• The Korean Journal of Financial Studies
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• v.3 no.1
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• pp.179-211
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• 1996

This study examines whether trading mechanisms or market microstructures of markets have an effect on the integration issue of the international equity market. If the international equity market is integrated, identical stocks listed on different international stock exchanges should have the same rates of return, the same characteristics of stock price behavior and similar distributions of return. If different market microstructures, or trading mechanisms cause differences in characteristics of stock price behavior, those can lead to different rates of return because of different liquidity risk for the same stocks between markets. This study proposes international asset pricing with liquidity risk related to trading mechanisms. Systematic risk by itself cannot predict the sign of expected rate of return difference for the same stocks between international markets. Liquidity risk factors related to market microstructure provide explanations for the sign of rate of return differences between markets, However, liquidity risk factors related to market microstructure do not have a significant effect on the rate of return differences and sensitivity of return differences between markets, Trading mechanisms or market microstructures might not have a significant effect on the interpretation of the international equity market integration studies, if trading volume or other factors are controlled.

• Korean System Dynamics Review
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• v.12 no.4
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• pp.93-124
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• 2011

The introduction of competition in the generation of electricity has raised the fundamental question of whether markets provide the right incentives for the provision of the capacity needed to maintain system reliability. Capacity mechanisms are adopted around the world to guarantee appropriate level of investment in electricity generation capacity. In this study, we discuss these approaches and analyze the capacity pricing mechanisms from the adequacy perspective. We conclude that the design of capacity mechanism is very important to decrease electricity spot price and increase total electric capacity. Specifically, the constant of capacity pricing mechanism made a difference to the performance of electricity market. However, the slope of capacity price mechanism is better than the constant of that in improving performance of electricity market.

• Knowledge Management Research
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• v.11 no.4
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• pp.41-66
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• 2010

This research examines the effect of the relatedness and the gap between Resources and mechanisms on effectiveness of inter-organizational knowledge transfer. According to the literature, there has been a competing theory between two claims; one is that inter-organizational knowledge transfer will be more effective due to the reduction of the transaction cost as the relatedness increases. And the other is that the mutual complementarity of different organizational characteristics will increase synergy. In total, the relatedness and the gap of the Resource and mechanism makes the inverted U-shaped relationship with the inter-organizational knowledge transfer. As the result of empirical analysis about 109 Korean-based Joint Ventures entered country, it shows that the relatedness of parent company's production Resources, learning mechanisms, and coordination mechanisms made the inverted U-shaped relations with the inter-organizational knowledge transfer and the gap of production Resources and adjustment mechanism formed the same relationship. However, the U-shaped relationship has been established in the relatedness of market Resources, but the gap of market Resources and the learning mechanism was not statistically significant. Through this study, I can draw a best conclusion that the inter-organizational knowledge transfer will be more effective when the relatedness and the gap of management resources and mechanisms is in optimal level. However, when it comes to market Resources, it can be inferred that the result could be the opposite because the partner country's market environment would be different.

• Journal of Electrical Engineering and Technology
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• v.10 no.4
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• pp.1460-1470
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• 2015

This paper presents an approach to solve the long-term generation expansion planning problem of the restructured electricity industry using an agent-based environment. The proposed model simulates the generation investment decisions taken by a particular agent (i.e. a generating company) in a market environment taking into account its competitors’ strategic investment. The investment decision of a particular company is modeled taking into account that such company has imperfect foresight on the future system development hence electricity prices. The delay in the construction of new plants is also explicitly modeled, in order to compute accurately the yearly revenues of each agent. On top of a conventional energy market, several capacity incentive mechanisms including capacity payment and capacity market are simulated, so as to assess their impact on the investment promotion for generation expansion. Results provide insight on the investment cycles as well as dynamic system behavior of long-term generation expansion planning in a competitive electricity industry.

• Journal of Information Technology Services
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• v.23 no.2
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• pp.83-97
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• 2024

This study was conducted to examine the effect of institutional mechanisms on customers' trust and continuous purchase intention in open market platforms, The research frame was expanded by setting institutional situations into positive and negative areas in order to examine the relationship between institutional mechanisms and trust in multiple dimensions. The results of this study confirmed that the feedback system, dispute resolution, and intermediary trust factors affect trust in positive areas, and dispute resolution, information security, and intermediary trust affect buyer trust in negative areas. For the relationship between trust and repurchase intention, it was confirmed that if the institutional situation is positive, trust leads to repurchase intention, and in negative areas, trust does not lead to repurchase intention. The results of this study show that institutional mechanisms are a key factor in building trust in online platforms according to institutional circumstances and play a role in offsetting trust in platforms in negative areas.

• Proceedings of KOSOMES biannual meeting
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• 2017.04a
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• pp.213-213
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• 2017

• The Journal of Society for e-Business Studies
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• v.5 no.1
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• pp.135-158
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• 2000

In recent years, many retail businesses jumped on the Internet auction bandwagon and paid substantially high fees to learn and develop proper business strategies for this new environment. Unlike what most businesses in the real world presume, this research shows that discriminatory-price ascending-bid auctions in a digital economy might be not very beneficial for the sellers on the Internet, if sellers sell the identical digital products through both a typical posted-price market and an auction. Using an extensive technology infrastructure along with suitable incentives and rules for market agents, we found that a discriminatory-price ascending-bid auction, which is the most popular auction mechanism on the Internet, serves consumers better than it does the sellers or producers in the digital economy. That is, the average prices for digital goods in these auctions are substantially lower than the prices in a posted-price market. This shows that it is not so wise for sellers to jump on the bandwagon of Internet auctions, if there is a market place with posted-price mechanisms which sells comparable items, or if a seller does not have special advantages or strategies in this new market institution. Electronic market mechanisms provide powerful means of understanding and measuring consumer characteristics including willingness-to-pay and other demographics for sellers or producers. Many concern that sellers may extract the entire surplus from the market by using customization on the Internet, thus consumers will be worse off in this digital economy. We found that these sellers who can customize their products and prices fail to capture the whole consumers surplus and cannot exercise a monopoly. One major explanation for this phenomenon is that the competition among the sellers prohibits them from charging prices according to customers demand for each product, where switching from one seller to another is not so difficult for the customers, and reselling products among the buyers are prohibited.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.8
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• pp.1-13
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• 2020

This study examines the effect of managerial ownership on firm value in capital markets where outside governance mechanisms to discipline managers are weak or non-existent. We hypothesize that strong market forces in the U.S. confound the effect of managerial ownership on firm value, i.e., the convergence of interest argument. We test the hypothesis using data from 112 firms from Singapore Stock Exchange and 205 firms from the Stock Exchange of Thailand prior to the Asian financial crisis in 1997 when the market forces were weak, yet the investor protection was sufficient to prevent outright appropriation from management. For ease of comparison, we use methodologies from studies done on the U.S. sample firms during the same study period as ours. We find that, both in Singapore and Thailand, firm value is a function of managerial ownership, and the relation is of the famous inverted U-shaped. Moreover, the relation is robust under different model specifications. The results from Thai sample, with weaker market forces than in Singapore, lend support to many agency cost hypotheses advanced in the U.S. Our results provide useful implication for investors in emerging and frontier markets where outside governance mechanisms are yet to be fully developed.

• Proceedings of the Population Association of Korea Conference
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• 2006.12a
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• pp.131-152
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• 2006

This study examines the causal mechanisms of low fertility and regional differentials in Korea. Utilizing the 2005 census and the 2005 vital statistics, and labor statistics at the regional level, major variables were calculated for administrative units of 234 'Gu's, 'Si's and 'Gun's. Gender equity orientation, labor market insecurity and family formation were hypothesized as key factors of recent decline in Korean fertility. This study first presents four maps of gender equity orientation, labor market insecurity, family formation and fertility. Then ANOVA and path analysis were carried out in an effort to generalize the causal mechanisms. Results of analysis reveal that gender equity orientation has played a central role in the second fertility transition in Korea. In metropolitan regions, however, labor market insecurity is found to have a significant influence on the level of family formation and fertility. Family formation also turns out to be an important intermediate variable of fertility.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.4
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• pp.369-379
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• 2021

This paper investigated the relationship between corporate governance mechanisms and firm performance in Vietnam. Based on a dataset of 101 HOSE-listed manufacturing firms, the results showed that CEOs' knowledge capability, gender diversity, and board size are positively associated with firm performance, whereas firm age is negatively associated. These findings suggested that firms should consider enlarging the boardrooms, but to a certain extent to avoid an inverse-U-shaped decline of performance; furthermore, firms should promote women executives' presence in a boardroom for it brings greater cultural-diversity benefits and inhibits information asymmetry. Contrary, the aging process impedes firms' growth. It depreciates their values in terms of total assets, so managers must review their assets' net value after each working year to avoid such a hardship. However, the thesis constrains itself since it did not treat the TMTs' knowledge capability equally as the CEOs' and completely excluded their treatment. Besides, it did not regard the effect of external governance mechanisms such as the supply-demand relationship, customer behavior, market imperfections, and market concentration due to data unavailability. Based on the main findings, several suggestions are set forth for firms and managers to enhance performance and minimize a poor governance mechanism's adverse consequence.