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Available. Open Access. Open Access
Article
Publication date: 31 May 2016

Ki Beom Binh, Sang-min Lee and Won Seop Lee

Using Hasbrouck’s (1995, 2002) information share method, we examine the mutual price discovery dynamics among Won/Dollar spot, forward, and NDF exchange rates in on- and off-shore…

15

Abstract

Using Hasbrouck’s (1995, 2002) information share method, we examine the mutual price discovery dynamics among Won/Dollar spot, forward, and NDF exchange rates in on- and off-shore FX markets. Our findings include : (i) During the entire period, the mutual price discovery between on-shore FX market and off-shore NDF market are significantly led by on-shore Won-Dollar spot and forward exchange rates. (ii) Within the period around the global crisis, NDF exchange rates have mutual influence on the price discovery, which is expecially greater than the any other period. The results show Won-Dollar spot exchange rate fluctuations during the global crisis are greatly affected by external factors of the international financial markets. Not only that, but off-shore NDF trading promptly reflects the price information of KRW on the factors.

Details

Journal of Derivatives and Quantitative Studies, vol. 24 no. 2
Type: Research Article
ISSN: 2713-6647

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Available. Open Access. Open Access
Article
Publication date: 31 August 2014

Ki Beom Binh, Seokjin Woo and Sang Min Lee

This paper empirically analyzes the price discovery process between Korean sovereign CDS premium, spread of Korean government debt, Won-Dollar currency swap rate, and Won-Dollar…

15

Abstract

This paper empirically analyzes the price discovery process between Korean sovereign CDS premium, spread of Korean government debt, Won-Dollar currency swap rate, and Won-Dollar FX rate. With the global financial and fiscal crisis, especially in the U.S. and Euro-zone, the interests in sovereign default risk have risen. Interests in CDS, an OTC credit derivative contract based on debt issuer’s default risk, also have increased.

A large number of presses have reported that CDS premium would be the best international market indicator for the default risk taken or transferred. However, internationally the CDS market liquidity has not been sufficient enough to validate its properties. Hence, based on empirics, this paper discusses whether Korean sovereign CDS premium can be considered as an appropriate indicator of sovereign credit risk in the Korean economy. Other largely accepted indices which contain the similar information about Korean economic fundamental and Korean external sovereign credit risk are also analyzed and compared: the spread of Korean government debt, Won-Dollar Currency Swap Rate, and Won-Dollar FX rate.

Our findings include: (a) in the price discovery process, Won-Dollar spot rate contributes to the price discovery especially most ‘during the financial crisis period’ and the ‘entire period’ (b) Within the period ‘after the financial crisis’, CDS premium and the other indices have mutual influences on the price discovery process higher than the period ‘before the financial crisis’ (c) while Won-Dollar forward rate shows the similar result with Won-Dollar spot rate, NDF rate and CDS premium make the largest mutual influence on price discovery in the period ‘before the financial crisis.’

Details

Journal of Derivatives and Quantitative Studies, vol. 22 no. 3
Type: Research Article
ISSN: 2713-6647

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Expert briefing
Publication date: 1 March 2023

The day before, by one vote, the National Assembly rejected an unprecedented attempt by prosecutors to arrest the leader of the main opposition party, Lee Jae-myung, over…

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DOI: 10.1108/OXAN-DB276406

ISSN: 2633-304X

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Geographic
Topical
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Expert briefing
Publication date: 10 December 2024

While several probes into insurrection charges against Yoon are under way, lack of clarity on his status and legitimacy has created a limbo that is damaging, unconstitutional…

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Expert briefing
Publication date: 9 November 2022

Yoon strongly censured failings by the police and other agencies. The same day, four officials -- from the local police, fire service and administration, and a duty police officer…

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DOI: 10.1108/OXAN-DB273902

ISSN: 2633-304X

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Geographic
Topical
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Article
Publication date: 29 April 2016

Suk-kyu Kim, Brian H. Yim, Kevin K. Byon, Jae-Gu Yu, Sung-Min Lee and Jae-Ahm Park

The purpose of this paper is to examine spectator perceptions of service quality at the Formula One (F-1) event in Shanghai by means of Martilla and James’ Importance and…

1057

Abstract

Purpose

The purpose of this paper is to examine spectator perceptions of service quality at the Formula One (F-1) event in Shanghai by means of Martilla and James’ Importance and Performance Analysis (IPA).

Design/methodology/approach

The items were plotted on the four IPA dimensions, including: Concentrate Here; Keep Up the Good Work; Lower Priority; and Possible Overkill.

Findings

The results indicated that staff courtesy seems to be the strength of the event. However, concession quality, food prices, and arena accessibility, including restrooms at the Shanghai F-1 event, did not meet spectators’ expectations. In addition, the results suggested that in any spectator sporting event, food consumption helps to create a positive experience. Therefore, IPA revealed that service quality related to concessions, food pricing, and arena accessibility at the Shanghai F-1 are in need of immediate improvement, whereas staff courtesy and race visuals were satisfactory.

Originality/value

The findings will help marketers prioritize certain services and offer strategic direction in effective service provision by highlighting management problems.

Details

International Journal of Sports Marketing and Sponsorship, vol. 17 no. 2
Type: Research Article
ISSN: 1464-6668

Keywords

Available. Open Access. Open Access
Article
Publication date: 20 November 2019

Sung Min Kim, Gopesh Anand, Eric C. Larson and Joseph Mahoney

Enterprise systems are commonly implemented by firms through outsourcing arrangements with software vendors. However, deriving benefits from these implementations has proved to be…

4612

Abstract

Purpose

Enterprise systems are commonly implemented by firms through outsourcing arrangements with software vendors. However, deriving benefits from these implementations has proved to be a challenge, and a great deal of variation has been observed in the extent of value generated for client and vendor firms. This research examines the role of co-specialization as a strategy to make the most out of outsourced enterprise systems. The authors develop hypotheses relating resource co-specialization with two indicators of success for implementation of enterprise software: (1) exchange success and (2) firm growth.

Design/methodology/approach

The hypotheses are tested using a unique panel data set of 175 firms adopting Advanced Planning and Scheduling (APS) software, a type of enterprise system used for managing manufacturing and logistics. The authors identify organizational factors that support co-specialization and then examine how co-specialization is associated with enterprise software implementation success, controlling for the endogenous choice to co-specialize.

Findings

The empirical results suggest that resource co-specialization is positively associated with implementation success and that the two resource co-specialization pathways that are examined complement each other in providing performance benefits.

Originality/value

This paper contributes to the research literature on outsourcing. The study also provides a new empirical test using a unique data set of 175 firms adopting APS Software.

Details

Journal of Science and Technology Policy Management, vol. 10 no. 5
Type: Research Article
ISSN: 2053-4620

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Book part
Publication date: 30 May 2022

Tom Cockburn

Civil society is increasingly digitized and virtual in many parts of the globalized world of today. The networked society and the invisible “second economy” (Arthur, 2011) which…

Abstract

Civil society is increasingly digitized and virtual in many parts of the globalized world of today. The networked society and the invisible “second economy” (Arthur, 2011) which powers the developed and developing countries generate debates about the degree to which the benefits outweigh the potential hazards. Artificial intelligence (AI) powered by its machine learning underpin much of the digital networked systems, and “free” services such as search engines, paid for by the “tailored advertising” we get when we view webpages. Most now recognize that the helpful “suggestions” on the web are simply adverts personally targeted at individuals who have searched for information on a topic or visited a webpage with sponsored material and cookies.

There have been cases of major political misuse of data such as the voter manipulation by the Cambridge Analytica company. We are not just referring to the hacking and “fake news” used by some governments to influence the affairs of another country. Some organizations have used AI to cynically target consumers’ weaknesses, for example, in financial management (Larsson, 2018).

Perhaps more significantly the network technology is often promoted as having potential for improving civil society through “failsafe” or default forms of regulation using the embedded Apps in domestic equipment and algorithms in much the same manner it is suggested that automatic self-driving vehicles help to improve road safety by cautious driving and sticking to speed limits and so on (Cockburn, Jahdi, & Wilson, 2015, pp. 6–7). However, algorithms and the associated machine technology have also been described as a “black box” technology where even those people running the algorithms cannot always fully understand or explain how decisions are reached in diverse systems used to evaluate many things from medical care to credit rating and finance (Danaher et al., 2017). There are issues of the budding “surveillance society” emerging from the proliferating “intelligent” apps enabling corporate “spying” on our everyday lives as some hackers have done by tapping into baby monitoring systems in homes. In addition to hacking there are large power asymmetries involved as between commercial data users and the lay public who are often the data suppliers as their personal data are harvested each time the web is used.

Therefore, it is hardly surprising that, according to the Pew Research Center report by Aaron Smith, released in November 2018, over half of Americans surveyed found it unacceptable to use algorithms to make decisions with real-world consequences for humans. In the age of connectedness and the emergent internet of things many people are not yet ready to cede more control of their currently offline lives to current online technology. This chapter reviews arguments for and against algorithmic governance.

Machine learning systems may be efficient to a high degree without being unbiased in impact across different segments of society. AI may also be fully effective in its operation without even being fully understood because the decision-making is so arcane. Importantly, though, even for those systems that have some human mediation or supervision, societal regulation is aimed at ensuring ends and means are aligned with human social, political and economic justice and thus socially effective as well as being technically efficient. Consequently, these systems have to require socio-emotional as well as cognitive safeguards. Although levels of implicit trust may vary demographically as between say millennials and baby boomers, high levels of trust, accountability and a culture of moral integrity must still form the bedrock for societal benefits.

Details

Contestations in Global Civil Society
Type: Book
ISBN: 978-1-80043-701-2

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Article
Publication date: 10 April 2017

Reginald G. Ugaddan and Sung Min Park

The purpose of this paper is to examine salient mechanism by which the quality of political and administrative leadership might influence employee engagement in public sector…

5171

Abstract

Purpose

The purpose of this paper is to examine salient mechanism by which the quality of political and administrative leadership might influence employee engagement in public sector organizations through public service motivation (PSM). Specifically, the purpose of the paper is twofold. First, the psychological outcomes of quality of leadership perceptions among public employees are identified. Second, how PSM mediates the influence of leadership quality perceptions on employee engagement is examined.

Design/methodology/approach

This study uses the US Merit System and Protection Board’s (MSPB) 2010 Merit Principles Survey. To establish the distinctive validity of the constructs, the authors performed exploratory factor analysis and confirmatory factor analysis for latent variables, and subsequently conducted validity and reliability analyses. The authors performed a structural equation model to determine relationship between quality of political and administrative leadership, PSM, and employee engagement.

Findings

The results reveal that the quality of political and administrative leadership is positively related to PSM and employee engagement. This study also confirmed the mediating role of PSM on the relationship between the quality of political and administrative leadership.

Originality/value

The paper expands the literature through studies that may discover critical mechanisms that are of significance in enhancing employee engagement such as quality of leadership depicted in political and administrative leaders and PSM. While previous studies have extensively explored several antecedents of employee engagement, research focusing on the role of quality in public sector leadership and PSM remains limited.

Details

International Journal of Public Sector Management, vol. 30 no. 3
Type: Research Article
ISSN: 0951-3558

Keywords

Available. Open Access. Open Access
Article
Publication date: 4 December 2017

Se-Chang Oh, Min-Soo Kim, Yoon Park, Gyu-Tak Roh and Chin-Woo Lee

The centralized processes of today’s power trading systems are complex and pose a risk of price tampering and hacking. The decentralized and unmodifiable nature of the blockchain…

11690

Abstract

Purpose

The centralized processes of today’s power trading systems are complex and pose a risk of price tampering and hacking. The decentralized and unmodifiable nature of the blockchain technology that has recently been highlighted offers the potential to improve this power trading process. The purpose of this study is to implement a system to apply the blockchain technology to the problem of power trading.

Design/methodology/approach

The authors modeled the power trading problem as the interaction between admin, producer and consumer nodes. And a power trading scenario has been created for this model using a blockchain platform called Multichain which is both fast and highly scalable. To verify this scenario, they implemented a trading system using Savoir, a Python-based JsonRPC module.

Findings

Experimental results show that all processes, such as blockchain creation, node connectivity, asset issuance and exchange transactions have been correctly handled according to the scenario.

Originality/value

In this study, the authors have proposed and implemented a power trading method that determines price according to the pure market principle and cannot be manipulated or hacked. It is based on the nature of blockchain technology that is decentralized and cannot be tampered.

Details

Asia Pacific Journal of Innovation and Entrepreneurship, vol. 11 no. 3
Type: Research Article
ISSN: 2071-1395

Keywords

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