Tong Suk Kim, Yun Keun Lee and Jung-Soon Hyun
The term structure of KTB (Korea Treasury Bond) is empirically implemented and forecasted by the extended 2-factor CIR model. Pearson and Sun model. MLE is applied to estimate…
Abstract
The term structure of KTB (Korea Treasury Bond) is empirically implemented and forecasted by the extended 2-factor CIR model. Pearson and Sun model. MLE is applied to estimate parameters. Using KTB prices forecasted by the model, strategies of trading and hedge between KTB, KTF (Korea Treasury Futures) are established. In this article we can see that Pearson and Sun model appropriately explains the term structure of KTB but does not fit forecasting KTB prices. However, the model well forecasts the direction of interest rate moving up or down. Through such a forecast‘ profit via trading KTB and KTF can be realized.
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Nurlan Orazalin, Monowar Mahmood and Keun Jung Lee
The purpose of this paper is to investigate the impact of different dimensions of corporate governance practices such as board characteristics, ownership structure, corporate…
Abstract
Purpose
The purpose of this paper is to investigate the impact of different dimensions of corporate governance practices such as board characteristics, ownership structure, corporate disclosure and CEO education on the operating performance of Russian banks before, during and after financial crises. Based on the findings, it proposes some policy measures for improved governance practices to protect banks from future financial crisis or economic downturns.
Design/methodology/approach
The study comprises data from the largest publicly traded Russian banks listed on the Russian Stock Exchange RST for the period. Operating performance data were collected from financial statements, while corporate governance mechanisms were collected from annual reports available on the banks’ websites. Because panel data were used, the panel regression model was used to control unobserved time-constant heterogeneity.
Findings
The findings revealed a positive impact of corporate governance on bank performance before and after the financial crisis. The financial crisis enforced Russian banks to improve their corporate governance practices, resulting in better operating performance after the crisis. Surprisingly, the results for the during-crisis period show that better governance did not yield higher operating performance in Russian banks.
Originality/value
This is one of the first studies to provide empirical results regarding the relationship between corporate governance practices and bank performance in Russia across different financial crisis periods. The findings revealed the uniqueness of corporate governance scenarios of Russia which could provide important guidelines for other transition economies and emerging markets.
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Chang Keun Lee, Jung Keun Ahn, Cheul Ro Lee, Daesuk Kim and Byung Joon Baek
The purpose of this paper is to investigate the thermal behaviors of high power LED packages to enhance the thermal performances of low temperature co‐fired ceramic chip on board…
Abstract
Purpose
The purpose of this paper is to investigate the thermal behaviors of high power LED packages to enhance the thermal performances of low temperature co‐fired ceramic chip on board (LTCC‐COB) package. Thermal analysis demonstrated an improved LTCC‐COB package design that is comparable to a metal lead frame package with low thermal resistance.
Design/methodology/approach
The LED device developed in this study is a LTCC package mounted directly on the metal PCB. A numerical simulation was performed to investigate the thermal characteristics of the LED module using the finite volume method, which is embedded in commercial software (Fluent V.6.3). Thermal resistance and temperature measurement validate the simulated results.
Findings
The effect of the thickness of the die attach material on the thermal resistance was dominant due to low thermal conductivity, and the junction temperature decreased significantly with slight increases in thermal conductivity, especially when the value was less than 5 W/mK. The results reveal that the thermal resistance of MCPCB is about 49 per cent‐58 per cent of the junction to board thermal resistance. The thermal model results showed good agreement with experimental results.
Originality/value
The developed model overcomes the large thermal resistance of a conventional LTCC package for high power LED module. The extensive results have demonstrated an improved thermal design, optimal dimensions of each component and boundary conditions for high power LTCC‐COB type package.
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In this article, I analyze constructions of and responses to vulnerability in the US government and a now-prominent evangelical aid organization, World Vision, during the 1950s…
Abstract
In this article, I analyze constructions of and responses to vulnerability in the US government and a now-prominent evangelical aid organization, World Vision, during the 1950s and 1960s in Korea and Vietnam. World Vision was founded as the “development discourse,” Cold War rhetoric, and the neo-evangelical movement were all rising to prominence in the United States. World Vision’s early understandings of vulnerability resonated with Cold War and modernization theory rhetoric in certain ways; however, its approaches to remake vulnerable Asians were often distinct. World Vision evangelical Christians looked to private voluntary organizations and individual conversions in a free society to remake individuals and nations, notions not so different from neoliberal development approaches today. US foreign aid approaches were rooted in nation-building for centralized, planned government institutions and economies to modernize “traditional” people. This article examines the complex relationships between missionaries, evangelists, US foreign aid experts and the military in American constructions of vulnerable traditional Asians and interventions to modernize and Christianize them. In examining roots of faith-based development models through the case of World Vision and notions of vulnerability, historical threads and lineages emerge for understanding the relationship of religion and the state in modernizing projects, and faith-based and neoliberal development models.
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The objective of this paper is to understand changes and progress of the Korean childcare regime by examining the evolutional process of childcare initiatives that were developed…
Abstract
Purpose
The objective of this paper is to understand changes and progress of the Korean childcare regime by examining the evolutional process of childcare initiatives that were developed since the Japanese colonial rule.
Design/methodology/approach
This study employed a qualitative-based research design with a particular emphasis on explanatory research. Meanwhile, the data were gathered through the peer-reviewed literature and reports.
Findings
The findings indicate that Korea has had three types of childcare regimes: effective-informal, productivist and inclusive-liberal orientation. It also pinpoints that while the care regime development followed the European regime, the egalitarian society, which is a social prerequisite for modern welfare state-building, has not yet been fully established. This paradoxical situation eventually impedes the development of universal childcare aimed at promoting gender equality and a work-life balance.
Originality/value
This article offers a model and characteristics of the Korean childcare regime dating back to the Japanese colonial period up until the Moon Jae-In administration, where it still receives less attention in most of the social policy literature (see Table 1).
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Olga Goncalves, Raquel Camprubí, Cendrine Fons and Bernardin Solonandrasana
Eventscape is widely recognised as having played an important role in the image of wine events; however, research on this topic is scarce, with only a few studies examining the…
Abstract
Purpose
Eventscape is widely recognised as having played an important role in the image of wine events; however, research on this topic is scarce, with only a few studies examining the image of a wine tourism event. To date, no studies have examined eventscape and attitudinal variables of a wine event together, thus indicating a gap in the research. Further research to gain a deeper understanding of the role these factors play is needed; thus, this paper aims to explore the relationships between event image, eventscape, satisfaction and loyalty in wine events.
Design/methodology/approach
A structured questionnaire was chosen for data collection, with a final sample of 117 valid responses. Qualitative data was analysed by means of content analysis. Univariate and bivariate statistical analyses were performed to analyse eventscape attributes and explore its relationship with event image, satisfaction and loyalty.
Findings
The paper highlights that perceptions of eventscape are intrinsically related to perceived event image and reveal a statistically significant relationship between these two elements. Results show the importance of the social dimension in the image perception of a wine event and point to conviviality as the main element. This study also reveals a relationship between perceived event image and attitudinal variables and suggests that having a positive image of the event positively influences levels of satisfaction, which are higher, and willingness to participate in future editions of the event. Findings also reveal a relationship between event image and loyalty.
Originality/value
Wine-related events are undergoing significant developments, creating a need for competitive strategies to develop wine tourism and vineyards in certain regions. Research in this field is scarce to date; therefore, this paper adds to the literature by the studying consumer behaviour of attendees at wine events.
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Political analyses of the East Asian welfare state development often stress the importance of the power resource model, in which vibrant coalitions between the leftist party…
Abstract
Purpose
Political analyses of the East Asian welfare state development often stress the importance of the power resource model, in which vibrant coalitions between the leftist party, interest groups, civil society and working-class unions have become driving factors in producing generous welfare outcomes. Challenging such analyses, this article discusses the convergence of the political attitude between political actors who are increasingly homogeneous (supportive) when it comes to the universal welfare state notion by focussing on childcare in South Korea.
Design/methodology/approach
By using desk review of the peer-reviewed literature and reports, this article investigates the causation for why political parties with different political ideologies were keen on extending childcare programs and its outcome in addressing the existing demographic problems in Korea.
Findings
Although the collective movement, especially in the 1990s and 2000s, had given important contributions to the early development of childcare in South Korea, more breakthroughs in childcare features were precisely and rapidly developed after politicians from different spectrums of political affiliations converged in their supportive attitude of the universal welfare. The driving factors of political convergence itself are not merely due to electoral competition or political activism; furthermore, it can be linked to the increased global institution involvement in domestic policy with extensive permeability, which, have ruined domestic policy development maintained for ideological reasoning and bring in more popular policy setting.
Originality/value
This article contributes to the growing literature on the political aspect of East Asian social policy studies, which goes beyond the traditional power resource analysis and makes a novel contribution to the childcare policy studies.
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Korea is a highly centralized country where most administrative functions are carried out by the central government in Seoul. Increasingly, however, local governments have been…
Abstract
Korea is a highly centralized country where most administrative functions are carried out by the central government in Seoul. Increasingly, however, local governments have been given greater autonomy in their operations. This chapter examines how the ideal values of political decentralization have interacted with the country’s local bureaucracy, which inherently has dark side in itself. The focus is on how local government employees have contributed, or responded, to the democratic change of their communities, particularly since the 1980s. At the outset, the experiences of Korea’s decentralization and local autonomy are briefly reviewed. It is then examined how the bureaucrats have played in the process of democratization in terms of three features: bureaucratic power, scope, and culture. Institutionalizing competitive local bureaucracy contributed to reduce the disparity between capital regions (Seoul and its surrounded area) and noncapital regions (locals). Empowering local bureaucracy to allow own localized decision-making process was the first move of Korean governance.
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Examines the economy of Southeast Asia during the period 1997 to 1999 against a background of socio‐economic theory and a transition from disequilibrium to general stable and…
Abstract
Examines the economy of Southeast Asia during the period 1997 to 1999 against a background of socio‐economic theory and a transition from disequilibrium to general stable and equilibrium conditions. Discusses solutions towards establishing self‐regulating mechanisms needed for a free, just and stable economy and society: reform of officially organized securities commodities and foreign exchange makets; reform of the public budget and budgetary policies; and reform of the foreign exchange system and internaitonal commercial and financial relations.
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Shaomin Li, Seung Ho Park and Rosey Shuji Bao
The purpose of this paper is to use the framework of rule-based and relation-based governance to examine the evolution of governance environment in the East Asian region including…
Abstract
Purpose
The purpose of this paper is to use the framework of rule-based and relation-based governance to examine the evolution of governance environment in the East Asian region including China, South Korea and Taiwan.
Design/methodology/approach
Both qualitative and quantitative evidences are presented to demonstrate the paths these East Asian countries take in their transitions from relation-based governance to rule-based governance. Based on the framework, this analysis sheds light on the debate on whether East Asian economies will eventually move away from relation-based governance to rule-based societies.
Findings
The authors find that relation-based governance has helped East Asian countries achieve rapid economic growth in the early stages of their development. However, as the scale and scope of East Asian economies expand, continuing to rely on it may hinder their further development and therefore these countries should adopt a rule-based governance system in order to be efficient and competitive in the world market. While South Korea and Taiwan have made substantial progress in this transition, China has just embarked on the process.
Originality/value
This paper is among the first to systematically review the theories and evidence of the transition and the challenges East Asian countries face during the process.