• Korean Management Science Review
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• v.33 no.4
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• pp.51-64
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• 2016

The maximum weight of single stock in mutual fund is limited by regulations to enforce diversification. Under incomplete information with added constraints on portfolio weights, enhanced performance had been reported in previous researches. We analyze a weight vector to examine the effects of additional constraints on the portfolio's performance by computing the Euclidean distance from the in-sample tangency portfolio, as opposed to previous researches which analyzed ex-post return only. Empirical experiment was performed on Mean-variance and Minimum-variance model with Fama French's 30 industry portfolio and 10 industry portfolio for the last 1,000 months from August 1932 to November 2015. We find that diversification-constrained portfolios have 7% to 26% smaller Euclidean distances with the benchmark portfolio compared to those of unconstrained portfolios and 3% to 11% greater Sharpe Ratio.

• The Journal of Fisheries Business Administration
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• v.31 no.2
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• pp.93-117
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• 2000

Fisheries finance is divided into the policy time of long period of time and low interest and the special financing institutions, such as Fisheries Co-operatives. Union system finance is the system finance, which supports the fisheries system organization. Fisheries Co-operatives in cities, towns and villages are the independent management objects. Prefecture federation of Fisheries Co-operative is in prefecture stage. Norm Chukin Bank is in national stage. Each shares functions in these three stages, and finance is performed systematically, Fisheries policy finance comprises government financial institution capital such as the Agriculture, Forestry and Fishery Finance Corporation whish is based on the capital of a country or a prefecture financial fund, and fishery Modernization Capital used as financial funds through the government. Moreover, to complement such finance institutionally, Fisheries Credit Foundations, Agriculture and Fisheries Saving Insurance Corporation and National fisheries Co-operative Trust Enterprise Mutual Aid system have been established

• The Journal of Information Technology
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• v.5 no.3
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• pp.197-214
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• 2002

Electronic Commerce has already existed for over 20 years. The Bolero project initially had the support of TEDIS, and now is jointly financed by SWIFT(Society for World International Financial Telecommunications) which handles most of the electronic funds transfer for banks, and the Through Transport Mutual Assurance Association(the TT Club), a mutual insurance association most of whose members are drawn from the Multimodal transport industry or transport intermediaries. Bolero's mission is to provide guaranteed and secure delivery, in electronic form, of trade documentation, globally, based on a binding legal environment and common procedures, Bolero will also provide a platform for provision of neutral cross-industry services. TradeCard is a payment and settlement system that is an alternative to letters of credit. That is, TradeCard is a business-to-business e-commerce infrastructure that enables buyers and sellers to conduct and settle international trade transactions securely over the Internet. Paperless, payment-guaranteed international trade transactions - which eliminate the traditional letters of credit with electronic certifications - are widely considered the most difficult B2B transactions to conduct.

• The Korean Journal of Financial Management
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• v.14 no.1
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• pp.1-21
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• 1997

본 논문은 한국 주식과 미국 주식을 대상으로 Jegadeesh and Titman(1993)의 상대적세력 투자전략의 수익성을 비교 검증하고, 그 수익성의 원천을 분석하고 있다. 실증분석 결과, 과거수개월간 주가수익률이 매우 높았던 승자주식을 매입하고 그 반대의 패자주식을 매도하는 상대적세력 투자전략은 미국 주식사료(1963년${\sim}$1989년)로부터 배우 유의한 비정상적 월수익률 약 1%를 얻을 수 있었으며, 이는 체계적위험에 대한 보상을 고려한 후나 베타 크기별 소표본분석에서 모두 유의한 것으로 나타났다. 반면 동 투자전략은 한국 주식자료(1980년${\sim}$1995년)에서는 오히려 비유의적인 음의 월수익률 약 -0.34%를 얻을 수 있을 뿐이었다. 이러한 한국 주식에 대한 낮은 수익성은 베타 소표본분석과 5년간씩의 소표본기간분석에서도 마찬가지로 나타남으로써, 동 투자전략이 미국에서와 달리 효과적인 투자전략이 되지 못함을 시사하고 있다. 이러한 결과는 한국 주식의 경우 월수익률 패턴이 미국보다도 더 예측하기 어렵고 무작위적이라는 것을 의미하며, 이는 양국 주식시장의 여러 가지 제도상의 차이에 비롯되는 투자자들의 투자행태 차이 때문으로 해석된다. 예를 들어, 한국의 경우 증시안정책이나 부양책 등과 같은 시장 외적인 규제요인에 의해 시장 전체가 영향을 받는 경우가 많으며, 또한 소액투자자의 직접투자 비중이 높아 투자기간(investment horizon)의 측면에서도 투자신탁(mutual fund)과 같은 간접투자 비중이 훨씬 높은 미국에 비해 단기적인 성향이 일반적이며, 따라서 이러한 차이가 월수익률 패턴에 반영되는 것으로 이해된다.

• Korean Journal of Human Ecology
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• v.11 no.1
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• pp.31-43
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• 2002

The purpose of this study was to examine the financial status of the small business households, and to analyze their investment behaviors according to socio-economic variables like age, income, education, job satisfaction, and region. The size of total sample was 2167 with basis of data analysis of Korean Household Panel Study from Daewoo Economic Research Center. Descriptive Statistics were used to analyze their financial status according to the socio-economic variables. The results showed that small business family's financial status was differentiated according to age, income, job satisfaction, and region. Households' investment on the primary financial institute such as bank was differentiated by income, level of education, and job satisfaction. The amount of investment on secondary financial institute such as mutual fund was differentiated by income, age, and region. The households' investment for insurance was affected by all socio-economic variables except region and not significantly different according to socio-economic variables for stock and bonds. The amount of net-asset for households was affected by the level of education, age, and income and the amount of debt most by age and income. The results of this study was useful to develop the estimation tool for the small business households credit and also provides the basic informations for the financial assistance of those households.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.22
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• pp.201-226
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• 2004

P & I Clubs are mutual and non-profit making insurers which offer shipowners cover for the contractual and third-party liabilities. Whereas most shipowners obtain P & I insurance to cover for their legal liabilities, they also obtain hull insurance to cover against damages to the hull of their vessels from commercial hull insurers. P & I insurance was distinguished from hull insurance in respect that it offered non-limited cover to shipowner member, but there was a serious debate between P & I Clubs in respect of the non-limited cover. A compromise by International Group of P & I Clubs eventually emerged under which, with effect from 20 February 1997, a financial cap was placed on the obligation of each shipowner to pay catasrophe calls to his club(20% of each ship's property limitation fund under 1976 Limitation Convention). Nevertheless many shipowners felt that this new cap on their potential catastrophe call had been set still too high, while others resisted any reduction in the figure established by the compromise. In the Meantime, the European Commission issued a Statement of Objections in June 1997, in which it indicated its objections with a compulsory single limit common th all the Group clubs as high as the 1997 compromise. Eventually the board of all the Group clubs decided that the figure of 20% of the Limitation Convention per ship property funds should be dropped down to 2.5% from 20 February 1999.

• The Korean Journal of Financial Management
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• v.17 no.2
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• pp.99-124
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• 2000

폐쇄형 뮤추얼 펀드의 시장가격이 펀드의 순자산가치와 일치하지 않는 이상현상은 일찍이 재무분야에서 제기된바 있는 의문현상 중의 하나이다. 펀드의 프리미엄과 기대운용성과에 관한 연구 결과는 여전히 혼재된 상태이다. Chay and Trzcinka(1999)의 연구에 의하면 미국의 주식형 펀드는 평균 8.61% 할인되어 거래되고 있고 표준편차는 10.93%로 나타나고 있다. 우리나라의 성장형 펀드의 경우 약 8.06% 할인율을 가지고 있고 펀드간에 9.35%의 표준편차를 보이는 것으로 나타나고 있다. 본 연구는 1999년 4월말부터 2000년 8월말까지의 국내 성장형 뮤추얼 펀드의 일별 프리미엄과 순자산가치 수익률을 이용하여 펀드의 현재 프리미엄이 미래 기대운용성과 및 미래 기대시장위험에 대한 정보를 반영하고 있는지를 검정하였다. 국내 성장형 펀드의 프리미엄과 기대운용성과 간의 실증분석 결과, Malkiel(1977), Thompson (1978), Pontiff(1995) 등의 연구와 마찬가지로 시장에서의 펀드 프리미엄과 미래 기대운용성과 와의 관계는 음(-) 또는 영(0)의 관계를 보였다. 과거의 운용성과와 미래의 기대 운용성과 간의 관계에서는 비유의적인 양의 관계를 갖는 것으로 나타나 많은 기존 연구들에서 보여 주었던 과거 운용성과와 기대 운용 성과간의 평균유지현상이 국내 시장의 경우 잘 나타나지 않는 것으로 보고되었다. 국내 펀드의 프리미엄과 기대시장위험에 관한 관계에서는 일정한 음의 유의적인 관계가 있는 것으로 나타나 Pontiff(1995)의 연구 결과와 유사한 것으로 나타났다.

• Management & Information Systems Review
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• v.7
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• pp.21-51
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• 2001

For increasing the competitiveness and efficiency of Korea's finance industry under the new e-finance paradigm, this paper compared the practical use of finance portal site' on service parts and stage between Korea and U.S.A.. The services which can be served from site are banking, mortgage and credit loan, stock, card, retirement tax, PFM(Personal Finance Management), EBPP(Electronic Bill Presentment and Payment) and Account Aggregation and so on. The stage of site can be divided as the information provide stage which only gives information about service parts, on-line transaction stage which real-time transaction is possibile and PFM services provide stage according to development process. As a result, the beginning of finance portal service in Korea was lated about 10years and more than it of U.S.A. So the development stage of domestic portal site is still staying in the first step and the providing services and contents or business model development parts are also in the same stage than U.S.A. Resides, Korea's sites mainly focus on their first service parts even though they recently aim internet finance portal, and provide not real time transaction but finance information. On the other hand, the U.S.A. site support substantially not only various on-line transactions but also distinctive personal services like PFM(Personal Finance Management), EBPP(Electronic Bill Presentment and Payment), Account Aggregation and Trans-account, brokerage, education center, mortgage loan, mutual fund, option, pension fund and IPOs and so on. Thus, the site of Korea need to establish real type of internet finance portal which provides one-stop services on every type of finance to customers in the real time and also require the strategic integration among finance institutions. The next turn, they need to build information system and education center to give best satisfaction to customers and acquire customer information and marker environment changes and need to provide distinctive services to quality customers throughout database from this. Also the site should provide various type of banking services which refereed above like PEM, EBPP and education center etc, and the government of Korea should support the building of IT infrastructure to Physical, legal, systematic, sociocultural, technical and human resource sections. This paper provided the future movement direction of the domestic finance portal through comparison and analysis on the practical use of it between Korea and U.S.A. and also wanted to contribute for developing and reading of Korea finance portal in the new era of the finance paradigm.

• Journal of the Korea Institute of Building Construction
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• v.20 no.3
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• pp.223-233
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• 2020

Problems related to wages in the construction industry, which directly affect the livelihood of workers, have caused other problems in maintaining skilled workers, such as decreasing the inflow of new laborers and increasing the outflow of the existing labor force, which has weakened the foundation of industrial production. Against this backdrop, this study aimed to improve the current wage calculation system in order to increase the inflow of new laborers and maintain the existing skilled workers. It is necessary to differentiate the minimum wage in the construction industry, which requires a high intensity of labor, by industry and occupation type. It is also necessary to establish standards for specifically calculating wages, such as holiday work and overtime pay. The standard of the current retirement mutual aid fund needs to be upwardly adjusted at the same time.

• The Journal of Industrial Distribution & Business
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• v.9 no.10
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• pp.83-89
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• 2018

Purpose - The purpose of this study examines when the optimism impact on financial asset price forecasting and the boundary condition of optimism in the financial asset price forecasting. People generally tend to optimistically forecast their future. Optimism is a nature of human beings and optimistic forecasting observed in daily life. But is it always observed in financial asset price forecasting? In this study, two factors were focused on considering whether the optimism that people have applied to predicting future performance of financial investment products (e.g., mutual fund). First, this study examined whether the degree of optimism varied depending on the direction of the prior price trend. Second, this study examined whether the degree of optimism varied according to the forecast period by dividing the future forecasted by people into three time horizon based on forecast period. Research design, data, and methodology - 2 (prior price trend: rising-up trend vs falling-down trend) × 3 (forecast time horizon: short term vs medium term vs long term) experimental design was used. Prior price trend was used between subject and forecast time horizon was used within subject design. 169 undergraduate students participated in the experiment. χ² analysis was used. In this study, prior price trend divided into two types: rising-up trend versus falling-down trend. Forecast time horizon divided into three types: short term (after one month), medium term (after one year), and long term (after five years). Results - Optimistic price forecasting and boundary condition was found. Participants who were exposed to falling-down trend did not make optimistic predictions in the short term, but over time they tended to be more optimistic about the future in the medium term and long term. However, participants who were exposed to rising-up trend were over-optimistic in the short term, but over time, less optimistic in the medium and long term. Optimistic price forecasting was found when participants forecasted in the long term. Exposure to prior price trends (rising-up trend vs falling-down trend) was a boundary condition of optimistic price forecasting. Conclusions - The results indicated that individuals were more likely to be impacted by prior price tends in the short term time horizon, while being optimistic in the long term time horizon.