• Journal of The Korean Society of Agricultural Engineers
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• v.48 no.6
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• pp.31-41
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• 2006

The analysis used in this work was cost-benefit analysis method. All future costs and returns of a given mushroom house were discounted to the time of initial investment (present) by means of 3.5% discount rate. Then the cost of ownership was compared to the return from the system. This analysis method has been developed and coded into a balance sheet for use on a EXCEL program. Using this programmed analysis,a large number of the case studies were examined using different combinations of economic conditions. These results will be very useful to individuals considering investment in a mushroom house, or any similar production system. By the way of the sensitivity analysis for each important parameter, the change of the marginal cost-benefit period could be finally determined. These parameters were typically construction cost of mushroom house, cost of cooling system, required cooling and heating energy amounts, unit price of mushroom media bottle, growing number of media bottles, production weight per unit bottle, sale price of mushroom, and annual number of growing period, etc.

• Journal of the Korean Society for Railway
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• v.10 no.2 s.39
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• pp.137-145
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• 2007

In traditional financial theory, the discount cash flow model(DCF or NPV) operates as the basic framework for most analyses. In doing valuation analysis, the conventional view is that the net present value(NPV) of a project is the measure of the present value of expected net cash flows. Thus, investing in a positive(negative) NPV project will increase(decrease) firm value. Recently, this framework has come under some fire for failing to consider the options of the managerial flexibilities. Real option valuation(ROV) considers the managerial flexibility to make ongoing decisions regarding the implementation of investment projects and the deployment of real assets. The appeal of the framework is natural given the high degree of uncertainty that firms face in their technology investment decisions. This paper suggests an algorithm for estimating volatility of logarithmic cash flow returns of real assets based on the Black-Sholes option pricing model, the binomial option pricing model, and the Monte Carlo simulation. This paper uses those models to obtain point estimates of real option value with the G7- HSR350X(high-speed train).

• The Journal of Asian Finance, Economics and Business
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• v.8 no.12
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• pp.153-158
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• 2021

Convergence is the process of gradual adoption of a certain accounting standard issued by different regulatory bodies. The aim is to achieve uniformity and standardization across borders to open opportunities for international investment and collaboration. The implementation of IFRS, in theory, encourages more transactions by presenting financial statements in a simple and understandable manner for all investors and other businesses interested in the company. Using event study methodology, this study investigates whether Malaysian companies' adoption of IFRS is recognized by the investment community. A total of 89 public listed companies in Bursa Malaysia are involved in this study. The results show that about 62.8 percent of the companies that adopted IFRS-based financial statements experienced an increase in their average abnormal return after the announcement. However, the paired sample test results show that only 5.6 percent out of 89 companies studied experience a significant difference in abnormal return before and after the announcement. The inexistence of the average abnormal return difference between before and after the announcement may indicate that IFRS-based financial statements do not have any new market informational content. This study found little evidence to show that convergence with IFRS affects the company's stock price in Malaysia.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.717-729
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• 2021

This paper examines the efficacy of the default risk factor in an emerging market context using the Fama-French five-factor model. Our aim is to test whether the Fama-French five-factor model augmented with a default risk factor improves the predictability of returns of portfolios sorted on the firm's characteristics as well as on industry. The default risk factor is constructed by estimating the probability of default using a hybrid version of dynamic panel probit and artificial neural network (ANN) to proxy default risk. This study also provides evidence on the temporal stability of risk premiums obtained using the Fama-MacBeth approach. Using a sample of 3,806 firm-year observations on non-financial listed companies of Pakistan over 2006-2015 we found that the augmented model performed better when tested across size-investment-default sorted portfolios. The investment factor contains some default-related information, but default risk is independently priced and bears a significantly positive risk premium. The risk premiums are also found temporally stable over the full sample and more recent sample period 2010-2015 as evidence by the Fama-MacBeth regressions. The finding suggests that the default risk factor is not a useless factor and due to mispricing, default risk anomaly prevails in the Pakistani equity market.

• Journal of Forest and Environmental Science
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• v.25 no.1
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• pp.35-41
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• 2009

Agroforestry combines agriculture and forestry technologies to create more integrated, diverse, productive, profitable, healthy and sustainable land-use systems. This study was performed in three union of Chhagalnaiya Upazila (Sub-district; administrative entity) under Feni district, Southern Bangladesh with a view to identify the tree resources, utilization pattern and economic return of major fruit and timber tree species. Information collected from a total of 45 households ranging from marginal, small, medium and large categories. Number of plant species increased with the increase of homestead area. A total of 39 plant species were recorded from the homegarden, of which 23 were fruit and 16 were timber tree species. Considerable number of vegetables was also planted under the shade of the homestead trees. The investment analysis showed that average benefit-cost ratios were greater than one, net present values were positive and internal rate of returns were more than 10%. Long term investment on horticulture and timber tree species is highly profitable if species like Swietenia mahagoni and Tectona grandis, Spondias pinnata, Syzygium cumini and Areca catechu were planted.

• The Korean Journal of Applied Statistics
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• v.24 no.1
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• pp.1-10
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• 2011

This study investigates the dynamic structure of interdependence on the domestic and related major stock markets by employing a statistical framework. Finance theory predicts potential gains by international portfolio diversification if returns from investment in different national stock markets are not perfectly correlated or not cointegrated. The benefit of international diversification is limited when national stock markets are cointegrated because of the limited amount of independent variation by the presence of common factors. The statistical tests suggest that international diversification appears to be favorable after the period of the comovement of the stock prices caused by 1997 Asian financial crisis. The result reflects the increase in overseas investment and purchase of overseas funds after the early 2000's.

• The Korean Journal of Financial Management
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• v.22 no.2
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• pp.135-164
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• 2005

We analyze trade and balance records of 10,000 stock investment accounts of individual investors for the period of 1998 to 2003. Individual investors em an annual gross return of 12.3% while the KOSPI and the value weighted composite including KOSDAQ stocks yield 13.6% and 9.7% respectively during the same period. Net return performance is 8.3%, a drop of 5.3% mainly due to heavy trading. Individual investors' annual turnover amounts to over 270 percent. In an analysis of groups formed on the month's end position value, the performance of the top quintile is found comparable to the market while the rest yield significantly lower risk-adjusted returns than the market. We also find evidence rejecting the rational expectation model while supporting the overconfidence hypothesis which states overconfidence leads to a higher level of trading, resulting in poor performance. Individuals tilt their stock investment toward high-beta, small, and value stocks.

• Journal of Convergence for Information Technology
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• v.11 no.2
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• pp.82-89
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• 2021

The objective of this study is to propose a new Glide Path that dynamically adjusts the risky asset inclusion ratio of the Target Date Fund by simultaneously considering the market's forecast volatility as well as the time of investor retirement, and to compare the investment performance with the traditional Target Date Fund. Forecasts of market volatility utilize historical volatility, time series model GARCH volatility, and the volatility index VKOSPI. The investment performance of the new dynamic Glide Path, which considers stock market volatility has been shown to be excellent during the analysis period from 2003 to 2020. In all three volatility prediction models, Sharpe Ratio, an investment performance indicator, is improved with higher returns and lower risks than traditional static Glide Path, which considers only retirement date. The empirical results of this study present the potential for the utilization of the suggested Glide Path in the Target Date Fund management industry as well as retirees.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.19
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• pp.96-118
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• 2003

Government tries to revise the article 25 in Korea Maritime Transport Act which describes subject of coastal carriage for exported-imported container cargoes. The subject of coastal carriage will be replaced coastal carrier by ocean liner carrier according to the revised article 25. By adopting the revised article, coastal shipping industry will be deteriorated in terms of returns on investment, sales and etc. Even though the revision is inevitable to harmonize the flow of exported-imported container cargo movement, coastal shipping industry should be developed and restructured to get competitive power and to set up an efficient international logistics system. To enhance competitive power of coastal shipping companies successfully, government must realize the importance of coastal shipping, and aid the industry through various methods such as arrangement of law and regulation, indirected financial assistance, decrease of tax rate, etc.

• International conference on construction engineering and project management
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• 2013.01a
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• pp.122-128
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• 2013

Computer simulations designed to predict technical and financial returns of wind turbine installations are used to make informed investment decisions. These simulations used fixed values to represent real-world variables, while the actual projects can be highly uncertain, resulting in predictions that are less accurate and less useful. In this article, by modifying a popular wind power simulation sourced from the American Wind Energy Association to use Monte Carlo techniques in its calculations, the authors have proposed a way to improve simulation usability by producing probability distributions of likely outcomes, which can be used to draw broader, more useful conclusions about the simulated project.