• Journal of Korean Society for Quality Management
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• v.51 no.2
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• pp.171-184
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• 2023

Purpose: First, this paper suggests an alternative approach to find optimal portfolio (stocks, bonds and ESG stocks) under the maximizing utility of investors. Second, we include ESG stocks in our optimal portfolio, and compare improvement of welfares in the case with and without ESG stocks in portfolio. Methods: Our main method of analysis follows Brennan et al(2002), designed under the continuous time framework. We assume that the dynamics of stock price follow the Geometric Brownian Motion (GBM) while the short rate have the Vasicek model. For the utility function of investors, we use the Power Utility Function, which commonly used in financial studies. The optimal portfolio and welfares are derived in the partial equilibrium. The parameters are estimated by using Kalman filter and ordinary least square method. Results: During the overall analysis period, the portfolio including ESG, did not show clear welfare improvement. In 2017, it has slightly exceeded this benchmark 1, showing the possibility of improvement, but the ESG stocks we selected have not strongly shown statistically significant welfare improvement results. This paper showed that the factors affecting optimal asset allocation and welfare improvement were different each other. We also found that the proportion of optimal asset allocation was affected by factors such as asset return, volatility, and inverse correlation between stocks and bonds, similar to traditional financial theory. Conclusion: The portfolio with ESG investment did not show significant results in welfare improvement is due to that 1) the KRX ESG Leaders 150 selected in our study is an index based on ESG integrated scores, which are designed to affect stability rather than profitability. And 2) Korea has a short history of ESG investment. During the limited analysis period, the performance of stock-related assets was inferior to bond assets at the time of the interest rate drop.

• International Journal of Internet, Broadcasting and Communication
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• v.16 no.2
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• pp.149-160
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• 2024

For examining Web3.0 video streaming (VS) platforms in terms of the decentralized technology, tokenization and decentralized autonomous organization (DAO), we look at four platforms like DLive, DTube, Livepeer, and Theta Network (Theta). As a result, DLive which firstly partnered with Medianova for CDN and with Theta for peer to peer (P2P) network and migrates to Tron blockchain (BC), receives no commission from what creators earn, gives rewards to viewers by measuring engagement, and incentivizes participation by allowing 20% of donation & fees for funding development, 5% to BitTorrent Token (BTT) stakeholders (among these 5%, 20% to partners, 80% to other BTT stakeholders). DTube on its own lower-layer BC, Avalon, offers InterPlanetary File System (IPFS), gives 90% of the created value to creators or curators, and try to empower the community. Livepeer on Ethereum BC offers decentralized CDN, P2P, gives Livepeer Token (LPT) as incentive for network participants, and delegators can stake their LPT to orchestrators doing good. Theta on its native BC pulls streams from peering caching nodes, creates P2P network, gives Theta utility token, TFUEL for caching or relay nodes contributors, and allows Theta governance token, THETA as staking token. We contribute to the categorization of Web3.0 VS platforms: DLive and DTube reduce the risk of platform censorship, promote the diverse content, and allow the community to lead to more user-friendly environments. On the other hand, Livepeer and Theta provide new methods to stream content, but they have some differences. Whereas Livepeer focuses on the transcoding layer, Theta concentrates both on the video application layer and content delivery layer. It means, Theta tries to deliver value to all participants by enhancing network quality, reducing CDN cost, and rewarding users in utility tokens for the storage and bandwidth they provide.

• Korean Security Journal
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• no.33
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• pp.261-290
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• 2012

Since the launch of Operation Enduring Freedom in 2001, Afghanistan has been a critical battle ground for war against global terrorism. For the last 10 years, the U.S. government and its allies and the Afghan government have put a considerable effort to crush terrorists and insurgents and at the same time to construct nationwide governance system. Yet, the noble mission still seems far from complete. Terrorist or insurgent operations in Afghanistan are still active and troublesome. Thus this subject continues to draw a considerable attention of research or investigative reports to grasp an insightful knowledge or intelligence that may allow a better handling of terrorist troubles in this war-torn nation. This study hopes to serve this purpose by providing analyzed information on terrorist bombings in Afghanistan occurred between 2004 and 2007. It adopts GIS (Geographic information System) analysis technique to uncover spatially patterned aspects of terrorist bombing attacks in Afghanistan. The specific focus of this study is to examine whether terrorists behave rationally when they decide which targets to attack. For analysis, this study will focus on examining whether characteristics of localities have certain impact on the risk of being targets of terrorist bombing attacks. To examine the hypothesis of this study, it will explore how the spatial risk of becoming targets of terrorist bombing attack interacts with cost necessary for executing a ttack paid b y terrorists; 1) by demonstrating the spatial distribution of bombing attacks in Afghanistan and 2) by estimating the distance between headquarters (or home base) of terrorists groups and the bombed target area.

• Journal of the Economic Geographical Society of Korea
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• v.21 no.2
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• pp.119-138
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• 2018

The Hmong people are one of the largest ethnic groups in Vietnam. They traditionally practice shifting cultivation for their daily subsistence. This group has a traditional governance system as well as strong clan and kinship relationships that occupy an important role in maintaining Hmong culture and livelihoods. The state's approval of the legitimate and statutory law for the Nature Reserve largely excluded local rights of access to and the use of natural resources. This study focusses on Hmong responses to the state interventions of the establishment of the Nature Reserve as well as forest land allocation. Based on Scott's contribution of Moral Economy (1976), the authors argue that local responses function as a 'risk-averter' against state intervention. Meanwhile, the intra and inter-ethnic relationships based on the 'subsistence ethic' help locals successfully mitigate state intervention. These findings help the state rethink their interventions, which have been constructed with very little respect for local differences or the desires of ethnic peoples. Furthermore, the main findings, which reveal that not only the intra-ethnic relationship but also the inter-ethnic relationship among ethnic minorities can play an important role in maintaining the Moral Economy, are expected to deepen the previous understanding on the Moral Economy, which has previously constrained its scope to the intra-ethnic relationship.

• Journal of the Korea Convergence Society
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• v.9 no.11
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• pp.307-313
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• 2018

In this study, analyzed the effect of the introduction and operation of internal control system of a company on accounting information usefulness in a rapidly changing business environment. In order to conduct this study, we studied a comprehensive analysis on the usefulness of internal control and accounting information, and applied the research model to the purpose of this study. In this study, we analyzed the degree of the relationship between variables based on the discretionary accruals of the modified Jones model using the internal control evaluation index based on the components of the internal control system for China. In the empirical analysis, analyzed that the operation of internal control has a negative influence on discretionary accruals, which is a substitute for usability of accounting information. In addition, the risk management factors of the internal control system have a negative correlation with the usefulness of accounting information. The results of this study suggest that it is possible to present the positive function of internal control system to many firms where the introduction and operation of internal control is important, and to provide useful guidance in the study of the relationship between the operation of internal control and discretionary accruals for foreign company.

• Journal of the Economic Geographical Society of Korea
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• v.19 no.4
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• pp.597-615
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• 2016

Since 1997 the United Kingdom has pursued creative industry and creative city development in accordance with the New Labor Party policy, strengthening its cluster policy by assigning creative city policies to traditional manufacturing-oriented regions. Tech City in London, one of the most successful examples of digital clusters, is an area in which diverse ecosystems for venture business integration have been established, as the once barren space began to spontaneously develop. For this region, systematic linkages including universities, private companies, start-ups, and accelerators have been added, along with the UK government's active support system. As a result of this opportunity, the scale of the UK start-up ecosystem has significantly grown, the number of local companies has surged, and brand effect has greatly improved. Tech City is an example of a well-balanced combination of public effort and private governance, based on the region's historical background and its potential for growth. It is an effective coordination of public policy and private active investment, services, research, and education. The market platform for institutional technology and commercialization, and aggressive investment shares in the risk, have lead to its growth as a start-up and an innovative city. Britain's efforts to expand the nationwide cluster for the future-oriented digital economy is most noteworthy.

• The Journal of the Convergence on Culture Technology
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• v.6 no.2
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• pp.327-331
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• 2020

In that this study is a subject and character of risk, emerging security covers non-military areas in addition to traditional military security: environmental security, human security, resource security, and cyber security. The rise of these risks is not only changing the phenomenon of the new expansion of security areas, but also the expansion of the number and scope of security entities and the aspect of security world politics. These risks are transnational security issues at the global level in terms of their nature and extent of the damage, as well as multi-layered ones that affect local and personal security issues at the regional and national levels. In addition to national actors, non-state actors such as international organizations, multinational corporations, and global civil society, and furthermore, technology and social systems themselves are causing risks. Therefore, to solve the new security problem, it is necessary to establish a middle-level and complex governance mechanism that is sought at the regional and global levels beyond the fragmented dimension of the occurrence of new security issues that have been overlooked in the existing frame of perception, and to predict and find ways to respond to new security paradigms that have been identified in a broader sense.

• Journal of Korea Technology Innovation Society
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• v.21 no.4
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• pp.1207-1236
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• 2018

This paper explores the life cycle of innovation cluster, especially focussing on the Korean representative innovation cluster, Daedeok Innopolis. For this purpose, we review theoretically how an innovation cluster has been growing up. In particular, we discuss how a cluster has been formed and activated by governmental innovation policies from an evolutionary perspective. By doing so, the study identifies the typical features of an innovation cluster according to each dimensions of the cluster life cycle. The results of this study are as follows: First, in this study, Daedeok Innopolis has characteristics of latency, emergence, growth, and maturity from evolutionary perspective. Second, the governmental structure of the Daedeok Innopolis is a strong government-led and top-down structure, which has features of inclusiveness and flexibility such as umbrella policy. Third, the Daedeok Innopolis can be seen that adaptive or renewal development, as while, it can be applied fine adjustment the innovation cluster policy towards the recognition of innovation obstacle at each dimensions of the life cycle. Therefore, these discussions expose what kind of policy interventions should be addressed to form and develop the innovation cluster according to the cluster life cycle, as while, the development of adaptive policies during the risk and take-off period. Ultimately, the study provides that a different kind of policy instruments and tools should be implemented according to innovation cluster development and its distinctive characteristic per each dimensions of the cluster life cycle.

• Journal of Internet of Things and Convergence
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• v.7 no.4
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• pp.69-75
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• 2021

This study investigated the status of disaster response, focusing on modern architecture. The modern architecture is drawing more attention and being more used in the local community among the architectural heritage in downtown collective. The railway employee residence area in Soje-dong, Daejeon is a collective building group, and the efforts to evaluate and preserve its historical, cultural, and architectural values have been underway. However, the area is now an undesignated cultural property that does not receive institutional protection. It carries significance in preserving it as a collective building group. Yet, since the main structure is made of wood, the risk of being destroyed by fire or disaster is high, and disaster prevention measures are insufficient. Therefore, this study examined the structural and non-structural conditions such as the arrangement and architectural characteristics of official residence buildings, and looked into measures of the construction of a disaster prevention system and residents' participation. To preserve the urban historical environment created as a collective architectural heritage, it is necessary that the area reinforces its own disaster prevention capabilities, such as establishing an effective disaster prevention system considering village characteristics, strengthening disaster prevention capabilities based on residents' participation, and forging formal and informal governance in the local community.

• Korea Trade Review
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• v.41 no.2
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• pp.203-229
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• 2016

Korean general trading companies had started their business to benchmark and to adopt the successful new business models of the Japanese ones. Nevertheless, the strategic gaps between Korean and Japanese GTCs, Sogo-Shosha, still exist, including financial profitability and managerial competencies. In this regard, it is academically and practically required to find out the differences between Korean and Japanese GTCs. This study overviews the previous researches and the business cases to understand the features of GTCs and to get recent and meaningful factors which are related with the rebirth of Sogo-Shosha. Thereafter, in-depth interviews with industry experts and scholars and subsequent investigations were also conducted to suggest meaningful implications for both academicians and practitioners with the found factors. This study suggests four fundamental differences between the Korean and Japanese GTCs: ① the origin and growth path, ② business ownership, governance strategies and contracts management, ③ availabilities of investment portfolio and risk management, ④ business operation system and organizational culture. This study suggests meaningful implications for Korean GTCs to apply the experiences and lessons learned from Japanese Sogo-Shosha into their own business.