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This paper examines how the macroeconomic environment affects the determinants of prepayment of mortgage loans from October 2004 to February 2020. For more accurate analysis, the authors define the timing of prepayment not only before the loan maturity but also at the time when 50% or more of the loan principal is repaid. The results show that, during the global financial crisis as well as the recent period of low interest rates, macroeconomic variables such as interest rate spreads and housing prices have a different effect compared to the normal situation. Also, significant explanatory variables, such as debt to income (DTI) ratio, loan amount ratio and poor credit score, have different effects depending on the macroenvironment. On the other hand, in all periods, the possibility of prepayment increases as comprehensive loan to value (CLTV) increases, and the younger the age, the shorter the loan maturity. The results suggest that, in the case of ultralong (40 years) mortgage loans recently introduced to support young people purchasing houses, the prepayment risk can be, at least partially, migrated by offsetting the increase in prepayment by young people and the decrease in prepayment due to long loan maturity. In addition, this study confirms that the accelerated time failure model compared to the logit model and COX proportional risk model has the potential to be more appropriate as a prepayment model for individual borrower analysis in terms of the explanatory power.

In current business management, knowledge is considered to be a strategic resource that can strengthen an organization’s competitiveness. Today, under the process of continuous globalization, almost all companies are rapidly exposed to global competition regardless of their scale or type of business. However, multinational management is very complicated and uncertain and it is hard for multinationals to effectively coordinate and manage their global value chains. In light of this, the utility of multinational management based on knowledge is increased. The present study examines multinational firms’ knowledge management systems, knowledge creation processes and global supply chain performance and attempts to reveal any significant linkages between these latent variables. For this research interest, we proposed 18 items to measure four types of knowledge creation processes (SECI) designed by Nonaka (1994) and revised by authors considering the global business environment, in particular involving the global supply chain management concept. Utilizing the confirmed SECI model, 128 sample companies were classified into four groups according to the levels of their knowledge creation processes. The empirical results of this study reveal important linkages between a multinational firm’s knowledge management system and knowledge creation process, as well as between its knowledge creation process and global supply chain management performance. In particular, the current work suggests that the creation and conversion of tacit knowledge as well as explicit knowledge can be effectively supported by information and communication technology.

Convertible instruments are financial instruments embedded with conversion rights such as convertible bonds or convertible preferred stocks. Under the Korean International Financial Reporting Standards (K-IFRS), the embedded conversion rights with certain conditions (i.e., a refixing clause) are recognized as derivative liabilities and are recognized at fair value in issuer’s financial statements. Since the value of convertible rights varies with the underlying stock value, an increase in the issuers’ stock price causes the issuers of convertible instruments to announce large derivative valuation losses. Using disclosures under the title of ‘Loss from Derivatives Trading’ from the KOREA EXCHANGE (KRX) during January 2016 through December 2019, this study examines market reactions to the disclosure of valuation losses on conversion rights embedded in convertible instruments. We find the following results. First, abnormal stock returns on the loss announcement date are significantly negative. Second, abnormal trading volumes peak on the loss announcement date. Third, abnormal stock returns persist in the long-term. Collectively, our findings suggest that investors perceive the loss disclosures as negative news, but fail to impound the information into issuer’s stock prices effectively. This study emphasizes the importance of education on convertible instruments and improvement in the disclosure requirements on valuation losses of conversion rights embedded in convertible instruments by providing evidence that investors face difficulty in understanding the related disclosures.

Even though 95% of children with neurodevelopmental disorders, including autism spectrum disorder (ASD), live in low- and middle-income countries, there is a dearth of studies from these countries, including the Republic of Georgia. Several ASD screening tools are available, but few are validated for use in Georgian or other smaller countries. This study aims to adapt and validate the autism spectrum screening questionnaire (ASSQ) for use in Georgia.

The ASSQ was administered for all third-grade students in 402 schools in the five main Georgian cities, n = 27,336. Prior to use, the 27-item ASSQ was translated, back-translated and adapted for use in Georgia. A total of 16,556 students (approximately 61%) were assessed by a parent and/or teacher. Optimal cutoff scores were estimated. Randomly chosen children who screened positive (n = 173) and negative (n = 127) were offered comprehensive assessment using standardized diagnostic procedures.

Data from 15,510 parents- and 13,517 teachers-administered ASSQ revealed statistically significant differences in median and cutoff scores between parents and teachers: 7 versus 4 and 9 versus 6, respectively. Cutoff score = 14, on either parent or teacher ASSQ, had sensitivity of 0.94, indicating that it can be used in school settings.

The Georgian adaptation of the ASSQ creates opportunity for further ASD research, while also providing a valid screening tool for clinicians. Data from Georgia will add to the growing understanding of the broader ASD phenotype.

This paper examines the operational hedging strategies of high technology firms and how they are related to financial hedging. We use a sample of 216 firms, consisting of 108 operationally-hedged high technology firms and a size and industry matched sample of 108 non-operationally-hedged firms. We find that derivatives users are larger and are more R&D intensive than non-derivative users. Our regression analysis results show that operational hedging and financial hedging are complementary. However, firms that use financial hedging are able to significantly lower their exchange rate exposure. Finally, our results show that financial hedging adds value for our sample of high technology firms, while operational hedging does not.

The primary purpose of this study is to examine hospitality and tourism undergraduate students' attitudes to work and career expectations as they prepare to enter the workforce in the hospitality industry in both the United States and South Korea.

The measurement instrument was developed from previous studies (Chen and Shen, 2012; Kong, 2013) and included questions related to job attitudes, job satisfaction, job motivations, job involvement, and career expectations and aspirations upon graduation. T-tests were conducted first for the mean values of the constructs between the United States and South Korea to ensure the comparison of two different cultural groups.

First, students from the United States (US) have more and better work attitude than those students from South Korea. Second, students from South Korea appear to be less motivated to work and less satisfied with their current jobs and earnings than students from the US. Third, the results also have managerial implications for both countries. It is very important to know that higher grade point average is not an answer to find the right person but more likely, positive attitudes to work and higher levels of job involvement are more likely to have higher job expectations and aspirations for employment in the industry.

This study adds to the hospitality literature by examining the different perspectives of hospitality and tourism undergraduate students from the US and South Korea, specifically examining their attitudes toward work, job satisfaction, work involvement and job expectations as they prepare for careers in the industry. The results of this study help stakeholders (i.e. students, educators and practitioners) in the hospitality and tourism industry gain a better understanding of their undergraduate students as they prepare for careers in the industry. In addition, the study contributed to understanding cultural differences present among hospitality and tourism students from individualist and collectivist cultures.

The role of logistics service provider (LSP) is essential for efficient logistics service quality (LSQ) and supply chain management, especially in multimodal transport. Multimodal transport routes that use the Trans-Siberian Railway (TSR) play an important role in the supply chains of Northeast Asia. This paper aims to identify current conditions of TSR LSQ and propose improvements to enhance the competitiveness of traditional routes. Therefore, this study sheds light on and provides recommendations for various managerial strategies to LSPs in the context of the TSR. This study utilizes Importance-Performance Analysis (IPA) to measure levels of importance and performance of the logistics service of LSPs that provide multimodal transport services via the TSR from South Korea to Europe. This study identifies capabilities on the basis of five criteria (price, timeliness, reliability, equipment systems, and customer service) from a customers’ perspective. The results of the research indicate that operational improvements should be considered to activate TSR multimodal transport for northern logistics routes from the perspective of Korean shippers. Specific findings show that balanced development strategies are needed for logistics routes that have not yet been significantly activated, while implying that logistics costs could be reduced initially to satisfy shippers. This study presents an operational strategy for LSPs using the TSR in northern logistics through IPA methods. Furthermore, this research can help policymakers propose specific policies to revitalize the northern logistics of Korean logistics companies and to provide incentive supports for shippers.

Ports create harmful effects on their adjacent population because ships discharge noxious gases like SO_X, NO_X, and particulate matter (PM). To tackle this problem, some ports started to control emission through regulations such as Emission Control Areas (ECA) and Reduced Speed Zone (RSZ). This paper estimates the social cost of ship emission and eco-efficiency at the Port of Incheon (POI). We further examine how the ECA and RSZ designation can reduce the social cost. The estimation is based on the activity-based approach, where ship type, engine, and movement are used to measure fuel consumption and then emission. Results suggest that the social cost of ship emission at the POI amounts to $90,805,478. The eco-efficiency of the POI, compared to the one at the Port of Las Palmas in another study, is substantially better. Under RSZ, the corresponding emission abatement values are $4,485,308, $2,642,009 and $21,932,435 from SO₂, NO_X and PM reduction, respectively. If 1.0% and 0.1% sulfur fuel are used complying with rules of the ECA, the social cost savings amount to $8,174,947 and $12,868,842 from SO₂ reduction.

This paper examines empirically the dynamic relationship between spot and futures prices in stock index futures market using data for the KOSPI200 during 1996 to 2001, and employing nonlinear-equilibrium-correction approach that essentially is based on the extension of Markovian regime shifts to nonstationary framework. A linear-VECM was rejected strongly when tested against a Markov-switching (MS) VECM that allowed for two regimes in the mean of equilibrium correction model, as well as in the variance-covariance matrix. The empirical model ultimately proposed therefore, is consistent with the spirit of Cost of Carry model, as well as with the increasingly growing empirical literature stressing the existence of important nonlinearities in both spot and futures prices movements.

This paper aims to critically investigate the past hype of internationalization of higher education institutions (HEIs) and its complex international, national and local processes under the influence of globalization.

In particular, the authors employed the knowledge–policy–power interface framework through a scoping review in order to reexamine the political dynamics among international, national and local higher education actors in driving the internationalization of HEIs in the context of South Korea between the 1990s and the 2020s. The perspective taken by this research brings much-needed nuance to the analysis by focusing on the complex dynamics of external factors and key actors and their responses in the process of internationalization.

This research found three characteristic dynamics of internationalization of Korean HEIs: uncritical acceptance of external pressures for internationalization; unbalanced formal and informal participation at the national level and different ways HEIs absorb change. In short, this research discussed how the powerful government, which has been stirred by external forces, shaped the limited knowledge discourse on internationalization while triggering power games among various HEIs. The research highlights that the characteristics of HEIs and the voices of all stakeholders should be better accounted for so that internationalization can proceed in diverse ways from the ground up to enhance and assure educational quality.

The research limits itself by analyzing the political dynamics in driving the internationalization of HEIs in the context of South Korea only through scoping review. However, the attempt to disentangle the underlying political dynamics through its original framework is worthy unlike previous more traditional models that cast policy-making as a uniform cycle proceeding rationally through the policy process regardless of the issue.

These findings enable a better analysis of the key dynamics of how HEI internationalization policies in Korea were understood, planned and implemented. Without examining the political dynamics among various factors as well as the responses of significant actors to HEI internationalization, the current challenges and remaining tasks in translating higher education policy into practice cannot be thoroughly assessed.

Most importantly, the multilayered political dynamics that come together to shape the content and directions of policies in a certain national context should be taken into account in the process of policy-making. Such recontextualization would provide a better understanding of the underlying dynamics that lead to certain consequences of and challenges in translating higher education policy into practice, especially for those who face the challenge of balancing between state-driven policies and ever-diversifying needs and demands of HEIs.

As there is a lack of understanding of the critical context of the knowledge–policy–power interface despite the significant influence of political dynamics in the process of internationalization, this research reexamined the internationalization of HEIs in Korea by providing a better understanding of the political dynamics between knowledge and power that influence the directions and contents of policy dialogues and documents.