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2008, Vol.17, No.1

  • 1.

    The Welfare Analysis of Premium Offers in Korean Newspaper Market

    김재홍 | 신힘철 | 김지훈 | 2008, 17(1) | pp.3~40 | number of Cited : 5
    Abstract PDF
    The main purpose of this paper is to analyse the welfare effect of regulating premium offers in Korean newspaper industry. First we propose that, since the purpose of the regulation is to prevent the concentration of public opinion, the appropriate market definition is better to expanded to the whole speech market, including TV, internet, etc. We then show that there doesn't exist any market power not only in the whole speech market but in the narrowly-defined newspaper market. Finally, we prove, using a theoretic model, that offering premiums is not an anti-competitive behavior but a standard price discrimination which is known as a welfare-neutral market strategy.
  • 2.

    Release Pattern of Foreign Movies and Regulatory Effects of Screen Quota: A Micro Study

    박민수 | Oh, Jeungil | 2008, 17(1) | pp.41~70 | number of Cited : 5
    Abstract PDF
    In this study, we investigate how so called screen quota, a quantitative regulation of foreign movies affected movie release decision of movie theaters in Korea by using micro data of individual theater between 1993-2004. Unlike most of previous studies, we can isolate the effects from other factors by comparing the theaters which have sufficed domestic movie quota with the theaters which are not yet freed from the constraint at a same point of time. Empirical results show that there is no statistical difference between two groups of movie theaters in the period of 2001-2004, but the theaters which had not fulfilled the quota obligation were releasing less foreign movies in 1993-1998, a recession period of the Korean movie industry. Variety effects of the regulation are not proved to have existed independent of period. That is, screen share of released Korean movies are not statistically different between two groups of theaters.
  • 3.

    Theoretical Analysis of Multi-Level Marketing and Door-to-Door Marketing

    Kang, Kyeong Hoon | 여은정 | 이기영 | 2008, 17(1) | pp.71~110 | number of Cited : 16
    Abstract PDF
    While multi-level marketing and door-to-door marketing have similarities in that they comprise large market shares in the distribution industry, they have one big difference in terms of sales agents' compensation scheme, notably cumulative bonus payment in multi-level marketing. This paper theoretically shows that in multi-level marketing, upper-level agents put more effort into recruiting lower-level agents. On the contrary, all agents, regardless of level in door-to-door marketing, put more effort into selling goods directly. Moreover, unit bonus payment for recruiting lower-level agents is likely to be larger in multi-level marketing than in door-to-door-marketing, which leads to higher sales price of goods in multi-level marketing than that in door-to-door marketing. In addition, when each agent is faced with segmented market demand, recruiting activities for lower-level agents are more aggressive in multi-level marketing than in door-to-door marketing. As a result, the sales network expands quicker in multi-level marketing, thus stirring up more speculative spirit. The related empirical facts support this paper's implications derived from theoretical analysis.
  • 4.

    Efficiency of M&A and Dissenter's Right

    진태홍 | 김성수 | 2008, 17(1) | pp.111~150 | number of Cited : 7
    Abstract PDF
    The dissenter's right is the ability of shareholders to disagree with structural corporate changes such as M&A, transfer of business, and stock exchange and to sell their stocks at the appraised fair value. This paper studies empirically the determination of dissenter's right in Korea by using data on the exercise of dissenter's right from 1999 to 2005 in response to M&A of non-financial companies listed in Korea Securities Exchange. The main results of this paper are as follows. First, the exercise of dissenter's right has a significant positive relation with the appraised price and a significant negative relation with the efficiency of M&A which is measured by CAR. Second, the declaration of dissent has a significant positive relation with the appraised price but a insignificant negative relation with the efficiency of M&A. Third, shareholders of acquiring firms in mergers exercised dissenter's right more often than shareholders of target firms.
  • 5.

    An Empirical Analysis on Open Source Software Promoting Factors

    전영서 | 김태열 | 2008, 17(1) | pp.151~182 | number of Cited : 0
    Abstract PDF
    In this research we tried to attempted to explain why the demand for Linux server software had been dramatically increased in recent years using the determinant factors such as network externality as well as demand promoting policy. According to the results of empirical analysis, the demand for server softwares such as Linux as well as Unix, Window and others was not only affected by its own network externality positively, but also by other network externality negatively. In particular, the recent demand for Linux software was increased dramatically by government demand promoting polices, which overwhelmed network externality of proprietary software. From the empirical result we can derive that the monopoly power formulated by network effect of propraetor software were protected not by patent law, but by copy right instead.
  • 6.

    Evaluation on Financial Policies in Korea after the Financial Crisis Based on Market-Friendliness and Efficiency

    곽노선 | 김홍균 | 박정수 | 2008, 17(1) | pp.183~220 | number of Cited : 2
    Abstract PDF
    This paper evaluates the degree of market-friendliness and the efficiency improvement of the post-crisis financial policies by the government and examines the relationship between the market-friendliness and the efficiency improvement of seven major financial policies: Capital Market Consolidation Act. the separation of financial and industrial capitals, M&A related policies, supervisory policies, monetary policy, foreign exchange policy, and policies on specialized banking. The results from the survey for a group of experts and the research staffs at the Sogang Research Institute for Market Economy show that only Capital Market Consolidation Act contributes to the efficiency improvement of financial markets. The correlation coefficients between market-friendliness and efficiency improvement of each policy range from 0.616 to 0.778, which implies that market friendly policies tend to improve market efficiency. These findings suggest that financial policies should be directed toward facilitating markets to function efficiently.
  • 7.

    The Effect of Organizational Culture on Regulatory Behavior

    조성한 | Joo, Young Jong | 2008, 17(1) | pp.221~259 | number of Cited : 1
    Abstract PDF
    This study intends to investigate whether the organizational culture has an influence on regulatory behavior. Individualism/collectivism (private inclination) and authoritarianism/ democratism (structural inclination) are defined based on Triandis & Gelfand's views. They are measured by the measurement tool developed by Triandis et al. Psychological restriction is measured with Cable & Judge's measurement tool as well as Alexandris & Tsorbatzoudis and Lousier's measurement tools. Regulatory officers were surveyed using the questionnaire. The result has found that the regulatory behavior is influenced by the organizational culture. Structural cultural restriction and private cultural restriction have significant influence on the regulatory behavior with the intermediation of psychological factors.