• Korean Management Science Review
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• v.11 no.2
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• pp.237-253
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• 1994

Technology measurement is related with how to construct indicators of technological change and relative ranking of technological sophistication. Many attempts have been made to understand the measurement of technology. However, technology measurement still remains little understood problem in spite of its importance. This article is concerned with improving the measurement of technology by introducing market factors into the model. It illustrate a simple approach to the measurement of technology. This approach is based on the characteristic-space paradigm of technology. A relative ranking of technological sophistication for a product is measurable as a set of characteristics. The main feature of the proposed approach is the combination of technical factors and market factors. Technical factors are reflected in the definition of technological sophistication. Market factors are embraced in the determination of the relative importance assigned to each technology defining characteristics. Thus, the weight is determined by technical factors and market factors, which differentiates the study from the past based on judgmental technique such as experts' opinion.

• The Korean Journal of Financial Management
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• v.11 no.2
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• pp.195-221
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• 1994

This study investigates the wealth effect of foreign acquisition of U.S. based firms. Contrary to previous studies, this analysis demonstrates that after appropriate control of domestic-acquired targets, the wealth gains to the shareholders of targets in foreign takeovers are similar to those in domestic takeovers. This paper investigates the validity of the competitive acquisition market in cross-border takeovers and concludes that : 1) in cases of inward foreign direct investment into the U.S., foreign firms do not realize significant net benefits from acquisitions; and 2) the foreign acquirer is as well informed as its U.S, counterparts about the target's market. The results of this study are consistent with the view that each country has different motivations for investing in the U.S. market. Consider, for example, Japan. The evidence suggests that Japanese companies pay a considerable price for U.S. targets which have performed poorly before the takeover. While there is no specific rationale to explain why Japanese firms buy the most volatile and worst performing firms, international barriers may provide a possible reason for these anomalies. Overall, the evidence of this paper supports the view that foreign takeovers occur in a competitive acquisition market.

• The Korean Journal of Financial Studies
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• v.9 no.1
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• pp.221-244
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• 2003

This study is aimed to investigate the effects of foreign exchange rates on stock market returns. For the United States, the United Kingdom, Germany, Japan and Korea, the cross-correlation precedence of foreign exchange rate on stock market is found in the case of Germany and Korea. But that of stock market is not observed in any case. We performed three kinds of causality and exogeneity test of Granger test, Sims test and Geweke-Meese-Dent test. The analyses on the full period show the time-lag causal, exogeneous relation of foreign exchange rates with Granger, Sims and GMD test for Korea. The United Kingdom presents the significance with Granger and Sims test while Germany reveals the time-lag relation with Granger and GMD test. When we divide the period into two parts with the Louvre Accord, the first part give the less degree of time-lag relation. But in the second period the three kinds of causality and exogeneity test propose consistent time-lag relation with foreign exchange rates on stock markets for the United Kingdom and Korea with the three test methods. And Granger's test prove German foreign exchange market have a time-lag relation on stock market.

• Proceedings of the Korean Institute of IIIuminating and Electrical Installation Engineers Conference
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• 2009.10a
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• pp.259-262
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• 2009

This paper in order to reduce the electric disaster damage which is caused by with electric equipment of traditional market developed the electric safety monitoring system which is suitable in traditional market. With for this did the actual condition investigation about electrical equipment of traditional market and we constructed Test-bed for testing reliability of electric safety monitoring system. Also experiment led in Test-bed and confirmed a stability. This paper following will be used with the data for the reliability security of the electric safe system operation which follows in the traditional market actual proof equipment construction which will be advanced.

• Korean Journal of Oriental Medicine
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• v.14 no.1
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• pp.41-48
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• 2008

This article examines the origin and growth of Jecheon Herbal Market(JHM). JHM was established in 1928 at the Jecheon Market Main causes of the growth of JHM is widely considered as the fact that it was located to the sources of herbal product, domestic or wild, and its convenient access in transportation aspect. Since the Independence of Korea, the control of the import of herbal medications from abroad served for the main factor of JHM's growth. Nowadays JHM is estimated as second to Gyungdong Herbal Market in total. However, among production-oriented markets it has been ranked first.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.58 no.6
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• pp.1087-1092
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• 2009

This paper presents a method for improvement of capacity payment in CBP(cost based pool) market. Capacity payments have been used as common mechanisms in various pools for compensating generators recognized to serve a for reliability purpose. Ideal pricing for capacity reserves by definition achieves a balance between economic efficiency and investment incentives. That is, prices must be kept close to costs, but not so low as to discourage investment. However, the price set is not easy. This paper concludes with market design recommendations that apply fuzzy theory for improvement of capacity payment. Following this model, market participants decided on their own based on their forecast to the market demand and the payment for it.

• Korean Management Science Review
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• v.23 no.3
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• pp.41-61
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• 2006

This study is to propose a sales forecasting framework for new products in the prelaunch phase where no saies data are available. For the purpose we first develop an extended Bass model with the dynamic market potential and then propose an estimation method based on the market survey and scenario methodology. The proposed parameter estimation method is different from previous studies in that most of them have only Proposed the management judgments or analogies. We also apply the proposed model to satellite DMB market in Korea to verify the model.

• Korean Management Science Review
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• v.23 no.3
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• pp.195-207
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• 2006

In this paper, we develop the business model of telecommunication company that facilitates to explore new business opportunities on aging society. Considering the trend of aging society, we analyze the market drivers of senior market. Analyzing market dynamics and value chain, we design a set of business models for telecommunication company. In addition, we describe the evolution path of the proposed business model in terms of technology development and market. Finally, we develop a framework for evaluating the effectiveness of the business model.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.58 no.8
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• pp.1496-1503
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• 2009

The United Nations Framework Convention on Climate Change (UNFCCC) is an international environmental treaty to stabilize greenhouse gas concentrations in the atmosphere. In order to fulfil the commitments of the countries in an economically efficient way, the UNFCCC adapted the emission trading scheme in the Kyoto Protocol. If the UNFCCC's scheme is enforced in the country, considerable changes in electric power industry are expected due to the imposed greenhouse gas emission reduction. This paper proposes a game theoretic model of the case when generation companies participate in both competitive electricity market and emission market simultaneously. The model is designed such that generation companies select strategically between power quantity and greenhouse gas reduction to maximize their profits in both markets. Demand function and Environmental Welfare of emission trading market is proposed in this model. From the simulation results using the proposed model the impact of the emission trading on generation companies seems very severe in case that the emission prices are significantly high.

• Korean Management Science Review
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• v.27 no.3
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• pp.33-41
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• 2010

A lot of researches find negative volatility risk premium in options market. We can make a trading profit by exploiting the negative volatility premium. This study proposes negative volatility risk premium hypotheses in the KOSPI 200 stock price index options market and empirically test the proposed hypotheses with intra-day short straddle strategy. This strategy sells both at-the-money call option and at-the-money put option at market open and exits the position at market close. Using MySQL 5.1, we create our database with 1 minute option price data of the KOSPI 200 index options from 2004 to 2009. Empirical results show that negative volatility risk premium exists in the KOSPI 200 stock price index options market. Furthermore, intra-day short straddle strategy consistently produces annual profits except one year.