can handle safer and faster than open account basis. However, the collection payment has a risk which it isn't guaranteed by bank for the payment so that I would suggest countermeasures to minimize the payment risk utilizing the collection basis as follows; using export credit insurance system, a large domestic credit report provider such as D&B for absolutely fresh and new information, a collection proxy service for overseas deferred credit and suggestion specifying to order B/L not straight one on consignee in order to transfer the right of ownership with endorsement without problem.

• 한국경영과학회:학술대회논문집
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• 대한산업공학회/한국경영과학회 2002년도 춘계공동학술대회
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• pp.552-559
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• 2002

With a severe restructuring and a high competition in the bank industry, the emphasis of business is increasingly put on profitability. Especially for retail banks, the classification and management of customers based on profitability becomes important issues. However, the cost required in maintaining relevant systems is so high also with one spent in acquiring data for customers as a whole. In fact, most benefit of a certain bank is gathered from a few loyal customers. Accordingly, most of banks are vigorously trying to measure ROI of the few royal customers and striving to raise earnings from them. This is also true to domestic retail banks which are recognizing the need of loyalty program and operating diverse programs. This report is executed to help design and manage effective loyalty programs. We conducted interviews on the persons in charge of royalty programs of 9 major domestic retail banks and made a survey on 5 banks among them. Based on data from these researches, we reviewed on royalty programs of Korean domestic banks and propose improvement measures to facilitate royalty program.

• 국제학술발표논문집
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• The 4th International Conference on Construction Engineering and Project Management Organized by the University of New South Wales
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• pp.399-406
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• 2011

Various construction bonds and warranties critically burden the general contractor. Also, sporadic or cumulative delays of progress payment by the owner can further trap the contractor in a financial quagmire. Facing the possibility of cash flow deficiency and callous response from the banks, most construction firms may become financially incapable of market competition, and attractive project tenders become a bidding game among few deep-pocket players. The downside of such market environment is that the depth of pocket, rather than that of professional competency dictates the choice of market winners. In Taiwan, this has been a potential crisis to the construction industry after the financial crisis which started out since 2008. To encounter this problem, this research will examine the means to better manage the construction industry. Essentially, a credit guarantee system (CGS) is the prime solution to strengthen a bank's confidence in any particular construction firm. Thus establishing a national platform which evaluates and rewards a construction firm's overall credibility is pivotal, and this third-party rated credit can help a bank to render a loan more wisely. Finally, this paper will propose the ideal operating schemes of construction-specific CGS in Taiwan and a credit scoring prototype model for construction industry, as reference for the government and banks, respectively.

• 한국경영공학회지
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• 제23권4호
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• pp.19-31
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• 2018

Corruption is a serious political factor that distorts economic structure and slows economic development. In particular, the transition to the market opening economy increases the corruption incentives due to the transitional situation. The purpose of this study is to investigate the influencing factors on corruption using 2013 Myanmar Enterprise Survey data provided by World Bank. As a result of the analysis, it was found that the manager's willingness to dealing the regulation and the necessity of licensing had a positive relationship with corruption at the level of 90% and 95%, respectively. In the competitive environment factor, the intensity of the competition showed a significant increase at the level of 90%. In the institutional environment, the perception of social corruption and the obstacle of the taxation authorities increased the corruption. On the other hand, the increase in the instability of the political environment and strict enforcement of laws has been shown to reduce corruption. However, there was no significant relationship between managerial capacity, corruption of competitors, tax rate, and administrative environment.

• 한국콘텐츠학회논문지
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• 제18권8호
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• pp.109-117
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• 2018

인터넷전문은행의 출범은 많은 변화를 가지고 왔다. 기존 시중은행과 인터넷전문은행이 무한 경쟁을 시작하면서 고객과의 관계유지 혹은 신규고객의 창출이 중요하다. 이를 위해서 고객들이 어떤 측면에서 가치를 지각하는 지를 파악하는 것은 의미가 있다. 따라서 인터넷 전문은행의 출범으로 기존 폰뱅킹 사용자들이 어떠한 태도를 보일 것인지에 대해 실증 분석하였다. 첫째, 시중은행의 기존 모바일뱅킹 서비스특성 중 신뢰성, 이동성이 지각된 전환가치에 영향을 미치며, 반응성은 영향을 미치지 않는 것으로 나타났다. 둘째, 인터넷 전문은행인 제공하는 다양한 혜택이 지각된 전환가치에 미치는 영향을 파악한 결과, 경제적 혜택과 편의적 혜택은 지각된 전환가치에 정(+)의 영향을 미치는 것으로 조사되었다. 마지막으로 지각된 전환가치가 이용의도에 정(+)의 영향을 미치는 것으로 나타났다.