• Journal of the Korean Regional Science Association
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• v.37 no.3
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• pp.47-58
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• 2021

In 2010, Busan Metropolitan City established an organization dedicated to urban regeneration. The Sanbok Road Renaissance Project and Hope Village Project are representative urban regeneration projects. Busan Metropolitan City is a leading local government that has expanded community business through urban policies. This study analyzed the operational status and characteristics of community-based community businesses based in Busan Metropolitan City in the early stages of urban regeneration policy. As a result, the direction of community-based community business is 'community empowerment'. However, the project effects such as 'expansion of opportunities for local residents to help each other' and 'residents' understanding of the local community' were low. In order to operate a community business, it is important to secure sufficient business capital and secure necessary human resources. In order to revitalize community-based community businesses through urban regeneration policies, it is necessary to convert support into functional organizations of urban regeneration projects rather than expanding subsidies and expand opportunities for business participation.

• Land and Housing Review
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• v.14 no.2
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• pp.73-82
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• 2023

This study empirically analyzes the policy demand for population inflow in Hongcheon-gun, a region that has experienced population decline over the past decade. The results of this study based on the multinominal logit model provide the policy implications as follows. First, due to the differing factors influencing the demand for population inflow policies among the young and the elderly, local governments should clearly define the policy targets for population inflow. Second, in the context of policy demand for population inflow through corporate attraction, we identify statistically significant and positive effects of the length of residence for both young and old people, and the level of formal education for the elderly. These results emphasize the importance of formulating population inflow policies distinctively targeted for the young and the elderly generations, respectively, thereby increasing population inflow in the population reduction area.

• Journal of the Economic Geographical Society of Korea
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• v.12 no.4
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• pp.665-680
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• 2009

This study aims at analyzing the performance of Real Estate Investment Trusts(REITs) by Risk Adjustment Model. The main results are as follows. Firstly, most property types of REITs gain positive(+) excess overall returns at first and second period. On the contrary, most property types of REITs gain negative(-) excess overall returns and their standard deviations are larger at financial crisis period. Secondly, lodging, regional mall and commercial mortgage show lower risk-lower return, and freestanding, apartment and specialty show higher risk-higher return than average REITs, according to the CAPM results of . Moreover CAPM results of show the characteristics of REITs as investment commodities changes into higher risk-higher return for financial crisis period. Lastly, risk adjusted demanded returns of REITs are affected positively(+) by systemic risks and negatively(-) by unsystemic risks, according to the Risk Adjustment Model results of both and . Comparing risk adjusted demanded returns of REITs with their realized returns, healthcare reveals the largest outperformance.

• Journal of the Korean Society of Marine Environment & Safety
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• v.16 no.3
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• pp.287-293
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• 2010

As an exploratory research to understand the nature of relationships between harbors and their neighboring communities, this study analyzes how harbors influence their residents' quality of life(QOL). The QOL was measured by 18 indicators reconstructed by reviewing relevant literatures. As a result, both Busan and Incheon were found to have statistically significant influence on many of QOL indicators including general expenditure per capita, number of manufacturing factories per capita, rate of housing supply, number of financial agencies per capita, number of cultural assets per capita, number of schools per capita, number of sick-beds per capita, and the size of welfare expenditure per capita.

• Land and Housing Review
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• v.3 no.4
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• pp.357-367
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• 2012

The efficient business scheme were suggested with the consideration of the local development condition at Ulaanbaatar. Major findings of the study were presented as follows. First, high level of education and the underground resources are presented as the merits of Mongolia. On the other side, the defects are limited domestic demands of 2.6 millions of population and the insufficiency of the infrastructure. The improvement of the infrastructures like roads, water & sewage, electric power, and heating is urgent while the development pressure of Ulaanbaatar is expected to be high due to the continuous inflow of population. Secondly, the Mongolian land system consists of the right of ownership, lease and use, therefore there are some differences among the right of land. Thirdly, definite business scheme to sell land in lots and to sell buildings in lots are suggested which are actual methods to participate in the development project in Ulaanbaatar. Moreover, enhancing the possibility to sell the lands, fixing the proper sale price to secure the profit, finding the proper buyer for the profitable lands, investing of quota and guaranteeing of granting the principal and interest by the Mongolian government, etc. are presented as consideration when participate in projects.

• Journal of Consumption Culture
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• v.15 no.2
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• pp.213-247
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• 2012

The purpose of this study was to analyze the economic structures of low-income households, and to provide the policy suggestions for their economic well-being. The data for this study was from the 2009 year of the Korea Welfare Panel Survey (KOWEPS). The results are as follows: As for income structure, the low-income households had lower amounts in earned income, business and side-work income, and property income, but a higher amount in transfer income. They had a lower amount in private transfer income, but a higher amount in public transfer income. They had the highest rate of transfer income, showing that the rate of public transfer income was higher than that of private transfer income, and the government assistance was the highest rate in public transfer income. The households in extreme poverty had the lowest amounts in earned income, financial income, private transfer income, but the highest amount in public transfer income. The households in poverty had the lowest amount in transfer income. The households in extreme poverty, poverty and near poverty showed the highest rate in transfer income. As for asset structure, the low-income households had a lower amount in every type of assets. They showed the highest rate in total debt, and had a higher rate in housing asset, but lower rates in real-estate asset, financial asset and other asset. The households in extreme poverty had a lower amount in every type of assets than the households in near poverty. Three types of the low-income households showed the highest rate in housing asset, but the households in extreme poverty was the highest among them. As for expenditure structure, the low-income households had lower amounts in all of the expenditure items. They showed the highest rate in food expenditure, the second highest in other consumption expenditure. The households in extreme poverty showed lower amounts in almost all of the expenditure items than the households in near poverty, but the households in extreme poverty showed a higher amount in monthly rent than the households in neat poverty. Three types of the low-income households showed the highest rate in food expenditure. The expenditure rates of food, monthly rent and light·heat·water for households in extreme poverty were higher than those for the households in near poverty.

• The Korean Journal of Financial Management
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• v.25 no.2
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• pp.1-31
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• 2008

Before the financial crisis in 1997, Korean bond markets had been those of corporate bonds with relatively high market yield. During the period, most of major institutional investors tend to utilize passive strategies such as buying and holding. After the crisis, however, they could not help choosing active bond management strategies because of lowed yield level and intensified competition among the financial institutions. This study is forced on the yield curve, which is the reflection of all information on the bond investment environments. The study also make analysis on the major economic and securities market factors and its structural relationship with the shape of the curve such as level, curvature and slope. For these purposes, an empirical model based on the Nelson-Siegel Model is estimated with the data during $1999{\sim}2006$. Out-of-sample forecasting is also made to test the usefulness of the estimated model. In addition, the dependent variables which are the estimates of level and slope are estimated on the macro variables and securities market variables. VAR and SUR models are used for the estimation. Estimation results show that level and slope of the yield curve are influenced by the target call rate change, exchange rate change rate, inflation rate. These results provide practical implications for the active managements in the overall treasury bond markets.

• The Journal of Bigdata
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• v.6 no.1
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• pp.91-113
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• 2021

Despite the influence of real estate in the Korean asset market, it is not easy to predict market trends, and among them, apartments are not easy to predict because they are both residential spaces and contain investment properties. Factors affecting apartment prices vary and regional characteristics should also be considered. This study was conducted to compare the factors and characteristics that affect apartment prices in Seoul as a whole, 3 Gangnam districts, Nowon, Dobong, Gangbuk, Geumcheon, Gwanak and Guro districts and to understand the possibility of price prediction based on this. The analysis used machine learning algorithms such as neural networks, CHAID, linear regression, and random forests. The most important factor affecting the average selling price of all apartments in Seoul was the government's policy element, and easing policies such as easing transaction regulations and easing financial regulations were highly influential. In the case of the three Gangnam districts, the policy influence was low, and in the case of Gangnam-gu District, housing supply was the most important factor. On the other hand, 6 mid-lower-level districts saw government policies act as important variables and were commonly influenced by financial regulatory policies.

• Journal of the Economic Geographical Society of Korea
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• v.13 no.2
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• pp.234-252
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• 2010

This paper examines the tendency of housing assets to become increasingly quasi-financial assets by analyzing the relationships between risks and returns in three Gangnam districts (Gangnam-gu, Seocho-gu and Songpa-gu) apartment markets in Seoul, especially for the apartments to be reconstructed, capitalizing upon some capital asset pricing models (CAPM). A single factor CAPM model shows positive relationships between risks and returns regardless of the types of apartments in three Gangnam districts. Multi-factors CAPM models also confirm that the market and SMB (small minus big) factors are positively related to the rate of returns regardless of the types of apartments. However, the unsystematic risk factor is found to be statistically positive especially for the apartments to be reconstructed, while the momentum factor is dependent upon the regression models used. An analysis on some portfolios classified by the size of apartments and price volatility and/or beta values suggests that there are the positive linear relationships between risks and returns and the SMB factor is clearly found to be significant in determining the rate of returns. In particular, housing assets are highly highlighted as investment goods and/or quasi financial assets for the apartments to be constructed in the Gangnam housing.

• Korean Journal of Construction Engineering and Management
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• v.17 no.2
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• pp.21-30
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• 2016

The current PF project is entirely relying on construction company's credibility. As such, it has increased a negative and bad recognition in domestic real estate economy. In addition, PF experts has a perception that a project's safety of future cash flow profitability is more important than the construction company's credibility. So many PF experts make an effort in order to set aside safe project structure of PF and analyse systematically the risks of the project. In common feasibility study of the PF Project, financial specialists and real estate specialists are forecasting and evaluating the suitability of the project through reviewing the development profit from the project of sales. However, cash flow analysis and evaluation from the perspective of mid-sized construction companies are still in the primary level. Therefore, this study has analysed the current feasibility study and go/no go decision making procedures. Then the authors have a new cash flow analysis method from the perspective of mid-sized construction companies, by improving the feasibility study and go/no go decision making procedures.