• The Journal of the Convergence on Culture Technology
• /
• v.7 no.1
• /
• pp.37-41
• /
• 2021

In recent years, ESG investment is increasing worldwide, and awareness of ESG risks such as environment, society, and governance is increasing, and non-financial investments are considered when making investment decisions. With the recent Corvid 19 crisis, the focus is on the environment, and investments related to bio and health are gaining popularity, while new investments are completely suspended in coal-related businesses, and decisions are made in the direction of sequential termination or withdrawal of existing businesses This has resulted in an increasing number of managers setting climate change and sustainability as top priorities in their investment portfolios. As a result, it is necessary to present effective countermeasures to changes in the investment environment, and to make efforts to respond and prepare an investment system that can help build a risk management system. Therefore, I would like to briefly review the ESG investment trends and present implications considering shared growth and mutual benefit.

• Korean Business Review
• /
• v.19 no.1
• /
• pp.157-174
• /
• 2006

In the past, because Korean private venture capital firms could get government support and subsidies, they could be survived in the market without having required management capabilities, advanced venture investment techniques, and professional supporting agencies and institutions. However, business environments have changed a lot recently. Now, only through identifying the optimal financial structures(the ratio of debt to equity), Korean private venture capital firms can minimize investment risks and ensure higher profits. Since Modigliani and Miller(1958) criticized the existence of the optimal financial structure, there have been numerous studies on the optimal financial structure of firms. However, there is no empirical study investigating the financial structure of venture capital firms. The purpose of this article is to analyze the relationship between firm characteristics, financial security indies, and financial profit indices of korean private venture capital firms. We gathered the data from various sources, including the web pages and the financial statements for 2003 and 2004. By using the student's t-test and the correlation analysis, we showed that there are differences in the current ratio and the ratio of net profit to net sales between new and old korean private venture capital firms. Even though it is known that korean private venture capital firms does not have enough knowledge and investment technique to compete with global venture capital firms, our result show that old korean private venture capital firms have already built some knowledge and understanding of venture capital investing.

• Journal of the Korean Institute of Gas
• /
• v.7 no.1 s.18
• /
• pp.33-40
• /
• 2003

In this work, a novel approach was introduced to assess cost of loss resulting from risk as well as to help deciding inspection period through quantifying risk. In order to quantifying risk of city gas pipeline, frequency and consequence analysis were required. The main causes of city gas accident were analyzed to be digging, external corrosion, ground movement, and equipment failure. Tools to evaluate frequency of each cause was also suggested. Among city gas accidents, fire damage is the dominant one and mainly discussed; fatality, burning injury, and damage to building were estimated using the consequence model suggested. By combining frequency and consequence analysis, evaluating cost of risk management together with calculating example. This work could be applicable for city gas companies to plan how to manage risk most effectively.

• The Korean Journal of Financial Management
• /
• v.21 no.1
• /
• pp.33-58
• /
• 2004

This paper tests Van Home's hypothesis, a negative correlation between degrees of operating leverage(DOL) and financial leverage(DFL). For an empirical analysis, we extract information from financial statements of manufacturing companies listed in the Korea Stock Exchange. Data extend from 1980 to 2001. The DOL continued to increase until 1997, but decreased dramatically after the IMF financial crisis. However, the DOL has been at a higher level than companies of other countries such as USA and Japan. The DFL has been maintained at a much higher level, as expected. The empirical results indicate a positive correlation between the DOL and the DFL, which is inconsistent with the VanHorne's hypothesis. To further investigate, we divide the whole sample into subgroups according to such management elements as asset size, level of leverages, earnings and cash flow. The results for sub-samples are different from those of whole sample. This indicates we need to incorporate specific managerial factors in order to correctly explain financial decision processes.

• The Korean Journal of Financial Management
• /
• v.21 no.2
• /
• pp.125-151
• /
• 2004

This study tests the price discovery from US Treasury bond markets to Korean bond markets using the daily returns of Korean bond data (CD, 3-year T-note, 5-year T-note, 5-year corporate note) and US treasury bond markets (3-month T-bill, 5-year T-note 10-year T-bond) from July 1, 1998 to December 31, 2003. For further research, we divide full data into two sub-samples on the basis of the start-up of bond valuation system in Korean bond market July 1, 2000, employing uni-variate AR(1)-GARCH(1,1)-M model. The main results are as follows. First the volatility spillover effects from US Treasury bond markets (3-month T-bill, 5-year T-note, 10-year T-bond) to Korean Treasury and Corporate bond markets (CD, 3-year T-note, 5-year T-note, 5-year corporate note) are significantly found at 1% confidence level. Second, the price discovery function from US bond markets to Korean bond markets in the sub-data of the pre-bond valuation system exists much stronger and more persistent than those of the post-bond valuation system. In particular, the role of 10-year T-bond compared with 3-month T-bill and 5-year T-note is outstanding. We imply these findings result from the international capital market integration which is accelerated by the broad opening of Korean capital market after 1997 Korean currency crisis and the development of telecommunication skill. In addition, these results are meaningful for bond investors who are in charge of capital asset pricing valuation, risk management, and international portfolio management.

• Journal of Venture Innovation
• /
• v.1 no.2
• /
• pp.47-59
• /
• 2018

With the recent, rapid changes in the socio-economic environment, organizations of today are now required to present a framework of realistic consumer behaviors based on psychology, economy, and finance, in order to understand their investing customers. Stock investors show differences in terms of their decisions or evaluations in the process of investing. This is due to what is called the 'framing effect.' The decision frames of the investors are defined differently, and, as a result, this affects the decisions made by the investors. Preceding studies on stock investment rarely touched the topic of the effect of message framing on market participants in their stock investment, especially regarding the differences in terms of their risk management behaviors based on the message framing in stock investment. Therefore, the purpose of this study is to examine the influence of stock investment message framing on market participants in their investment decision making and empirically validate whether this message framing effect has a moderating effect on the factors of investment satisfaction. For this, 494 participants with stock investment experiences were interviewed from May 1 to 26, 2018, and the results were used as the data for the empirical analysis. The analysis of the data was conducted using SPSS 22.0 statistical analysis software. The results of this study were as follows; First, of the stock investment behavioral factors, the stock comprehension, recommendation by others for a stock, and the degree of risks of a stock affected stock investment satisfaction in a positive manner. And, of the behavioral factors of stock investment, stock comprehension, stock brand, recommendation on the stocks from others, past performances, and risk levels of stocks affected the intent of continued stock investment in a positive manner. Second, message framing turned out to affect stock investment satisfaction in a positive manner, and it also had a significant moderating effect to the relationship between the stock investment behavior and stock investment satisfaction. Third, message framing was found to affect continued stock investment intent significantly, with a significant moderating effect in the relationship between stock investment behavioral factor and continued stock investment intent.

• Journal of Convergence for Information Technology
• /
• v.11 no.2
• /
• pp.82-89
• /
• 2021

The objective of this study is to propose a new Glide Path that dynamically adjusts the risky asset inclusion ratio of the Target Date Fund by simultaneously considering the market's forecast volatility as well as the time of investor retirement, and to compare the investment performance with the traditional Target Date Fund. Forecasts of market volatility utilize historical volatility, time series model GARCH volatility, and the volatility index VKOSPI. The investment performance of the new dynamic Glide Path, which considers stock market volatility has been shown to be excellent during the analysis period from 2003 to 2020. In all three volatility prediction models, Sharpe Ratio, an investment performance indicator, is improved with higher returns and lower risks than traditional static Glide Path, which considers only retirement date. The empirical results of this study present the potential for the utilization of the suggested Glide Path in the Target Date Fund management industry as well as retirees.

• Proceedings of the Korea Technology Innovation Society Conference
• /
• 2017.05a
• /
• pp.95-99
• /
• 2017

초연결사회(Hyper-connected society)인 제4차 산업혁명시대는 사람과 과학기술의 융합이 필수적인 상황이다. 이러한 변화에 선제적으로 대응하기 위해서는 산업기술보호의 패러다임의 변화가 필요한 시점이다. 이는 국가 사회가 융 복합적으로 적정한 비용을 투자하여 총체적 위험관리를 수행하여야 하며 그 핵심은 산업기술보호 전문인력 양성과 관리를 강화하는 것이다. 이에 따라 본 연구에서는 산업기술보호 전문인력 양성관련 현황을 진단하고 앞으로 개선해야할 점에 대해 각 분야 전문가들의 심층 토론을 통해서 시사점을 도출하고자 한다.

• Proceedings of the Korean Society for Rock Mechanics Conference
• /
• 2001.10a
• /
• pp.83-90
• /
• 2001

절개면의 안정도 평가와 더불어 낙석으로 인한 안전사고를 방지하기 위한 적절한 투자와 대책 마련은 도로의 신설과 유지 차원에서 실시되어야 한다. 절개면의 안정도를 정량적으로 파악하여 위험등급을 분류하는 것은 현실적으로 많은 어려움이 뒤따른다. 이는 절개면 안정도 평가시 조사인자의 선정에서 전문기술자의 주관적인 판단 차이로 인하여 발생되는 경우가 적지 않다. 본 연구에서는 절개면의 안정도 평가법 개발을 위하여 절개면의 조사인자를 설정하고 설정된 인자를 5점 척도법을 이용한 퍼지 이론으로 안정도를 평가하는 기법을 개발하였다. 또한, 정량화 값만으로 평가된 절개면 안정도에 따른 대책공법의 설정은 현장성과 적용성에서 문제가 발생할 가능성이 많다. 본 연구에서는 현장의 여건을 최대한으로 고려하여 도로 관리자뿐만 아니라 지반 전문가가 대책공법을 선정할 수 있는 기법을 개발하였다. 개발된 평가법과 시스템은 효율적인 정보관리화가 이루어지도록 전산시스템화 되어 있으며 도로절개면 유지관리시스템에 병합하여 운영하도록 되어 있다.

• The Korean Journal of Financial Management
• /
• v.9 no.2
• /
• pp.1-29
• /
• 1992

자본자산(資本資産) 가격결정(價格決定)의 소비기저모형(消費基低模型)은 자본시장의 성질들을 깊이 있게 반영한 모형이지만 이 모형을 정립하는 데 사용된 효용함수의 형태가 주어지지 않고 있다. 이 효용함수의 형태는 실증분석을 통하여 결정되어야 한다. 이 논문에서는 소비기저모형에 사용될 수 있는 효용함수(效用函數)로서 기대효용함수(期待效用函數), 화폐효용함수(貨幣效用函數)와 비기대효용모형(非期待效用模型)을 상정하고 우리나라의 데이터를 사용하여 이 중 어느 함수(函數)가 우리나라의 투자활동과 자산의 가격결정에 적합한가를 실증적으로 분석하였다. 그 결과 상대적 위험기피계수는 대략 4이고 주관적 할인율이 0.8정도이며 소비기저모형(消費基低模型)을 정당화시키는 효용함수(效用函數)는 비기대(非期待) 모형(模型)임이 발견되었다.