• Journal of Contemporary Eastern Asia
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• v.19 no.1
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• pp.97-122
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• 2020

This paper examines the existence of herd behaviour in fifteen (15) global stock markets, which consist of Developed Markets (Canada, Hong Kong, Japan, Singapore and the United Kingdom), Advanced Emerging Markets (Brazil, Malaysia, Mexico, Poland and South Africa) and Secondary Emerging Markets (Chile, China, Indonesia, the Philippines and Russia) by using Cross Sectional Absolute Deviation (CSAD) method of Chiang and Zheng (2010). It also seeks to explore the impact of social factors such as prosperity, education, ageing society, industry orientation and gender on the existence of market-wide herding. The findings of this paper indicate that herd behaviour exists in Singapore (Developed Market), Mexico, Poland and South Africa (Advanced Emerging Markets) and China and the Philippines (Secondary Emerging Markets). No evidence of herding is observed for Canada, Hong Kong, Japan, United Kingdom, Brazil, Malaysia, Chile, Indonesia and Russia. Ageing society is also found to have significant impact on the existence of herd behaviour. Nonetheless, prosperity, education, industry orientation and gender are found to be insignificant to herding. This study sheds some light on whether social factors determine herding behaviour in the 15 selected stock markets.

• International Commerce and Information Review
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• v.12 no.4
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• pp.327-344
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• 2010

This study intends to analyze the trade competitiveness of Korean films in international markets. Under environmental of film industry, Korean films could be doing better. But the Key success factors Korean films in the foreign markets are the improvement of contents Quality and the diversification of trade market. Namely, Our films is mainly exporting Japanese market and the import depends upon American films. In case the trade specialization index(TSI), The international competitiveness of Korean films shows lower import specialization, by virtue of export increasing of Japan, Europe and other markets in 2000's. On the other hand, The Export Market Share has shown similar pattern to main markets except Japanese market, and the import was almost similar to trend in foreign markets except American films. Consequently the present film strategies and polices that delight limited markets will not be compete in global markets, Korean films or contents is merely called by that name.

• The Pure and Applied Mathematics
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• v.17 no.1
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• pp.93-106
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• 2010

We employ the methods of Lattice Dynamical System to establish a global model extending the Walrasian evolutionary cobweb model in an independent single local market to the global market evolution over an infinite chain of many local markets with interaction of each other through a diffusion of prices between them. For brevity of the model, we assume linear decreasing demands and logistic supplies with naive predictors, and investigate the traveling wave behaviors of global price dynamics and show that their dynamics are conjugate to those of H$\acute{e}$non maps and hence can exhibit complicated behaviors such as period-doubling bifurcations, chaos, and homoclic orbits etc.

• The Pure and Applied Mathematics
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• v.16 no.2
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• pp.243-254
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• 2009

The main purpose of this paper is to use the methods of Lattice Dynamical System to establish a global model, which extends the Walrasian evolutionary cobweb model in an independent single local market to the global market evolution over an infinite chain of many local markets interacting each other through a diffusion of prices between them. For brevity of the model, we assume linear decreasing demands and quadratic supplies with naive predictors, and investigate the spatially homogeneous global price dynamics and show that the dynamics is topologically conjugate to that of well-known logistic map and hence undergoes a period-doubling bifurcation route to chaos as a parameter varies through a critical value.

• Journal of Information Technology Services
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• v.2 no.1
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• pp.17-24
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• 2003

The rapid growth of Korean SI(System Integration) Industries have established the largest marketplace in Korean software markets. It is the high value added industry, which is knowledge-centered and technology-intensive. Korean SI industries are going on participating the global market as well as the foreign high technical services are introduced to Korea by WTO's contracts. In this thesis, we analysis Korean SI industries present state and characteristics, futhermore suggest the plan to expand the SI industries of Korea in the global competitive market.

• The Journal of Economics, Marketing and Management
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• v.12 no.4
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• pp.27-36
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• 2024

Purpose: The paper analyzes for detecting unexpected shocks such as global financial crisis and COVID-19 pandemic, and contagion between countries by capturing in the mean-shift, variance-covariance-shift, and skewness-coskewness-shift parameters of interest rates. Research design, data and methodology: A flexible multivariate model of interest rates is provided by allowing for regime switching and a joint skewed normal distribution. The model is applying to the structural breaks of crisis and contagion between the US and the selected global bond markets during the global financial crisis and COVID-19 pandemic, respectively. Inspection of the moment statistics weakly suggests a flight to safety to the US during the global financial crisis and to Canada during the COVID-19 pandemic. Results: The results indicate that risk averse investors had a higher risk appetite for the US and Canada assets during the crisis regimes, compared to their counterparts. Conclusions: The results show that coskewness contagion dominates correlation contagion, and coskewness contagion is significant for the Korea and Japan-US pairs for the global financial crisis and the Euro-US pair for the COVID-19 pandemic. All channels of structural breaks of crisis and contagion are significant when considered jointly, reinforcing the need to consider contagion and structural breaks during crises in a multivariate setting.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.26
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• pp.115-141
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• 2005

This study explores how strategic alliance activities are evolving and the factors that impact on the formation and development of airline alliances. Findings show the initiation of regional and more liberalized bilateral, or open skies, agreements have removed some of the impediments to structural changes in international aviation. Airlines in more liberal markets enter into greater numbers and more integrative forms of alliances. Also, airlines, on average, achieve better results of operation if the market is more liberal. Essentially, there is a positive relationship between the developments of alliances and the liberalization of air transport markets. It has been questioned that the US bilateral open skies agreements provide its carriers more access to the global market and countries that do not enter into such agreements with the US risk a loss of traffic. Consequently, open skies agreements may enable carriers who have the freedom to exercise market power to be dominant in the markets. This suggests that regulatory coordination and liberalization of international aviation reinforce each other and should therefore be pursued simultaneously.

• Management & Information Systems Review
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• v.34 no.3
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• pp.17-39
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• 2015

This study examined the structural changes and volatility in the global stock markets using a Markov Regime Switching ARCH model developed by the Hamilton and Susmel (1994). Firstly, the US, Italy and Ireland showed that variance in the high volatility regime was more than five times that in the low volatility, while Korea, Russia, India, and Greece exhibited that variance in the high volatility regime was increased more than eight times that in the low. On average, a jump from regime 1 to regime 2 implied roughly three times increased in risk, while the risk during regime 3 was up to almost thirteen times than during regime 1 over the study period. And Korea, the US, India, Italy showed ARCH(1) and ARCH(2) effects, leverage and asymmetric effects. Secondly, 278 days were estimated in the persistence of low volatility regime, indicating that the mean transition probability between volatilities exhibited the highest long-term persistence in Korea. Thirdly, the coefficients appeared to be unstable structural changes and volatility for the stock markets in Chow tests during the Asian, Global and European financial crisis. In addition, 1-Step prediction error tests showed that stock markets were unstable during the Asian crisis of 1997-1998 except for Russia, and the Global crisis of 2007-2008 except for Korea and the European crisis of 2010-2011 except for Korea, the US, Russia and India. N-Step tests exhibited that most of stock markets were unstable during the Asian and Global crisis. There was little change in the Asian crisis in CUSUM tests, while stock markets were stable until the late 2000s except for some countries. Also there were stable and unstable stock markets mixed across countries in CUSUMSQ test during the crises. Fourthly, I confirmed a close relevance of the volatility between Korea and other countries in the stock markets through the likelihood ratio tests. Accordingly, I have identified the episode or events that generated the high volatility in the stock markets for the financial crisis, and for all seven stock markets the significant switch between the volatility regimes implied a considerable change in the market risk. It appeared that the high stock market volatility was related with business recession at the beginning in 1990s. By closely examining the history of political and economical events in the global countries, I found that the results of Lamoureux and Lastrapes (1990) were consistent with those of this paper, indicating there were the structural changes and volatility during the crises and specificly every high volatility regime in SWARCH-L(3,2) student t-model was accompanied by some important policy changes or financial crises in countries or other critical events in the international economy. The sophisticated nonlinear models are needed to further analysis.

• Asian-Australasian Journal of Animal Sciences
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• v.32 no.8_spc
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• pp.1219-1232
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• 2019

The global goat population continues to grow and is now over one billion. The number of goats raised primarily for milk production is also growing, due to expanding demand. Most of the world dairy goat production and consumption is in Asia, but a global view of the dairy goat sector reveals important lessons about building successful modern dairy goat industries. The most organized market for goat milk is found in Europe, especially in France. The European goat sector is specialized for milk production, mostly for industrial cheesemaking, while also supporting traditional on-farm manufacturing. Government involvement is significant in sanitary regulation, research, extension, support for local producer organizations, and markets, and ensures safety and quality. Nonetheless, producers are still vulnerable to market fluctuations. New dairy goat industries are developing in countries without a long goat milk tradition, such as China, the United States, and New Zealand, due to rising consumer demand, strong prices, and climate change. The mix of policies, management and markets varies widely, but regardless of the country, the dairy goat sector thrives when producers have access to markets, and the tools and skills to sustainably manage their livestock and natural resources. These are most readily achieved through strong and inclusive producer organizations, access to technical services, and policies that enable the poor and marginalized groups to benefit from increasing demand.

• International Journal of Internet, Broadcasting and Communication
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• v.13 no.4
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• pp.55-65
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• 2021

The purpose of this paper is to present the Over-The-Top (OTT) platforms' strategies for two-sided markets. For this, we examine six strategic factors influencing OTT's success in Korea. The analysis reveals, among six OTTs, Netflix utilizes five strategic factors except the same-side network effects. OTTs from pay TV operators and channel providers tend to block the cross-side network effects on the opponent OTTs, because they think their giveaway to content providers is in vein, if the invested content by them would be consumed on opponent rival platforms. Interesting is that after experiencing a negative association between the market entry of Netflix and the subscription revenue growth rate of pay TV services, pay TV operators utilize the same-side network effects by offering hybrid services in partnership with global OTTs like Netflix, Disney+ which are considered as a complementary OTT. In conclusion, it is suggested to target a new connected TV based OTT service offering with collaboration with Korean TV device manufacturers for Korean OTTs' global strategy, because Netflix-like global market expansion is not easy for them to cover their content cost.