• Environmental and Resource Economics Review
• /
• v.19 no.3
• /
• pp.459-483
• /
• 2010

This paper constructs the two-part tax-a combined form of output tax and entrance fee-for polluting oligopolists under endogenous entry. In the presence of external damage that varies exogenously with aggregate output, we show that the two-part tax produces the ex post Pigouvian rule and thus achieves the first-best optimum. We also examine a detailed analysis of the impact of the two-part tax on social welfare and government revenues. Finally, when estimation errors exist in the process of regulation, we identify the incentive conflicts between interest groups and analyze the effects of estimation errors on determining optimal tax. In particular, we show that if the regulator takes care of both welfare loss and revenue gain under the proposed two-part tax, not only over-estimation on the slope of external damage but also under-estimation on the slope of market demand should be taken into the policy consideration.

• Journal of Distribution Science
• /
• v.16 no.6
• /
• pp.55-63
• /
• 2018

Purpose - Our Research is a study on the competition structure between retailers in traditional markets. Specifically, this study examined the effects of SSM, commodity supply store, Hanaro mart, food mart and other mart in traditional markets on retail stores of small businesses. The purpose of this study is to provide a solution to the market encroachment of large retailers in traditional markets. Research design, data, and methodology - This study is based on the data of 'Market Survey of Traditional Market·Shopping Mall and Store Management in 2016' and 'Current status of SSM(Super SuperMarket), commodity supply store, Hanaro mart, food mart and other mart in the traditional market in 2017' conducted by Small Enterprise and Market Service. In this study, a multiple regression equation was constructed using the number of SSM, commodity supply store, Hanaro mart, food mart and other mart as an independent variable and sales, number of customers as a dependent variable for analysis. Results - The increase of SSM and commodity supply stores in the traditional market affects the sales decrease of the surrounding small merchants in the traditional market. This means that the SSM and commodity supply stores can lead to the decline of the traditional market. However, it has been found that the penetration of these companies in traditional markets does not affect the number of visitors. Second, Hanaro mart's entry into the traditional market has a negative impact on the sales and visitor numbers of the surrounding small-scale merchants. The increase in the number of food mart has a significant effect on the sales and the number of visitors to the small stores. The results of this study indicate that the food mart can contribute to the revitalization of traditional markets. Lastly, other mart with more than medium size were found to affect the sales of small stores, the number of visitors. Conclusions - We examines the competitive structure among retailers in traditional markets. The penetration of large retailers in traditional markets has a negative impact on traditional markets, particularly Hanaro mart has a greater impact than SSM. We provide practical and theoretical implications for the retail competition structure in traditional markets.

• Cartoon and Animation Studies
• /
• s.28
• /
• pp.235-263
• /
• 2012

Regarding the theme park business as an area of cultural content business, this study focuses on the trend of pursuing indoor theme parks as a small-scale small capital strategy escaped from the existing approach oriented to large-scale outdoor complex theme parks. It is because although existing large-scale outdoor complex theme parks require the capital with the scale of hundreds of billion won and also high-level technique and the latest operational know-how that they have a great barrier for new entry as well as enormous risk, the rent indoor theme parks succeed in market entry with efficient risk management and flexible market strategies. Thereupon, this study examines the current status of the children's indoor theme park market with Korean characters as their theme as a new market among the indoor theme parks and also investigates the market strategies of this market in the two aspects of expansion: the expansion of Korean characters' property value and the expansion of the local theme park market. For that, this article reviewed the advanced researches on theme parks and divided the types of theme parks existing in Korea with the criteria of classification by space and theme or classification by main users. Also, among the children's indoor theme parks with Korean characters as their theme, this study visited five ones located in the capital area to examine the current status. And about two located in the capital area and also four in the local area, the current data were received from the persons in charge of the companies for analysis. Also, with the subjects of spectators visiting the 'DIBO VILLAGE, Cheonggye-cheon' newly opened on April 25th, 2012, the research on satisfaction was conducted for analysis. Through that, this study analyzed the structure of the existing children's indoor theme park business with Korean characters as their theme and suggested the ground to analyze the effectiveness of market strategies being implemented. It is expected that this study will establish the clues of systematic and profound discussion for the indoor theme park business that can be said to be the niche market of the theme park business and allow the small-scale areal indoor theme parks to be examined as a significant business model for the local theme park industry. In the aspect of character business as well, it is expected that this will give a chance to establish a new model of spatial storytelling expansion in terms of the property value of Korean animation characters.

• Journal of Korea Port Economic Association
• /
• v.31 no.2
• /
• pp.69-83
• /
• 2015

This study proposes effective overseas market entry strategies that could allow Korean logistics companies to develop international capabilities and become global firms by adapting to environmental changes in global logistics. First, it reviews the overseas networks of Korean international freight forwarders and the recent trends in the global logistics market. Then, it surveys the conditions of two groups of freight forwarders, namely partnerships and subsidiaries, which are categorized according to type of entry into foreign markets. These companies' networks are concentrated in East and Southeast Asia regardless of network type. As a result, the ability for partnerships to network is higher than that of subsidiaries. However, subsidiaries are small in number and located in various regions because of their initial stage, which is why their businesses depend on the price competitiveness of the parent company. The satisfaction and performance of subsidiaries are both generally low according to the presented findings. In addition, the successful strategies of international freight forwarders include following operations, specializing their logistics services, building collaborations among small and medium-sized companies, recruiting and training professional human resources in international logistics, and entering markets together with their customers. Overall, this study highlights the importance of measuring and evaluating objectively the level and performance of overseas networking through a survey about the internationalization of Korean freight forwarder companies. To conclude, this study is considered to contribute to raising their global competitiveness by suggesting strategies derived from the survey findings and SWOT analysis.

• Management & Information Systems Review
• /
• v.32 no.4
• /
• pp.189-207
• /
• 2013

Using high-frequency data for 2 years, this study investigates intraday lead-lag relationship between stock index and stock index futures markets in Korea and China. We found that there are some differences in price discovery and volatility transmission between Korea and China after the stock index futures markets was introduced. Following Stoll-Whaley(1990) and Chan(1992), the multiple regression is estimated to examine the lead-lag patterns between the two markets by Newey-West's(1987) heteroskedasticity and autocorrelation consistent covariance matrix(HAC matrix). Empirical results of KOSPI 200 shows that the futures market leads the cash market and weak evidence that the cash market leads the futures market. New market information disseminates in the futures market before the stock market with index arbitrageurs then stepping in quickly to bring the cost-of-carry relation back into alignment. The regression tests for the conditional volatility which is estimated using EGARCH model do not show that there is a clear pattern of the futures market leading the stock market in terms of the volatility even though controlling nonsynchronous trading effects. This implies that information in price innovations that originate in the futures market is transmitted to the volatility of the cash market. Empirical results of CSI 300 shows that the cash market is found to play a more dominant role in the price discovery process after the Chinese index started a sharp decline immediately after the stock index futures were introduced. The new stock index futures markets does not function well in its price discovery performance at its infancy stage, apparently due to high barriers to entry into this emerging futures markets. Based on EGAECH model, the results uncover strong bi-directional dependence in the intraday volatility of both markets.

• Knowledge Management Research
• /
• v.17 no.2
• /
• pp.1-26
• /
• 2016

As entry barriers at the legal service market in Korea have been recently lifted, the legal service market has dramatically changed from a seller's market to a buyer's market. Externally, the Korean legal service market has been open to foreign law firms and internally, lawyers graduating from law schools have been increasing. In addition, as even the general public can easily access, through the official sites of government organizations, to the basic legal information such as laws and judicial precedents, the degree of information asymmetry has also decreased. These phenomena require the legal service industry to be a more client-oriented and more quality-oriented one. Having said that, legal service providers also need to continue to make strenuous efforts to measure and improve the service quality from the customers' perspective. Under these circumstances, this study introduced a certain type of model which may be of help of measuring and improving the quality of legal service of law firms, in particular, with a focus on those firms providing corporate legal service. This study used a Quality Function Deployment (QFD) in order to measure and thereby improve the quality of corporate legal service in the law firm industry. Above all, this study showed, by using SERVQUAL, each and every service attributes of quality measurement of the corporate legal service and also calculated the degree of importance of service quality at each process of providing corporate legal service. Next, this study introduced all supporting factors necessary for the provision of corporate legal service and calculated the degree of importance of each and every supporting factors in the service process. This study may be of help to provide the substantial and systematic approaches to the corporate legal service providers who would like to set up a certain methods of measuring and further improving the quality of corporate legal service from the customers' perspective.

• The Journal of the Korea Contents Association
• /
• v.10 no.11
• /
• pp.136-145
• /
• 2010

China shows an evident growth in its visual culture in recent years, fueled by its accumulated wealth and the influx of relatively advanced visual culture from Hong Kong. There have been recent attempts to further the economic ties with Taiwan to form a pan-Chinese film market. Considering most Chinese blockbusters are produced by film makers in Hong Kong, it is safe to claim that Chinese films are the extension of Cantonese films. This text examines the past makings of Korean-Cantonese films and their influence. Based on the findings, it explores the necessary efforts on a civil level and the governmental support, required for Korea to make its way into the pan-Chinese film market as an equal participant. Such foundation would protect Korean film market in the midst of fast-changing media scape and serve as a stepping stone for Korea's advance into the pan-Chinese visual market.

• Journal of the Korea Institute of Information and Communication Engineering
• /
• v.22 no.9
• /
• pp.1191-1198
• /
• 2018

This paper illustrates not only the effectiveness of applying content quota system for on-demand video streaming platform, but also the effect of OTT regulation on copyright protection and cultural industry protection in a single market, focusing on the community's response to Netflix's entry into the EU market. Additionally, this paper examines on-demand video streaming services, growth of Netflix. The EU policy on the on-demand video streaming service market consists of 'portability' in the digital single market and content quota for copyright protection. In this paper, I analyze the market protection and the aspect of improving competitiveness of online streaming service industry. The EU is trying to protect the cultural industry and copyright protection in the region by applying and regulating the OTT business in content quota system, which has been applied only to European broadcasting companies.

• The Journal of the Korea Contents Association
• /
• v.8 no.8
• /
• pp.19-27
• /
• 2008

The advance of IT brings various IT equipment which functions as creation, application, and distribution of digital contents, and its demand is increased in the market. As the world IT equipment market has grew steadily, some companies think of it as a good opportunity. But there is a entry barrier like IT Capabilities to the late movers. So some participate in the market, forming the technology alliance with a advanced company. Ironically, the market system set companies' partnership into rivalry. In this context, our study focused on strengthening late mover's competitiveness under the technology alliance. And we conducted the case study concerning the technology alliance, and showed a strategical implications. As a result, we found some challenges for late mover; price policy making by scientific demanding forecasting, preparatory research and management for brand identity and efficient contact points for customer management. We hope that results of the study will influence the development of digital contents industry.

• The Journal of the Korea Contents Association
• /
• v.19 no.7
• /
• pp.36-46
• /
• 2019

If stock market is efficient, any well-devised trading rule can't consistently outperform the average stock market returns. This study aims to verify whether the strategy based on bid-ask volume information can beat the stock market. I suggested a day trading strategy using order imbalance indicator and empirically analyzed its profitability with the KOSPI 200 index futures data from 2001 to 2018. Entry rules are as follows: If BSI is over 50%, enter buy order, otherwise enter sell order, assuming that stock price rises after BSI is over 50% and stock price falls after BSI is less than 50%. The empirical results showed that the suggested trading strategy generated very high trading profit, that is, its annual return runs to minimum 71% per annum even after the transaction costs. The profit was generated consistently during 18 years. This study also improved the suggested trading strategy applying the genetic algorithm, which may help the market practitioners who trade the KOSPI 200 index futures.