• Asia-Pacific Journal of Business
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• v.13 no.1
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• pp.167-183
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• 2022

Purpose - The purpose of this study is to show the need to use the past long-term returns for investment decisions in U.S. equity funds and to suggest an investment strategy using long-term returns. Design/methodology/approach - This study solves the problem of high return volatility in long-term returns and proposes new investment portfolios based on the behavior of fund investors according to past returns. For the investment portfolio of this study, 60 months are divided into several periods and the average of the performance ranks for each period is used. Findings - First, funds with high average returns over multiple periods have lower future outflows and higher future returns than funds with high 60-month cumulative returns. Second, funds with low average returns over multiple periods have lower future inflows and lower future returns than funds with low 60-month cumulative returns. The findings mean that when making decisions based on past long-term returns, it is a smarter investment choice to buy funds with high average returns over multiple periods and sell funds with low average returns over multiple periods. Research implications or Originality - This study shows that it is necessary to use long-term returns in fund investment by analyzing the characteristics of the portfolio based on past returns. In addition, the study is meaningful in that it suggests a way to use long-term returns more efficiently based on the behavior of fund investors and shows that such investments lead to higher returns in the future.

• Journal of the Korean Society of Environmental Restoration Technology
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• v.13 no.3
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• pp.63-72
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• 2010

This study was conducted to investigate the current status and the improvement plans of the ecosystem conservation fund return projects. In 2007, there was a reformation of the ecosystem conservation fund system but the fund return projects were not vitalized up until now. In this study, 35 of ongoing and finished fund return projects were investigated on their types, sites, costs, local governments, and time required to return the fund. Through the on-site survey of 9 finished projects (4 biotope, 2 corridor and 3 natural conservation facility projects), construction and management conditions were investigated. The main findings are as follows: Among the five fund return types, 17 cases were biotope restoration projects, 4 cases were ecological corridor projects, and 1 case was a nature replacement project. In the case of project sites, there were 14 cases near schools and public facilities, 8 cases near rivers or streams, and 2 cases near ponds or wetlands. For the construction costs, there were 19 cases (65% of all the projects) that cost less than 300 million won. In terms of the involvement of the local government, most of the fund return projects were concentrated in Gyeonggi province and Ulsan city, and there were some local governments outside of these regions that did not carry out any return projects at all. Lastly, in the case of fund return time required, 35% of the fund returns were completed within 5 months, but the overall average fund return time was 9.8 months. In respond to the above study results, the improvement plans to encourage fund return projects are as follows: To diversify return types and sites, piloting and modeling projects for the representative types and sites should be preceded. To emerge from customary small-scaled projects, incentives to encourage large-scale and ecological networking projects should be considered. In addition, in order to write up business plans for the fund return projects, long-term investigations of at least 2 seasons from spring to fall are necessary. Finally, for the continuous management and maintenance of the ecological fund return sites, easier way for the citizens to actively participate in the projects should be incorporated.

• Asian Journal of Business Environment
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• v.10 no.2
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• pp.23-31
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• 2020

Purpose: The purpose of this paper is to find out the impact of financial leverage on firm's profitability in the listed textile sector of Bangladesh. Research design, data and methodology: A sample of 22 DSE listed textile firms has been used to conduct the study. In this study, firm profitability is measured by Return on Equity (ROE) and both short term debt and long term debt are used as the as proxies of financial leverage. Pooled Ordinary Least Squares (OLS), Fixed Effect (FE), and Generalized Method of Moments (GMM) models have been used to test the relationship between financial leverage and profitability of firms. Result: This study finds a significant negative relationship between leverage and firm's profitability using the Pooled OLS method. The result is also consistent with the fixed effect and GMM method. This result implies that firm's profitability is negatively affected by the firm's capital structure. Conclusion: The study concludes that maximum textile firms use external debt as a source of finance as they don't have sufficient internally generated funds. This study recommends that firm should give more emphasize on generating fund internally to meet up their financing needs.

• The Journal of shipping and logistics
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• v.27 no.4
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• pp.719-746
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• 2011

This study attempted to analyse the results of investments from each individual ship investment company(SIC) in Korea which is operating under its ship investment company system. We analyzed investment result of ship investment company by means of Market Adjusted Return Method for measurement of abnormal return(AR) and cumulative abnormal return(CAR). Some implications from the results of this study are suggested. First, we find that the initial abnormal return of IPO, 30-day CAR and long-term CAR are not significantly different between A and B shipping fund management company. And then, the initial abnormal return of IPO and long-term CAR are not significantly different between newbuilding and secondhand ship SIC. But the 30-day CAR is significantly different between newbuilding and secondhand vessel SIC. Third, the 30-day CAR and long-term CAR are not significantly different between newbuilding and secondhand vessel SIC. But the 30-day AR is not significantly different between container and non-container ship SIC. Finally, newbuilding ship SCI is more stable than secondhand vessel SIC, and container ship SIC is more stable than non-container ship SIC in 3-month cumulative return over the past two and half years, from February 2008 to July 2011.

• Journal of the Korea Society for Simulation
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• v.28 no.3
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• pp.57-63
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• 2019

This study suggests the level of guaranteed reserves that should be accumulated in order to provide guaranteed interest contracts to pension members. To calculate the guaranteed reserve, this study employs the method using variable insurance contracts with guaranteed interest options. The average return of three major pensions (national pension, private teacher's pension, civil servants pension) funds, from 2010 to 2018, is set as the target rate of return and then we establish 0%, 1.0%, 1.5% and 2.0% each as our minimum guaranteed returns for their respective guaranteed reserves. Our results firstly show that gaps between each guaranteed reserves are increasing as times goes on. Second, the probability of shortfall reserve is on the decrease as the pension fund is mature. Conclusively, a long-term conservative balance between risk and return is one of the best investing strategies in pension funds providing the guaranteed interest.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.4
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• pp.37-50
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• 2023

Venture capital invests the necessary capital and supports management and technology in promising small and medium-sized venture companies in the early stages of start-up with promising technology and excellent manpower. It plays a role as a key player in the venture ecosystem that realizes profits by collecting the investment through various means after growth. Venture capital's job is to recruit various investors(LPs) to invest in small and medium-sized venture companies with growth potential through the formation of venture investment funds, and to collect investment as companies grow, distribute and reinvest. The main tasks of venture capitalists, which play the most important role in venture investment, are finding promising companies, corporate analysis and evaluation, investment screening, follow-up management, and investment recovery. Venture capital's success indicators are fund formation and return on investment, and venture capitalists are rewarded with annual salary, performance-based incentive, and promotion with work performance such as investment, exit, and fund formation. Compared to the recent rapidly growing venture investment market, investment manpower is insufficient, and venture capital is making great efforts to foster manpower and establish infrastructure and systems for long-term service, but research has been conducted mainly from a quantitative perspective. Accordingly, this study aims to empirically analyzed the impact of investment experience, delegation of authority, job fit, and peer relationships on fund formation and return on investment according to the characteristics of the venture capital industry. The results of these empirical studies suggested that future venture capital needs a job environment and manpower operation strategy so that venture capitalists with high job fit and investment experience can work for a long time.

• Health Policy and Management
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• v.18 no.2
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• pp.19-38
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• 2008

Financial ratios are key indicators of an organization's financial and business conditions. Among various financial indicators, profitability, financial structure, financial activity and liquidity ratios are frequently used and analyzed. Using the structural equation modeling(SEM) technique, this study examines the structural causal relationships among key financial indicators. Data for this study are taken from complete financial statements from 142 hospitals that passed the standardization audit undertaken by the Korean Hospital Association from 1998 to 2001 for the purpose of accrediting teaching hospitals. In order to improve comparability, ratio values are standardized using the Blom's normal distribution. The final model of the SEM has four latent constructs: financial activity(total asset turnover, fixed asset turnover), liquidity(current ratio, quick ratio, collection period), financial structure(total debt to equity, long-term debt to equity, fixed assets to fund balance), and profitability(return on assets, normal profit to total assets, operating margin to gross revenue, normal profit to gross revenue). While examining several model fit indices(Chi-square (df) = 178.661 (40), likelihood ratio=4.467, RMR=.11, GFI=.849, RMSEA=.157), the final SEM we employed shows a relatively good fit. After examining the path coefficient of the constructs, the financial structure of the hospital affects the hospital's profitability in a statistically significant way. A hospital which utilizes its liabilities, more specifically fixed liabilities, and makes a stable investment decision for fixed assets was found to have a higher profitability than other hospitals. Then, the standard path coefficients were examined to directly compare the influence of variables. It was found that there were no statistically significant path coefficients among constructs. When it comes to variables, however, statistically significant relationships were found. between. financial activity and. fixed. asset turnover, and between profitability and normal profit to gross revenue. These results show that the observed variables of fixed asset turnover and normal profit to gross revenue can be used as indicators representing financial activity and profitability.

• Korean Journal of Heritage: History & Science
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• v.48 no.4
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• pp.24-43
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• 2015

Since 2011, when Oegyujanggak Uigwe(Records of the State Rites of the Joseon Dynasty) were returned from France, which were looted in 1866 by the French Navy, national attention to our cultural properties abroad was explosively increased and public pressure has been mounting that those cultural properties should be returned in Korea. According to the statistics of "Overseas Korean Cultural Heritage Foundation" Korean cultural Properties, which exist in foreign countries, amounts 160,342 in total 20 countries. Among them about half of them are estimated to be illegally exported cultural property, these are to be restituted. However, in reality it is not so easy to restitute illegally exported cultural properties. For this, it needs to be established a long-term and systematic plan for return of cultural properties from other countries. This paper starts from such a critical mind and tries to find legal policy measures for the return of illegally exported cultural properties. To this end, the author first describes motive and aim of this research in chapter I. and overviews basic understanding and current situation of export of cultural property as well as means and methods of return of cultural property in chapter II. and then deals with international and national norms that are involved in the dispute concerned return of cultural properties in chapter III. Based on this research, in chapter IV., which can be considered as a key part of this paper, the author proposed nine legal policy measures for restitution of cultural properties from foreign countries. That is, actual condition survey of cultural properties in foreign countries, unified management and implement of export ID on cultural properties, fund-raising for the diversification of means of return of cultural properties. local utilization of cultural properties, joining in the multilateral conventions and expansion of the bilateral agreements, restitution and cooperation through international organizations, restitution through lawsuit and arbitration, training experts on restitution of cultural property and networking with foreign experts. Finally, the author summarized his opinion in chapter V. which comprehended researching the above.