• 재무관리논총
• /
• 제3권1호
• /
• pp.179-211
• /
• 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.

• 한국시스템다이내믹스연구
• /
• 제12권4호
• /
• pp.93-124
• /
• 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.

• 지식경영연구
• /
• 제11권4호
• /
• pp.41-66
• /
• 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
• /
• 제10권4호
• /
• pp.1460-1470
• /
• 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.

• 해양환경안전학회:학술대회논문집
• /
• 해양환경안전학회 2017년도 공동학술발표회
• /
• pp.213-213
• /
• 2017

• 한국전자거래학회지
• /
• 제5권1호
• /
• pp.135-158
• /
• 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
• /
• 제7권8호
• /
• pp.1-13
• /
• 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.

• 한국인구학회:학술대회논문집
• /
• 한국인구학회 2006년도 후기학술대회 및 정기총회
• /
• pp.131-152
• /
• 2006

이 논문은 제2차 출산력변천 이론을 바탕으로 지역의 차별출산력을 통해 한국의 저출산 인과구조를 확인하기 위한 것이다. 이를 위해 양성평등 관념, 노동시장 불안정성, 가족형성을 결정요인으로 저출산 인과구조의 분석모형을 구성하였다. 자료는 2005년 센서스와 동태통계, 2004년 사업체노동실태현황을 활용하였다. 이 논문은 GIS를 이용하여 주요 변수들의 구 $\cdot$ 시 $\cdot$ 군별 분포를 지도로 제시하였다. 그리고 한국의 저출산 인과구조에 대한 일반화된 설명을 위해 분산분석과 경로분석을 실시하였다. 분석결과 양성평등 관념과 노동시장 불안정성은 가족형성과 출산력을 낮추는 부적관계를, 가족형성은 출산력을 높이는 정적관계를 갖는 것을 확인할 수 있었다. 양성평등 관념과 노동시장 불안정성은 가족형성을 매개로 출산력에 직 $\cdot$ 간접적인 영향을 미치며 출산력 저하를 이끌고 있는 것으로 나타났다. 결론적으로 한국의 제2차 출산력변천에서 양성평등 관념은 전반적으로 중요한 역할을 수행하고 있으며, 노동시장 불안정성은 대도시 지역에서 초저출산 현상을 크게 가중시키고 있다고 할 수 있다.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권4호
• /
• pp.369-379
• /
• 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.

• International Journal of Computer Science & Network Security
• /
• 제21권5호
• /
• pp.217-221
• /
• 2021

Recent studies have indicated that mobile markets harbor applications (apps) that are either malicious or vulnerable, compromising millions of devices. Some studies indicate that 96% of companies' employees have used at least one malicious app. Some app stores do not employ security quality attributes regarding authorization, which is the function of specifying access rights to access control resources. However, well-defined access control policies can prevent mobile apps from being malicious. The problem is that those who oversee app market sites lack the mechanisms necessary to assess mobile app security. Because thousands of apps are constantly being added to or updated on mobile app market sites, these security testing mechanisms must be automated. This paper, therefore, introduces a new mechanism for testing mobile app security, using white-box testing in a way that is compatible with Bring Your Own Device (BYOD) working environments. This framework will benefit end-users, organizations that oversee app markets, and employers who implement the BYOD trend.