• Journal of Korea Trade
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• v.24 no.7
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• pp.73-92
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• 2020

Purpose - The letter of credit has been playing a major role to diminish overall risks which exist among concerned parties even though there are differences such as language, culture, law, and distance. This paper reviews essence of the letter of credit and its transaction principles, as well as overall practical questions based on the L/C transaction principle. It also investigates the risk of fraud occurrences in L/C transactions and the importance of fraud prevention and preventive measures in international L/C transactions, including the Fraud Rule, which is a major topic to consider in business transactions. Design/methodology - It is considered that an importing country's concerned parties and an exporting country's concerned parties face different situations. This study employs the existing framework to identify liability, responsibility, and obligation for all concerned parties across countries. Using a quite direct measurement of principles in the letter of credit, such as principle of independence, principle of abstraction, and principle of strictness and coincidence, we studied these differences. Findings - Our main findings can be summarized as follow. The paper enhances the efficiency of the L/C payment method to provide fraud generated from L/C transactions, presentation of a theoretical framework about fraud and fraud prevention, which international trading companies should acknowledge in a material way based on fraud risk resulting from taking advantage of L/C transaction principles. Originality/value - Existing studies focus on fraud accidents in L/C transactions by taking bad advantage of the characteristics of the letter of credit without suggesting risks of fraud. This paper attempts to evaluate and provide preventive measures as a solution for fraud and risky international business in a letter of credit transaction. This area of trade studies is underexplored, both empirically and theoretically, although the issue has long been important to Korean and world community foreign trade.

• Journal of Korea Trade
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• v.27 no.2
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• pp.1-21
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• 2023

Purpose - The bank payment obligation is a transaction method that combines the certainty of L/C transactions with the speed of remittance payments, so the main purpose of this study is to highlight the superiority of bank payment obligation, noting the difference between bank payment obligation and L/C transactions. In addition, we would like to examine how bank payment obligations can actually be applied to support various valuable proposals such as post-shipment and post-shipment finance according to the payment process.. Design/methodology - This study focused on literature based on data from ICC and SWIFT along with previous domestic and international studies. In terms of a research method, a literature review was adopted with electronic trade-related books and journals and policy-related reports from international trade-related agencies. Findings - Unlike L/C transaction, BPO transaction verify the data inquiry process based only on the combination result of the established baseline and dataset. Accordingly, it is superior to L/C transaction in that there is no confrontation between the parties over the results of the inquiry, and clear transactions are possible according to the principle of proof after prepayment. In addition, unlike credit transactions, data inconsistency acceptance procedures confirm payment obligations in consideration of importers' intentions. As a result, as long as trade documents are in the hands of exporting countries, flexible document disposition is possible in response to the situation after payment, which is more advantageous than L/C transaction. Originality/value - Specifically, from the importer's point of view, BPO transactions have the advantage of reducing the manpower required to prepare and review trade documents and processing transaction negotiations with exporters advantageously due to the strength of payment obligations. From the perspective of the exporter, it has the advantage of enabling rapid recovery of trade payments and reducing the risk of importer's cancellation of transactions or content change. From the perspective of participating banks, it is possible to strengthen relations with importer and obtain high commission income by increasing the role of bank reduced by reducing L/C transaction.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.9
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• pp.446-453
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• 2018

This study analyzed the effect of related party transactions on the corporate value of Korean firms using panel data regression analysis. We tested the efficient transaction hypothesis and conflict of interests hypothesis which concern related party transactions. Five types of related party transactions were considered, including long term supply contracts, assets and business transfers, affiliate loans, equity investment, and credit offerings. If related party transactions were conducted for the purpose of enhancing corporate efficiency, results would have a positive effect on firm value. If related party transactions were conducted for the purpose of private profits of the controlling shareholders, the results would show a negative effect on firm value. Results were as follows. Firstly, it is confirmed that affiliate loans, equity investment, and credit offerings had negative effects on firm value. This implies that these types of related party transactions used by controlling shareholders for the purpose of their private profit, which supports the conflict of interests hypothesis. Secondly, it was found that long term supply contracts and assets and business transfers had no effect on firm value.

• Journal of KIISE:Databases
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• v.28 no.3
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• pp.494-511
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• 2001

In the environment that database management systems manage disk spaces for storing databases directly, this paper proposes a correct and efficient scheme of performing pending actions for the removal of database files. As for performing pending actions, upon performing recovery, the recovery process must identify unperformed pending actions of not-yet-terminated transactions and then perform those actions completely. Making the recovery process identify those actions through the analysis of log records in the log file is the basic idea of this paper. This scheme, as an extension of the execution of transactions, fuzzy checkpoint, and recovery of ARIES, uses the following methods: First, to identify not-yet-terminated transactions during recovery, transactions perform pending actions after writing 'pa_start'log records that signify both the commit of transactions and the start of executing pending actions, and then write 'eng'log records. Second, to restore pending-actions-lists of not-yet-terminated transactions during recovery, each transaction records its pending-actions-list in 'pa_start'log record and the checkpoint process records pending-actions-lists of transactions that are decided to be committed in 'end_chkpt'log record. Third, to identify the next pending action to perform during recovery, whenever a page is updated during the execution of pending actions, transactions record the information that identifies the next pending action to perform in the log record that has the redo information against the page.

• Journal of KIISE:Databases
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• v.33 no.1
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• pp.69-85
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• 2006

Broadcast has been often used to disseminate the frequently requested data efficiently to a large volume of mobile clients over a single or multiple channels. Conventional concurrency control protocols for mobile transactions are not suitable for the wireless broadcast environments due to the limited bandwidth of the up-link communication channel. In wireless broadcast environments, the server often broadcast different data items with different frequency to incorporate the data access patterns of mobile transactions. The previously proposed concurrency control protocols for mobile transactions in wireless broadcast environments are focused on the mobile transactions with uniform data access patterns. However, these protocols perform poorly when the data access pattern of update mobile transaction are not uniform but skewed. The update mobile transactions with skewed data access patterns will be frequently aborted and restarted due 4o the update conflict of the same data items with a high access frequency. In this paper, we propose an energy-efficient concurrence control protocol for mobile transactions with skewed data access as well as uniform data access patterns. Our protocol use a random back-off technique to avoid the frequent abort and restart of update mobile transactions. We present in-depth experimental analysis of our method by comparing it with existing concurrency control protocols. Our performance analysis show that it significantly decrease the average response time, the amount of upstream and downstream bandwidth usage over existing protocols.

• Journal of Korea Trade
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• v.24 no.4
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• pp.49-70
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• 2020

Purpose - The UCP is recognized as the governing law for L/C transactions, but it covers only the general details of the transaction and does not cover all complex practices. In view of this limitation, this paper examines a negotiation transaction which is most actively utilized in L/C transactions via a thorough review of the UCP provisions, analyzes the problems of the negotiation clause in the UCP, and suggests appropriate countermeasures to deal with unnecessary litigation costs. By doing so, the parties involved in the negotiation transaction would be able to avoid financial costs such as having to pay for lawsuits. Design/methodology - The present study first differentiates the general types of L/Cs (e.g., sight payment L/C, deferred payment L/C, acceptance L/C, and negotiation L/C), explains and the Article 2 and Article 12(b) of the UCP 600 where the term 'negotiation' is used, digs into the drawbacks of 'negotiation' occurring under the UCP 600, and discusses solutions to the problems found by analyzing the drawbacks descriptively. Findings - After a review of the UCP provisions on negotiation in detail, several possible problems which may occur in practice were discovered. First, as the UCP stipulates, the negotiating bank will want to delay payment to the maximum extent possible and make payment on the banking day on which the issuing bank reimburses the amount. This may lead the beneficiary towards bankruptcy or put it in financial crisis. Second, when a fraudulent transaction occurs, the negotiating bank can neither request the issuing bank to reimburse nor can it exercise its recourse right against the beneficiary because it has obtained all the rights of the beneficiary by purchasing the documents. Third, there is a practice in which the beneficiary sells the documents to its transaction bank which is not the nominated bank if the nominated bank specified in the credit is located in a third country or the exporter has no relationship with the nominated bank in the credit. In this case, whether to accept this and reimburse the non-nominated negotiating bank entirely depends on the issuing bank's decision even though such practice frequently occurs in Korea. Originality/value - There has been little research effort pertaining to negotiation transactions in detail even though negotiation L/C transactions account for around 70% in world trade notwithstanding deferred payment L/Cs and acceptance L/Cs that are also negotiated in practice. Thus, if the negotiations clause under the UCP 600 provisions were reviewed and the drawbacks of the negotiation transactions most actively used in L/C transactions were identified and examined, specific countermeasures could ultimately help smoothen the operation of L/C transactions and prevent financial losses.

• The Journal of Industrial Distribution & Business
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• v.1 no.1
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• pp.23-31
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• 2010

In this study, market orientation affects the real estate transaction and about the various parameters examined, the real estate transactions, market orientation and intensity of competition in the market upheaval and the impact was seen on the results can be summarized as follows. First, market orientation and about the relationship between real estate transactions were examined. Each variable of customer satisfaction information generation, information dissemination, information was used for the reaction. Among them, the dissemination of information, information about the reaction produces a lot better the customer satisfaction was the result. In other words, the dissemination of information and availability of information to real estate transactions, the more you can improve customer satisfaction. While the information does not appear to be generated as a result of the impact of market orientation when the first phase of the creation of market information and the customer's needs and preferences of current and future information and external factors affecting them to gather information about It is difficult to assess realistically can be seen. This is both our customers and dealers in real estate purchase or trade items for the exact targets, but the general approach the start of trading because by necessity. Therefore, a clear standard for real estate deals in and nine minutes to all sellers of real estate purchases through a process of communication to enable effective approach should be. Second, market orientation and about the relationship between real estate transactions were examined. The information for each variable in re-creating transactions, information dissemination, information was used for the reaction. Variable affects all the information creation, dissemination of information, information about the reaction the better the deal re-done show that two can be frequent. In other words, information generation, information dissemination and utilization of information to real estate transactions, the more customers the added responsibilities of the re-trade can be seen. Third, the relationship between market orientation and in the real estate market upheaval of environmental factors on the relationship between gender were examined. Each variable of customer satisfaction information generation, information dissemination, information was used for the reaction. Among them, the dissemination of information, information about the reaction produces a lot better the customer satisfaction was the result. In other words, the dissemination of information, depending on the market upheaval and the availability of information to raise the real estate can increase customer satisfaction. Fourth, market orientation and environmental factors in the relationship between real estate transactions and about the relationship between competition intensity was investigated. The information for each variable in re-creating transactions, information dissemination, information was used for the reaction. Variable affects all the information creation, dissemination of information, information about the reaction the better the deal re-done show that two can be frequent. In other words, information generation, information dissemination and utilization of information and the higher intensity of competition or unyounghameusseo ttaemaewoo active real estate transactions to provide our customers the added responsibilities of the re-trade can be seen. If more comprehensive, market orientation, according to real estate transactions and environmental factors affecting the performance was also different. Abundance of information about the current real estate it is true that the accuracy and reliability, and real estate, and are unsure about the expected benefits. So you want to trade to provide accurate information to customers and markets change rapidly and competition is severe, with more information if you have reliable information to the customer must supply can increase trading performance. Guarantee of future customer transactions and can provide valuable information and research needs to be differentiated based on the provision of real estate information should be done to achieve profitability will be a cow brokerage.

• Journal of Internet Computing and Services
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• v.5 no.1
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• pp.67-84
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• 2004

Real-time database systems (RTDBS) are database systems whose transactions are associated with timing constraints such as deadlines. Therefore transaction needs to be completed by a certain deadline. Besides meeting timing constraints, a RTDBS needs to observe data consistency constraints as well. That is to say, unlike a conventional database system, whose main objective is to provide fast average response time, RTDBS may be evaluated based on how often transactions miss their deadline, the average lateness or tardiness of late transactions, the cost incurred in transactions missing their deadlines. Therefore, in RTDBS, transactions should be scheduled according to their criticalness and tightness of their deadlines, even If this means sacrificing fairness and system throughput, And It always must guarantee preceding process of the transaction with the higher priority. In this paper, we propose an efficient real-time scheduling algorithm (Multi-level EFDF) that alleviates problems of the existing real-time scheduling algorithms, a real-time concurrency control algorithm(2PL-FT) for firm and soft real-time transactions. And we compare the proposed 2PL F[ with AVCC in terms of the restarting ratio and the deadline missing ratio of transactions. We show through experiments that our algorithms achieve good performance over the other existing methods proposed earlier.

• Journal of the Korea Society of Computer and Information
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• v.13 no.4
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• pp.255-262
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• 2008

It is settled in the economic arena that electronic commerce which used the Internet is new recently by explosive increase of the rapid development and Internet use of the information and communication technology. The problem that is legitimate at a point called the business of the form that the electronic transactions to set together if I drift are new of the times is the situation caused a lot. However, the use custom of construction and electronic transactions of the maintenance that is the legislation thief who can do rules of electronic transactions is the fact that it was not able to be still established It may not be just applied to the Internet electronic transactions that an exchange promise between our characters does against unspecified number of the general public person in the property even if I say that the conclusion of the purchase agreement is concluded in Internet electronic transactions by EDI method. That can have the approval of contract in the main legal problem of such an Internet electronic transactions contract. We civil law sorts it by a contract between the talks characters and a contract between the remote area people and all the adopted children are equal and must decide the formation of contract time in a principle of Empfangstheorie because it may be said that the rule of the civil law that it be heated and decides to be able to be available is irrational.

• KSII Transactions on Internet and Information Systems (TIIS)
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• v.12 no.4
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• pp.1655-1673
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• 2018

Mobile computing environment is subject to the constraints of bounded network bandwidth, frequently encountered disconnections, insufficient battery power, and system asymmetry. To meet these constraints and to gain high scalability, data broadcasting has been proposed on data transmission techniques. However, updates made to the database in any broadcast cycle are deferred to the next cycle in order to appear to mobile clients with lower data currency. The main goal of this paper is to enhance the transaction performance processing and database currency. The main approach involves decomposing the main broadcast cycle into a number of sub-cycles, where data items are broadcasted as they were originally sequenced in the main cycle while appearing in the most current versions. A concurrency control method AOCCRBSC is proposed to cope well with the cycle decomposition. The proposed method exploits predeclaration and adapts the AOCCRB method by customizing prefetching, back-off, and partial backward and forward validation techniques. As a result, more than one of the conflicting transactions is allowed to commit at the server in the same broadcast cycle which empowers the processing of both update and read-only transactions and improves data currency.