• The Journal of the Korea Contents Association
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• v.19 no.9
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• pp.212-220
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• 2019

This study evaluates the extent to which the government's financial support policy, the Audio-visual investment fund, contributed to raising capital for Korean films. Audio-visual investment fund in the Korean film industry, which has been formed through the public sector support since 1999. The Audio-visual investment fund is a leading financial support policy for the Korean film industry, and began with the investment of the Small and Medium Business Administration and the Korean Film Council. It has become an important source of Korean film production costs and has spread to other cultural industry sectors, as a way of capital procurement for a start-up companies and cultural projects. This study reconstruct the data of the organizations such as the size of a new investment fund by public sector, the ratio of public capital contribution, the amount and number of investment in Korean films, investment multiplier compared to equity investment, and the internal return rate(IRR) of liquidation funds in the Korean film capital market from 1999 to 2017. The purpose of this project was to provide the basis for assessing the achievements of the Audio-visual investment fund policy in contributing to the growth of the film industry.

• Knowledge Management Research
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• v.22 no.1
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• pp.21-37
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• 2021

The purpose of this study is to explore financial investment knowledge related to multi-strategy, which is not generally shared. Through case studies, we will share it with the domestic hedge fund market. Since the era of full-fledged private equity hedge funds in Korea opens, many funds are created; however, reality is that there is a lack of diversity in strategies. Initially, it started with a simple stock long/short strategy, and various strategies such as mezzanine and alternative investments are in use but funds using multi-strategy are limited. This study aims to present an empirical application plan for hedge fund management strategies using a case study. It will specifically focus on process of achieving Absolute Return using the Multi Strategy technique actively used in securities firms' Prop Trading. With the results of this study, we intend to contribute to those fund managers and desired researchers who are utilizing multiple strategies in the hedge fund management to pursue Absolute Return and to help them strengthening their financial knowledge and competitiveness.

• ETRI Journal
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• v.31 no.1
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• pp.51-61
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• 2009

We present a unified explanation of the internationalization strategies of major mobile network operators (MNOs). We have developed a framework that analyzes the strategies of major international MNOs in terms of the relationship between their degree of involvement in international business operations and the degree of equity participation. The results show a positive association between these two dimensions as expected, but they also reveal some exceptional cases in which certain MNOs are actively involved in the business operations of other foreign MNOs, even with minor (or zero) equity investments. In this paper, we argue that the strategic actions of the major MNOs which are the largest shareholders of foreign MNOs are in an equilibrium status because these major MNOs derive maximum benefit from full or considerable management control and active involvement. Finally, we predict that latecomers (MNOs who are just about to enter foreign telecommunications markets) may adopt an incremental investment approach because most developed markets and deregulated emerging markets with growth potential are already preempted by major MNOs. Therefore, the window of opportunity for internationalization in those markets is currently small.

• International Area Studies Review
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• v.20 no.1
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• pp.79-104
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• 2016

This paper investigates the impact and behavior of foreign equity investment in Asian emerging economies during the 2007-2008 and the 2010-2012 global financial crises in terms of volatility and return. The empirical results indicate that foreign investors show positive feedback trading behavior in the sample countries. We find evidence that foreign investors' net selling behavior significantly increases market volatility in most countries.

• The Journal of Fisheries Business Administration
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• v.54 no.4
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• pp.47-64
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• 2023

The development potential of the aquaculture industry is very high, but there is no financial support for investment except for the government, policy funds, fishery funds, etc. Therefore, we would like to propose a contract transaction in the aquaculture industry. This refers to a forward contract between a producer (fish farmer) and a buyer (mainly a processor or marketer) that stipulates the production and supply of fish products at a predetermined price, but it also refers to an "equity participation type" contract in which both producers and buyers can participate. In other words, it is a model in which part of the fish farm is produced in a way that meets the conditions of the buyer, and part is produced by the producer. This study aims to establish the basic contract trading process. It provides an academic approach to prevent adverse selection and moral hazard due to information asymmetry. It also provides an idea to converge the aquaculture industry with the financial industry using Pecking Order theory. By doing so, we have made it possible for venture capitalists to invest with confidence and provided a process for investors to resolve their concerns, paving the way for the aquaculture industry and the financial industry to develop together.

• The Journal of the Convergence on Culture Technology
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• v.9 no.2
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• pp.319-325
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• 2023

This study investigates the impact of over-investment on the market value of cash holdings. In addition, this paper examines whether the effect of over-investment on the value of cash holdings differs depending on firms' ownership structure. The results show that increase in over-investment reduces the market value of cash holdings. This suggests that investors perceive that over-investment deteriorates future business performance and generates excessive burdens on future cash flows. As a result, they provide negative evaluation on the market value of cash holdings. In addition, the negative impact of over-investment on the market value of cash holdings is more significant for owner manager firms where managers hold a high level of equity. Such empirical results imply that owner manager firms are more likely to use their cash holdings for private interest, therefore, over-investment reduces the cash value to a greater extent. This study provides empirical evidence that the effect of over-investment on the market value of cash holdings varies depending on the characteristics of firms' ownership structure.

• Journal of Service Research and Studies
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• v.8 no.1
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• pp.103-122
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• 2018

The purpose of this study is to present the direction of ELS investment by analyzing the actual investment return of the ELS commodities and analyzing the investment effect of ELS that investors have felt unsatisfactory at financial marketing service. The research method is based on the step-down type ELS. We calculated the probability of achieving early redemption condition and maturity repayment condition, early redemption estimated yield, and maturity repayment estimated yield. As the study result, the probability of achieving 100% of the early redemption condition was 74.5%, and the probability of the early redemption condition 95% was 83.0%, 90% was 89.5%, 85% was 92.5%, and 80% was 96.5% respectively. In the case of the lowest 75%, the probability of holding to maturity is analyzed to be 2.5%, and the probability of early redemption is high. The probability of the stock price growth within 65% of the maturity repayment condition was 98.5% and the probability of the stock price growth within 60%~45% of the maturity repayment condition was 100%. 65% of maturity repayment condition was analyzed as 1.5% risk of principal loss, and the probability of achieving the committed yield of maturity was high. As a key measure of ELS investment, it is advantageous to select a commodity with a low rate of maturity repayment and a high rate of early redemption.

• Journal of the Korean Society of Industry Convergence
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• v.7 no.4
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• pp.363-368
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• 2004

The stocks of listed S&M sized firms in the KoreaStock Exchange(KSE) have been neglected to investors for long time in site of their good performences. The word "Neglected" means that the stocks of listed S&M sized firms in the KSE have fail to acquried liquidity. In the result, Listed S&M sized firms in the KSE have not financed equity by issuing stocks timely in the primary market. This problem has resulted in poor investment to their listed S&M sized firms in the KSE. The possible key to sovlve this problem is in the Institutional Investors, especially to the Pension fund. Korean Institutional Investors have lost their basic roles, that is, final supports to prevent the markets not to demolish. The Acts prventing Pension to invest to the stocks is to change to allowing to invest them in soon. this opportunity is good chance to solve the problems of poor liquidity of stocks of listed S&M sized firms in the KSE.

• Korean Management Science Review
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• v.32 no.1
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• pp.15-33
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• 2015

Under complete information, introducing additional constraints to a portfolio will have a negative impact on performance. However, real-life investments inevitably involve use of error-prone estimations, such as expected stock returns. In addition to the reality of incomplete data, investments of most Korean domestic equity funds are regulated externally by the government, as well as internally, resulting in limited maximum investment allocation to single stocks and risk free assets. This paper presents an investment framework, which takes such real-life situations into account, based on a newly developed portfolio selection model considering realistic constraints under incomplete information. Additionally, we examined the effects of additional constraints on portfolio's performance under incomplete information, taking the well-known Samsung and SK group stocks as performance benchmarks during the period beginning from the launch of each commercial fund, 2005 and 2007 respectively, up to 2013. The empirical study shows that an investment model, built under incomplete information with additional constraints, outperformed a model built without any constraints, and benchmarks, in terms of rate of return, standard deviation of returns, and Sharpe ratio.

• The Journal of the Korea Contents Association
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• v.21 no.2
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• pp.1-14
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• 2021

Recently, crowdfunding platforms have received attention as one of the content investment platforms for the public. This research attempts to explore the influencing factors on the success of movie euqity crowdfunding project. We use 'number of texts', 'number of images', 'star influence power', 'IP-based movie project', 'movie production stage', 'box office prediction', 'investment capital ratio', 'amount of surplus available investment', 'profit calculation method' and 'minimum investment amount' as independent variables. And we examined how these factors affects the achievement rate of movie crowdfunding. As a result of multiple regression analysis, 'movie production stage', 'investment capital ratio', 'amount of surplus available investment' and 'profit calculation method' have a significant effect on the crowdfunding achievement rate. In addition, the results of this research can be used for reference when planning film crowdfunding projects.