• 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.

• Journal of the Korea Computer Industry Society
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• v.5 no.1
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• pp.131-146
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• 2004

As Electronic Commerce(EC) has been emerged and has developed, many researchers have tried to establish EC framework for automated contract and negotiation using agent technologies. Traditional researches, however, often had limitations. They often enforced the user's participations during the automated contract process of agents. They also could only consider a few of the user's requirements for a specific goods and did not have supported the procedures and methodologies for making the best contract. In this paper, we propose business model on EC based on multiagents to overcome the defects of the previous researches. We apply CSP techniques to brokerage process to satisfy various preferential requirements from the user. We also propose efficient negotiation mechanism using negotiation model of game theory. The contract candidates automatically negotiate and mediate in terms of their benefits through the proposed negotiation mechanism. For the optimal brokerage and automated negotiation, the agents process activities for contract on three layers, which are called competition layer, constraint satisfaction layer and negotiation layer in the proposed model. We also design the message driven communication protocol to support the automated contract among the agents. Finally, we have implemented prototype systems applying the proposed model and have shown the various experimental results for efficiency of the proposed model.