• Journal of the Chungcheong Mathematical Society
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• v.32 no.2
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• pp.215-224
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• 2019

We investigate the optimal consumption and investment decision problem of an agent whose time preference is time-inconsistent. Specifically, for a time-separable utility function, the agent's subjective discount factor is supposed to be changed randomly in the future. We provide closed-form solutions in the presence of income process. The method can be extended into the case with a stochastic income process.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.70
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• pp.109-133
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• 2016

As for Korea, China is very important because of an advantageous geological accessibility and high economic dependency. Therefore, the Korean government announced its plan to establish 5billion dollars' investment from Greater China (including Hong Kong and Singapore) and the government has put much effort into accommodating more Chinese investment by diversifying investment channels from Greater China. Under this major Chinese investment boom, it is crucial to conduct in-depth research on accommodation of Chinese investment and create a plan to establish Chinese capital investment that will benefit both the investing country and the countries receiving the investment. Hence, the present study analyzed current trends in Chinese investment for the Korean market, focusing on the stimulation methodology for establishing greater investment from China. To this end, this paper examined various investment characteristics of Chinese investors for the Korean market by researching investment development levels on different time lines and analyzing Chinese investment in Korea for a variety of industries. Through the research, the following study derived a more effective strategy to accommodate greater Chinese capital investment. There has been a worldwide increase in the number of letter of credit cases involving fraud recently. It may happen that the documents which are tendered to the banks under a documentary credit are forged, altered or fraudulent. Banks assume no liability or responsibility for the form, sufficiency, accuracy, genuineness or falsification of any documents.

• Asia-Pacific Journal of Business
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• v.7 no.2
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• pp.61-76
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• 2016

This study aims to establish ways of how languages are used as determination factors for investment decisions among Asian countries where used languages are diversified. According to the analysis result, language segmentation of the investing country increases investment whereas the language segmentation of the invested countries is analyzed as the decreasing factor of investment. Also, it is analyzed that the further the linguistic distance between the investing country and the invested country the more investment increases. In the aspects of approached language distance and investment time selection, along with the increased linguistic distance, the elasticity to foreign direct investment is apprehended to be more flexible than other forms of investment. Such result shows the more segmented the languages of the targeted invested country the more investment cost will increase and therefore the results in linguistic distance can be explained as diversification of the invested country and the result to the forming of bridgehead at the invested area.

• Journal of the Korean Operations Research and Management Science Society
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• v.26 no.4
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• pp.83-97
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• 2001

Net Present Value (NPV) criterion has been the most widely used criterion to evaluate investment opportunities. However, the analysis based on the NPV criterion falls to consider the managerial flexibility of deferring decisions until major uncertainty is resolved. Recently, real options method attracted a lot of attention as a Powerful approach to address the problem. If investment decision is deferred, the value of the investment opportunity increases but opportunity cost increases at the same time. Therefore, it is important to decide the optimal timing how long the decision can be deferred. In this paper, we developed a model deciding the optimal decision timing. Using the real options approach, the model derived the optimal deferring time until a decision is made. Then, the model was applied to a Korean mobile telecommunications company who wants to invest on the wireless resale business. We believe that this model would be very useful to overcome the problem of NPV decision criterion. With this approach, we can make contingent decisions based on the observation of uncertainly resolutions.

• Journal of Korean Institute of Industrial Engineers
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• v.33 no.2
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• pp.221-226
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• 2007

This paper suggests a valuation framework of investment project using the concept of real options. We show the valuation process of real assets using the risk-neutral pricing. Especially, we focus on the investment lag. Real assets have investment lag in general. The decision time and the payment time are not identical. So the investment lag should be considered when valuing real assets for reality. We provide the valuation process for real assets, including R&D project. The results of this paper can be used for the real assets valuation and strategic decision analysis.

• International Journal of Advanced Culture Technology
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• v.10 no.4
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• pp.230-237
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• 2022

The Community Social Service Investment project started as a state subsidy project in 2007 and has grown very rapidly in quantitative terms in a short period of time. It is a bottom-up project that discovers the welfare needs of people and plans and provides services suitable for them. The purpose of this study is to analyze using big data to determine the social response to local community service investment projects. For this, data was collected and analyzed by crawling with a specific keyword of community service investment project on Google and Naver sites. As for the analysis contents, monthly search volume, related keywords, monthly search volume, search rate by age, and gender search rate were conducted. As a result, 10 items were found as related keywords in Google, and 3 items were found in Naver. The overall results of Google and Naver sites were slightly different, but they increased and decreased at almost the same time. Therefore, it can be seen that the community service investment project continues to attract users' interest.

• Proceedings of the Technology Innovation Conference
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• 2001.06a
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• pp.145-156
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• 2001

This paper investigates the effect of imported technology on the economic growth of Korea. To this end, the relationship between input technology and economic growth are suggested in the numerical form and analysed empirically. The rates of return of technology investments, which are divided into the domestic R&D investment and the investment on imported technology, are estimated. Based on the result of this analysis, the rate of return of the input technology, which includes the domestic R&D investment and the investment on imported technology, are estimated as 31.4%, and this input technology is calculated as to contribute 8.9% on the economic growth rate of Korea. And the domestic R&D investment is fumed out to have bigger rate of return than the investment on imported technology during the surveyed period. However, the rates of return of detailed R&D investments, which can be divided into the investments on commercial R&D and basic science, were not calculated in this paper, because of the lack of data on this in this paper. As well, the time-lag effect, which is naturally believed to exist between the R&D investment and the economic growth, could not be analysed wit:1 the same reason. Thus when analysing the relationship between them, this paper tried to minimize the time-lag effect by using the long-term data of twenty-three years.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.6
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• pp.1-16
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• 2021

The purpose of this study is to examine how the Korean government has intervened in the venture capital market so far and empirically investigate whether the government's policies on venture capital have stimulated venture capital's early-stage investment. To this end, this study classified the government's market intervention in the venture capital market by stage by studying the related literature and applying and analyzing the case in Korea. And, this study empirically analyzed the effectiveness of the Korean government's policy to revitalize the early-stage investment of venture capital, which is the most important purpose of government intervention. For empirical analysis, yearly data from 2004 to 2018 provided by the Korea Venture Capital Association and Korea Fund of Funds were analyzed using time series statistical analysis and macrodynamics. As a result of the case study, the Korean government has intervened in the venture capital market through direct investment for 25 years, and has been intervening through indirect investment for the next 18 years. As a result of time-series statistical analysis, the government's fiscal investment to increase the formation of venture capital funds and the increase in the ratio of special-purpose funds that mandate a certain percentage of early-stage investment increased the early-stage investment of venture capital. However, macrodynamics showed a trend in the opposite direction from this time series statistical analysis from 2016. In conclusion, this study interprets the trend in the opposite direction to the time series statistical analysis results as the government's erroneous regulation on the venture capital investment method and the recent lack of effectiveness of direct intervention through the government's indirect investment method. In addition, based on the results of case studies and empirical studies, this study made six policy proposals necessary for indirect government intervention.

• International journal of advanced smart convergence
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• v.11 no.1
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• pp.11-18
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• 2022

Securities and investment services have and use large data. Investors started to invest through their own analysis methods. There are 22 major securities and investment companies in Korea and only 6 companies support open API. Python is effective for requesting and receiving, analyzing text data from open API. Daishin Securities Co. is the only open API that officially supports Python, and eBest Investment & Securities Co. unofficially supports Python. There are two important differences between CYBOS plus of Daishin Securities Co. and xingAPI of eBest Investment & Securities Co. First, we must log in to CYBOS plus to access the server of Daishin Securities Co. And the python program does not require a logon. However, to receive data using xingAPI, users log on in an individual Python program. Second, CYBOS plus receives data in a Request/Reply method, and zingAPI receives data through events. It can be thought that these points will show a difference in response time. Response time is important to users who use open APIs. Data were measured from August 5, 2021, to February 3, 2022. For each measurement, 15 repeated measurements were taken to obtain 420 measurements. To increase the accuracy of the study, both APIs were measured alternately under same conditions. A paired t-test was performed to test the hypothesis that the null hypothesis is there was no difference in means. The p-value is 0.2961, we do not reject null hypothesis. Therefore, we can see that there is no significant difference between means. From the boxplot, we can see that the distribution of the response time of eBest is more spread out than that of Cybos, and the position of the center is slightly lower. CYBOS plus has no restrictions on Python programming, but xingAPI has some limits because it indirectly supports Python programming. For example, there is a limit to receiving more than one current price.

• East Asian Economic Review
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• v.16 no.1
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• pp.25-66
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• 2012

The paper analyzes the effect of expected future demand on the investment decisions of multinational enterprises. In particular, I explore the issue of the timing of switching between exporting and FDI in the host developing country and explicitly incorporate the firm's attitude toward risk in the model. The model demonstrates that the optimal time for switching to FDI depends on the expected future demand and the degree of its uncertainty.