• Title/Summary/Keyword: High-Risk Assets

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Determinants of Debt Policy for Public Companies in Indonesia

  • MUKHIBAD, Hasan;SUBOWO, Subowo;MAHARIN, Denis Opi;MUKHTAR, Saparuddin
    • The Journal of Asian Finance, Economics and Business
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    • v.7 no.6
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    • pp.29-37
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    • 2020
  • This research seeks to determine the influence of investment opportunity set (IOS); profitability (Return on Assets - ROA), liquidity, business risk and firm size on debt policy. We used 42 manufacturing companies registered on the Indonesian Stock Exchange (Bursa Efek Indonesia) as object research. We used purposive sampling method to determined samples, consider the period observation from 2012 to 2016, and produce 168 units analysis. Data analysis uses the multiple regressions with the SPSS tools. The results of the study found that companies' debt policies in Indonesia are negatively affected by the liquidity. Investment opportunity set (IOS) has negative effect on debt policy. Meanwhile, ROA, Return on Invested Capital (ROIC), and firm size of a company has no impact on debt policy. These findings indicate that Indonesian manufacture companies do not see the high investment opportunity set and profitability as a policy basis for increasing debt. Moreover, the high profitability also does not cause companies to increase their debt ratio. Our study indicates that Indonesian manufacture companies use internal funds to fund their investment. This finding is a concern for creditors, as they can now see the ability of the companies, and especially their performance, in determining their credit policies.

Resilience of Cultural Heritage by Integrating Historic Maps and Geospatial Information (고지도와 시계열 공간정보를 활용한 문화재 리질리언스에 대한 연구)

  • Bae, Junsu;Yang, Yunjung;Choi, Yoonjo;Kim, Sangkyun
    • KSCE Journal of Civil and Environmental Engineering Research
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    • v.39 no.6
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    • pp.945-954
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    • 2019
  • Cultural property is a valuable asset that connects the past with the present, and cultural heritage is now included in the international agenda of disaster risk reduction. Accordingly, the importance of building resilience of cultural assets has been on the rise, and the necessity of spatial information has been emphasized in building resilience. Therefore, in this study, A methodology for studying the resilience contained in cultural assets through linkage with historical map and time series spatial information is proposed and the proposed methodology was applied to cultural assets located in Gongju area. Georeferencing was performed on time-series images of aerial images and topographical map, and the changes in cultural assets and surrounding areas were found. The width of the river has changed due to the installation of the Keum River Estuary Dam and the dammed pool for irrigation. Nevertheless, the main cultural assets and monuments are located in the high-altitude area and thus have been well preserved. In this study, cultural property resilience was extracted using only map data and in future, it is necessary to conduct research to extract cultural property resilience through analysis of historical records such as geography.

Using Dark Tourism Study on Culture and Tourism of industrialization - Focusing on Honam righteous army - (다크 투어리즘을 활용한 문화관광 산업화 방안에 관한 연구 - 한말 호남 의병사(義兵史)를 중심으로 -)

  • Kim, Hyun-Cheol;Yoo, Jun-Ho;Ha, Kyu-Soo
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.6 no.1
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    • pp.59-81
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    • 2011
  • The 21st century, the creation and utilization of knowledge and information are the core of all economic activity, knowledge-based economy is plunging into. Culture can not live without knowing the age of culture and national spirit of a nation's cultural assets. Closed for other cultures, countries can develop a culture that is neither marked by imitation and import of cultural industries can never be developed. Creative and diverse culture of its own cultural code, evenly balanced mix of social culture is really the cultural and creative culture. Central government and local government-led growth in the local economy in terms of competitive cultural industry development policy has been carried out. In general, a country or society, culture, industry, the creation of a unique cultural and Planning on the basis of information deliquescent recreated a typical high-risk high returns to pay the venture industry and the nature of the creative industries and the venture industry a unique mix of industrial Characteristic is that it has. These times and the industry can contribute to the flow of valuable cultural assets and a history of our righteous living and exercise will be a source of resources.

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Distribution fitting for the rate of return and value at risk (수익률 분포의 적합과 리스크값 추정)

  • Hong, Chong-Sun;Kwon, Tae-Wan
    • Journal of the Korean Data and Information Science Society
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    • v.21 no.2
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    • pp.219-229
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    • 2010
  • There have been many researches on the risk management due to rapid increase of various risk factors for financial assets. Aa a method for comprehensive risk management, Value at Risk (VaR) is developed. For estimation of VaR, it is important task to solve the problem of asymmetric distribution of the return rate with heavy tail. Most real distributions of the return rate have high positive kurtosis and low negative skewness. In this paper, some alternative distributions are used to be fitted to real distributions of the return rate of financial asset. And estimates of VaR obtained by using these fitting distributions are compared with those obtained from real distribution. It is found that normal mixture distribution is the most fitted where its skewness and kurtosis of practical distribution are close to real ones, and the VaR estimation using normal mixture distribution is more accurate than any others using other distributions including normal distribution.

A Study on the Security Management for Critical Key Infrastructure(SCADA) (중요핵심기반시설(SCADA)에 대한 보안 관리 연구)

  • Kim InJung;Chung YoonJung;Koh JaeYoung;Won Dongho
    • The Journal of Korean Institute of Communications and Information Sciences
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    • v.30 no.8C
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    • pp.838-848
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    • 2005
  • Most of the national critical key infrastructure, such as power, piped gas and water supply facilities, or the high-speed railroad, is run on the SCADA system. Recently, concerns have been raised about the possibility of these facilities being attacked by cyber terrorists, hacking, or viruses. Thus, it is time to adopt the relevant security management techniques. This paper attempts to propose such security management techniques, including information protection measures and troubleshooting, based on a risk analysis process concerning assets, threats/vulnerability, and hazards, and to examine the security management status of critical key infrastructure in the U.S. and Japan.

Co-movements between VIX and Emerging CDSs: A Wavelet Coherence Analysis

  • Kang, Sang Hoon
    • Journal of the Korean Data Analysis Society
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    • v.20 no.6
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    • pp.2771-2779
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    • 2018
  • The recent financial crises cause the co-movement and transmit the risk across different markets and assets. It is well known that market fear affects the quality of credit in the financial markets. In this context, this study examines the co-movement between the volatility index (VIX) of the Chicago Board Options Exchange (CBOE), or VIX, and six emerging countries' credit default swaps (CDSs), by implementing wavelet coherence. Our research aims at revealing whether the VIX can be used to hedge against the bubble behavior of the CDS market in different investment holding periods (short-run, medium-run, and long-run), as well as whether either market can be used to manage and hedge overall market downside risks. The wavelet coherence results show a high degree of co-movement between the VIX and CDS during the 2007-2009 global financial crisis, across the 16-64 weeks' frequency band. In addition, we observe that the positive correlation between the VIX and the CDS markets, implying that the market turmoil intensifies the co-movement between the VIX and CDS markets.

Proposes the Total Management Model by using Directory Service and through the development HR Solution (Directory Service와 HR 솔루션 개발을 통한 IT 통합 관리 모델 제안)

  • Lee, Sung-jun;Kim, Min-Soo
    • Proceedings of the Korean Institute of Information and Commucation Sciences Conference
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    • 2013.05a
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    • pp.684-689
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    • 2013
  • The reality is that many security and administrative issues with the expansion of the IT assets in accordance with the abrupt change in the business environment, most companies today are struggling. Information within an organization is a party through external hackers and viruses that are increasingly intelligent risk, and the risk of internal data spills occur through an unauthorized party and internal information in accordance with the co-operation of the outsourcing company and the employee wants to see a sense of security and due to the frequent project asset outflows the risk is increasing gradually. In this paper, in preparation for such a growing security risk management and the increasing of problems, proposes the Total Management Model by using Microsoft's Directory Service & HR Solution that is an integrated management model that can take low-cost, high-efficiency.

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Predicting Default Risk among Young Adults with Random Forest Algorithm (랜덤포레스트 모델을 활용한 청년층 차입자의 채무 불이행 위험 연구)

  • Lee, Jonghee
    • Journal of Family Resource Management and Policy Review
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    • v.26 no.3
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    • pp.19-34
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    • 2022
  • There are growing concerns about debt insolvency among youth and low-income households. The deterioration in household debt quality among young people is due to a combination of sluggish employment, an increase in student loan burden and an increase in high-interest loans from the secondary financial sector. The purpose of this study was to explore the possibility of household debt default among young borrowers in Korea and to predict the factors affecting this possibility. This study utilized the 2021 Household Finance and Welfare Survey and used random forest algorithm to comprehensively analyze factors related to the possibility of default risk among young adults. This study presented the importance index and partial dependence charts of major determinants. This study found that the ratio of debt to assets(DTA), medical costs, household default risk index (HDRI), communication costs, and housing costs the focal independent variables.

A Study of Monitoring in Slopes of High Collapse Risk Using Terrestrial LiDAR (지상 LiDAR를 이용한 위험관리사면의 변위 모니터링)

  • Park, Jae-Kook
    • Journal of the Korean Society of Hazard Mitigation
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    • v.10 no.6
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    • pp.45-52
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    • 2010
  • One of the ways to minimize damage by a slope collapse is to set up preventive measures in advance by measuring displacements in a slope and predicting a collapse. There have been many different technologies developed to predict a collapse with diverse measuring equipment. Especially recently, attempts have been made to utilize terrestrial LiDAR, a high-tech imaging equipment to measure displacements on a scope. Terrestrial LiDAR generates three-dimensional information about an object with millimeter-level accuracy from hundreds of meters away and has been used in an array of fields including restoration of cultural assets, three-dimensional modeling, and making of topographic maps. In recent years, it has been used to measure displacements in structure as well. This study monitored displacements in slopes of high collapse risk with terrestrial LiDAR. As a result, it was able to confirm the applicability of terrestrial LiDAR to the field, and proposed monitoring methods.

A Development of the Integrated Total Asset Management System (통합 유가증권시스템의 개발)

  • Hwang Hyun-Cheol;Song Ha-Yoon
    • Journal of KIISE:Computing Practices and Letters
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    • v.11 no.5
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    • pp.458-463
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    • 2005
  • The total asset management system is used for banks or financial institutions for the management of trusteed assets or own assets and it is divided into three systems: the front-office system, the middle-office system and the back-office system by its business areas and functionalities. This kind of asset management system is a huge and complex system handling large data and various financial products, and requires professional knowledges like accounting, financial product specific knowledge, compliance and regulations, etc. It also performs high level computation for NAV calculation and risk measurement on every day Therefore, it needs absolute stability, extendability and efficiency and should handle the frequent change of regulation and products and connectivity with outdoor institutions. In this paper, we report our successful development of such a system and discuss issues regarding its efficient system design and system construction.