• The Korean Journal of Financial Management
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• v.26 no.1
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• pp.31-64
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• 2009

This paper evaluates the role of fund distributors and the appropriateness of sales fees in funds by the empirical analysis of Korean equity funds. The empirical results are summarized as follows. First, this paper shows that the funds with higher sales fees do not have better performance. Rather, the higher sales fees cause the returns of funds to decrease in Korean equity funds. Second, it is not confirmed that both banks and securities firms, as fund distributors, contribute to the better performance of funds. Especially, the banks gave more negative influence on the performance of funds by imposing higher sales fees in funds than the securities firms. The empirical results suggest that the sales fees of funds are unduly imposed in comparison to the function of fund distributors and therefore, the structure of fund fees should be improved for the benefit of fund investors.

• Proceedings of the Korean Institute of Information and Commucation Sciences Conference
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• 2014.10a
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• pp.409-411
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• 2014

There have been various advanced research on how changes of analysts' profit forecasts affect stock prices. Also, consensus, which is usually drawn by the arithmetic mean of profit forecasts, has been widely harnessed among investors in stock market. Recently, it is emphasized to reflect the internal factors of individual forecasts to raise the accuracy of consensus. Based on national and international research, this study proposes a new methodology in consensus by applying statistically meaningful factors in computation.

• Journal of Global Scholars of Marketing Science
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• v.13
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• pp.71-88
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• 2004

Although the factors that affect the width of latitude of price acceptance is well documented, the attempt to develop a practice-oriented methodology to calibrate the region of price insensitivity (i.e., a latitude of price acceptance) for a given individual brand has been relatively rare. The researcher aims to try to full this gap by developing a conjoint analysis-based procedure that can be applied to many industries. Furthermore, we examine the difference in the latitude of price acceptance between on- and off-line transaction in stock industry in Korea. The conjoint analysis-based procedure was applied to measure the disaggregate price response curve for individual stock investment both on- and off line transaction channel. The curves from the samples enable us to estimate the individual choice probabilities corresponding to applied price points. Using t-test the differences in mean choice probabilities between the list price and another price point were tested, through which we can get the latitude of price acceptance for a given brand in stock market. These procedures were tested in on- and off-line stock market in South Korea. The results showed that investors on off-line channel have wider latitudes of price acceptance than the investors on on-line transaction system.

• Management & Information Systems Review
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• v.34 no.3
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• pp.101-123
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• 2015

Amidst the growing uncertainty in external environments, securing and retaining superior human resources is becoming emphasized as a key means for organizations to achieve competitive advantages. Particularly, star employees-human resources that are characterized by their ability to create extraordinary performance relative to other peers-are increasingly gaining attention in both academia and industry because of its importance in knowledge-based industries. However, despite the prevailing recognition for star employees, few previous literature have attempted to empirically test the direct relationship between the ratio of star employees in an organization and organizational performance. Considering both the potential for positive and negative influence of star employees on organizations, the relationship between the ratio of star employees and organizational performance can not only be a simple linear relationship but can also exist in a curvilinear form. Building on the existing literature on star employees, this paper establishes competing hypotheses for the two possibilities of curvilinear relationship; as the ratio of star employees increases, marginal effects can either increase (i.e., U-shaped curvilinear relationship) or decrease (i.e., inverted U-shaped curvilinear relationship). Employing an unbalanced panel data of 35 Korean brokerage firms between years 2008 and 2013 with 134 observations, the relationship between the ratio of best analysts (i.e. star employees) as selected by Maeil Business Newspaper and financial performance (i.e. organizational performance) of corresponding brokerage firms is examined. Empirical results indicate that while organizational performance increases as the ratio of star employees increases, its positive effect diminishes over time which provides support for the curvilinear relationship with decreasing marginal effects. Our research findings imply that star employees create value in knowledge-based industries; at the same time, implications are given as results calls for caution for excessive dependence on star employees beyond a certain level.

• Korean Journal of Construction Engineering and Management
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• v.19 no.4
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• pp.21-33
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• 2018

In 2018, the real estate markets have hardly been transacted according to the government's tight regulations of real estates, and have the high possibility to reach a low hit due to the hike of loan interest rates following the U. S rise of base money rate. The key profits for the large construction companies mainly come from the overseas plant projects and the domestic non-governmental construction projects. They suffered a lot such as the lowering of their credit ratings due to the large losses caused by the frquent design changes and work delay. Even in the domestic non-governmental construction projects, the general business risks are on the rise due to the property marketing moving over to the decreasing phase. The small and medium sized security companies has realized a lot of operaring profits as they participated in the PF market to make up for the losses in the securities trading business. But, now as the housing market is not so good around the nation except Seoul and the financial states of large construction companies are not good enough, they can face the liquidity crisis if there happens the problems in the PF backed securities which they have handled. As Korean economy experienced the crisis in the savings banks before, it is recommended that Financial Supervisory Service proposes the preemptive control method and supervision direction to overcome the crisis.

• The Optical Journal
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• s.146
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• pp.28-32
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• 2013

카메라 없는 모바일 기기는 상상할 수 없을 만큼 스마트폰 카메라가 대중화되어 있다. 모바일 기기에는 카메라가 필수 요소이며, 특히 스마트폰에는 자동초점 카메라 모듈이 기본으로 장착되어 있다. 따라서 카메라모듈 시장은 더 이상의 논의가 무의미할 정도로 전망이 아주 밝다. (그림1)은 기본적인 카메라모듈의 구조로 국내 공급업체와 증권사의 자료를 참조하였다. 스마트폰에 카메라가 기본적으로 장착되어 있는 만큼 기술적으로나 사업적으로 많은 이슈가 있다. 본고에서는 중국 시장과 자동초점 카메라모듈에 적용되는 액추에이터의 일종인 VCM(Voice Coil Motor)의 특허 분석을 통해 스마트폰 카메라의 동향에 대해서 기술하고자 한다.

• KDI Journal of Economic Policy
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• v.31 no.1
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• pp.239-276
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• 2009

The paper investigates the possible relationship between earnings prediction by security analysts and special ownership ties that link security companies those analysts belong to and firms under analysis. "Security analysts" are known best for their role as information producers in stock markets where imperfect information is prevalent and transaction costs are high. In such a market, changes in the fundamental value of a company are not spontaneously reflected in the stock price, and the security analysts actively produce and distribute the relevant information crucial for the price mechanism to operate efficiently. Therefore, securing the fairness and accuracy of information they provide is very important for efficiencyof resource allocation as well as protection of investors who are excluded from the special relationship. Evidence of systematic distortion of information by the special tie naturally calls for regulatory intervention, if found. However, one cannot presuppose the existence of distorted information based on the common ownership between the appraiser and the appraisee. Reputation effect is especially cherished by security firms and among analysts as indispensable intangible asset in the industry, and the incentive to maintain good reputation by providing accurate earnings prediction may overweigh the incentive to offer favorable rating or stock recommendation for the firms that are affiliated by common ownership. This study shares the theme of existing literature concerning the effect of conflict of interests on the accuracy of analyst's predictions. This study, however, focuses on the potential conflict of interest situation that may originate from the Korea-specific ownership structure of large conglomerates. Utilizing an extensive database of analysts' reports provided by WiseFn(R) in Korea, we perform empirical analysis of potential relationship between earnings prediction and common ownership. We first analyzed the prediction bias index which tells how optimistic or friendly the analyst's prediction is compared to the realized earnings. It is shown that there exists no statistically significant relationship between the prediction bias and common ownership. This is a rather surprising result since it is observed that the frequency of positive prediction bias is higher with such ownership tie. Next, we analyzed the prediction accuracy index which shows how accurate the analyst's prediction is compared to the realized earnings regardless of its sign. It is also concluded that there is no significant association between the accuracy ofearnings prediction and special relationship. We interpret the results implying that market discipline based on reputation effect is working in Korean stock market in the sense that security companies do not seem to be influenced by an incentive to offer distorted information on affiliated firms. While many of the existing studies confirm the relationship between the ability of the analystand the accuracy of the analyst's prediction, these factors cannot be controlled in the above analysis due to the lack of relevant data. As an indirect way to examine the possibility that such relationship might have distorted the result, we perform an additional but identical analysis based on a sub-sample consisting only of reports by best analysts. The result also confirms the earlier conclusion that the common ownership structure does not affect the accuracy and bias of earnings prediction by the analyst.

• Journal of Information Technology Applications and Management
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• v.14 no.4
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• pp.199-219
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• 2007

This research analyze the impact factors that affect the PI resistance of securities brokerage salespersons during Process Innovation in securities companies focusing on the broker's individual personality. After reviewing some related literatures, a survey was conducted at a domestic securities company with the derived factors from a focus group of securities salesmen with over 10 year work experience. The results show that broker's individual propensity to innovation, individual customer relationship and individual flexibility are closely related to the PI resistance. By controlling such factors for salespersons, securities companies can boost the ability to meet and control the changing situation and management innovation.

• IE interfaces
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• v.16 no.spc
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• pp.123-126
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• 2003

In this paper, we use three cluster algorithms (K-means, Self-Organizing Map, and Fuzzy K-means) to find proper graded stock market brokerage commission rates based on the cumulative transactions on both stock exchange market and HTS (Home Trading System). Stock trading investors for both modes are classified in terms of the total transaction as well as the corresponding mode of investment, respectively. Empirical analysis results indicated that fuzzy K-means cluster analysis is the best fit for the segmentation of customers of both transaction modes in terms of robustness. We then propose the rules for three grouping of customers based on decision tree and apply different brokerage commission to be 0.4%, 0.45%, and 0.5% for exchange market while 0.06%, 0.1%, 0.18% for HTS.

• Management & Information Systems Review
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• v.25
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• pp.43-68
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• 2008

From intuitional viewpoint many researchers have been considering that information technology investment serves to increase the productivity and the profitability of firm. But the empirical studies that have examined the relationship between information technology investment and firm performance have reported mixed findings. In spite of that, recently there has been growing recognition of the importance of assessing information technology investment in determining future performance of firms. This study examines the relationship between investment in information technology and performance of securities companies in Korea. I use Tobin's Q, a financial market-based measure of firm performance and investigates the pure effect of information technology investment on firm performance after controlling for a variety of firm specific variables which may affect on firm performance. This study finds that information technology investment have a significantly positive association with Tobin's Q. This result implicates that information technology investment contributes to a firm's future performance potential.