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The stock market has often been compared to gambling. Using daily return and volume data from January 1st, 2001 until December 31st, 2012 for all common shares listed on KOSPI and KOSDAQ in the Korea stock market, we examine the role of extreme positive returns in the cross-sectional pricing of stocks. Our argument rests on the idea that individual investors, like racetrack punters, overvalue assets with lottery-like payoff. Retail investors tend to hold poorly diversified portfolio and more susceptible to longshot bias than institutional investors. If individuals have stronger preference for lottery-type stock than institutions participating in the stock market, then stock return is related to the extreme events observed in the past, and investor overpay these stock with dreaming jackpot winners. By testing several hypotheses, We find that individual investor overpay the lottery-type stocks. This investors' tendency increases gambling inclinations in market. Unlike previous studies, we find that racetrack punters do not tend to gamble during an economic downturn. Also, there is the strong intersection effect between maximum return portfolio and volatility, and between maximum return portfolio and skewness on the preference for gamble stocks. And, there are significantly stronger with lottery stock demanded by individuals than that of institutions.

On August 9, 2012, China and Taiwan concluded a “Strait Bilateral Investment Protection and Promotion Agreement” as a follow-up agreement following the conclusion of the Economic Cooperation Framework Agreement (ECFA). Through this agreement, they tried to steadily expand the economic exchanges between two regions by providing a more stable investment environment and systematic protection to investors in China and Taiwan. In addition, China and Taiwan stipulated various dispute settlement systems reflecting the specificity of these regions in relation to investment disputes between investors and investment host countries in the “Straits Bilateral Investment Protection and Promotion Agreement”. This paper mainly examined the mediation system of investment dispute settlement institutions among the dispute settlement systems between the investors and the host countries’ government stipulated in the 'Strait Bilateral Investment Protection and Promotion Agreement'. In addition, through these analyses, this paper figures out the problems of the dispute settlement method between the investor and the counterpart government as stipulated in the “Strait Bilateral Investment Protection and Promotion Agreement” and suggests domestic investment companies that have entered China or Taiwan to taking care of when they want to resolve the dispute using the above dispute settlement system.

Though economic structure of Korea which is conglomerate-oriented has achieved productive outcome with rapid growth in the past, it has faced difficulties with low growth in 21st century. As an alternative for economic stimulation of Korea, a government has focused on a creative economy, and as a core of creative economy, the start-up corporations are expected to play a role of creating employment and added value. However, for a substantive creative corporation, it is difficult to secure a stable custom in domestic market even if it has creative idea and technology. It is difficult for creative corporations to create stable profit while competing with corporations in domestic market of fifty million consumers. To solve such problem, although securing competitiveness through expansion of overseas market is required, only 3% of domestic creative corporations have pushed forward with the plan targeting foreign market. This study has analyzed distinct characteristics of creative corporation which is differed to decision factors of existing export result to establish strategy for creative corporations to enter foreign markets. To do this, decision factors of export result has analyzed based on creative corporations of Busan, Ulsan, and Kyugnam To this end, the study has separated factors of creative corporation's export capability as a factor of external environment of corporation, a factor of internal environment of corporation, and a characteristic factor of creative corporation based on creative corporations located at Busan, Ulsan, and Kyungnam. And survey has practiced by defining performance factors as increase rate of export amount and increase in contact with new buyers, and a reliability verification, a factor analysis, and a regression analysis on survey have practiced. As a result, creative corporations have discrimination with existing factors of export result, online marketing utilization capability has influenced on export result of creative corporations compared with competence of founder which was selected as a specific factor of creative corporation. In case of creative corporations, effective results on export result at foreign market are expected, if online marketing is utilized and it is also expected that enhanced results can be earned through online marketing for future overseas expansion of creative corporations.

BRICs(브라질, 인도, 중국, 러시아) 및 신흥국가와 같은 개발도상 국가들이 핵심투자국 으로 부상하였다. 해당 국가들은 주로 낮은 인건비와 시장 잠재력 등의 이유로 주목 을 받고 있다. 글로벌 자동차 시장에서도 상황은 다르지 않다. 특히 중국 자동차 시장 은 글로벌 자동차 업계에서 가장 중요한 승부처가 되는 시장으로 인식되고 있다. 세계 자동차 시장이 대부분 포화상태이므로 중국을 포함한 신흥국가들 외에는 더 이 상의 성장을 기대하기 곤란한 상황이다. 중국 자동차 시장에서 브랜드는 크게 3가지 로 구분되는 데, 첫째는 자국의 로컬 브랜드, 둘째는 로컬 브랜드와 합작투자로 진입 한 해외 글로벌 브랜드, 셋째는 합작투자로 진입한 기존의 해외 글로벌 브랜드가 중 국 시장만을 위해 새롭게 도입한 독자 브랜드로 구성되어있다. 로컬 브랜드, 브랜드 포지셔닝을 달리한 해외 글로벌 브랜드 그리고 독자 브랜드에 대한 다양한 인식 차이 에 대하여 본 연구에서 비교하여 규명하였다.

So called BRICs(Brazil, Russia, India and China) nations and other newly industrialized countries are emerging as key international investment host countries. With low labor costs and market potential, these countries are drawing attention. This situation is the same in global automobile market. China in particular is widely perceived to be the most decisive market among global automobile companies. In most countries, automobile market is now saturated and manufacturers can only expect growth in newly industrialized countries such as China. Automobile brands in Chinese market can be categorized into three groups. First, there are indigenous Chinese local brands. Second, there are global brands that have entered Chinese market by forming joint ventures with local brands. Third, there are independent brands which are exclusive brands of foreign global makers which are introduced only for Chinese market. This study identifies differences of Chinese consumers’ cognition in local brands and global brands that are in various degree of brand positioning and in independent brands.

We examined the information transmission mechanisms in returns and volatility across international stock markets using the GJR-GARCH(1,1)-M models. In other words, we analyzed whether there is spillover effects of the mean, volatility and asymmetric transfer effect of information from the US regional equity index into Germany, Korea, Japanese, Nigeria and Republic of the South Africa equity market over the period July 1, 2010 and December 30, 2015. The main results are as follows. First, the mean spillover effects from US stock market are positive in stock markets of most countries(Germany, Korea, Japanese, Nigeria, Republic of the South Africa). Second, the volatility spillover effects from US are positive for equity index of Germany, Korea, Republic of the South Africa, Nigeria except for Japan. Finally, we find that asymmetric spillover effect of information exist, except for Nigeria, in the Germany, Korean, Japan and Republic of the South Africa stock markets. Therefore, bad news has a greater effect on the response than good news in most countries.

The main purpose of this research is to understand and identify the variables, which significantly affect the firm's export performance. To do this, I utilized the resource-based view(RBW) and network theory as theoretical backgrounds. I proposed eleven hypotheses to verify what kinds of resources and capabilities of the firm can significantly affect the export performance mostly based on the previous studies. The results are as follows: First, the results show us that the technological capabilities affects the firm's export performance significantly. Second, the finding shows that the general resource-based view factors that is, the top management's commitments regarding export activities, product differentiation, cost variables except technological capabilities and FTA consulting variables can not significantly affect the firm's export performance. Third, the variable of the strength of alliance relationship can significantly affect export performance such as export ratio, export growth rate, export profitability, but this variable does not affect significantly in strategic performance of export. Also, the finding shows us that the results of the correlation analysis strengthen the results of the regression analysis.

The international transport of temperature-sensitive products is an essential link between producers and consumers. The critical requirement of temperature-sensitive cargo is to deliver the products in the same condition/quality as they were shipped. Advanced postharvest technology and cold chain technology are essential to reduce food waste and to maintain high standards of safety and quality. Insulated containers are used to maintain a certain temperature for the products inside. Insulated containers are usually used to transport temperature-sensitive cargo a short distance since the insulated containers do not require a power supply. The high-insulated container has several advantages compared to a reefer container or air transportation. It can be utilized as a medium supplement between the reefer container with high logistics costs and the dry container which has no insulation performance in transportation of cold chain products. The high-insulated container shows moderate performance of conventional dry and reefer containers. The high-insulated container is economical as they are competitive on TSR and short-distance shipping routes. It has been investigated that the development of high-insulated containers would benefit both the shippers and the carriers in that they could provide new transport services.

The aims of this study are to develop a risk management model of container liners and to empirically analyze the model. To achieve the aims, this study develops measuring factors on the basis of prior research, collects the data by survey, and performs the analysis of analytical hierarchy process (AHP). The results of the analysis are as follows. First, the measuring factors on a risk management model of container liners are divided into an environmental factor and a managerial factor. The former is classified into market environment, environmental regulations and political risks and the latter is categorized into organizational culture, operational factors and financial factors. Second, the results of empirical tests show that operational factors are the highest and an expert of chief executive officers is the most important factor in the sub-levels. In addition, the result explains the important factors of organizational culture, market environment, political risks, financial factors and environmental regulations in order. Third, application methods to risk management of container liners are shown as governmental support, merger and acquisition and bankrupt in order. As a result, governmental support is represented in the most important application method.

In view of the growth of e-commerce, it is necessary to establish Value Added Tax base for electronic services under the VAT Act. And it is necessary to harmonize with the foreign trade law and the Customs Act which is related to import customs clearance. In order to impose VAT on imports of electronic services and establish a sound and sincere taxation climate for the importation of electronic services, it is important to identify the limitations of the system in the VAT Law and the necessary systems in the Foreign Trade Law and the Customs Act related to importation.