• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.69-77
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• 2021

The objective of this research is to explore the inconclusive theoretical and empirical association between institutional ownership and firm performance in the context of emerging Pakistani economy. The data set consists of all the non-financial firms listed on the Pakistan Stock Exchange (PSX). Annual data set covers the period ranging from 2010 to 2015. However, the econometric analysis does not include those firms with incomplete data. Thus the final data set comprised of an unbalanced panel of sample of 276 firms with 1231 firms years observations. Data related to the institutional ownership and other variables taken for the study were extracted through the annual financial reports of the firms. The research used Tobin's Q as a proxy of market measure of firm performance and tested the endogenous relation with institutional ownership through OLS and 2SLS approach. The study also applied Durbin-Wu-Hausman test to determine the endogeneity before analyzing the 2SLS model. The Durbin-Wu-Hausman Test (DWH) conform the endogenous link between institutional ownership and performance and vice versa. The results derived from 2SLS also confirm a highly significant relationship and two way direct proportional relationships between the institutional investment and corporate performance in the studied companies.

• KDI Journal of Economic Policy
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• v.13 no.2
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• pp.3-19
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• 1991

This paper attempts to identify key determinants of long run movements of real M2 by using the Johansen procedure for estimating and testing cointegration relations. It turns out that the real M2 equation has been stable over the long run despite rapid changes in financial structure since 1975. Moreover, the real M2 equation can be reduced to a velocity equation with the opportunity cost variable, expected inflation less the weighted average rate paid on M2 deposits, being the key determinant. However, it does not work to use a market interest rate such as the yield on corporate bonds in place of expected inflation for calculation of the opportunity cost. In the U.S., a market interest rate can be used, but not in Korea. Presumably, two somewhat different reasonings can be used to explain this result. One is that the yield on corporate bonds may not adequately reflect the inflationary expectations due to regulations on movements in interest rates. The other is that M2 deposits are not readily substitutable with such assets as corporate bonds because of market segmentations, regulations, and so on. From the policymaker's point of view, this implies that the inflation rate is an important indicator of a policy response. On the other hand, policymakers do not regard movements of the yield on corporate bonds as an important policy indicator. Altogether, the role of interest rates has been quite limited in Korea because of incomplete interest rate liberalization, an underdeveloped financial system, implementation procedures of policy measures, and so on. The result that M2 velocity has a positive cointegration relation with expected inflation minus the average rate on M2 implies that frequent adjustments of the regulated rates on M2 will be necessary as market conditions change. As the expected inflation gets higher, M2 velocity will eventually increase, given that the rates on M2 do not change. This will cause higher inflation. If interest rates are liberalized, then increases in market interest rates will result in lagged increases in deposits rates on M2. However, in Korea a substantial portion of deposit rates are regulated and will not change without the authority's initiatives. A tight monetary policy will cause increases in a few market interest rates. But the market mechanism, upward pressure for interest rate adjustments, never reaches regulated deposit rates. Hence the overall effects of tight monetary policy diminish considerably, only causing distortions in the flow of funds. Therefore, frequent adjustments of deposit rates are necessary as market conditions such as inflationary expectations change. Then it becomes important for the policymaker to actively engage in adjusting regulated deposit rates, because the financial sector in Korea is not fully developed.

• Journal of the Economic Geographical Society of Korea
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• v.6 no.1
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• pp.211-231
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• 2003

In this study, first, current state and future prospects of indirect real estate investment systems after foreign exchange crisis are analyzed, and second, policy alternatives for activating indirect real estate investment markets are examined. After foreign exchange crisis, various indirect real estate investment systems, such as REITs, ABS and CRC, were introduced. Present market size of indirect real estate investment is not larger than expected. The reasons are the problems of incomplete system on the one hand, and real estate market conditions on the other hand. But long term prospects of indirect real estate investment markets may not be pessimistic. Considering the positive effects of indirect real estate investment systems to the real estate and financial markets, policy supports for activating indirect real estate investment market may be needed. The representative alternatives are reconciliation and integration of indirect real estate investment systems, upgrading the infrastructure of real estate industry, and activating the networks between indirect real estate investment markets and related markets such as financial makets, capital markets, restructuring markets.

• Asia pacific journal of information systems
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• v.20 no.1
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• pp.127-140
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• 2010

The benefit that a consumer derives from the use of a good often depends on the number of other consumers purchasing the same goods or other compatible items. This property, which is known as network externality, is significant in many IT related industries. Over the past few decades, network externalities have been recognized in the context of physical networks such as the telephone and railroad industries. Today, as many products are provided as a form of system that consists of compatible components, the appreciation of network externality is becoming increasingly important. Network externalities have been extensively studied among economists who have been seeking to explain new phenomena resulting from rapid advancements in ICT (Information and Communication Technology). As a result of these efforts, a new body of theories for 'New Economy' has been proposed. The theoretical bottom-line argument of such theories is that technologies subject to network effects exhibit multiple equilibriums and will finally lock into a monopoly with one standard cornering the entire market. They emphasize that such "tippiness" is a typical characteristic in such networked markets, describing that multiple incompatible technologies rarely coexist and that the switch to a single, leading standard occurs suddenly. Moreover, it is argued that this standardization process is path dependent, and the ultimate outcome is unpredictable. With incomplete information about other actors' preferences, there can be excess inertia, as consumers only moderately favor the change, and hence are themselves insufficiently motivated to start the bandwagon rolling, but would get on it once it did start to roll. This startup problem can prevent the adoption of any standard at all, even if it is preferred by everyone. Conversely, excess momentum is another possible outcome, for example, if a sponsoring firm uses low prices during early periods of diffusion. The aim of this paper is to analyze the dynamics of the adoption process in markets exhibiting network effects by focusing on two factors; switching and agent heterogeneity. Switching is an important factor that should be considered in analyzing the adoption process. An agent's switching invokes switching by other adopters, which brings about a positive feedback process that can significantly complicate the adoption process. Agent heterogeneity also plays a important role in shaping the early development of the adoption process, which has a significant impact on the later development of the process. The effects of these two factors are analyzed by developing an agent-based simulation model. ABM is a computer-based simulation methodology that can offer many advantages over traditional analytical approaches. The model is designed such that agents have diverse preferences regarding technology and are allowed to switch their previous choice. The simulation results showed that the adoption processes in a market exhibiting networks effects are significantly affected by the distribution of agents and the occurrence of switching. In particular, it is found that both weak heterogeneity and strong network effects cause agents to start to switch early and this plays a role of expediting the emergence of 'lock-in.' When network effects are strong, agents are easily affected by changes in early market shares. This causes agents to switch earlier and in turn speeds up the market's tipping. The same effect is found in the case of highly homogeneous agents. When agents are highly homogeneous, the market starts to tip toward one technology rapidly, and its choice is not always consistent with the populations' initial inclination. Increased volatility and faster lock-in increase the possibility that the market will reach an unexpected outcome. The primary contribution of this study is the elucidation of the role of parameters characterizing the market in the development of the lock-in process, and identification of conditions where such unexpected outcomes happen.

• Journal of the Korea Institute of Information and Communication Engineering
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• v.13 no.1
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• pp.127-133
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• 2009

It has been 10 years long since the emergence of Dialpad, the first commercial VoIP service from Saerome Technology launched on 1999. In spite of so many research papers and implementations of the VoIP and commercial services with hundreds of VoIP-related products vendors and tens of VoIP service providers during the last decade, the resulting market share of the VoIP callings at the year 2007 in Korea is just about 0.3%, which is extraordinary lower one than expected. There have been proposed several facts for the reason including the QoS issue and the incomplete governing system. In this paper we suggest that the reason is based on the sociocultural issue and further we assert and verify that it can never replace the existing legacy telephone system for the current VoIP service model, as long as the telecommunication companies continue the legacy telephone service. We also suggest the another choice, to upgrade the concept of the current VoIP service to a new paradigm based on SIP and presence service, while letting the legacy telephone system be as it is.

• Fashion & Textile Research Journal
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• v.19 no.5
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• pp.579-588
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• 2017

This study investigates the wearing behavior and athleisure wear design preferences of women in their twenties as related to the design development of athleisure wear. A questionnaire survey was conducted on 185 women in their 20s. The survey was conducted from September to October 2016. Questionnaire items consisted of respondents' general items, athleisure wear and preference related items, and athleisure wear purchase related items. We collected 185 questionnaires from participants; subsequently, 169 were used as analytical data (except for incomplete questionnaires). The results of the study are as follows. Fit and wear comfort was the most important factor in the selection of athleisure wear. As a result of investigating the popularity of the athletic wear brand, the preference for the total sportswear brand was higher than the professional athletic wear brand. When the preferred colors were examined, the achromatic colors were ranked higher than chromatic colors. An examination of the preferred designs according to items indicated that the bra top preferred the 'U' shaped front plate and the 'Y' base basic type; in addition, T-shirts with the round neckline and the 1/4 length sleeves were preferred as tops. Leggings preferred long length type. It is necessary to develop a brand that matches the preference of the twenties' consumers by adjusting the aged target that can avoid the overheated competition and develop a niche market.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.36 no.1
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• pp.121-128
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• 2016

The restructuring of Korean railway industry, separation of between train operators and an infrastructure manager, had been conducted in 2004 to increase the productivities of railway operations. However, the maintenance-staffs are still employed by Korail (train operator), not by the infrastructure manager, which led the maintenance of railway infrastructure to be conducted by the train operator. The infrastructure manager is now only taking care of financial transferring issues once the train operator requests expenses spent for facility maintenance. Such incomplete restructure may result in a lack of safety performance on railway operations as the roles and responsibilities are less likely to be assigned under the multiple train operators. Thus, this study proposes the way of structuring maintenance divisions and their roles and responsibilities to assure the safe work execution under the circumstance of multiple train operators on the same rail network.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.3 no.4
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• pp.325-332
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• 2002

In the process of designing pareto optimal insurance contract, it is necessary to assume that insurance contract conditions are endogenous to build a model. The expected utility, the non-expected utility and the state-dependent utility function can be applied as a insurance decision making principle. The insurance costs may have the linear, convex, and concave ralationship with the indemnity schedule. However, the sunk cost and fixed cost must be recognized. The deductible which decides whether an insurance contract to be a full or partial insurance contract can exist in the forms of straight deductible or diminishing deductible. Indeciding the level of deductible, the types of the insurance and the risks to be insured should be the deciding factors. Especially for recall insurance, there is relatively high chance that the recalling company being bankrupt. Therefore, the possibility of bankrupcy should be the considering factor in deciding the policy limit. The existence of the incomplete market and uninsurable background risk should be understood as restricting conditions of the pareto-optimal insurance contract.

• International Commerce and Information Review
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• v.16 no.1
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• pp.117-142
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• 2014

China having largest market in the world, has been criticized by its trading partner countries due to its unfair trade practices, particularly in the field of anti-dumping regulation. The main reasons for such criticism seem to come from the incomplete anti-dumping law as instrument to protect the industry concerned. In 2001, though new anti-dumping law was established to replace the former one by revising it to meet the needs for economic development which should be secured for china to take part in the competition world as the new member of WTO. The provisions concerned have been evaluated not to be sufficient and efficient from the viewpoint of the safeguard mechanism, while are required to be modified to meet the real world of international trade law. I consider that as the biggest partner of chinese trade activity, we will need to maintain a well understanding of the Chinese anti-dumping regulations. So this report conducts the Chinese anti-dumping regulations, compares between the chinese regulations and the WTO agreement, and studies deeply in to the problems and the improvements of the Chinese anti-dumping regulations.

• Asian-Australasian Journal of Animal Sciences
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• v.15 no.11
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• pp.1659-1676
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• 2002

Ruminant animals develop a diverse and sophisticated microbial ecosystem for digesting fibrous feedstuffs. Plant cell walls are complex and their structures are not fully understood, but it is generally believed that the chemical properties of some plant cell wall compounds and the cross-linked three-dimensional matrix of polysaccharides, lignin and phenolic compounds limit digestion of cell wall polysaccharides by ruminal microbes. Three adaptive strategies have been identified in the ruminal ecosystem for degrading plant cell walls: production of the full slate of enzymes required to cleave the numerous bonds within cell walls; attachment and colonization of feed particles; and synergetic interactions among ruminal species. Nonetheless, digestion of fibrous feeds remains incomplete, and numerous research attempts have been made to increase this extent of digestion. Exogenous fibrolytic enzymes (EFE) have been used successfully in monogastric animal production for some time. The possibility of adapting EFE as feed additives for ruminants is under intensive study. To date, animal responses to EFE supplements have varied greatly due to differences in enzyme source, application method, and types of diets and livestock. Currently available information suggests delivery of EFE by applying them to feed offers the best chance to increase ruminal digestion. The general tendency of EFE to increase rate, but not extent, of fibre digestion indicates that the products currently on the market for ruminants may not be introducing novel enzyme activities into the rumen. Recent research suggests that cleavage of esterified linkages (e.g., acetylesterase, ferulic acid esterase) within the plant cell wall matrix may be the key to increasing the extent of cell wall digestion in the rumen. Thus, a crucial ingredient in an effective enzyme additive for ruminants may be an as yet undetermined esterase that may not be included, quantified or listed in the majority of available enzyme preparations. Identifying these pivotal enzyme(s) and using biotechnology to enhance their production is necessary for long term improvements in feed digestion using EFE. Pretreating fibrous feeds with alkali in addition to EFE also shows promise for improving the efficacy of enzyme supplements.