• 품질경영학회지
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• 제51권4호
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• pp.573-588
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• 2023

Purpose: This study presents a research approach that utilizes deep reinforcement learning to construct optimal portfolios based on the business cycle for stocks and other assets. The objective is to develop effective investment strategies that adapt to the varying returns of assets in accordance with the business cycle. Methods: In this study, a diverse set of time series data, including stocks, is collected and utilized to train a deep reinforcement learning model. The proposed approach optimizes asset allocation based on the business cycle, particularly by gathering data for different states such as prosperity, recession, depression, and recovery and constructing portfolios optimized for each phase. Results: Experimental results confirm the effectiveness of the proposed deep reinforcement learning-based approach in constructing optimal portfolios tailored to the business cycle. The utility of optimizing portfolio investment strategies for each phase of the business cycle is demonstrated. Conclusion: This paper contributes to the construction of optimal portfolios based on the business cycle using a deep reinforcement learning approach, providing investors with effective investment strategies that simultaneously seek stability and profitability. As a result, investors can adopt stable and profitable investment strategies that adapt to business cycle volatility.

• International Journal of Quality Innovation
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• 제3권2호
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• pp.29-37
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• 2002

This paper presents a framework for processing a structured approach of R&D investment. It presents nine steps to operate R&D investment from analysis of environment situation to review and feedback its activity. Also fundamental questions fur effective R&D management in business are discussed and after that critical eight success factors for R&D investment are discussed.

• Journal of Electrical Engineering and Technology
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• 제13권1호
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• pp.51-59
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• 2018

Despite the advantages of energy arbitrage using energy storage systems (ESSs), the high cost of ESSs has not attracted storage owners for the arbitrage. However, as the costs of ESS have decreased and the price volatility of the electricity market has increased, many studies have been conducted on energy arbitrage using ESSs. In this study, the existing two-period model is modified in consideration of the ESS cost and risk-free contracts. Optimal investment strategies that maximize the sum of external effects caused by price changes and arbitrage profits are formulated by market participants. The optimal amounts of ESS investment for three types of investors in three different market structures are determined with game theory, and strategies in the form of the mixed-complementarity problem are solved by using the PATH solver of GAMS. Results show that when all market participants can participate in investment simultaneously, only customers invest in ESSs, which means that customers can obtain market power by operating their ESSs. Attracting other types of ESS investors, such as merchant storage owners and producers, to mitigate market power can be achieved by increasing risk-free contracts.

• 산업경영시스템학회지
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• 제46권4호
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• pp.152-159
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• 2023

This study endeavors to enrich investment prospects in cryptocurrency by establishing a rationale for investment decisions. The primary objective involves evaluating the predictability of four prominent cryptocurrencies - Bitcoin, Ethereum, Litecoin, and EOS - and scrutinizing the efficacy of trading strategies developed based on the prediction model. To identify the most effective prediction model for each cryptocurrency annually, we employed three methodologies - AutoRegressive Integrated Moving Average (ARIMA), Long Short-Term Memory (LSTM), and Prophet - representing traditional statistics and artificial intelligence. These methods were applied across diverse periods and time intervals. The result suggested that Prophet trained on the previous 28 days' price history at 15-minute intervals generally yielded the highest performance. The results were validated through a random selection of 100 days (20 target dates per year) spanning from January 1st, 2018, to December 31st, 2022. The trading strategies were formulated based on the optimal-performing prediction model, grounded in the simple principle of assigning greater weight to more predictable assets. When the forecasting model indicates an upward trend, it is recommended to acquire the cryptocurrency with the investment amount determined by its performance. Experimental results consistently demonstrated that the proposed trading strategy yields higher returns compared to an equal portfolio employing a buy-and-hold strategy. The cryptocurrency trading model introduced in this paper carries two significant implications. Firstly, it facilitates the evolution of cryptocurrencies from speculative assets to investment instruments. Secondly, it plays a crucial role in advancing deep learning-based investment strategies by providing sound evidence for portfolio allocation. This addresses the black box issue, a notable weakness in deep learning, offering increased transparency to the model.

• 융합경영연구
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• 제12권5호
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• pp.1-8
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• 2024

Purpose: The purpose of this study is to study promotion strategies so that the research results of national strategic technologies can lead to technology commercialization. National strategic technology is being promoted in various fields, but the reality is that review of the commercialization aspect is lacking. In order to lead to commercialization, the strategic goals and direction of the promotion process must be consistent, and a strategic review must be conducted in terms of technology commercialization. Research design, data and methodology: In this study, the direction of strategic technology was analyzed and commercialization problems and solutions were presented based on case studies and existing literature research. Although technology commercialization methods have been discussed, research on specific strategies is lacking. Results: It is necessary to pursue full-cycle technology commercialization to solve various problems for commercialization of cutting-edge science and technology and advance to the commercialization stage. We will cover topics such as understanding successful commercialization of special strategic technology fields, establishing appropriate commercialization strategies, government-wide cooperation, and investment support. Conclusions: Research results showed that discovery of excellent technologies, investment support, and multi-ministerial cooperation support are necessary to commercialize strategic technologies based on cutting-edge science and technology. This study should discuss various promotion strategies for strategic technologies to improve the efficiency of research and development investment.

• 재무관리연구
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• 제25권4호
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• pp.145-182
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• 2008

As the life expectancy increases resulting in the aged society, the post-retirement life became one of the most important concerns of people. The long-term investment vehicles such as retirement savings and pension plans have been introduced to meet such demand of society. This paper examines the impact of asset allocation strategies on the long-term investment performance. Because of the unusually long investment horizon and the compounding effect, a suboptimal asset mix in a retirement plan can be a very costly and irreversible mistake. Instead of relying on anecdotal evidence to evaluate the merits of different allocation strategies, this paper performs various tests including stochastic dominance tests using both actual data and Monte Carlo simulated data that best fit the historical experience. The results indicate 1) the long-term investments perform better than the short-term investments, 2) the optimal asset allocation strategy for the long-term investments should be highly equity dominated.

• 경영과학
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• 제29권2호
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• pp.53-64
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• 2012

This paper is about the investment strategy in stocks on Fundamental analysis. Financial data of stocks from January 2. 2001 through October 30. 2009 were utilized in order to suggest the investment strategies. Fundamental analysis was used in stocks-related strategy. The portfolios are composed of 3 criteria such as the buying criteria score, exchange cycle and selling conditions. The buying criteria score is determined assigned to each stock index according to the satisfaction condition of 15 parameters selected considering the grue's criteria. The stock buying alternatives has two options with buying stocks over 13 points and over 14 points of buying criteria score. The seven exchange cycles and three selling methods are considered. So total number of portfolios is 42($2{\times}7{\times}3=42$). The simulation has been executed about each 42 portfolios and we figured out with the simulation result that 83.33% of 35 portfolios are more profitable than average stock market profit(203.43%). The outcome of this research is summarized in two parts. First, it's the exchange strategy of portfolio. The result shows that value-oriented investment (long-term investment) strategy yields much higher than short-term investment strategies of stocks. Second, it's about the exchange cycle forming the portfolios. The result shows that the rate of return for the portfolio is the best when exchange cycle is 18 months.

• 경영과정보연구
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• 제25권
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• pp.387-405
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• 2008

Vietnam is gaining much attention as an attractive emerging market that can replace BRICs for the corporations who are destined to always look for a new market in order to secure competitive powers in the global market. The reason for Vietnam's becoming an attractive place for production is that much uncertainty has been found in China, which has been the traditional country that absorbed the most amount of capital investment. Also, the favorable conditions of Vietnam market itself and the environmental changes such as the open-door policy of Vietnam government attract the investment of Korean companies, and Korea currently holds the most amount of cumulative investments in Vietnam. However, it is necessary to remember that Vietnam is still a socialist nation, and many required components for corporate activities are not sufficiently provided in Vietnam market. Also, many unstable environmental factors exist such as the lack of infrastructure, the lack of many required institutions, the prevalent corruption, the excessive processing time and cost for adjusting the investment, the lack of advanced work force, and the underdevelopment of part and material industry. Therefore, those companies who are planning to invest in Vietnam should take a long-term perspective in planning the investment strategies, carry out a detailed market investigation and analysis in advance, diversify the investment areas and investment sectors, carefully make a joint venture and management, carefully determine the factory location, establish a local agency, make co-investments with the part suppliers, etc.

• 산학경영연구
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• 제17권
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• pp.137-151
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• 2004

금융기관의 랩 어카운트 마케팅이 성공하기 위해서는 고객의 세분화, 목표시장 선정, 포지셔닝 전략이 효과적으로 수립, 집행되어야 한다. 그러나 마케팅과 재무관리 분야의 기존 연구를 살펴보면 랩 어카운트 고객을 체계적으로 분석하여 STP 전략을 제시한 연구는 국내외를 막론하고 부재한 실정이다. 랩 어카운트 마케팅 전략은 개인투자자의 투자위험성향을 파악하여 포트폴리오 구성에 반영하는 것에서 비롯된다. 이를 위해서는 투자위험성향을 정확히 측정할 수 있는 척도가 필요한데 현재 국내외를 막론하고 체계적으로 투자위험성향을 측정하지 못하는 실정이며 결과적으로 효과적인 마케팅 전략을 수립하지 못하고 있다. 따라서 본 연구에서는 효과적인 랩 어카운트 마케팅 전략을 제시하기 위하여 (1) 랩 어카운트를 이론적으로 정리하고, (2) 랩 어카운트 투자위험 성향을 설명하는 주요 변수를 도출하여, (3) 고객을 투자위험성향에 따라 분류하는 모형을 제시하고자 한다. 구체적으로 본 연구에서는 2개의 가설을 제시하고 실증적으로 검증하였다. 가설 1에서는 랩 어카운트 고객의 투자위험성향과 수익성 추구성향 간 유의적인 상관관계가 검증하였고, 가설 2에서는 랩어카운트 고객의 군집화에 있어 투자위험성향과 관련된 세분화 변수들간 차별적인 판별력을 검증하였다. 가설 검증 결과에 기초하여 금융기관은 랩 어카운트 고객을 세분화하고, 목표시장을 설정하여, 랩 어카운트 상품의 독특한 포지셔닝 전략을 수립할 수 있다.

• 한국관광식음료학회지:관광식음료경영연구
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• 제14권1호
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• pp.111-128
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• 2003

Advances in information technology (IT) are becoming one of the most significant driving forces changing the structure of global financial management. This phenomenon is occurring in all industries; the hotel industry is no exception and must quickly adapt to this new trend. This study examines the technology intensity of the industry by assessing the degree to which the industry has allocated capital to IT projects, and discusses IT investment in the hospitality industry with a particular emphasis on assessing the value of IT investment and its investment strategy.