• KIPS Transactions on Software and Data Engineering
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• v.12 no.9
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• pp.419-430
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• 2023

Currently, NFTs have no dominant application except for the proof of ownership for digital content, and it also have small liquidity problem, which makes their price difficult to predict. Real estate usually has very high barriers to investment due to its high pricing. Real estate can be converted into NFTs and also divided into small value fungible tokens (FTs), and it can increase the the volume of the investor community due to more liquidity and better accessibility. In this document, we implement and design a system that allows ordinary users can invest on high priced real estate utilizing Black Litterman (BL) model-based Portfolio investment interface. To this end, we target a set of real estates pegged as collateral and issue NFT for the collateral using blockchain. We use oracle to get the current real estate information and to monitor varying real estate prices. After tokenizing real estate into NFTs, we divide the NFTs into easily accessible price FTs, thereby, we can lower prices and provide large liquidity with price volatility limited. In addition, we also implemented BL based asset portfolio interface for effective portfolio composition for investing in multiple of real estates with small investments. Using BL model, investors can fix the asset portfolio. We implemented the whole system using Solidity smart contracts on Flask web framework with public data portals as oracle interfaces.

• The Korean Society of Law and Medicine
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• v.23 no.4
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• pp.3-28
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• 2022

Recently, the targets and clauses of negotiation between 'National Health Insurance Service (NHIS)' and Pharmaceutical companies has been expanded. Due to newly adopted 'Quality management clause', 'Compulsory supply maintenance clause' and 'Penalty for breach of contract clause', not only 'Ministry of Health and Wellfare (MOHW)'s 'drug listing' and 'Price cap' announcement, but also 'negotiation between NHIS and pharmaceutical companies' can be a legal sanction to the suppliers. Once secretary of MOHW order NHIS to negotiate with pharmaceutical company, NHIS notify this order to the company and enter into the negotiation. 'The order' exists in the public domain between the government (MOHW) and public institutions (NHIS) and does not constrain the legal rights of companies (Therefore companies cannot pile a lawsuit about the order). However, 'the notice' or 'negotiation' is an act which has a counterpart, can be a target of administrative litigation if the company get some disadvantages from the talks. Negotiations can be divided into four types according to "the target (whether it is listed on the insurance benefit list)" and "the purpose (whether the target is price or conditional)." In particular, negotiations on listed drugs, whose goal is to set unfavorable conditions for companies, can be illegal if there is no price. So we need to consider compensation for the company as an incentive to negotiate.

• Journal of Preventive Medicine and Public Health
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• v.27 no.1 s.45
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• pp.145-158
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• 1994

This study was performed to investigate the knowledge and attitude of workers in small scale industries on health management, and to provide the basic data for more effective service by the group occupational health service system. The knowledge and attitude of 247 workers and 46 health personnel in the industries scattered around Incheon were investigated from December 1992 to February 1993. The results were summerized as follows ; 1. There were significant differences between the workers and the health personnel by age, sex, marriage status, job-position and education level. 2. The recognition level of the workers to contract work related disease was significantly higher than that of health personnel, and recognition level of the workers on environmental hazards and on the utility of measuring hazards were lower than that of health personnel. 3. The recognition level on the content of the group occupational health service system was significantly different between workers and health personnel, 72.6% of the responses from the workers answered that they did not know what the group occupational healthe service system was, but 82.2% of the responses from the health personnel answered that they knew well what it was. And 79.0% of all respondents thought it was necessary for worker's health. 4. Seventy three percent of the respondents from the workers indicated that they had never taken health education. However, 93.0% of all respondents answered positively for the need of health education to promote their health. 5. Current health service system was judged to be insufficient for the demand of workers for better health. Most of the respondents prefered a formal but flexible health service system and they wanted the periodic health examination to be followed up. It was revealed that despite of poor knowledge, the demand of workers for health service was higher than the current supply. Therefore, this study suggests that educating both health personnel and workers to obtain correct knowledge on the hazards to work enviroment and health management is needed for effective occupational health service.

• Journal of Distribution Science
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• v.8 no.3
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• pp.49-56
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• 2010

At the initial stage of Internet advertising, banner advertising came into fashion. As the Internet developed into a central part of daily lives and the competition in the on-line advertising market was getting fierce, there was not enough space for banner advertising, which rushed to portal sites only. All these factors was responsible for an upsurge in advertising prices. Consequently, the high-cost and low-efficiency problems with banner advertising were raised, which led to an emergence of keyword advertising as a new type of Internet advertising to replace its predecessor. In the beginning of 2000s, when Internet advertising came to be activated, display advertisement including banner advertising dominated the Net. However, display advertising showed signs of gradual decline, and registered minus growth in the year 2009, whereas keyword advertising showed rapid growth and started to outdo display advertising as of the year 2005. Keyword advertising refers to the advertising technique that exposes relevant advertisements on the top of research sites when one searches for a keyword. Instead of exposing advertisements to unspecified individuals like banner advertising, keyword advertising, or targeted advertising technique, shows advertisements only when customers search for a desired keyword so that only highly prospective customers are given a chance to see them. In this context, it is also referred to as search advertising. It is regarded as more aggressive advertising with a high hit rate than previous advertising in that, instead of the seller discovering customers and running an advertisement for them like TV, radios or banner advertising, it exposes advertisements to visiting customers. Keyword advertising makes it possible for a company to seek publicity on line simply by making use of a single word and to achieve a maximum of efficiency at a minimum cost. The strong point of keyword advertising is that customers are allowed to directly contact the products in question through its more efficient advertising when compared to the advertisements of mass media such as TV and radio, etc. The weak point of keyword advertising is that a company should have its advertisement registered on each and every portal site and finds it hard to exercise substantial supervision over its advertisement, there being a possibility of its advertising expenses exceeding its profits. Keyword advertising severs as the most appropriate methods of advertising for the sales and publicity of small and medium enterprises which are in need of a maximum of advertising effect at a low advertising cost. At present, keyword advertising is divided into CPC advertising and CPM advertising. The former is known as the most efficient technique, which is also referred to as advertising based on the meter rate system; A company is supposed to pay for the number of clicks on a searched keyword which users have searched. This is representatively adopted by Overture, Google's Adwords, Naver's Clickchoice, and Daum's Clicks, etc. CPM advertising is dependent upon the flat rate payment system, making a company pay for its advertisement on the basis of the number of exposure, not on the basis of the number of clicks. This method fixes a price for advertisement on the basis of 1,000-time exposure, and is mainly adopted by Naver's Timechoice, Daum's Speciallink, and Nate's Speedup, etc, At present, the CPC method is most frequently adopted. The weak point of the CPC method is that advertising cost can rise through constant clicks from the same IP. If a company makes good use of strategies for maximizing the strong points of keyword advertising and complementing its weak points, it is highly likely to turn its visitors into prospective customers. Accordingly, an advertiser should make an analysis of customers' behavior and approach them in a variety of ways, trying hard to find out what they want. With this in mind, her or she has to put multiple keywords into use when running for ads. When he or she first runs an ad, he or she should first give priority to which keyword to select. The advertiser should consider how many individuals using a search engine will click the keyword in question and how much money he or she has to pay for the advertisement. As the popular keywords that the users of search engines are frequently using are expensive in terms of a unit cost per click, the advertisers without much money for advertising at the initial phrase should pay attention to detailed keywords suitable to their budget. Detailed keywords are also referred to as peripheral keywords or extension keywords, which can be called a combination of major keywords. Most keywords are in the form of texts. The biggest strong point of text-based advertising is that it looks like search results, causing little antipathy to it. But it fails to attract much attention because of the fact that most keyword advertising is in the form of texts. Image-embedded advertising is easy to notice due to images, but it is exposed on the lower part of a web page and regarded as an advertisement, which leads to a low click through rate. However, its strong point is that its prices are lower than those of text-based advertising. If a company owns a logo or a product that is easy enough for people to recognize, the company is well advised to make good use of image-embedded advertising so as to attract Internet users' attention. Advertisers should make an analysis of their logos and examine customers' responses based on the events of sites in question and the composition of products as a vehicle for monitoring their behavior in detail. Besides, keyword advertising allows them to analyze the advertising effects of exposed keywords through the analysis of logos. The logo analysis refers to a close analysis of the current situation of a site by making an analysis of information about visitors on the basis of the analysis of the number of visitors and page view, and that of cookie values. It is in the log files generated through each Web server that a user's IP, used pages, the time when he or she uses it, and cookie values are stored. The log files contain a huge amount of data. As it is almost impossible to make a direct analysis of these log files, one is supposed to make an analysis of them by using solutions for a log analysis. The generic information that can be extracted from tools for each logo analysis includes the number of viewing the total pages, the number of average page view per day, the number of basic page view, the number of page view per visit, the total number of hits, the number of average hits per day, the number of hits per visit, the number of visits, the number of average visits per day, the net number of visitors, average visitors per day, one-time visitors, visitors who have come more than twice, and average using hours, etc. These sites are deemed to be useful for utilizing data for the analysis of the situation and current status of rival companies as well as benchmarking. As keyword advertising exposes advertisements exclusively on search-result pages, competition among advertisers attempting to preoccupy popular keywords is very fierce. Some portal sites keep on giving priority to the existing advertisers, whereas others provide chances to purchase keywords in question to all the advertisers after the advertising contract is over. If an advertiser tries to rely on keywords sensitive to seasons and timeliness in case of sites providing priority to the established advertisers, he or she may as well make a purchase of a vacant place for advertising lest he or she should miss appropriate timing for advertising. However, Naver doesn't provide priority to the existing advertisers as far as all the keyword advertisements are concerned. In this case, one can preoccupy keywords if he or she enters into a contract after confirming the contract period for advertising. This study is designed to take a look at marketing for keyword advertising and to present effective strategies for keyword advertising marketing. At present, the Korean CPC advertising market is virtually monopolized by Overture. Its strong points are that Overture is based on the CPC charging model and that advertisements are registered on the top of the most representative portal sites in Korea. These advantages serve as the most appropriate medium for small and medium enterprises to use. However, the CPC method of Overture has its weak points, too. That is, the CPC method is not the only perfect advertising model among the search advertisements in the on-line market. So it is absolutely necessary that small and medium enterprises including independent shopping malls should complement the weaknesses of the CPC method and make good use of strategies for maximizing its strengths so as to increase their sales and to create a point of contact with customers.

• Journal of the East Asian Society of Dietary Life
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• v.22 no.6
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• pp.744-757
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• 2012

This study was designed to obtain basic data for the globalization of Korean food and the expansion of food exports through contract foodservices. A survey of dietary habits and attitudes toward school foodservices was given to students in three American international schools served by a domestic contract foodservice management company located in Seoul and Gyeonggi area. The results showed an average of three meals taken daily 3.39 times for male students and 2.95 times for female students and the time required for a meal was about 24~26 minutes. The average breakfast frequency was 5.10 times(4.59 times for male students and 5.35 times for female students) and many students reported skipping breakfast due to a lack of time. The average weekly frequency of dining out was 1.78 times(2.15 times for male students and 1.60 times for female students). In all schools, irrespective of gender and grade, students responded that a desire for snacking was 'why they want to have cookies', and snacking hours were frequently listed as 'between noon and evening'. Many also responded that an unbalanced diet is the reason some snacks are 'not to their taste'. Overall, students were highly satisfied with the foodservice menu, although there was a significant difference in what was considered proper food temperature, proper food seasoning, suitable amounts of food, and freshness of food. Male and female students were specifically highly satisfied with the 'freshness of food materials' and 'variety of menu' respectively. Overall, all students were highly satisfied with the foodservice, including the 'cleanliness of tables and trays'.

• The Korean Journal of Financial Management
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• v.25 no.1
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• pp.1-22
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• 2008

This study is to evaluate, to the extent to, which advanced currency futures and emerging currency futures markets can predict accurately the future spot rate. To this end, Johansen's the maximum-likelihood cointegration method(1988, 1991) is adopted to test the unbiasedness and efficiency hypothesis. Also, this study is to estimate and compare a quantitative measure of relative efficiency as a ratio of the forecast error variance from the best-fitting quasi-error correction model to the forecast error variance of the futures price as predictor of the spot price in advanced currency futures with in emerging currency futures market. Advanced currency futures is British pound and Japan yen. Emerging currency futures includes Korea won, Mexico peso, and Brazil real. The empirical results are summarized as follows : First, the unbiasedness hypothesis is not rejected for Korea won and Japan yen futures exchange rates. This indicates that the emerging currency Korea won and the advanced currency Japan yen futures exchange rates are likely to predict accurately realized spot exchange rate at a maturity date without the trader having to pay a risk premium for the privilege of trading the contract. Second, in emerging currency futures markets, the unbiasedness hypothesis is not rejected for Korea won futures market apart from Mexico peso and Brazil real futures markets. This indicates that in emerging currency futures markets, Korea won futures market is more efficient than Mexico peso and Brazil real futures markets and is likely to predict accurately realized spot exchange rate at a maturity date without risk premium. Third, this findings show that the results of unbiasedness hypothesis tests can provide conflicting finding. according to currency futures class and forecasts horizon period, Fourth, from the best-fitting quasi-error correction model with forecast horizons of 14 days, the findings suggest the Japan yen futures market is 27.06% efficient, the British pound futures market is 26.87% efficient, the Korea won futures market is 20.77% efficient, the Mexico peso futures market is 11.55%, and the Brazil real futures market is 4.45% efficient in the usual order. This indicates that the Korea won-dollar futures market is more efficient than Mexico peso, and Brazil real futures market. It is therefore possible to concludes that the Korea won-dollar currency futures market has relatively high efficiency comparing with Mexico peso and Brazil real futures markets of emerging currency futures markets.

• Journal of Applied Tourism Food and Beverage Management and Research
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• v.13 no.2
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• pp.45-69
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• 2002

This study is designed to examine feasibility and limitation of outsourcing in cooking Western food in a hotel, to interpret importance of outsourcing(eg. outside order, outside procurement, outside supply) in a broad sense in order to reinforce the core capacity in the cooking department, and to know whether the cooking human power is efficiently used and how much the chefs recognize outsourcing of food materials. As many companies conduct restructuring to cut down its size, the reduction of human power led the Western food cooking in the hotel to lower core capacities, lower quality, and lower efficiency. In addition, the sagging morale of chefs undermined creativity. To change from the traditional kitchen to an economic kitchen needs to look into importance of outsourcing, cognitive attitude of chefs, relation with outside suppliers. Here suggests performance of positive changes in the structure The study examined feasibility and limitation of outsourcing in the hotel kitchen as well as chefs' cognitive attitude toward outsourcing of food materials to reinforce core capabilities of the hotel kitchen. 1. Companies of outsourcing are selected according to variability of price conditions, flexibility of contract conditions, popularity of the outsourcing company, and reputation of the outsourcing company. 2. The importance of outsourcing in the Western food cooking is divided into 4 factors such as standard of selecting outsourcing companies, policies of cooking manu, quality of cooking, and quantity of cooking. 3. The most feasible section in outsourcing of food materials is a process of kneading flour for bread, which shows that many Western-food chefs expect to put higher possibility of outsourcing on the kneading. In other words, when it comes to confectionery and bakery, there are many outside expert processing companies supplying high quality products. In the order of outsourcing feasibility, sauce is followed by processed vegetable, garnish of main dish, and soup. The least feasible section in outsourcing of food materials is appetize. Appetize includes a concept of a improvised dish and needs speed. Due to its color, freshness, and sensibility of taste, the appetize plays a key role in the Western food cooking. 4. When outsourcing is taken in place, the highest risk is to lower the inner cooking skills. Therefore chefs in charge of the Western food sequently recognize both internal problems including storage of cooking skills, unstability of layoffs, and loss of cooperation between departments, and external problems including inferior goods, difficulty of differentiating manu, delay of delivery, and expiration date. It shows that most of the Western food chefs consider risks of the internal problems at first. 5. A effective outsourcing needs appropriate selection of outsourcing companies, maintenance of credibility, active communication, check and management of hygiene. However regardless of their position or career, chefs in charge of the Western food have the same cognitive attitude toward selecting successful outsourcing companies after the outsourcing system is enforced. The core of cooking, or a final stage in the full process of so-called artistic cooking, should be treated with insourcing. Reduction of several cooking processes resulted in shortened cooking time, increased efficiency, faster cooking, cutting the waiting-lines, and finally more room for customers. The outsourcing system can reduce or eliminate the following processes in cooking: buying various food materials, checking, storing, preparing, and processing. Especially in the Western food cooking department of a hotel, the outsourcing system should be enforced to make an economic kitchen and to efficiently manage it. Wow it's time to change from the traditional kitchen to an economic kitchen in the hotel cooking department. For that, the cooking department should become a small but strong organization by outsourcing except its core work.

• Korean Journal of Construction Engineering and Management
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• v.12 no.6
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• pp.65-78
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• 2011

Construction business, which is complex and long-term business, requires accurate estimation and verification in construction costs and payment procedure from project planning to the completion of construction phase. And more importantly, it is necessary to investigate and determine the risk factors related to construction costs during the entire process including design planning, construction drawings, and quantity calculating. But, currently, it is not seem to be adequate to cope with the risk and increased construction costs against the operational budget in terms of actual costs when screening and estimating the bidding cost of public apartment. Therefore, this study selected and analyzed 40 sites' report of construction completion account from 2004 to 2010 focused on the adequacy on the modification of contract and design planning and on the complication of the budget in the beginning of the project. This study deducted various risk causes and results by analyzing actual costs according to year, architectural area, region, construction cost and sale/lease classification. We could find out construction risk according to annual variation of government policy and economy, and also deducted risk items by construction characteristic according to region and architectural area. Study result, we first found out the problems of lowest price award system according to the construction costs. The weight of the cost increase risk was analyzed that subcontract and material costs are very high. Roof and tile work were analyzed highly in subcontract cost risk and reinforcing bar and cement were analyzed highly in material cost risk, among direct construction cost. Finally, this study results could be used in comparing the categories of the construction costs made by specific construction process, belonging to the construction costs, with the operational budget made in the beginning of the project that can enable to grasp unpredictable risks over the construction costs and making quantitative analysis for it through analyzing the range of fluctuation and variations led by the fluctuations in the actual construction costs.

• The Korean Journal of Financial Management
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• v.24 no.2
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• pp.147-181
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• 2007

Our article investigates the risk implication of ownership structure in life insurance companies. We set up a model to identify the priority structure of policyholder's and shareholder's cashflow claims, and to derive its implications. Current literature on this issue has focused on the agency paradigm or the risk-sharing efficiency. Fama and Jensen(1983a, 1983b) and Mayers and Smith(1981, 1986, 1988, 1990, 1994) argue that the survival of both the corporate and the mutual form of organization is due in part to the relative efficiencies in controlling agency problems. With regard to insurance business, agency problems arise because of the three functions inherent in the organizations:manager, risk-bearer(owner), and policyholder. Stock insurers are characterized by the potentially complete separation of all three functions while mutual insurers merger the policyholder with the ownership function. Doherty and Dionne(1993) and Doherty(1991) concentrate their analysis on differences in the efficiency of risk sharing between participating and non-participating policies. They argue that when the undiversifiable risk has higher portion in business risk, combining policy and equity claims into a single package is a more efficient risk-sharing contract than a simple prepaid risk-transfer. Among various methods for assembling the policy/equity package, Doherty and Dionne(1993) and Doherty(1991) suggest that policy/equity package offered by the mutual is the most efficient risk-sharing arrangement. There has been a controversy on the property of participating policies sold by life insurance corporations in Korea. Some scholars argue that participating policyholders of Korean life insurance companies have shared the cashflow risk with shareholders. They emphasize that insurance firms have used dividend reserves to supplement for equity deficits. Thus, they argue that the economic entities of Korean life insurance companies are mutual companies though their legal entities are corporations. Our article explicitly sets up each stakeholder's cashflow claim in stock and mutual insurers, and thus identify risk differences in shareholder and policyholder. Using our model, we could derive direct implications on the controversy. Our model shows that life insurance companies would sell participating policies since policyholders would have the incentive to share the risk inherent in their primary claims with equityholders. And there exists a fundamental difference in shareholder's risk and equityholder's.

• Information Systems Review
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• v.14 no.3
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• pp.53-74
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• 2012

IT outsourcing (ITO) is an integration of two firms-external vendor(s) and a client firm-IT resources by contract. According to resource-based view(RBV), three different resources-ITO vendor's resource, client firm's resource, and the relationship resource between two firms- may have an impact on ITO performance. However, there have been few previous studies considering all three IT resources simultaneously. There have been also few empirical studies in ITO context, which test Bharadwaj (2000)'s findings: 1) IT resources can be divided into tangible IT asset and intangible IT capability, and 2) only IT capability has an impact on the IT performance. Therefore we examined whether, in ITO context, all three different resources have a significant impact on ITO performance. Adopting the findings of previous IT studies, we also divided IT resource into IT asset and IT capability. To achieve this research objective, we analyzed 62 ITO cases of 45 companies being listed in Korean top 100 companies for recent 3 years. Also, we analyzed the data with the Partial Least Squares method. The results of this research lead to the following conclusions: First, only when partnership is high, ITO vendors' resource can have an influence on ITO performance. Second, only client firm's IT capability, not IT asset, is directly related to the ITO success. Third, a firm's IT capability can increase the partnership. Therefore, we concluded that 1) RBV is also an useful theory in ITO context, 2) Bharadwaj(2000)'s suggestion is valid in ITO context as well, and 3) the relationship resource is also important in ITO.