• Journal of the Korea Academia-Industrial cooperation Society
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• v.20 no.6
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• pp.379-389
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• 2019

The study empirically investigates financial factors that may influence on corporate R&D intensity during the post-era of the global financial turmoil (from 2010 to 2015) to mitigate possible spillover effect associated with the crisis. Concerning the empirical research settings of the study, chaebol firms listed in the KOSPI stock market are used as sample data with adopting various econometric estimation methods to enhance validity of the results. In the first hypothesis test, it is found that there exist inter-industry financial differences in terms of the ratio of R&D expenditure across all the sample years, but the statistical differences may arise from only a few domestic industries beloning to the high-growth sector. Moreover, it is also interesting to identify that, for the high-tech sector, 3 explanatory variables such as R&D intensity in a prior year, firm size and change in cash holdings are proved to be financial factors to discriminate between chaebol firms and their counterparts of non-chaebol firms, whereas a proportion of tangible assets over total assets as well as the former two variables are shown to be significant factors on the R&D intensity for the low-tech sector.

• The Journal of the Korea Contents Association
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• v.16 no.8
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• pp.387-394
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• 2016

The volatility in the stock market responds differently to information types. That is, the asymmetric volatility exists in the stock market which responds more to unexpected negative returns due to bad news than unexpected positive returns due to good news. This paper examines the asymmetric response of the volatility of KOSPI, large-cap, middle-cap, and small-cap indices returns which is announced in Korea exchange (KRX) by using the MA-GJR model and the MA-EGARCH model. According to empirical analyses, it shows that the asymmetric response of volatility exists in all indices regardless of volatility estimation models and the degree of the asymmetric volatility response of the small-cap index returns is greater than that of the large-cap index returns. Moreover, this results also observed robustly during the period of both before and after the global financial crisis.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.34 no.1
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• pp.305-316
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• 2014

The current global water market has been reshaped with a few multinational water companies, water-specialized companies, and other non-construction companies such as manufacturing and financial companies. Each has different business objectives along with the value chain of water industry. In this context, a SWOT-ANP model is proposed to prioritize strategic alternatives for a non-construction company in Korea and the result is validated through a comparison with the AHP model and real business strategies of the company examined from the recent news reports. The validation was confirmed that the company's strategies are very much similar to the priority list and the rankings of the strategic alternatives are identical with those from AHP model, while the weights are slightly changed from the weights in AHP result.

• East Asian Economic Review
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• v.17 no.2
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• pp.161-206
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• 2013

Since the global financial crisis in 2008, the world economy has been suffering from the Great Recession characterized by high and persistent unemployment as well as drastic fall in asset prices. Real business cycle theory or new-Keynesian economics which has been the dominant paradigm in macroeconomics for the last four decades is unable to explain the high and persistent unemployment during the Great Recession. This implies that the economics of Keynes should be taken seriously again as a tool to explain the Great Recession. Farmer (2012) proposes a new way of interpreting the economics of Keynes by providing it with a solid micro-foundation based on labor markets with search. According to Farmer (2012), aggregate economic activity independently depends on the long-term self-fulfilling expectations about the stock prices. As a consequence, the government or the central bank should implement a policy that influences the public's confidence about the stock market. For an open economy like the Korean economy, it is not only stock price but also the price of asset such as house that matters more for the aggregate economic activity. Households in the Korean economy hold more than 70 percent of their wealth in the form of real estate asset, especially housing asset. This makes the public's confidence about the future prices of houses even more important in explaining the business cycles of the Korean economy. Policymakers should implement policies to improve the confidence of households about the housing market to recover from the recession caused by a fall in house prices. Little theoretical work has been done in explaining fluctuations in the aggregate economic activity from the point of house prices. This paper develops a small open economy model with traded and non-traded capital based on Farmer (2012) and shows that the aggregate economic activity also independently depends on the households' self-fulfilling expectations about the future prices of non-traded asset such as houses.

• Journal of Korea Port Economic Association
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• v.27 no.4
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• pp.1-11
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• 2011

In much the same way as the US Lehman crisis of 2008-2009 severely impacted the European economy through financial market dislocation, a European banking crisis would materially impact the US economy through a generalized increase in global risk aversion. A deepening of the European crisis could very well derail the US economic recovery and have a harmful impact on the Asian economies. This kind of vicious circle could be a bad news to the shipping companies. The purpose of the study is to predict the Baltic Dry Index representing the shipping business during the period of 2012 using the ARIMA-type models. This include the ARIMA and Intervention-ARIMA models. This article introduces the four ARIMA models and six Intervention-ARIMA models. The monthly data cover the period January 2000 through October 2011. The out-of-sample forecasting performance is also calculated. Forecasting performance is measured by three summary statistics: root mean squared percent error, mean absolute percent error and mean percent error. The root mean squared percent errors, however, are somewhat higher than normally expected. This reveals that it is very difficult to predict the BDI The ARIMA-type models show that the shipping market will be bearish in 2012. These pessimistic ex-ante forecasts are supported by the Hodrick-Prescott filtering technique.

• Journal of Climate Change Research
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• v.7 no.4
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• pp.373-381
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• 2016

Before the Conference of Parties (COP) 21 of the United Nations Framework Convention on Climate Change (UNFCCC) in 2015, most parties of UNFCCC had submitted their intended nationally determined contributions (INDCs) and to achieve their voluntary targets, some parties consider using international market mechanisms. As one of such mechanisms, Japan promoted its own bilateral mechanism called Joint Crediting Mechanism (JCM). In this study, feasibility studies and projects under JCM have been analyzed by project type, sector, country and region, which could provide some implications in designing Korea's future climate policy to achieve Korea's targets of 11.7% using international market mechanism in INDC. Since 2010, JCM has promoted 542 projects and feasibility studies in 44 countries according to the Institute for Global Environmental Strategies (IGES) database. Among 542 projects, about 80% were feasibility studies implying that JCM was more focused on project identification. However, current trends of JCM show that more projects will be soon implemented based on these feasibility studies. For sectoral categorization, projects were categorized into seven sectors-energy technology, energy efficiency, renewable energy, waste management, city, strategic planning and projects related to the country's efforts to reduce emissions from deforestation and forest degradation (REDD+). JCM projects were mitigation focused with more than 70% of projects were related to energy efficiency, renewable energy and energy technology. At the regional and country level, JCM is highly focused on Asia and especially, more than 100 projects were developed in Indonesia. Based on the analysis of JCM, in order to develop bilateral international mechanism for Korea, it is worthwhile to emphasize that Korea considers Asian countries as her partner. In addition, Korea may consider the collaboration with Multilateral Development Banks (MDBs) to implement projects identified by Korea and Asian partner countries. Furthermore, strategically, it is recommendable to develop jointly with Japan who has already capacity and networks with other Asian countries to mitigate GHG emissions. Such financial resources from MDBs and Japan may contribute to meet the 11.3% of GHG reduction target from abroad according to INDC of Korea.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2019.05a
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• pp.127-128
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• 2019

After the financial crisis in 2008, Korean ship-parts manufacturing companies faced the survival of companies due to the difficulty in securing the volume of orders by sharp dropping in orders from big-three Korean shipbuilders. In ship-parts industry, product diversification and overseas market entry are important targets. Based on the expert Delphi survey and SWOT analysis, this study analyzes the key factors of overseas advancement by the growth stage of ship-parts companies and suggests a systematic and efficient overseas marketing strategy. Also, we propose a systematic and efficient advancement into overseas market by suggesting the traditional offline marketing strategy of exporting materials, marketing and marketing, and suggesting the need to build an integrated online and offline platform.

• Journal of the Korea Convergence Society
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• v.12 no.7
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• pp.31-36
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• 2021

As the global economy stagnated due to the Corona 19 virus from Wuhan, China, most countries, including the US Federal Reserve System, introduced policies to boost the economy by increasing the amount of money. Most of the stock investors tend to invest only by listening to the recommendations of famous YouTubers or acquaintances without analyzing the financial statements of the company, so there is a high possibility of the loss of stock investments. Therefore, in this research, I have used artificial intelligence deep learning techniques developed under the existing automatic trading conditions to analyze and predict macro-indicators that affect stock prices, giving weights on individual stock price predictions through correlations that affect stock prices. In addition, since stock prices react sensitively to real-time stock market news, a more accurate stock price prediction is made by reflecting the weight to the stock price predicted by artificial intelligence through stock market news text mining, providing stock investors with the basis for deciding to make a proper stock investment.

• Knowledge Management Research
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• v.23 no.1
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• pp.27-46
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• 2022

The current era's focus is on the surge in real estate prices triggered by the global economic downturn. This study advocated STO-based dispersed investment for the MZ generation, who has less capital than earlier generations. Existing real estate investment methods were categorized into online, offline, and hybrid formats and the effectiveness of the suggested STO was given in this study through case analysis domestically and overseas. The entry of STO into the financial industry was positively proved, and the efficacy of blockchain technology was validated, through the investigation of the STO framework. The findings of this study are projected to revitalize the new real estate sector by actively supporting the access of the MZ generation into the current inflexible real estate investment market by the application of blockchain and reflecting MZ generation's investment propensity.

• 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.