• The Korean Journal of Financial Management
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• v.14 no.1
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• pp.1-21
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• 1997

본 논문은 한국 주식과 미국 주식을 대상으로 Jegadeesh and Titman(1993)의 상대적세력 투자전략의 수익성을 비교 검증하고, 그 수익성의 원천을 분석하고 있다. 실증분석 결과, 과거수개월간 주가수익률이 매우 높았던 승자주식을 매입하고 그 반대의 패자주식을 매도하는 상대적세력 투자전략은 미국 주식사료(1963년${\sim}$1989년)로부터 배우 유의한 비정상적 월수익률 약 1%를 얻을 수 있었으며, 이는 체계적위험에 대한 보상을 고려한 후나 베타 크기별 소표본분석에서 모두 유의한 것으로 나타났다. 반면 동 투자전략은 한국 주식자료(1980년${\sim}$1995년)에서는 오히려 비유의적인 음의 월수익률 약 -0.34%를 얻을 수 있을 뿐이었다. 이러한 한국 주식에 대한 낮은 수익성은 베타 소표본분석과 5년간씩의 소표본기간분석에서도 마찬가지로 나타남으로써, 동 투자전략이 미국에서와 달리 효과적인 투자전략이 되지 못함을 시사하고 있다. 이러한 결과는 한국 주식의 경우 월수익률 패턴이 미국보다도 더 예측하기 어렵고 무작위적이라는 것을 의미하며, 이는 양국 주식시장의 여러 가지 제도상의 차이에 비롯되는 투자자들의 투자행태 차이 때문으로 해석된다. 예를 들어, 한국의 경우 증시안정책이나 부양책 등과 같은 시장 외적인 규제요인에 의해 시장 전체가 영향을 받는 경우가 많으며, 또한 소액투자자의 직접투자 비중이 높아 투자기간(investment horizon)의 측면에서도 투자신탁(mutual fund)과 같은 간접투자 비중이 훨씬 높은 미국에 비해 단기적인 성향이 일반적이며, 따라서 이러한 차이가 월수익률 패턴에 반영되는 것으로 이해된다.

• Journal of the Economic Geographical Society of Korea
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• v.16 no.2
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• pp.275-292
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• 2013

This paper aims at analyzing the use REITs for improving housing welfare, especially focusing on affordable housing. To do this, firstly, current state and main problems of domestic housing welfare are analyzed, secondly, housing welfare system involving capital market and case study of affordable housing REITs in United State are examined. and thirdly, utilization schemes of REITs for improving affordable housing are analyzed. In the process of executing housing welfare, various systemic bases for attracting capital market are constructed. Under these systemic basis, affordable housing REITs such as Community Development Trust are operated. This scheme also can be applied in Korea. In the context, the structures of using management on commition REITs and the structure of using real estate fund are proposed.

• Journal of the Korea Convergence Society
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• v.8 no.3
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• pp.225-235
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• 2017

Firms employ one of two stock repurchasing methods, either direct open market repurchase or indirect repurchase through trust contracts. Since these two methods have some regulatory differences, managers of firms may use a repurchasing method as a signal to convey the information to the market. Therefore, this study investigates the relationship between stock repurchasing methods and implied cost of equity of firms. The results show that there is a significant and negative relationship between stock repurchase announcement and cost of equity. In addition, the implied cost of equity for firms employing direct open market repurchase is significantly lower than those of firms that use indirect repurchase method. Overall, the market accurately reflects the information conveyed by two stock repurchasing methods into cost of equity of firms.

• Journal of Convergence for Information Technology
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• v.9 no.5
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• pp.228-235
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• 2019

The purpose of this study is to explore the experiences and challenges of public guardianship services project for the mental disabled as a system of supporting the decision-making and the rights advocacy. For this purpose, interviews with 11 social workers who act as public guardians were conducted and a model of practice was suggested through analysis using the grounded theory of Strauss and Corbin(1998). As a results, the possibility of rights advocacy through public guardian services for the mentally disabled, the positive change of attitude of the facilities and the establishment of direction for the restoration of rights for the mentally disabled were derived. Public guardians experienced excessive empowerment of their guardians or difficulties in the process of their duties, but were also able to defend the rights of the mental disabled and support self-determination right. Through this study, expansion of budgets and expansion of beneficiaries for public guardianship services, establishment of infrastructure for integration in the community, set-up a support organization for public guardian services and Raising awareness of the mental disabled and public guardian services were suggested.

• The Journal of the Korea Contents Association
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• v.21 no.5
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• pp.765-775
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• 2021

The purpose of this study is to investigate factors that affect the suicidal ideation of the people with mental disabilities. To this end, the independent variables were analyzed by categorizing them into individual psychological factors, social factors, and demographic characteristics. The analysis data include 969 people with mental disabilities who participated in the 2017 Ministry of Health and Welfare's Research, 'Survey on the Current Status of Mental Disabilities in Community'. The analysis method was frequency analysis, descriptive statistics, and hierarchical multiple regression analysis with SPSS 23.0. As a result of the study, in terms of individual psychological factors, the higher the depression and the lower the mental health confidence, the more suicidal ideation increase. In terms of social factors, the more unregistered disabled groups, the more exposure to violence and discrimination, and the more they live in large cities, the higher their ideation of suicidal. The regression model explained 26.9% of suicidal ideation. The practical and policy implications for the prevention of suicide of the people with mental disabilities based on these results are as follows: First, social factors should be evaluated and considered together, rather than focusing only on individual psychological factors, in seeking policies and intervention programs that reduce suicidal ideation in the people with mental disabilities. Second, in seeking suicide prevention policies for the people with mental disabilities, Protection & Advocacy services should be provided to reduce violence and discrimination experiences. Third, in order to reduce the suicidal ideation of the people with mental disabilities, the mental disability registration system should be reorganized, and policy alternatives should be devised so that those experiencing mental distress can be included into the system.

• Knowledge Management Research
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• v.23 no.1
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• pp.149-164
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• 2022

This paper analyzes the independent financial advisory business that is not yet active in Korea and proposes a plan to activate the independent financial advisory business using fintech technology. A bill was enacted in 2017 for the domestic independent financial advisory business, but it has not been activated much until now for various reasons. Although existing studies have proposed solutions in various ways, there is no clear solution yet. This paper proposes a new method of revitalizing the independent financial advisory business through fintech technology using the trust system that has recently attracted attention. Digital securities fintech technology using blockchain distributed ledger technology presents new possibilities in the real estate and music copyright markets, and related fintech venture companies continue to emerge in Korea. By combining these digital securities fintech technologies and the business process of ETF, a method was derived so that independent financial advisors can have their own financial products. The proposed model is more decentralized than the existing financial product sales structure, and presents the possibility of a protocol economy through a structure close to a private blockchain while complying with the existing financial order. This paper is meaningful in that it presented new solutions to completely different markets from information convergence perspectives on two completely different markets, and we hope that more business solutions will emerge through knowledge management activities that converge various perspectives in the future.

• Journal of Environmental Impact Assessment
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• v.32 no.4
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• pp.242-250
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• 2023

The continuity of urban space is being destroyed by disorderly high-rise development caused by reckless development, and the resulting deterioration of urban landscape is emerging as a major problem. Disordered high-rise development is adversely affecting the urban environment, such as depriving residents of the basic rights of view and sunlight and privatizing the scenery that urban residents should enjoy together. In order to create a continuous urban landscape, indiscriminate high-rise development is restricted and compensation for the affected areas is needed. Various regulations have been carried out to this end, but it is difficult to overcome the pressure and damage to high-rise development by regulations alone. Accordingly, discussions have been underway to introduce a compensation system. Among them, discussions on the introduction of a 'Transfer of Development Right' (TDR) in which land ownership and development rights are separated and compensated for development rights have been drawing attention. However, in Korea, it is difficult to introduce the system due to various problems related to the separation of development rights. In order to overcome the limitations of the introduction of TDR, this paper analyzed the concepts and characteristics of 'Real Estate Investment Trusts' (REITs) and presented a policy model for the development right transfer system incorporating REITs for effective landscape management.

• 한국노년학
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• v.41 no.3
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• pp.327-351
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• 2021

This study was motivated by the awareness that little attention has been paid to this issue both theoretically and empirically, despite the fact that financial abuse causes serious problems which are difficult for the elderly to recover from. This study intends to explore what the patterns of financial abuse targeting the elderly are, what causes and sustains these abuses, and what makes it difficult to counter such financial abuses. Data analysis was based on individual and group interviews of ten professionals expected to encounter the most financially abused elderly in social welfare institutions. The thematic analysis shows that financial abuse is often caused and maintained in a trusting relationship through care and protection. Because financial abuse was inflicted on the vulnerable elderly in a state of reinforced psychological dependence based on a long and trusting relationship, it appears that it has been made with tacit acknowledgement and consent. Despite those complex dynamics, it is noted that financial abuse can be judged as such only when the elderly claim to suffer from harm. Rather, intervention without victims' acknowledgement tends to be perceived as violating their right to self-determination. This reality naturally leads to the termination of the necessary interventions with the victims in an abusive situation. Based on these results, discussion focused on more realistic and diverse approaches to the issue of financial abuse of older adults.