• Korea Trade Review
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• v.48 no.3
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• pp.69-88
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• 2023

This study analyzes the dynamic characteristics of cargo volume (demand), ship fleet (supply), and freight rate (price) of container, dry bulk, and tanker shipping markets by using the VAR and VECM models. This analysis is expected to enhance the statistical understanding of market dynamics, which is perceived by the actual experiences of market participants. The common statistical patterns, which are all shown in the three shipping markets, are as follows: 1) The Granger-causality test reveals that the past increase of fleet variable induces the present decrease of freight rate variable. 2) The impulse-response analysis shows that cargo shock increases the freight rate but fleet shock decreases the freight rate. 3) Among the three cargo, fleet, and freight rate shocks, the freight rate shock is overwhelmingly largest. 4) The comparison of adjR² reveals that the fleet variable is most explained by the endogenous variables, i.e., cargo, fleet, and freight rate in each of shipping markets. 5) The estimation of co-integrating vectors shows that the increase of cargo increases the freight rate but the increase of fleet decreases the freight rate. 6) The estimation of adjustment speed demonstrates that the past-period positive deviation from the long-run equilibrium freight rate induces the decrease of present freight rate.

• International Journal of Computer Science & Network Security
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• v.24 no.7
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• pp.128-142
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• 2024

Creation and implementation of export-oriented strategy is an urgent issue of economic development of any country. In an export-oriented model of economic development, exports should be a means of promoting economic growth and a tool to strengthen existing and potential competitive advantages. Agricultural production is the key factor in exports and the source of foreign exchange earnings in many countries. However, the export potential of agricultural producers may be inefficiently fulfilled due to the heterogeneity of countries in terms of economic development, trade relations and border policy. The aim of the research is to study the nature, main trends and problematic aspects of fulfilling the export potential of agricultural production in the context of aggravating food crisis. The study involved general scientific methods (induction and deduction, description, analysis, synthesis, generalization) and special (statistical method, economic analysis, descriptive statistics and interstate comparisons, graphical method). The need to ensure food security by countries around the world urges the importance of the agricultural sector as a catalyst for economic development, sources of foreign exchange earnings, investment direction, etc. The study of agricultural specialization led to the conclusion that wheat and sugar are goods with the highest export potential. It is substantiated that the countries of South America, OECD, North America and Europe have the highest level of realization of export potential of agricultural production, and African countries are import-dependent. In addition, the low export orientation of Africa and Asia due to the peculiarities of their natural and climatic conditions is established based on the assessment of export-import operations in the regional context. The internal and external export potential of each of the regions is analysed. Economic and mathematical simulation of assessing the impact of the most important factors on the wheat exports volumes was applied, which allowed predicting wheat exports volume and making sound management decisions regarding the realization of the export potential of agricultural companies. The inverse correlation between the exports volume and wheat consumption per capita, and the direct correlation between the effective size and area of land used for wheat cultivation was established through the correlation and regression analysis.

• The Korean Journal of Financial Studies
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• v.3 no.1
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• pp.233-265
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• 1996

We examine the impact of public and private information on price movements using the thirty DJIA stocks and twenty-one NASDAQ stocks. We find that the standard deviation of daily returns on information days (dividend announcement, earnings announcement, insider purchase, or insider sale) is much higher than on no-information days. Both public information matters at the NYSE, probably due to masked identification of insiders. Earnings announcement has the greatest impact for both DJIA and NASDAQ stocks, and there is some evidence of positive impact of insider asle on return volatility of NASDAQ stocks. There has been considerable debate, e.g., French and Roll (1986), over whether market volatility is due to public information or private information-the latter gathered through costly search and only revealed through trading. Public information is composed of (1) marketwide public information such as regularly scheduled federal economic announcements (e.g., employment, GNP, leading indicators) and (2) company-specific public information such as dividend and earnings announcements. Policy makers and corporate insiders have a better access to marketwide private information (e.g., a new monetary policy decision made in the Federal Reserve Board meeting) and company-specific private information, respectively, compated to the general public. Ederington and Lee (1993) show that marketwide public information accounts for most of the observed volatility patterns in interest rate and foreign exchange futures markets. Company-specific public information is explored by Patell and Wolfson (1984) and Jennings and Starks (1985). They show that dividend and earnings announcements induce higher than normal volatility in equity prices. Kyle (1985), Admati and Pfleiderer (1988), Barclay, Litzenberger and Warner (1990), Foster and Viswanathan (1990), Back (1992), and Barclay and Warner (1993) show that the private information help by informed traders and revealed through trading influences market volatility. Cornell and Sirri (1992)' and Meulbroek (1992) investigate the actual insider trading activities in a tender offer case and the prosecuted illegal trading cased, respectively. This paper examines the aggregate and individual impact of marketwide information, company-specific public information, and company-specific private information on equity prices. Specifically, we use the thirty common stocks in the Dow Jones Industrial Average (DJIA) and twenty one National Association of Securities Dealers Automated Quotations (NASDAQ) common stocks to examine how their prices react to information. Marketwide information (public and private) is estimated by the movement in the Standard and Poors (S & P) 500 Index price for the DJIA stocks and the movement in the NASDAQ Composite Index price for the NASDAQ stocks. Divedend and earnings announcements are used as a subset of company-specific public information. The trading activity of corporate insiders (major corporate officers, members of the board of directors, and owners of at least 10 percent of any equity class) with an access to private information can be cannot legally trade on private information. Therefore, most insider transactions are not necessarily based on private information. Nevertheless, we hypothesize that market participants observe how insiders trade in order to infer any information that they cannot possess because insiders tend to buy (sell) when they have good (bad) information about their company. For example, Damodaran and Liu (1993) show that insiders of real estate investment trusts buy (sell) after they receive favorable (unfavorable) appraisal news before the information in these appraisals is released to the public. Price discovery in a competitive multiple-dealership market (NASDAQ) would be different from that in a monopolistic specialist system (NYSE). Consequently, we hypothesize that NASDAQ stocks are affected more by private information (or more precisely, insider trading) than the DJIA stocks. In the next section, we describe our choices of the fifty-one stocks and the public and private information set. We also discuss institutional differences between the NYSE and the NASDAQ market. In Section II, we examine the implications of public and private information for the volatility of daily returns of each stock. In Section III, we turn to the question of the relative importance of individual elements of our information set. Further analysis of the five DJIA stocks and the four NASDAQ stocks that are most sensitive to earnings announcements is given in Section IV, and our results are summarized in Section V.

• Korean Business Review
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• v.17 no.2
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• pp.63-87
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• 2004

To create and maintain comparative supremacy as a strategic tool of business, many organizations have introduced informational technology and system. By using this system, Some companies got a beneficial value for achieving organizational goals but others could not obtain their effectiveness and efficiency. In particular, a lot of organizations that tried to make strategic supremacy with e-commercial trade are under hard condition because of poor profit. It implies that it is essential to identify and analyse the consumer who uses e-commercial trade. This paper, therefore, focusing on internet shopping malls between business and consumer as one of areas of e-commercial trades, shows the difference between consumer expectation and performance. The results of this study are as follows: First, as for the significant difference of influencing factors to consumer satisfactions according to the types of internet shopping malls, there is a meaningful difference in consumer anxiety and internet usefulness, but not in consumer service. Prior to verify the differences in detail on consumer's anxiety and internet usefulness, we examined that there is any difference between expectation and performance. T-test was used for the variants of consumer anxiety and internet usefulness, and its meaningful probability was 0.000, which means that both showed statistically significant difference. Based on the results, we also found that regardless of the types of internet shopping malls, consumer expectation was greater than performance. although the difference between expectation and performance was not equal according to the internet shopping malls. Second, a regression analysis was performed to understand the relation between consumer service, internet usefulness, consumer anxiety, and consumer satisfaction, it was found that consumer service, internet usefulness, consumer anxiety had significantly effected on consumer satisfaction. Third, To verify the relation between consumer satisfaction and repurchase-intentions, intentions to spread out, Pearson correlation analysis was used. it was found that consumer satisfaction had positive effect on both intentions. This study has some limitations because of the shorts of money and time. since the sample of this study was consumers who have ever bought one or more products via internet shopping mall, this sample was appropriate. but the major parts of sample were college students, and the sample size was so small. therefore this results should carefully be generalized. For further study, it is required to select more precise samples and to include more variables.

• Science of Emotion and Sensibility
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• v.14 no.3
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• pp.361-370
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• 2011

We explore the priority between product attributes such as aesthetics and usability in consumer decision-making. In the recent study in Germany, consumers preferred a visually beautiful product but discounted the value of aesthetics in actual product choice (Diefenbach & Hassenzahl, 2009). In contrast to the individualistic culture which values personal needs(e.g., Germany), recognition from other members has great importance in the collectivistic culture (e.g., Korea). We propose that Korean consumers weigh greater value on the attribute easily perceived from the product appearance (i.e., aesthetics). We replicated the procedure of the study conducted in Germany. As expected, participants highly valued aesthetics rather than usability in product choice. As for aesthetics, participants were likely to choose an expensive but beautiful product; on the contrary a less expensive and less usable product were likely to be chosen as for usability (Study 1). Moreover, usability was sacrificed for aesthetics in the trade-off condition (Study 2). The participants who chose the beautiful product reported higher social recognition desire whereas no difference was shown with respect to usability.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.7
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• pp.342-349
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• 2017

The purpose of this study is to empirically analyze factors which influence social and economic performance of social enterprises, and to examine the correlation of factors affecting social and economic performance. This study was conducted following the hypothesis that the organizational characteristics(organizational type, certification type, certification year, social service supply type, and external grants) of social enterprises affect social and economic performance, and that significant correlation exists between social and economic performance. This study collected the disclosure materials of 219 social enterprises certified between 2007- 2014 from the directory of the Korean Social Enterprise Promotion Agency. The study results are as follows: First, organizational characteristics affect social performance(i.e. jobs for the vulnerable classes). In addition, certification year and external grants had a positive effect on social performance. Second, the organizational characteristics affect the economic performance(i.e. sales), and certification year and external grants had a positive effect on economic performance. However, organizational type had a negative effect on the economic performance(i.e. sales). Third, analysis found a positive correlation of factors affecting social and economic performance. This study suggests the need to diversify support policies according to the number of authentication years in order to promote self-reliance and sustainability by maximizing the social and economic performance of social enterprises.

• Proceedings of the Acoustical Society of Korea Conference
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• spring
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• pp.469-474
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• 2002

In recent years, modularization of engine parts has increased the application of plastic products in air intake systems. Plastic intake manifolds provide many advantages including reduced weight, contracted cost, and lower intake air temperatures. These manifolds, however, have some weakness when compared with customary aluminium intake manifolds, in that they have low sound transmission loss because of their lower material density. This low transmission loss of plastic intake manifolds causes several problems related to flow noise, especially when the throttle is opened quickly. The physical processes, responsible for this flow noise, include turbulent fluid motion and relative motion of the throttle to the airflow. The former is generated by high-speed airflow in the splits between the throttle valve and the inner-surface of the throttle body and surge-tank, which can be categorized into the quadrupole source. The latter induces the unsteady force on the flow, which can be classified into the dipole source. In this paper, the mechanism of noise generation from the turbulence is only investigated as a preliminary study. Stochastic noise source synthesis method is adopted for the analysis of turbulence-induced, i.e. quadrupole noise by throttle at quick opening state. The method consists of three procedures. The first step corresponds to the preliminary time-averaged Navier-Stokes computation with a $k-\varepsilon$ turbulence model providing mean flow field characteristics. The second step is the synthesis of time-dependent turbulent velocity field associated with quadrupole noise sources. The final step is devoted to the determination of acoustic source terms associated with turbulent velocity. For the first step, we used market available analysis tools such as STAR-CD, the trade names of fluid analysis tools available on the market. The steady state flows at three open angle of throttle valve, i.e. 20, 35 and 60 degree, are numerically analyzed. Then, time-dependent turbulent velocity fields are produced by using the stochastic model and the flow analysis results. Using this turbulent velocity field, the turbulence-originated noise sources, i.e. the self-noise and shear-noise sources are synthesized. Based on these numerical results, it is found that the origin of the turbulent flow and noise might be attributed to the process of formulation and the interaction of two vortex lines formed in the downstream of the throttle valve. These vortex lines are produced by the non-uniform splits between the throttle valve and inner cylinder surface. Based on the analysis, we present the low-noise design of the inner geometry of throttle body.

• Journal of Environmental Science International
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• v.3 no.2
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• pp.165-175
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• 1994

An emergy analysis of the main energy flows driving the economy of humans and life support systems was made including environmental energies, fuels, and imports, all expressed as solar emjoules. The total emergy use (4, 373 E20 sej/yr) is 90 per cent from imported sources, fuels and goods and services. The emergy flows from the environment are modest, because the share of global inputs such as ruin and geological uplift flux is modest. Consequently, the ratio of outside investment to attracting natural resources is already large, like other industrialized countries. The population level is already in excess of carrying capacity. The emergy use per person in Korea indicates a moderate emergy standard of living, even though the indigenous resource is very poor. If the present economy were running entirely on stored reserves of fuels, soils, woods, etc., it would last about 2 years. Its carrying capacity for steady state on its renewable sources is only 3.3 million people, compared to 43.3 million in 1991. Continued availability of foreign oil at a favorable balance of emergy trade, currently about 7 to 1 net emergy, is the basis for present economic activity and must decrease as the net emergy of foreign oil purchased goes down. Close economic integration with Middle East may determine how long this is possible in the future.

• Korean Journal of Community Nutrition
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• v.1 no.1
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• pp.9-27
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• 1996

The nutritional status is strictly related with flood production, flood processing, and distribution along with habits, education and technological achievement, adapted and adjusted to socio-economic conditions. All these factors are independently affecting the nutritional status of populations. In addition to the above mentioned factors launch of it is useful to consider two points ; unification of the South and the North Korea and WTO. The present study gives and overview of basic knowledge about nutritional status of Korean by using availab1e data in relation to nutrition. The basic characteristics of Korean diet with proportions high in carbohydrate and low in fat, have been relatively constant for the past two decades. The average daily flood intake in terms of weight of flood per person is relatively constant throughout the years. Although the proportion of animal food intake tends to increase recently, the Korean diet is still insufficient in meat, eggs, milk, and fish. Moreover because milk has not been accustomed flood with the general population and not much used in traditional flood preparation in Korea, milk consumption was especially low in comparison with western countries. The total energy intake was relatively constant throughout the years from 1969 to 1993. However, changes in the composition have occurred in the past two decades. The amount and proportions of fat have been s1ightly increasing while the total amount of carbohydrate has been decreasing. The nutrition preblems of Korea have changed over the past severa1 decades. The general adequacy of protein and energy existing after Korean War(1950) was resolved now. Since then the average diet appears to be nearly desirable in terms of rapid rates of growth during childhood and attainment of progressively stature and body weight at maturity. The dietary habits of some young people in these days seem to be taking a more western style diets. This trends if established by habit may lead to a marked change in the traditional diet and health. I think Korean nutritional experiences have potential values for tole other countries in Asia and in western countries. Korean diet illustrates a high level of nutritional status and health attainable will a largely vegetable diet : high in complex carbohydrates, and dietary fibre, and low in tat, and reasonable amount of total protein. This is significant for developing and developed countries that must select specific goals fir adequate nutrition for the people. Compared to the western countries, Koreas different incidence of coronary heart disease and malignancy demonstrates the significance of environment and probably the prominent role of diet in the development of these diseases. The changes occurring in the Korean diet of fir the unusual opportunity to assess the effect of diet upon chronic degenerative disease. In the future, the Korean diet might be continue to change significantly These changes are being influenced by socioeconomic factors that have been emerging and growing stronger since mid-l980 and that probably continue to be potent. The expanded purchasing power of the consumer results in increased discretionary purchases. In the case of foodstuffs, the consumer demands appear to be directed toward items of higher protein content, which, being primarily animal products, are inevitably accompanied by an increased consumption of fat. The continued availability of these more expensive flood items depends upon the balance of foreign trade favouring their importation and domestic production. A regression of foreign trade could result in a decreased supply for the consumer, whereas continued growth of trade iou]d provide freedom for increasing availability to the consumer. In this latter situation the exact choice of foodstuffs is depending upon comsumer tastes and the pressures that may influence it.

• Journal of Arbitration Studies
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• v.10 no.1
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• pp.3-25
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• 2000

At its thirty-second session in 1999, the UNCITRAL had before it the requested note entitled "Possible future work in the area of international commercial arbitration." After concluding the discussion on its future work in the area of international commercial arbitration, it was agreed that the priority items for the working group should be conciliation, requirement of written form for the arbitration and enforceability of interim measures of protection. the Commission entrusted the work to the Working Group on Arbitration which held its thirty-second session at Vienna from 20 to 31 March 2000. The Working Group discussed agenda item 3 on the basis of the report of Secretary General entitled "Possible uniform rules on certain issues concerning settlement of commercial disputes : conciliation, interim measures of protection, written form for arbitration agreement." At its thirty-three session in 2000, the UNCITRAL had before it the report of Secretary General on agenda item 3 discussed by the Working Group. The Working Group discussed the issues relating to certain aspects of conciliation proceedings ; (1) Admissibility of certain evidence in subsequent judicial or arbitral proceedings ; (2) Role of conciliatior in arbitration or court proceedings ; (3) Enforceability of settlement agreements reached in conciliation proceedings ; (4) Other possible items for harmonized treatment : a) Admissibility or desirability of conciliation by arbitrators b) Effect of an agreement to conciliate on judicial or arbitral proceedings c) Effect of conciliation on the running of limitation period d) Communication between the conciliator and parties ; disclosure of information e) Role of conciliator. It was generally considered that decisions as to the form of the text to be prepared should be made at a later stage when the substance of prepared solutions would become clearer. However, it was noted that model legislative provisions seemed to be appropriate form for a number of matters proposed to be discussed in the area conciliation. There was general support in the Working Group for the proposition to perpare a legislative regime governing the enforcement of interim measures of protection ordered by arbitral tribunals. It was generally considered that legislative regime should apply to enforcement of interim measures issued in arbitration taking place in State where enforcement was sought as well as outside that State. It was generally observed that there was a need for provisions which conformed to current practice in international trade with regard to requirements of written form for arbitration agreement. The view was adopted by the Working Group that the objective of ensuring a uniform interpretation of the form requirement that responded to the needs of international trade could be achieved by : preparing a model legislative provision clarifying, for avoidance of doubt, the scope of article 7(2) of the UNCITRAL Model Law on International Commercial Arbitration : and adopting a declaration, resolution or statement addressing the interpretation of the New York Convention that would reflect a broad understanding of the form requirement. There was general agreement in the Working Group that, in order to promote the use of electronic commerce for international trade and leave the parties free to agree to the use of arbitration in the electronic commerce sphere, article II(2) of the New York Convention should be interpreted to cover the use of electronic means of communication as defined un article 2 of the Model Law on Electronic Commerce and that it required no amendment to do that. The UNCITRAL may wish to consider to the desirability of preparing uniform provisions on any of those issues concerning conciliation and arbitration proceedings, possibly indicating whether future work should be towards a legislative text or non-legislative text.