• The Journal of Asian Finance, Economics and Business
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• v.8 no.9
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• pp.45-52
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• 2021

Stock price fluctuations affect investor returns, particularly, in this pandemic situation that has triggered stock market shocks. As a result of this situation, investors prefer to move their money into a safer portfolio. Therefore, in this study, we approach an efficient portfolio model using smart beta and combining others to obtain a fast method to predict investment stock returns. Smart beta is a method to selects stocks that will enter a portfolio quickly and concisely by considering the level of return and risk that has been set according to the ability of investors. A smart beta portfolio is efficient because it tracks with an underlying index and is optimized using the same techniques that active portfolio managers utilize. Using the logistic regression method and the data of 100 low volatility stocks listed on the Indonesia stock exchange from 2009-2019, an efficient portfolio model was made. It can be concluded that an efficient portfolio is formed by a group of stocks that are aggressive and actively traded to produce optimal returns at a certain level of risk in the long-term period. And also, the portfolio selection model generated using the smart beta, beta, alpha, and stock variants is a simple and fast model in predicting the rate of return with an adjusted risk level so that investors can anticipate risks and minimize errors in stock selection.

• The Journal of Information Systems
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• v.28 no.4
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• pp.333-358
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• 2019

Purpose The study aims to develop a data-based decision model for private bankers when recommending hedge funds to their customers in financial institutions. Design/methodology/approach The independent variables are set in two groups. The independent variables of the first group are aggressive investors, active investors, and risk-neutral type investors. In the second group, variables considered by private bankers include customer propensity to invest, reliability, product subscription experience, professionalism, intimacy, and product understanding. A decision-making variable for a private banker is in recommending a first-rate general private fund composed of foreign and domestic FinTech products. These contain dependent variables that include target return rate(%), fund period (months), safeguard existence, underlying asset, and hedge fund name. Findings Based on the research results, there is a 94.4% accuracy in decision-making when the independent variables (customer rating, reliability, intimacy, product subscription experience, professionalism and product understanding) are used according to the following order of relevant dependent variables: step 1 on safeguard existence, step 2 on target return rate, step 3 on fund period, and step 4 on hedge fund name. Next, a 93.7% accuracy is expected when decision-making uses the following order of dependent variables: step 1 on safeguard existence, step 2 on target return rate, step 3 on underlying asset, and step 4 on fund period. In conclusion, a private banker conducts a decision making stage when recommending hedge funds to their customers. When examining a private banker's recommendations of hedge funds to a customer, independent variables influencing dependent variables are intimacy, product comprehension, and product subscription experience according to a categorical regression model and artificial neural network analysis model.

• Korean Management Science Review
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• v.29 no.3
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• pp.23-43
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• 2012

Enacted for enhancing the competitiveness of the Korean capital market and financial industry, Capital Market Consolidation Act (CMCA) was intended to induce considerable changes such as adopting the concept of financial investment products, regulating financial investment functionally, extending financial investors' business areas and intensifying protection for investors. Employing DEA (Data Envelopment Analysis), this study measures and compares the efficiencies of domestic financial companies between the before and after the enactment of the Consolidation Act. We categorize the financial companies into 4 groups (banks, life insurance companies, property and casualty insurance companies and securities companies) depending on their business types, and evaluate how much and in which direction the Consolidation Act affects the efficiency of each group respectively. The study shows that there is no significant difference between the average efficiency of banks and that of property and casualty insurance companies due to the trade-off between opportunities and threats of the Act. To the contrary, it shows that the respective average efficiencies of life insurance companies and securities companies moved in the opposite directions to a considerable extent. Through empirical tests, we demonstrate the effect of the Act on the efficiency of Korean financial companies, and suggest the countermeasures for each financial group against the Act.

• Culinary science and hospitality research
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• v.23 no.1
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• pp.1-9
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• 2017

The number of vegetarian restaurants in Malaysia has been increasing as people are motivated by various reasons to consume vegetarian foods. In addition, university students contribute to the economy, hence it is important for investors or owners of vegetarian restaurants to understand university students' perceptions on vegetarian restaurants based on their own experiences. This research provided an insight of factors influencing university students, such as family members, religion, trend and health. The objective of this research was to identify the perceptions of university students on vegetarian restaurants. This research used a qualitative approach by conducting a focus group interview with university students as a source of data collection. The six respondents were selected based on the criteria of university students in Malaysia who are consuming vegetarian food. Findings enabled investors and owners of vegetarian restaurants to have an in-depth understanding on the factors influencing university students' perceptions on vegetarian restaurants and take necessary action to accommodate them.

• International Journal of Internet, Broadcasting and Communication
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• v.11 no.3
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• pp.41-48
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• 2019

The Management Discussion and Analysis(MD&A) provides investors with an opportunity to gain insight into the company from a manager's perspective and enables short-term and long-term analysis of the business. And MD&A is an important channel through which companies and investors can communicate, providing a useful source of information for analyzing financialstatements. MD&A is measured by the quality of disclosure and there are many previous studies on the usefulness of disclosure information. Therefore, it is very important for the financial analyst who is the representative information user group in the capital market that MD&A Disclosure Quality is measured in real-time in combination with IT information technology and provided timely to financial analyst. In this study, we propose a method that real-time data is converted to digitalized data by combining MD&A disclosure with IT information technology and provided to financial analyst's information environment in real-time. The real-time information provided by MD&A can help the financial analysts' activities and reduce information asymmetry.

• The Journal of Society for e-Business Studies
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• v.26 no.4
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• pp.53-79
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• 2021

With the revitalization of non-face-to-face transactions, the difference between the size of branches and transaction costs among securities firms has decreased, and the importance of the stock trading system has increased. In particular, the mobile trading system has become more important due to the increase in the proportion of transactions in the mobile trading system, which is widely used by individual investors, and the increase in the number of individual investors after COVID-19. However, user-centered usability studies are insufficient as usability studies on mobile trading systems are conducted through literature surveys or survey methods. Therefore, in this study, a repertory grid technique that finds user's empirical perception was used to find out user-centered usability attributes. The usability attributes of the mobile trading system from the user's point of view were elicited, and the difference in the usability attributes in terms of frequency and importance between the user group and the developer group was identified.

• The Journal of the Korea Contents Association
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• v.20 no.10
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• pp.615-629
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• 2020

Conducting Focus Group Interview (FGI), this study examined the roles and discourses of cryptocurrency's online communities and media (legacy media and YouTube), and based on this, the study proposed the direction of cryptocurrency policy. By reviewing previous literature, this study analyzed the characteristics of investors, the online community, and YouTube, which is an investment environment factor. The study figured out the purpose of use and role of the community via interviews with cryptocurrency professional investors and online community members and analyzed main discussion themes of the five top-ranked YouTube channels related to cryptocurrency with the highest number of subscribers. The results suggested that cryptocurrency's investment was led by those who are in their 20s and 30s, the investors preferred and trusted information on new media than legacy media. The online community played the role of emotional homogeneity and empathy, and YouTube mainly performed the informational role. As a result of discourse analysis and interviews, this study argued that the legal stability of cryptocurrency's policy and protection of individual investors are needed. This study's significance indicates that it used various research methods such as literature research, interviews, content analysis of community/YouTube to analyze the informational role and emotional aspects of new media and suggested policy direction of the digital new deal blockchain technology and the fairness of financial industry.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.6
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• pp.173-183
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• 2020

The paper investigates the determinants of foreign direct investment (FDI) in Vietnam in 2000-2019 period. This study uses difference Generalized Methods of Moments (GMM) and Pooled Mean Group (PMG) to analyse panel data officially provided by General Statistical Office of Vietnam. The results show that market size impacts positively significant on FDI attraction: 1% -1.45% (PMG) and 1% -1.25% (GMM). Besides, some other factors have positive influences as labor force, macroeconomic policy, macroeconomic stability and skilled labor. Meantime, the trade openness negatively affects FDI inflows in the short-term, while not being statistically significant in the long-term. Moreover, economic shocks often have a negative impact on FDI inflows. The findings of this study lead to the following recommendations. First, authorities should pay special attention to encourage economic growth rate in Vietnam to expand market size because this is the first priority of foreign investors. Second, authorities need to continue increasing the rate of skilled labor, especially highly qualified management force, engineers and well-skilled workers. Third, the authorities should adjust trade openness to boost the role of its determinant in attracting FDI inflows. Fourth, macroeconomic stability needs to be governed by international standards in order to secure the belief of foreign investors in the long-term.

• Journal of Digital Convergence
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• v.14 no.7
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• pp.127-133
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• 2016

The objective of this study is to investigate the association between MBTI personality types of potential investors and their cognitive behavioral investment disposition. Three questionnaires related with MBTI, cognitive investment disposition, and behavioral one from 400 subjects were collected and analyzed. Based on both cognitive and behavioral investment disposition scores, potential investors having E(Extroversion), S(Sensing), and F(Feeling) types tend to put up with the risk resulting from their investment better than ones who having I(Introversion), N(Intuition), and T(Thinking) types. However, the difference between J(Judging) and P(Perceiving) types was not significant. Also investor group with ENF combination had the most aggressive investment disposition among other groups. On the contrary the group with ISF had an tendency to avoid the investment risk. In addition the correlation between cognitive and behavioral investment dispositions was 0.86. This study is expected to be used as basic data with which investment companies and banks recommend adequate financial instruments to consumers.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.10
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• pp.109-117
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• 2021

This study investigates the effects of FDI and other macroeconomic variables on Total Factor Productivity (TFP) in selected ASEAN+3 countries from 1981 till 2016. Total Factor Productivity (TFP) for each ASEAN+3 country was constructed using the Malmquist productivity index method. Then, a panel ARDL framework (dynamic heterogeneous panel), namely Pooled Mean Group (PMG), Mean Group (MG), and Dynamic Fixed Effect (DFE) are employed in examining the effects of FDI and other controlling variables on TFP. The new findings show that FDI has a significant and positive impact on TFP in the long run and the short run in ASEAN+3 countries. Besides, the results also reveal that in the long run, other variables such as the average number of years of schooling and the ratio of high-skilled to low-skilled labor also have a significant and positive effect on TFP. However, economic openness, government expenditure on R&D, and interaction between countries and FDI have a negative and significant impact on TFP. These findings implied that the recipient countries must ensure their political stability and offer various incentives to attract more investors. Furthermore, the influx of foreign investors, especially large ones and lower costs, should be encouraged by each country as FDI inflows can boost their TFP growth.