• Journal of Korea Technology Innovation Society
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• v.5 no.2
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• pp.129-140
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• 2002

This study is try to do the empirical tests on the relationship among innovation cycle, investment cycle, and business cycle suggested in recent economic growth models. We apply co-spectra analysis to estimate dynamic correlations in the extraction HP filtered variables and first difference filtered variables in our data set. Our empirical results are; (i) an existing asynchronization between innovation cycle and investment cycle, (ii) in the long frequency, an existing positive correlation between innovation cycle and business cycle, (iii) in the short frequency, however, a finding the high negative correlation between the two cycle. Our empirical findings support the recent growth through cycle models and suggest some economic policy implementations for economic stabilization during a severe business cycle.

• Journal of Digital Convergence
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• v.17 no.6
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• pp.43-49
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• 2019

The study divided the life cycle of Chinese companies into three stages from 2011 to 2017, 3,750 small and medium-sized enterprises(SME) used disclosure data to analyze the intensity of R&D investment by company life cycle. The analysis showed that the impact of wealth(ROA) on the performance of R&D investment(RDS) and the next(t) business performance, and research and development investments had a different impact on the company's performance depending on the life cycle of the company. The results of this study are expected to help determine the amount of expenditure related to R&D investment and the time of input of resources in consideration of industrial characteristics and corporate characteristics when making strategic decisions related to R&D investment of companies.

• Economic Analysis
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• v.24 no.3
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• pp.1-36
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• 2018

When it comes to explaining the relationship between inventory investment and business fluctuations, the production smoothing theory and the stock-out avoidance theory take contradictory stances. Decision-making related to inventory investments of corporations is thought to be influenced by both motives, but the relative sizes or directions of their respective influences can differ depending upon the phase of the business cycle. Against this backdrop, this paper differs from existing studies in that it theoretically tests the relative significances of the production smoothing and stock-out avoidance motives in the inventory investment dynamics, while placing its analytical focus on determining the existence and patterns of the asymmetric dynamics of inventory investment over the business cycle phases. To this end this paper sets up a non-linear model that is expanded from the existing linear inventory investment model, and checks whether its predictive power is better than that of the existing model. The results of analysis confirm the nature of the asymmetric dynamics of inventory investment over the business cycle phases. A stock-out avoidance motive appears but there is no significant production smoothing motive in boom times. In downturns, in contrast, the stock-out avoidance motive is insignificant, but a quality of asymmetric dynamics in which changes in inventory cause the deepening of recessions, due to the non-convexity of production costs proposed by Ramey (1991), is detected. This paper confirms that a model considering the asymmetric dynamics of inventory investment can have better predictive power than one that does not consider it, through within-sample and out-of-sample predictions and various predictive power tests. These research results are expected to be useful for economic forecasting, through their enhancement of the understandings of the inventory investment dynamics and of the nature of its business cycle destabilization.

• Land and Housing Review
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• v.15 no.3
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• pp.113-127
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• 2024

This study explores shifts in real estate investment sentiment using media reports from 2012 to 2022, segmenting the market dynamics into three distinct cycles based on housing and land transaction indices. Leveraging 54 BigKinds media sources, we investigates 3,387 headlines and 8,544 body texts using LDA topic modeling. The results show that the first cycle (2012-2015 ) centered on apartment pre-sales, where policy changes influenced sentiment but did not consistently affect investment decisions. The second cycle (2016-2018) was characterized by interest rate hikes and rising property prices in Seoul, resulting in significant fluctuations in transaction volumes. The third cycle (2019-2022) encompassed the effects of COVID-19, market instability, and policy failures, leading to distorted and weakened investment sentiment. Each cycle demonstrated that policies, interest rates, and economic events significantly shaped investor sentiment, as reflected in media reports.

• Journal of the Korean Society of Safety
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• v.29 no.6
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• pp.94-98
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• 2014

This study was intend to develop the optimal design method of suspension bridge by the reliability analysis based on minimization of life cycle cost(LCC). The reliability analysis was performed considering aleatory uncertainties included in the result of numerical analysis. The optimal design was estimated based on life-cycle cost analysis depending on the result of reliability analysis. As the effect of epistemic uncertainty, the safety index (beta), failure probability (pf) and minimum life cycle cost were random variables. The high-level distributions were generated, from which the critical percentile values were obtained for a conservative bridge design through sensitivity assessment.

• Proceedings of the Safety Management and Science Conference
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• 2010.11a
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• pp.209-231
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• 2010

외국인투자가들의 분산투자(diversification) 요인은 한 가지로서 요약할 수는 없다. 이들 중에 상당수의 투자가들의 투자목적은 투기적요인(speculation)에 근거하거나 자국 내의 저조한 포트폴리오 투자 성과를 만회하기 위해 한국을 비롯한 다른 국가들에 눈을 돌리고 있는 것이다. 이에 따라 한국에 대한 실증분석을 실시한 결과를 보면, 외국인투자가들이 포트폴리오 수익극대화를 위한 투자에 보다 치중하였음을 알 수 있었다. 한편 외국인투자가들이 한국에 대한 주식을 거래할 때 다른 거시지표에 비하여 경기변동(business cycle0 지표를 가장 중요시하고 있음을 나타내고 있다.

• International Area Studies Review
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• v.21 no.4
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• pp.41-63
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• 2017

FDI can either be absorbed in the production cycle with domestic investment and create an inducement effect or it can remain as an exogenous factor and increase the volatility of GDP. The purpose of this paper is to research these different impacts that FDI could have. For that, the endogenous growth theory was employed. The statistic method used are the panel model for sectoral analysis, and GARCH model and VAR for time series analysis. Myanmar was selected as this paper's research subject because it is one of countries which had a colossal amount of FDI inflow recently. The panel analysis did not confirm the causality between sectoral FDI and sectoral GDP. The reason for this could be in the lack of data, since sectoral data exists yearly only during 2006-2016. Therefore this study conducted the times series analysis. According to the results, during 2006 until 2010, it showed signs of GARCH but the effect of FDI on GDP was nonexistent, which means FDI was not integrated into the domestic production cycle but stayed in residual terms. During 2011 to 2016, FDI seemed to affect the growth of Myanmar's GDP. The estimation confirmed the existence of GARCH and the Granzer causality test confirmed that FDI influenced the GARCH, which signified FDI increased the volatility of GDP. The VAR analysis showed responses of GDP to FDI was small(about 0.0007). This research assumes that FDI can be divided in two parts: one part which can be assimilated in the domestic production cycle and the other where it stays outside of the production cycle. The former creates production inducement effect and the latter only increases the volatility of GDP. According to this study, the latter outweighs the former impact in Myanmar.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2007.11a
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• pp.917-920
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• 2007

Private companies will get back their investment by leasing facilities to the government, Since act on private participation in infrastructure were changed in January 2005, BTL(Build Transfer Lease) project of introduced in the domestic construction market for the purpose of providing public facilities with the public. BTL projects is for with approximately project life cycle form plan to maintenance the success of the project totally depends on the capability and role of concessionaire. Accordingly, this study is aimed to improve in order to proceed with BTL project efficiently, a clear standard for the item of evaluation was presented.

• Proceedings of the Safety Management and Science Conference
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• 2011.04a
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• pp.273-275
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• 2011

이 논문은 기존의 포트폴리오와 관련된 모형에 경기변동(business cycle)과 관련된 변수들을 포함하였을 경우 개인투자자들의 현금 및 주식보유를 통한 자본이득 극대화에 도움이 되는지와 관련된 것이다. 그리고 개인투자자들은 경기호황기에는 모멘텀 투자와 소형주와 성장주 등에 포트폴리오를 분산투자하지만 경기가 침체기(recession)에 들어설 경우 수익률이 급등락하는 특성을 지니는 소형주(small cap)에 집중적인 투자를 하는 성향을 나타내고 있다.

• The Journal of the Korea Contents Association
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• v.22 no.10
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• pp.83-92
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• 2022

The purpose of this research is to analyze the European paradigm of health investment and its implication. Conventional content analysis of WHO/EU(/EC)/European countries' policy data, and articles shows that the European paradigm of health investment is consist of the basic and extended models, twelve life-course-based health investment policies, and SROI evaluation method. The analyses and discussion points provide policy implications for making virtuous cycle of Korean sustainable healthcare system with economic development in the post Covid-19 era.