• Korean System Dynamics Review
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• v.17 no.3
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• pp.91-120
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• 2016

This study explores hedge fund characteristics that affect hedge fund performance, namely, fund size, fund age, and performance fee. Previous studies have examined relationships between hedge fund characteristics and fund performance using singular and static thinking to report inconsistent findings without providing full understanding of the causal relationships among variables. To identify that comprehensive causal relationships between hedge fund characteristics and hedge fund performance, this research applies the system dynamics perspective, which allowed demonstration of the interactions within the overall system beyond the singular causal relationships between hedge fund characteristics and performance found in existing traditional research. This study contributes to existing literature in the following ways. First, it overcomes the limitations of singular research methodologies by looking at the integrated system of hedge fund characteristics and fund performance from a bird's eye view based on their dynamic feedback relationships. Second, policy suggestions in terms of regulation and education are presented as growth strategies for the sustainable development of the Korean hedge fund market.

• The Journal of Industrial Distribution & Business
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• v.9 no.1
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• pp.9-23
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• 2018

Purpose - The purpose of this paper is to investigate the potential benefits or detriments of team management on fund performance in the mutual fund market. An additional purpose of this study is to examine the optimal number of managers in a fund industry for superior performance. Research design, data, and methodology - This paper investigates the effect of managerial structure on fund performance in the Korean active mutual fund market between 2001 and 2008. For this, we analyze two risk-adjusted performances measures- the capital asset pricing model (CAPM) and the three-factor model of Fama & French (1993). Results - First, we found that single-managed funds exhibited superior performance. Second major finding was that as the number of managers in a fund increases, the fund performance deteriorates. Finally, the results reveal that the sharpest performance drop occurs when team size increases from a 5-person team to a 6-person team. Conclusions - The results suggest that the management structure can be a source of competitive advantage for fund performance. As considering fund performance is the outcome of managers' decision-making, this study contributes to not only the financial literature but also the literature in other areas, such as management and general business.

• The Journal of Fisheries Business Administration
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• v.47 no.2
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• pp.43-59
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• 2016

This study investigated the difference of the effects of public loan programs in fishery industry on management performance from a balanced score card (BSC) perspective depending on the type of loan, scale of fund, period of support and business category, using the financial data of fisheries firms having the balance of loan at the end of 2014. The key factors influencing credit rating change were also analyzed after public loan support. From a integrative perspective, results show that the firms supported by working fund have higher management performance than the firms supported by facility fund. The firms received large scale fund showed higher management performance than the firms received small scale fund. While management performance was decreasing or slowing down over time after financial support, management performance of the firms supported by facility fund improved over time. From a non-financial perspective, the firms received facility fund invested more in education and growing perspective than the firms received working fund. As the size of fund increased, the investment in education, growing, internal process and customer increased. Personnel expenses and employee benefits for education and growing has increased over time. However, the firms with facility fund restricted the expenses of education, personnel expenses and employee benefits as time goes by. Because the effects of public loan on credit rating of fisheries corporations have no statistical significance, it has become known that the financial support of public loan program has no influence on the change of credit rating of fisheries corporations. This study attempted performance analysis from a BSC perspective which combine factors of non-financial perspective with factors of financial perspective. Findings from this study suggest the direction of microscopic performance analysis of public loan in fishery industry.

• The Korean Journal of Financial Management
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• v.26 no.1
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• pp.31-64
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• 2009

This paper evaluates the role of fund distributors and the appropriateness of sales fees in funds by the empirical analysis of Korean equity funds. The empirical results are summarized as follows. First, this paper shows that the funds with higher sales fees do not have better performance. Rather, the higher sales fees cause the returns of funds to decrease in Korean equity funds. Second, it is not confirmed that both banks and securities firms, as fund distributors, contribute to the better performance of funds. Especially, the banks gave more negative influence on the performance of funds by imposing higher sales fees in funds than the securities firms. The empirical results suggest that the sales fees of funds are unduly imposed in comparison to the function of fund distributors and therefore, the structure of fund fees should be improved for the benefit of fund investors.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.16 no.10
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• pp.6534-6542
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• 2015

This study examines the relation between mutual fund performance and fund flows in Korean market using weekly and monthly data. The results are as follows. First, the relation between the two variables varies across fund types. Even the relations in equity fund and index fund are different from each other. Second, the structural change in the mutual fund market affect significantly the relation between the two variables. Third, return chasing flow is observed constantly in bond fund and it is observed only after the structural change for equity fund and MMF. However, no return chasing flow is observed for index fund. Fourth, mutual fund flows affect subsequent fund returns only in MMF after the structural change.

• Land and Housing Review
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• v.11 no.3
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• pp.21-31
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• 2020

This paper quantitatively analyzes the investment performance of the environmental improvement fund focusing on the sales effect and the housing benefit effect. The analysis of this study focused on the effects of sales and housing benefits for completed business sites among the business sites supported by the Environmental Improvement Fund. The analysis results are as follows. First, it appears that the sales effect of the completed workplace is effective compared to the amount of investment, so it seems that the purpose of industrial integration of the environment improvement fund is being achieved. Second, it was found that there are variations by workplace and region in housing benefits. This seems to be due to the fact that profitability can be neglected by reflecting the characteristics of residential facilities built by private businesses. The Environmental Improvement Fund is a policy fund that pursues both profitability and publicity. Therefore, it is necessary to transform the structure of the fund to expand support for industrial infrastructure with high publicity. To this end, it is necessary to establish a long-term management plan that equitably considers the profitability and publicity of the environmental improvement fund.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.10 no.3
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• pp.161-170
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• 2015

Recently the fund has been popular for the representative financial investment. In the decision making procedure of the investor about this fund investment, this research analyze how the factor was considered as fund investing behavior. The paper examines investors' risk reduction behavior and fund choice attribution for fund investment behavior, provides insight for marketing strategy in fund market for fund investment behavior. The period for the survey is from December 2014 to January 2015 and analyzed 431 samples of using a fund investor The research results showed that fund distribution, fund literacy and fund performance appeared to be statistically significant variables that positive affected fund investment satisfaction, but fund advertise negative affected fund investment satisfaction. Also, the fund management company, benefit, fund literacy, fund performance, and recommend appeared to be statistically significant variables that positive affected fund investment intention. It is expected that fund marketing strategy based on research return should be established to cope with the fund literacy as well as the fund investing behavior. Concretely to fund investment satisfaction make informed decision in fund performance, fund information provided to investor should be customized to contribute the improvement of overall fund literacy.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.2
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• pp.25-39
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• 2021

This purpose of this study is to investigate the association among mutual funds (MFs) risk measures and return parameters, evaluate mutual fund performance and also explore the best appropriate mutual fund performance measure for investment in Pakistan. Therefore, thirty-five mutual funds have been selected for the period 2007-2015. The Sharpe, Treynor, Jensen Alpha, Information ratio and Fama's Net Selectivity measures has been used to analyze MF performance. Our study findings show significant positive relation exist between Sharpe and Jenson alpha & information ratio (IR); Treynor ratio is negatively correlated to Jenson alpha and Jenson alpha is positively allied with IR. Moreover, association among performance measures, Fama's net selectivity is a major driver in leading to other measures but Sharpe and IR lead to Treynor ratio as well. Furthermore, performance measures are ranked in accordance standard deviation with the arrangement of Fama's net selectivity at top, Jenson Alpha at second, Sharpe ratio at third, IR at fourth and Treynor ratio at fifth position according to risk parameters in Pakistan. Overall, Jensen Alpha measure appears to be the best suitable mutual fund performance measure in Pakistan due to its practical nature. Finally, the Pakistani stock market index KSE100 (as benchmark) performs better than MF industry of Pakistan.

• Journal of Korea Society of Industrial Information Systems
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• v.18 no.5
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• pp.107-117
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• 2013

In order to enhance the performance of National R&D program, it is required not only the R&D funds and human resources, but also the composition of the research environment in which the researchers could fully concentrate on study. Particularly in Korea, executive burdens that arise in the course of the administration of research fund are frequently causing difficulties in concentrating on study. To remove this burden on financial management and maximize the efficiency of research funding, the government has implemented the central management system of the R&D fund. This study analyzed the moderating effects of the centralized management system of the R&D fund on the relationship between government fund and performance of the university research. Based on the analyzed result, this study concluded that the higher level of centralized management system of the R&D fund is implemented, the more influence on research outcomes grow. This study is significant to extend previous research point of view, as well as analyze the practical effect of government policies.

• Journal of the Korean Home Economics Association
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• v.44 no.3 s.217
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• pp.127-141
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• 2006

This study aims to create assessment tools for the development fund for women, and to assess the business performance of the organizations using this development fund for women on the basis of such tools. A total of 57 projects by 58 organizations were assessed for a period of eight months. The assessment was carried out by using five tools: 1) examining the weight of the assessment tools, 2) visiting and inspecting project sites, 3) visiting and inspecting the offices of the participating organizations, 4) cooperating with the Seoul Metropolitan Government for municipal administration, and 5) assessing the final project report. Each tool was comprised of three elements: ability of relevant organizations, operational procedure, and projects results. The assessment results are summarized below: 1. According to the examination of the general trends in assessing the organizations that received the Development Fund for Women, it was found that the assessment emphasized performance more than the process involved in the project. Thus, the result suggested that the projects should be carried out more aggressively. 2. Regression analysis was conducted to identify the capability of the organizations in performing the projects with the development fund for women and the capability of the subjects as an independent variable. It was observed that such capabilities were affected by the degree of role sharing and the utilization of internal organizations. It suggested the importance of human resources. 3. To motivate the subjects involved in executing the projects with the use of the Development Fund for Women, the requirements and the satisfaction factors suggested strengthening the scope of financial support and activating the project environment. In conclusion, it is considered that the findings would provide practical ways to improve the system in using the Development Fund for Women, and in setting relevant policies in the future.