• 경영과학
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• 제33권4호
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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.

• 무역학회지
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• 제46권2호
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• pp.75-92
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• 2021

There is increasing awareness in the international alliance literature that the firm performance effects of the alliance portfolio go beyond the effects of the individual alliances. I enrich this nascent perspective by developing a alliance portfolio composition framework based on the alliance portfolio dimensions - underpinned by the simultaneity of quantitative and qualitative factors in international portfolio - that enhances firms' financial performance. This paper assesses the impact on firm performance of composing the alliance dimension within a firm's international alliance portfolio. In an unbalanced panel data analysis with fixed effects of the performance of 502 firms operating in the Korean manufacturing industry during 2011-2017, I test whether firm's three dimension of international alliance portfolio affect on firm financial performance. I find that the intensity of international alliance have significantly positive effect on the firm performance. And following the moderating analysis of three portfolio dimension-functional, relational, and attribute, all of each three international alliance portfolio has positive moderating effects on the relationship between the alliance intensity and firm performance. These results indicate that firms should consider and form simultaneous approaches to exploit the international alliance based on the alliance portfolio dimensions with intensity of alliance portfolio.

• 공학교육연구
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• 제15권4호
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• pp.35-40
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• 2012

This study presents an analysis of the current situation (management, approach, adjustment, transportation, and others) of teaching portfolio by examining the teaching portfolio managers (staffs, researchers, teaching assistants, etc.) of 6 universities in the southeast of Korea. The rationale for the study focus is that the existing teaching portfolio either suffers a problem in the transportation, approach, adjustment and/or management or is likely to raise a problem in the future. In order to solve this problem, this study builds a web-based e-teaching portfolio. According to the analysis results, the engineering education system was established in all 6 universities (Ed- note that '6 universities' has already been specified as the study sample). The teaching portfolio was partially digitalized in this system, despite some problems of converting analog data into digital data, which induced difficulties in constructing the overall e-teaching portfolio. Therefore, this study focused on constructing an e-teaching portfolio without developing any additional system by using the existing system positively, and also on determining the appropriate components among the existing teaching portfolio components. Accordingly, in order to convert the analog data into the digital data required for this study, we used a digital camera as the conversion device and converted the teaching portfolio components into those appropriate for the e-teaching portfolio. Finally, we constructed an existing system appropriate for the e-teaching portfolio by using these devices and components.

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.839-850
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• 2021

Risk-adjusted return is believed to be one of the optimal parameters to determine an optimum portfolio. A risk-adjusted return is a calculation of the profit or potential profit from an investment that takes into account the degree of risk that must be accepted to achieve it. This paper presents a new procedure in portfolio selection and utilizes these results to optimize the risk level of risk-adjusted Islamic stock portfolios. It deals with the weekly close price of active issuers listed on Jakarta Islamic Index Indonesia for a certain time interval. Overall, this paper highlights portfolio selection, which includes determining the number of stocks, grouping the issuers via technical analysis, and selecting the best risk-adjusted return of portfolios. The nominated portfolio is modeled using Quadratic Programming (QP). The result of this study shows that the portfolio built using the lowest Value at Risk (VaR) outperforms the market proxy on a risk-adjusted basis of M-squared and was chosen as the best portfolio that can be optimized using QP with a minimum risk of 2.86%. The portfolio with the lowest beta, on the other hand, will produce a minimum risk that is nearly 60% lower than the optimal risk-adjusted return portfolio. The results of QP are well verified by a heuristic optimizer of fmincon.

• The Journal of Asian Finance, Economics and Business
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• 제1권2호
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• pp.31-37
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• 2014

The portfolio selection is one of the most important and vital decisions that a real or legal person, who invests in stock market, should make. The main purpose of this article is the determination of the optimal portfolio with regard to relations among stock returns of companies which are active in Tehran's stock market. For achieving this goal, weekly statistics of company's stocks since Farvardin 1389 until Esfand 1390, has been used. For analyzing statistics and information and examination of stocks of companies which has change in returns, factors analysis approach and clustering analysis has been used (FC approach). With using multivariate analysis and with the aim of reducing the unsystematic risk, a financial portfoliois formed. At last but not least, results of choosing the optimal portfolio rather than randomly choosing a portfolio are given.

• 아동학회지
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• 제22권1호
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• pp.191-211
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• 2001

This in-depth study of portfolio method centered on efficient methods of application, including teacher education. The study was carried out in 2 public kindergartens in Taegu. The efficient portfolio assessment method was developed by revisions after successive applications, observations, and discussions with the teachers of both kindergartens. The resulting efficient portfolio method is composed of step 1: portfolio conference and planning; step 2: development of the portfolio in the process of teaching and learning; step 3: selection of the materials for the portfolio; step 4: analysis of the portfolio; and step 5: use of the portfolio method. The practical application of the portfolio assessment is included in the forms used for teachers' observations of children's play and educational interventions. Teachers' interventions include verbal interaction, presentation of materials, and participating as partners. This teaching-learning method consists of teaching and assessment by sensitive and instant responses to children's needs.

• 한국콘텐츠학회논문지
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• 제7권12호
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• pp.83-94
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• 2007

포트폴리오는 구성주의 학습을 지원하는 한 방법으로 사용될 수 있다. 현재 교육 현장에서 포트폴리오의 사용이 점차 확대되고 있으나, 현장 적용의 실태나 발전적 활용 방안에 대한 연구는 미약한 편이다. 본 논문에서는 전국의 초 중등학교 재직 교사를 대상으로 포트폴리오 운영에 대한 실증적 자료를 분석하며, 이를 기반으로 지식정보화 사회에 필요한 e-포트폴리오의 설계 방향을 제안한다. 포트폴리오에 대한 이해도, 유형별 운영 현황 분석 결과에 따르면 학교급에 따른 차별화된 시스템 설계와 고경력자에 대한 연수 확대, '안내도우미' 기능 구비를 필요로 한다. 포트폴리오 작성을 위해 많은 시간을 소요하고 일회적, 형식적 수행 평가의 일환으로 운영되는 문제점을 개선하기 위해 학습과 평가를 하나의 과정에서 통합하는 시스템의 설계가 필요하다. 더불어 상호작용 및 자기 주도적 학습을 효과적으로 지원하는 e-포트폴리오의 설계가 요구된다.

• 지적과 국토정보
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• 제49권1호
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• pp.45-63
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• 2019

본 연구는 최근까지 우리나라는 재산 3분법을 바탕으로 주식, 채권, 실물부동산으로 구성된 전통적인 포트폴리오에 투자하는 것이 대부분이었으나, 포트폴리오 구성시 대표적인 부동산 간접투자상품인 리츠, 부동산펀드 등을 복합적으로 구성한 결과가 투자성과에 미치는 영향을 분석하였다. 이를 위하여 포트폴리오 구성의 가장 적합한 방법인 평균분산모형을 이용한 실증분석을 하였다. 사용변수는 복합자산 포트폴리오를 보유 자산의 구성에 따라 Portfolio A~Portfolio G까지 분류하였으며, 가격지수는 KOSPI, KRX BOND, REITs(TRUS Y7), FUND(HanwhaLasal), OFFICE(Seoul)로 선정하였다. 연구결과는 다음과 같다. 첫 번째의 경우 채권, 주식, 리츠와 부동산펀드가 결합된 Portfolio D와 실물부동산인 오피스가 추가된 Portfolio G의 위험이 가장 낮은 것으로 나타났다. 둘째, 채권, 주식, 리츠로 구성된 Portfolio B와 부동산펀드가 추가된 Portfolio D가 위험이 가장 낮은 것으로 나타났고, 수익률의 경우 채권, 주식, 오피스와 부동산펀드로 구성된 Portfolio F와 리츠까지 편입된 Portfolio G가 가장 높은 것으로 나타났다. 결과적으로 전통적인 재산 3분법으로 구성된 실물부동산 보다 부동산의 비유동성 한계를 제거한 부동산간접투자상품인 리츠와 부동산펀드를 포트폴리오에 구성시 더 효과적인 것으로 분석되었다. 따라서 직접투자의 가장 큰 단점인 비유동성 문제를 해결하여 투자자의 위험을 최소화할 수 있고, 부동산의 소유에 따른 비용을 절감할 수 있으며, 소액으로도 투자가 가능한 부동산 간접투자시장의 활성화가 더욱 필요할 것으로 보인다.

• 한국콘텐츠학회논문지
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• 제13권11호
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• pp.48-58
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• 2013

주식시장은 시간에 따라 계속 변하고 특별한 이유 없이 주가가 급등하거나 급락하는 사건들이 발생하기도 한다. 이런 이유로 주식시장은 복잡계로 인식되고 있으며 주가 변동을 예측하는 것은 어려운 일이다. 이 논문에서는 주식시장을 개별 주식들의 네트워크로 이해하고 시간에 따라 변하는 한국 주식시장 네트워크를 분석하였다. 코스피200 지수를 구성하는 137개 회사의 주식들을 대상으로 주식 사이의 상관관계를 측정한 결과 주식 간 상관관계가 매우 높을 때 주가가 급락하는 경향이 있는 것으로 나타났다. 또한, 우리는 이러한 네트워크 분석 결과를 바탕으로 주식 포트폴리오를 구성하는 방법을 제안한다. 제안 방법으로 구성된 포트폴리오의 효율성을 보이기 위해 실제 주식들을 대상으로 모의 투자 실험을 수행하였고, 마코위츠의 효율적 포트폴리오 구성 알고리즘을 이용해 구성한 포트폴리오의 수익률과 비교하였다. 실험 결과 제안 방법으로 구성된 포트폴리오는 평균적으로 약 10.6%의 수익률을 보였으며, 같은 기간 마코위츠의 효율적 포트폴리오의 수익률보다 약 3.7% 높으며, 코스피200 수익률보다 약 5.6% 정도 높게 나타났다.

• International Journal of Advanced Culture Technology
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• 제8권2호
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• pp.12-17
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• 2020

This study was a similar experimental study that analyzed the effect by applying the learning portfolio completion. The study period lasted from October 1, 2019 to November 20, 2019. A total of 47 people participated in the study, and the effectiveness of the program was analyzed with the SPSS 18.0 program for critical thinking disposition. The statistical analysis method was frequency analysis and paired t-test. As a result of the analysis, the critical thinking disposition increased significantly in the application of the learning portfolio completion (Truth-seeking MD= -0.05, p <0.01), Open-mindness MD= 0.11, p <0.001), Analyticity MD= 0.76, p <0.001), Systematicity MD= -.25, p <0.001), Self-confidence MD=-0.54, p <0.001), Inquisitiveness MD=0.29, p <0.001), Maturity MD=-.0.33, p <0.001). In conclusion, the teaching method applied with the learning portfolio completion actually helped nursing students learn nursing students learn based on critical thinking. Based on these result, further research using learning portfolio is to be done and more systematic and practical application of learning portfolio completion to nursing students. This study would be used as a basic data for the study guideline development for learners.