• Journal of the Korean Data and Information Science Society
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• v.28 no.2
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• pp.421-433
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• 2017

The CTE (conditional tail expectation) is a useful risk management measure for a diversified investment portfolio that can be generally estimated by using a transformed univariate distribution. Hong et al. (2016) proposed a multivariate CTE based on multivariate quantile vectors, and explored its characteristics for multivariate normal distributions. Since most real financial data is not distributed symmetrically, it is problematic to apply the CTE to normal distributions. In order to obtain a multivariate CTE for various kinds of joint distributions, distribution fitting methods using copula functions are proposed in this work. Among the many copula functions, the Clayton, Frank, and Gumbel functions are considered, and the multivariate CTEs are obtained by using their generator functions and parameters. These CTEs are compared with CTEs obtained using other distribution functions. The characteristics of the multivariate CTEs are discussed, as are the properties of the distribution functions and their corresponding accuracy. Finally, conclusions are derived and presented with illustrative examples.

• Journal of Information Technology Services
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• v.22 no.4
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• pp.81-95
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• 2023

The emergence of Security Token has revolutionized the way assets are traded, bringing efficiency, transparency, and accessibility to the market. However, the Real Estate Security Token market faces challenges, particularly in terms of liquidity. The CMTO(Collateralized Mortgage Token Obligation) model addresses this issue by introducing a novel approach that combines the benefits of NFT(Non-Fungible Token), STO(Security Token Offering), and CMO(Collateralized Mortgage Obligation) techniques to enhance liquidity and promote investment in Real Estate Security Token. The CMTO framework functions by allowing DABS token investors to leverage their tokens as collateral for loans. These token-collateralized loans are pooled together and form the basis for issuing Sequential CMO named CMTO. The CMTO represent a diversified portfolio of token-collateralized loans, providing investors with options based on their financial goals and risk preferences. By implementing CMTO, the Real Estate Security Token market can overcome liquidity challenges, attract a broader range of investors, and unlock the full potential of digital assets in the real estate industry.

• Journal of Digital Convergence
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• v.14 no.10
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• pp.253-259
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• 2016

Recently, not only domestic businesses but also overseas businesses are expanding development and investment in automated warehouses as domestic and foreign logistics environments undergo drastic change. In such an environment, automated warehouse systems are being rapidly changed, and automated warehouse systems equipped with diversified functions are being developed accordingly. But the assessment systems of developed automated warehouse system is at a standstill. In the present article, characteristics of the automated warehouse systems in diversified development and trends of technology were analyzed, based on which evaluation items of functional suitability and reliability were derived by referring to ISO/IEC 25000 as the international quality assessment standard to secure reliability of the automated warehouse system, and an evaluation model was developed through the derived evaluation items. Through the present article, evaluation standards of functional suitability and reliability to enhance quality levels of automated warehouse systems are considered to be secured.

• Journal of the Korea Fashion and Costume Design Association
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• v.20 no.4
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• pp.175-186
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• 2018

These days, due to increased income levels, lower birthrate, and increased marriage age, interest and investment in children has increased, and infant & children's clothes has become more upgraded, differentiated, and diversified. In accordance with the change of the infant & children's clothes market, Examine the research trends of the papers in the journals. Used 'KISS', 'DBpia', 'Korea Institute of Science and Technology Information', in the search system, and 137 papers were searched for by using key word, 'infant's clothes' and 'children's clothes'. The year of publication is limited to 2001 to 2017, and they are classified into 5-year units and again the papers were classified by year, by journal, by field of clothing research (Technical Design & Production, Fashion Marketing, Textile System, Fashion Design), and frequency and percentage were used as data analysis. The number of articles related to infant & children's clothes increased such as 39 in 2001~2005, 43 in 2006~2010, and 55 in 2011~2017. The distribution of articles by journals has been published mainly in the journal of the Korean Society of Clothing and Textiles, but as the journals were diversified, they were distributed evenly in other journals related to the apparel. In the presentations according to the research field by year, from 2001 to 2005, the ratio of apparel design and production was high, but since 2006, many papers related to fashion marketing and fashion design have been published. The research contents of the field of clothing research are as follows: 41 articles in design production field, focusing on dimensional system and pattern design, 40 articles in fashion design field, focusing on design development and design preferences, 46 articles in fashion marketing field, focusing on consumer behavior and marketing management. And 10 articles in apparel material system field, focusing on research on cloth science materials, but they are less well studied than others, but these studies should be actively pursued in the future.

• Korean Journal of Construction Engineering and Management
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• v.4 no.2 s.14
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• pp.99-108
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• 2003

Recently, the construction companies are forced to cut down the investment amount due to increasing financial problems caused by severe recession and restructuring in the financial market as well as the long-term depression of the construction industry. To overcome this type of problems, a great many efforts have been made. An alternative may be adopting the advanced financing methods. However, during the course of enforcing process of the financing methods, many problems are revealed without any proper solutions being proposed. Therefore, the fundamental problems need to be solved through comprehensive and systematic approach under the changing environment of construction financing. In this paper, as a result of reviewing some financing methods such as ABS, REITS, and Project Financing, multiple business strategies for construction companies to cope with the changing construction market are found in the sense of effectiveness in implementing construction projects. Further, this paper presents diversified financing methods for the effective practice of construction projects through combination of above mentioned methods, and also proposes improvement plans to strengthen the financing function for the construction industry.

• Journal of Korea Society of Industrial Information Systems
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• v.24 no.6
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• pp.81-93
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• 2019

As customers' needs are more diversified, the issue of managing product variety has become more important to manufacturers. It is because an increase in product variety may cause various inefficiencies in operations, while satisfying more diverse needs. Consequently, firms have introduced the concept of modularity to improve operational performance. Yet there are only a few studies which analytically investigate the effect of modularity in new product development (NPD). Therefore, this research develops an analytical model of exploring the effect of modularity on firm profitability when a component built upon new technology is introduced into an existing product, and provides important managerial implications on the NPD and technology management, which can guide the decision making on modularity in practice. The results show that it is necessary to increase modularity level when i) the product is easy to upgrade, ii) the product's price should be high due to external factors, and iii) the effect of new technology investment is uncertain, while it is desirable to increase the investment cost for introducing new products with low demand elasticity for modularity.

• Journal of the Economic Geographical Society of Korea
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• v.25 no.3
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• pp.420-450
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• 2022

Texas has recently emerged as a phenomenal industrial destination, which attracts headquarters, production facilities, and/or regional centers of global corporations including Tesla and Samsung. Known as "Texit", this trend of corporate investment to Texas has concentrated in highly developed industrial clusters (such as Dallas-Fort Worth, Houston, Austin, and San Antonio) since the early 2000s. Against this background, this paper examines sectoral and geographical characteristics of those clusters, and investigates associated state initiatives that have been introduced and implemented. As a result, key policy measures in the state are found to be aligned to free-market liberalism, diversified incentives, and regional specialization. Unlike Silicon Valley where Bohemian liberalism engendered vibrant entrepreneurship and innovative start-up formation, it is the strong state government that leads industrial cluster upgrading in Texas, while successfully harnessing lower income taxes and deregulation, affordable land and infrastructure, and quality higher education and human capital as regional assets for attracting inward investment.

• Asia-Pacific Journal of Business
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• v.12 no.3
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• pp.379-396
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• 2021

Purpose - The purpose of this paper is to study the rational payoff from the standpoint of foreign investors and the government when the government issues GDP-linked bonds to foreign investors. Design/methodology/approach - In this paper, the prices of 12 types of GDP-linked bond structures, which are classified according to the calculation cycle of the rate of change of linked GDP, the currency issued, and whether options are embedded, were evaluated. The Fama-French 3-factor model and the GMM-SDF model are used in the asset pricing model, and domestic and overseas investors used different basis assets. Findings - The KRW premium for US investors is estimated to be 43bp on a quarterly basis and 30bp on an annual basis, respectively, meaning that when the government issues bonds in KRW, the interest rate paid to US investors will be reduced by 30bp to 160bp (annually converted). Using the Fama-French 3 factor model, the KRW premium is the risk premium for the US market beta, meaning that if US investors do not intend to invest in US market beta, it is advantageous to receive an additional interest rate by investing in USD-denominated GDP-linked bonds. Korea's GDP- linked bond give US investors diversified investment utility, so they are willing to incorporate Korean GDP-linked bonds even if -150bp of interest is deducted from the structure issued to Korean investors. And as a result of estimating the value of the option through the GDP-linked bond with options that provides a floor for guaranteeing the principal, the value of the option linked to the annual GDP issued in dollars was the lowest. Research implications or Originality - Issuing dollar-denominated GDP-linked bonds linked to annual GDP with the option of guaranteeing the principal by the government is a way to increase investment opportunities for US investors and achieve financial stability of the government.

• Journal of Distribution Science
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• v.14 no.1
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• pp.39-49
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• 2016

Purpose - Considering industrialization development stages, an economic effect of ASEAN free trade agreement (FTA) on foreign direct investment (FDI) flows into the ASEAN countries was analyzed. Research design, data, and methodology - utilizing macro-level panel data from 2001 to 2012, panel regression analysis was conducted with a model constructed based on the knowledge-capital model. Results - As for overall ASEAN countries, ASEAN FTA was positively effective to attract vertical FDI to this region, while horizontal FDI was dominant before ASEAN FTA. Meanwhile, for the diversified economy relevant to Singapore, ASEAN FTA was not effective to attract FDI. For the ongoing industrialization economy relevant to Thailand, Malaysia, and the Philippines, ASEAN FTA was negatively effective to attract FDI; ASEAN FTA became a strong incentive to replace foreign investments with trade transactions for the horizontal firms, but an influence of market potentials after ASEAN FTA, which induces to third-country effects such as export platform FDI, has increased. For the incipient industrialization economy relevant to Indonesia, Vietnam, and Cambodia, ASEAN FTA was positively effective to attract vertical FDI. Conclusions - The effectiveness of FTA on FDI inflows varied considerably by the industrialization development stages of host countries.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2019.11a
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• pp.195-196
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• 2019

The purpose of this study is to analyze the scale of overseas design orders in Korea, China and Japan by region and type of work, and to draw implications. As a result of analyzing the overseas design sales market of Korea, China and Japan, all three countries have the highest percentage of overseas sales in the Asian market, and the overseas design sales are the highest in power generation, chemical plant and transportation sectors. In addition to the Middle East and Asian markets, Japan and China have also diversified their strategies to diversify their markets by taking orders in various regions such as Europe, Africa and the United States. In particular, China is promoting the "New Silk Road Project" (One belt, One road), linking land and sea to a total of 25 countries and actively supporting aid projects in Africa and Asia, have. In addition, Japan has been actively supporting the government's expansion of ODA projects to expand overseas market entry. Therefore, it is necessary for Korea to increase its market share through diversification of overseas design market and diversification of industrial type, and to participate in overseas design market by expanding customized R&D investment.