• Title/Summary/Keyword: Policy Reactions

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U.S. Monetary Policy and Investor Reactions: Korean Evidence (미국의 통화정책과 국내 주식 투자자의 반응)

  • Jongho Park
    • Asia-Pacific Journal of Business
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    • v.13 no.4
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    • pp.135-149
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    • 2022
  • Purpose - The primary objective of this article is to investigate the impact of U.S. monetary policy on institutional / individual / foreign investor reactions in the Korean stock market. Design/methodology/approach - This study employs a high frequency event study methodology to identify U.S. monetary policy shocks and quantify the impact of identified shocks on investor reactions. The dependent variable in the regression model is net stock purchase, while the explanatory variables are U.S. monetary policy shocks. The model is estimated for the period 2000-2019, including 156 FOMC meetings. Findings - Foreign investors immediately sell stocks in response to contractionary U.S. monetary shocks. They do not, however, react to anticipated changes in monetary policy rates, confirming the rationality of foreign investors. Individual investors demonstrate the opposite response, indicating that a non-trivial proportion of individual investors are irrational. Research implications or Originality - This study adds to the current literature on the effect of U.S. monetary policy on the Korean stock market. This study demonstrates a heterogeneous response to U.S. monetary policy shocks, validating the rational investment behavior of foreign investors, while individual investors exhibit a certain degree of irrationality. Methodologically, this study adds to the literature by quantifying the impact of U.S. monetary policy employing a sharper identification method allowing a simple and consistent estimation.

Social Relief Scheme for Serious Adverse Drug Reactions - Lessons from other countries for Korea (외국의 의약품 부작용 피해구제제도 현황과 국내 실시 방안)

  • Park, Sylvia;Chae, Su-Mi
    • Korean Journal of Clinical Pharmacy
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    • v.18 no.1
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    • pp.18-27
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    • 2008
  • This study investigated social relief schemes for serious adverse drug reactions in foreign countries and deduced lessons and implications for Korea to implement the scheme. A social relief scheme for serious adverse drug reactions provides reliefs for diseases and such health effects as disabilities or deaths that were caused by adverse reactions to pharmaceuticals prescribed at hospitals and clinics as well as those purchased at pharmacies notwithstanding their proper use. The US and the UK do not have specific relief schemes for adverse drug reactions but apply rules of strict liability or negligence. New Zealand and Nordic countries provide no-fault compensation schemes for health effects or injuries caused by medical treatments or medicinal products. Japan and Taiwan have operated the schemes since 1980 and 2000, respectively. In designing the scheme in Korea, we suggested that cases eligible for relief be confined to serious adverse reactions such as death or disability and then extended to diseases. It is desirable to encourage the reporting system of adverse drug reactions and quality use of medicines for the relief scheme to work efficiently.

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Analysis of Policy Leverages Linked to Functional Changes of Local Educational Authority: Application of Systems Thinking (시스템 사고를 활용한 지역교육청 기능전환정책의 정책 지렛대(Policy Leverage) 분석)

  • Choi, Young-Chool;Park, Soo-Jung
    • Korean System Dynamics Review
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    • v.11 no.1
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    • pp.85-102
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    • 2010
  • This paper explores the ways in which the functions of local educational authority in Korea can be analyzed by systems thinking, and puts forward some policy leverage strategies to enhance predictability of education policy effects and also to prevent unanticipated side effects arising from it. In dong so, we sketch causal diagrams to depict functional changes of local educational authority, based on before and after comparison, and attempt to derive policy intervention points to minimize unforseen reactions from the stake-holders concerned. These diagrams make it possible for educational policy-makers to capture the feedback, stocks and flows, time delays, and non-linearities they identify, although they have some limitations. This paper concludes that newly-designed functions and structures for local educational authority may be accepted by the stake-holders including teachers and unions, only if complex systems surrounding functional changes regarding local educational authority can be clearly understood and relevant policy measures can be effectively taken before the functional changes happen.

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Do good return policies work across cultures? Effect of lenient return policies on online shopper perceptions in Eastern culture

  • Yang, SuJin;Choi, Yun Jung
    • Asia Marketing Journal
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    • v.15 no.2
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    • pp.75-97
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    • 2013
  • While good return policies are suggested as one of the critical services for e-commerce, ambivalence between the burden of the cost and shoppers' satisfaction may prevent e-tailers from increasing their level of leniency. Based on the S-O-R model, this study has attempted to develop a grounded theory to explain how lenient return policies shape online shoppers' perceptions and responses, with a focus on cultural influences in the relationship. In order to check the cultural effects of the lenient return policy, thirty two female and eleven male undergraduate students in South Korean shoppers, who are accustomed to strict return policies, participated in the semi-structured interview. A series of open-ended questions were designed to explore consumers' reactions toward four different levels of the lenient return policy: from the strict type in South Korea to the lenient type in the U.S. Using qualitative research methods, this research has defined three types of dimensions of lenient return policy: return possible period, complexity of progress, and other restrictions. While previous researchers did not pay much attention, the last dimension, other restrictions, is shown to be the most significant in influencing online shoppers' perceptions, especially in South Korea. Also, the impacts on online shoppers' perceptions from the three types of sub-dimensions of return policy were somewhat different. Whereas a longer return possible period was considered more favorable, a medium level of complexity and restrictions were considered more desirable. In summary, this result showed that shoppers in Eastern cultures, i.e. South Korean online shoppers, seem favorable to a medium level of lenient return policies, while allowing for taking precautions against possible fraudulent behaviors and setting other restrictions. Therefore, most of retailers in South Korea recommended that e-tailers who adopt the most lenient return policies raise the bar to guard ethical shoppers from fraudulent users. Next, lenient return policies can enhance ease of use, usefulness, affect, and trust while relieving perceived risk, which is connected to intention to purchase, satisfaction, and loyalty. Interestingly, lenient return policies are more likely to change the behavioral responses of online shoppers, such as return and purchase, rather than change their attitudes or beliefs such as image, satisfaction, and loyalty. This tendency can be seen more clearly in the direct influences of return policy on responses. The reaction to lenient return policy is mostly the intention to return or to purchase. This suggests that return policy serves the e-tailers as a powerful tool in increasing online shoppers' purchase intention at the moment of purchase. Therefore, e-tailers who plan to expand their market to eastern countries, including South Korea, have to build a shield of restrictions around their lenient return policy, rather than immediately applying their original liberalized return policy. Also, e-tailers in South Korea need to review their strict and undifferentiated return policies to deal with the unsatisfied reactions of online shoppers toward their normal return policies. Although the present study was confined to the return policies currently being practiced by popular e-tailers, it would be worthwhile to develop effective return policies separately for each country, especially South Korea, keeping the culture of the relevant country in mind.

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Upward Trajectory of the Accommodation Sharing Economy & Distributional Values

  • LEE, Eun-Joo;CHO, Yooncheong
    • Journal of Distribution Science
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    • v.19 no.10
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    • pp.75-86
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    • 2021
  • Purpose: The purpose of this study is to address policy preparation and amendments on regulations in accommodation sharing for resource distribution by fostering better adjustment in a society, since previous studies are rarely investigated in those issues. After conduct exploratory research about laws and regulations of accommodation sharing, this study investigates how effective policy instruments improve trust in accommodation sharing and potential growth by investigating the perceptions of individuals and by applying policymaking procedures. Research design, data and methodology: The data is collected via online survey. Structural equation modeling with confirmatory factor analysis and non-recursive model with multiple regression analysis were applied. Results: The results of this study found that among proposed policy instruments, individuals perceive local ordinances, government publicizing and campaign, trust marks, taxation, penalties, and government controls are effective to build trust in accommodation sharing. Policies geared toward the majority of the public are more effective, while governments should establish a strategic approach as to which policies are introduced in public and which role the government plays in the departments. Conclusions: The results provide policy and managerial implications how to enhance distributional values of accommodation sharing economy with proper preparations and amendments of laws and regulations.

Correlation Analysis between Crack and TQI in RC Slab Track

  • Kwon, Se-Kon;Park, Mi-Yun;Kim, Doo-Kie;Sho, Byung-Choon;Park, Jae-Hak
    • International Journal of Railway
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    • v.7 no.1
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    • pp.8-15
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    • 2014
  • Recently, in the total railroad construction field, concrete slab tracks have been adapted in place of ballast tracks. Because ballast tracks need frequent maintenance and are difficult to handle due to increasing maintenance costs, eventually concrete slab tracks were selected as an alternative. However, owing to the hydration heat reactions and temperature-affected shrinkage of the concrete, a variety of studies to solve maintenance problems related to concrete slab tracks are underway. This study analyzed characteristics of TQI values evaluating track irregularity, investigated the relationship between crack progress and TQI, and then evaluated the correlation between the two values. Through our analysis, we found that there is a need to supplement the problems of the current method and develop a track evaluation index which takes cracking into account. We also concluded that TQI is the main decision-making tool in track maintenance.

The Effects of Client Violence on the Burnout of Social Workers Working for Social Welfare Facilities - Focusing on the moderating effects of Institutional confrontation system and demographic characteristic - (사회복지시설 클라이언트의 폭력에 대한 종사자의 반응이 직무소진에 미치는 영향 - 시설의 대응체계와 인구통계적 특성의 조절효과를 중심으로 -)

  • Jung, Eun-Mee;Park, Hwie-Seo
    • Journal of the Korea Society of Computer and Information
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    • v.16 no.5
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    • pp.173-183
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    • 2011
  • The purpose of this study is to suggest the policy implications through the analysis on the effects of social workers' negative reactions for client violence on burnout. Especially, This study is focused on identifying the moderating effects of demographic characteristics and institutional confrontations system. This study was carried out based on survey of social workers on social welfare facilities located in G metropolitan city and J province. The major findings can be summarized as follows. First, Social workers' negative reactions toward client violence affect on burnout significantly. Second, demographic characteristics and institutional confrontations system moderate the relationship between social workers' negative reactions toward client violence and their burnout. This study suggested some implications basing on the analytical results.

A Comparative Analysis of Accommodation Sharing Legislation of Platform Businesses in South Korea and OECD Countries

  • LEE, Eun Joo;CHO, Yooncheong
    • The Journal of Industrial Distribution & Business
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    • v.13 no.5
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    • pp.1-14
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    • 2022
  • Purpose: This study investigated the legal issues and policies on accommodation sharing based on qualitative research and examined how OECD societies establish laws and regulations to legalize accommodation sharing and prevent adverse effects. The purpose of this study is to contribute to the understanding of the different laws and regulations at both the country and city levels and to help better manage accommodation sharing in our society. The ultimate goal of this study is to enhance citizen understanding of platform businesses to minimize unnecessary conflicts. Research design, data and methodology: This study conducted a qualitative research by exploring laws and regulations in OECD countries. This study performed comparative analysis of accommodation sharing business' legislation, legal definitions, and operational policies that citizens should necessarily understand for better usage. Results: Local ordinances and regulations developed differently based on the situations of local markets and communities, so they are established and improved at the city or country level. Conclusions: Each government should consider preparing better policy on accommodation sharing by considering how to secure the housing market for residents with better establishment of new platform businesses and relationships with citizens. This study suggests policy reactions to government as policymakers, guests, hosts, platforms, and communities.

Applying a Two-Stage Option Games Method to Investment Decisions of Business Startups: Case Study of a Smart House Startup in Indonesia

  • Wardani, Ida Sri;Fujiwara, Takao
    • Asian Journal of Innovation and Policy
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    • v.7 no.1
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    • pp.178-189
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    • 2018
  • In this paper, we present a case study of a new emerging business startup involved in smart house appliances. The irreversible investment concept and real-option theory are introduced as the fundamentals of the model. By using games theory we show that the startup's actions can trigger reactions from other firms. The first part covers initial the research and development stage, while the second part covers production and commercialization. The findings of this study suggest that, given a certain amount of initial investment, an open and shared innovation may lead to hurting a firm's investment while strengthening the competitors' position in the market. However, given the sensitivity analysis, when volatility and demand grow favorably, sharing R&D investment is not a bad option for a new player to adjust its position in the market while still maintaining positive returns.

Regionalism and Devolution Policy of the United Kingdom (영국의 지역주의와 지방분권화)

  • Ahn, Young-Jin
    • Journal of the Korean association of regional geographers
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    • v.9 no.2
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    • pp.105-118
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    • 2003
  • In both elections of 1997 and 2001, Tony Blair of the Labour Party won #10 of Downing Street. This political success had to do with regionalism and was particular due to the devolution policy that was supported by non English citizens. However, there are negative voices about this policy which tries to cope with regional conflicts by decentralizing the central political power. The paper aims to examine the current regionalism movements and the devolution policy in Britain. For this purpose, the nation-building processes of the United Kingdom and various reactions to these processes, especially regional ethnic conflicts are discussed. And the study finally investigates the future perspectives of the devolution policy and its implications for both regionalism and the national-regional developments in Britain.

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