• The Korean Journal of Financial Management
• /
• v.27 no.2
• /
• pp.63-84
• /
• 2010

We investigate whether FX hedging materially increases firm value by testing the valuation effect of Foreign Exchange Risk Insurance in Korea, using our sample of 84 listed firms with 617 observations between 2000 and 2008, Employing Tobin's Q as a proxy of firm value and foreign exchange risk insurance as a proxy of hedging instrument, we find a positive relation between firm value and the use of foreign exchange risk insurance. The hedging premium is statistically significant and is on average 7.4% of sample firm value. We also find our empirical results consistent with the preceding evidence that firm uses the hedging instrument in order to alleviate economic frictions and then hedging causes an increase in firm value.

• The Korean Journal of Financial Management
• /
• v.23 no.1
• /
• pp.165-191
• /
• 2006

I examine the relationship between values and security designs of MBS(mortgage-backed securities), using four different types of them. To this end I consider a pass-through and three different kinds of CMOs(collateralized mortgage obligations). It turns out that the pass-through has the lowest value and that, among CMOs, that of a senior-mezzanine-subordinate design has the highest value. This implies that CMOs of a simple and extreme design, like that of a senior-subordinate design, are not likely to be the best CMOs for risk averse buyers. Another critical finding is that the optimal security design of CMOs or MBS does exist in the form of an interior solution. This indicates that MBS issuers could charge higher prices of MBS given their underlying mortgages by tailoring MBS security designs to the needs or utilities of MBS buyers, usually by removing and combining risks of component tranches of MBS. Accordingly a thorough study of realistic utility functions of MBA buyers could enhance the values or prices of MBS to be issued.

• Journal of Digital Convergence
• /
• v.12 no.5
• /
• pp.101-113
• /
• 2014

The purpose of this study is to whether management strategy types are archived improving the business performance and strategic performance management system makes a significant influence on the business performance. Another objective is to identify whether the interaction between management strategy types and strategic performance management system makes a significant influence on the business performance. The results of this study indicate that diversity performance measures(strategy types) are effect partially presented on the firm's performances. And, firms which have the higher using diversity performance measures(strategy types) are achieve the higher firm's performances than lower using firm's(strategy types). And, the interaction of Management strategy types and diversity performance measures are effect partially presented on the firm's performances.

• The Korean Journal of Financial Management
• /
• v.22 no.1
• /
• pp.147-179
• /
• 2005

It is frequently said that mortgage-backed securities (MBS) of different security designs are issued in an attempt to meet the varying needs and expectations of investors. If this is true indeed, MBS of complicated risk-return characteristics are likely to be priced higher than MBS of simple risk-return characteristics we. We test this implication by establishing a recombining binomial interest rate prepayment model with a burnout effect embedded. More specifically, we compare the relative values (utilities) of a pass-through and a PAC- Support collateralized mortgage obligation(CMO), and theoretically show why and how the CMO is more highly valued than is the pass-through. The model is established such that mortgage prepayment is a function of the current value of, and the past path of, the mort-gage market rate. Since we work on not the total value of the two MBS but the value of each tranche of either MBS, the test results could be robust to slightly different versions of similar tests, which may be done in the future.

• Journal of Digital Convergence
• /
• v.15 no.3
• /
• pp.47-54
• /
• 2017

In this study, the organizational performance is divided into the policy perspective, the customer perspective, and the internal viewpoint rather than the financial perspective. The public institutions selected as examples of this study are public institutes under the Ministry of Environment, which are established to promote environmental industry development and environmental technology development projects, and promote the dissemination and practical use of developed environmental technologies. The public institutions that were the target of the study were concerned about how to define organizational performance and how to improve organizational performance. In addition, the institutions were interested in measuring performance in terms of customers and policies rather than financial performance. As a result of this study, it was found that the public institutions which were the subject of study were not very high in terms of policy, customer, and internal performance. In order to enhance the organization's policy performance, customer performance and internal performance, it is necessary to communicate smoothly among the members of the organization, horizontal organizational structure, encourage participation in the client's policy process, and redesign the business process from the customer's perspective.

• Korean Journal of Construction Engineering and Management
• /
• v.5 no.5 s.21
• /
• pp.172-182
• /
• 2004

The performance measurement system of a company is an important tool to evaluate business result, to manage human resource and to achieve strategic management goals. Until 1990's, the performance in most of companies had been measured by financial perspectives. Recently non-financial perspectives with various and balanced view points are used. In the construction industry, the same situation is happened. However, effective tools are not developed yet. Therefore, this research proposes a framework of the comparable performance measurement in the construction industry. This framework is based on concept of the balanced scorecard(BSC) and prepared respectively for owner, contractor and architect/engineer Using this framework, it is possible to compare performance of a company with each other and to benchmark the best performance.

• Journal of the Korea Institute of Information and Communication Engineering
• /
• v.14 no.2
• /
• pp.409-414
• /
• 2010

Latest personnel management Jobs with the existing payroll of a simple task rather than piecemeal, combined with the company's strategy, emerged as an important business management information system in e-HRM is an increasing need. In this paper, designed by e-HRM personnel-management Management Information System through the personnel costs and improve capabilities, performance-based assessment of the personnel was established, the staff of the opinions it easier to improve service through improved worker satisfaction. Also on the web, individuals, departments, and the company's performance and to be able to share your goals with an interactive interface to a more transparent process of HR royalty customers without having to focus only on financial indicators, financial, internal process perspective to manage the balance execution of the company's strategy can be used as a tool.

• Journal of Intelligence and Information Systems
• /
• v.15 no.4
• /
• pp.65-78
• /
• 2009

The rapid changes of financial environment have increased the need and demand for personal financial advisory service from financial experts. In particular, as the individual customers want to get more customized financial services, the financial institutions created the private banking (PB) sector and have constantly expanded their PB services. However, it remains still problematic that the private banking system requires high costs so that the number of eligible customers who can have proper PB services is quite limited. To solve this problem, we propose an intelligent agent that can provides specialized and customized personal financial advisory services to the customers with low costs. The proposed agent systemizes and structures the information and knowledge of financial experts in private banking services so that individual customers can easily access to high-quality PB services when they need. On the first attempt we develop a framework of U-smart PB, an intelligent agent for personal financial management based on different scenarios related to personal financial decisions, and derive its core services. This system not only provides information simply, but also proposes to support personal investment decisions technically as an intelligent agent that embodies real-time customized financial management in a ubiquitous environment, regardless of time and place.

• Journal of KIISE:Information Networking
• /
• v.28 no.1
• /
• pp.45-55
• /
• 2001

CORBA 보안 서비스는 네트워크를 기반으로 하는 분산 환경 하에서 데이터 전송 시 사용자가 요구하는 수준의 비밀성 보장과 무결성 제공을 위해 비보호 무결성, 비밀성, 부결성 및 비밀성과 같은 파라미터를 갖는 QoP 기능을 지원하고 있다 그러나 기존의 QoP 기능은 전자상거래, 재무, 통신 CORBA Med와 같은 광범위한 CORBA의 응용 영역들간에 특정 암호화 알고리즘에 대한 서로 다른 정책을 가질 경우 전송되는 데이터에 대한 무결성과 비밀성을 지원할 수 없는 문제접을 갖고 있다. 이를 해결하기 위하여 본논문에서는 광범위한 CORBA의 응용영역들간에 데이터 전송 시 암호화 알고리즘 관리 및 제어기능을 개선한 QoP 모델을 제안한다. 개선된 QoP 관리 및 제어 모델은 OMG에서 발표한 RFP의 요구사항을 기반으로 설계되었으며 특정 암호화 알고리즘들의 관리와 실행중에 사용되는 암호화 알고리즘의 변경제어와 암/복호화시 비도 설정을 지원하다, 구현 결과 개선된 QoP 관리 및 제어 모델은 CORBA IDL 로 설계하여 개발자로 하여금 응용개발의 용이성을 부여하였으며 광범위한 CORBAdmd용 영역들간에 암호화 알고리즘에 대한 QoP 기능을 지원한다. 또한 ISO/IEC 8824(ASN. 1)에서 정의된 OID를 사용하여 암호화 알고리즘의 호환성을 제공한다.

• Journal of the Korean Society for Aeronautical & Space Sciences
• /
• v.33 no.8
• /
• pp.26-33
• /
• 2005

Smart UAV, which adopting tiltrotor aircraft concept, requires vertical take-off and landing, long endurance and high speed capability. These contradictable flight performances are hard to meet unless the operation of flap system which should reveal optimal performance for each flight mode. In order to design SUAV flaperon satisfying the three performance requirements, various configurations are generated and their aerodynamic performances are analyzed using numerical flow computations around flap systems. Considering aerodynamic performance and structural simplicity, a final flap configuration is selected and the performance is validated through the wind tunnel testing for 40% scale model.