• The Korean Journal of Community Living Science
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• v.21 no.1
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• pp.81-90
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• 2010

This study aimed to identify the contributors of extra-curricular activities of preschool children focusing on home environmental factors(financial capital, human capital, and social capital) and maternal belief about factors on academic achievement(child's effort, child's ability, teacher's instruction, and maternal teaching). One hundred and seventy three mothers whose preschool children were attending child-care centers in Seoul and Kyunggi-Do participated in the survey. Kinlaw et al.(2001)'s Importance of Effort/Ability Scale was used to assess the mother's belief about the factors on academic achievement. Stipek et al.(1992)'s Activities Sub-scales was revised to measure a social capital, that is the mother's formal and informal activities providing to their preschool child. Educational level was utilized as human capital and monthly income was considered as financial capital. Also, using open ended questions, the subjects were asked to respond to the numbers of extra-curricula activities their child was presently attending, and when he or she began to attend the extra-curricular activity. The main results are as follows. In general, the mothers provided informal activities to their preschool child more than formal activities. Also, they believed the teacher's instruction is the most important and the child's ability the least important in their child's academic achievement. The number of extra-curricular activities was predicted by mothers' formal activities and their belief on their child's ability. The age of starting extra-curricular activities were explained by mothers' formal activities and their educational level.

• The Korean Journal of Applied Statistics
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• v.24 no.4
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• pp.597-607
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• 2011

Value at Risk(VaR) is being widely used as a simple tool for measuring financial risk. Although VaR has a few weak points, it is used as a basic risk measure due to its simplicity and easiness of understanding. However, it becomes very difficult to estimate the volatility of the portfolio (essential to compute its VaR) when the number of assets in the portfolio is large. In this case, we can consider the application of a dimension reduction technique; however, the ordinary factor analysis cannot be applied directly to financial data due to autocorrelation. In this paper, we suggest a dimension reduction method that uses the time-series factor analysis and DCC(Dynamic Conditional Correlation) GARCH model. We also compare the method using time-series factor analysis with the existing method using ordinary factor analysis by backtesting the VaR of real data from the Korean stock market.

• Journal of the Korean Institute of Landscape Architecture
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• v.36 no.1
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• pp.49-61
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• 2008

School forests, an important part of the urban forest, has diverse functions and plays an important role in artificial environment. It has three main functions: educational for children, ecological for nature, and cultural for residents. In spite of its diverse functions and roles, the actual conditions and achievements of school forests have not been correctly evaluated, resulting in institutional inertia. To improve these problems, this study was synthetically conducted by the post occupancy evaluation of users(residents, teachers and students) at school forests. This study can be summarized as follows: 1. The cognition and satisfaction level of school forests supported by private organizations was higher than those by local governments. Therefore, the establishment of a post management system of private organizations is more effective than the simple financial support of local governments. 2. The frequency of use of school forests by residents was higher than that of teachers. Their purposes were mainly to rest or walk However, teachers used school forests for nature observation and education. 3. In a survey of teachers about a reform measure and problems of school forests, the necessity of a post management system and financial security were significant requests. In addition, steady publicity and education, participant program, and incentives for teachers should be considered. This study is meaningful to systematically develop and activate the school forest movement. The integrated approach to the school forest movement reflects opinions of related users and is expected to become a useful foundation in studying about the improvement of city environments.

• The Korean Journal of Financial Management
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• v.26 no.1
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• pp.189-220
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• 2009

This study tests the significance of momentum and contrarian strategy which challenge the weak efficient market hypothesis (EMH). If momentum and contrarian strategy can make extra return above the market, this can be a significant critics to the weak EMH. By using Monte Carlo simulation we have found that many existing returature, which test the significance of momentum and contrarian strategy, have a significance distortion problem. We test the significance of momentum and contrarian strategy by using reality check test of White(2000) which solve the problem of data snooping bias. The results are following. When we use the KOSPI index as the benchmark portfolio, we can get the best strategy of momentum strategy in the case of mean return. But in the case of Sharp ratio which is the performance measure adjusting risk, we find that the best strategy in the momentum and contrarian strategy can not dominate the performance of benchmark portfolio. Therefore we argue that weak EMH can not be rejected because of superior performance of momentum and contrarian strategy when we consider risk.

• The Korean Journal of Financial Management
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• v.24 no.3
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• pp.133-152
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• 2007

In this paper, we examine a portfolio selection model in which a safety-first investor maximizes expected return subject to a downside risk constraint. We use the Value-at-Risk as the downside risk measure. We exploit the fact that returns are fat-tailed, and use a semi-parametric method suggested by Jansen, Koedijk and de Vries(2000). We find a more realistic asset allocation than the one suggested by the literature based on the traditional mean-variance framework. For the robustness check, we provide empirical analyses using empirical quantiles. The results highlight that for optimal portfolio selection involving downside risks that are far in the tails of the distribution, our mean-VaR model with a fat-tailed distribution is superior.

• Health Policy and Management
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• v.5 no.1
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• pp.132-160
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• 1995

This study purported to acquire information necessary to improve the management of general hospitals. It tried to determine major indices which represent managerial performance of general hospitals and to identify the managerial characteristics of general hospitals which affect the major financial indices. Eighty-eight hospitals were chosen from 188 hospitals which were subject to standardization audit by the Korean Hospital Association. The results of a discriminant analysis are summarized as followings. First, when a single index was used to measure managerial performance of the sample hospitals, the ration of net profit to total capital was the best index and its discriminant power was 58.14%. The ratio of the number of boardmen((M. D.) and average daily medical cost were highly related to this index. Second, when two indices were used, income growth rte and the ration of net profit to total capital had the highest discriminant distinction ability. Their discriminant power was 61.9%. In this case, the ratio of the number of boardmen(M. D.) was significantly and highly related to the indices. Third, when all three indices-income growth rate, the ration of net profit to total capital and quick ratio - were used together, a discriminant function was statistically insignificant. Therefore, using all three indices was not useful in measuring managerial performance of the sample hospitals. In conclusion, using two indices-income growth rate and the ration of net profit to total capital-was better in measuring manegerial performance of general hospitals than using a single index. The independent variable which affected these indices was the ration of the number of boardmen. The discriminant function was : $D_{GI}=2.77+4.832\times(the ratio of the number of boardmen)$ *G=growth index(income growth rate) *I=profit index(the ration of net profit to total capital)

• The Journal of Fisheries Business Administration
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• v.48 no.1
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• pp.31-49
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• 2017

This study focuses on developing a theoretical framework for evaluating Operational Performance of the Marine Forest Creation project on a balanced and comprehensive perspective by using BSC, AHP, and IPA. Also, the purpose of this study is empirically to analyze operational performance of the project and to suggest the future improvement plan. For this purpose, We will first determine the critical success factors(CSF) and key performance indicators(KPI) required for evaluating the performance of the Marine Forest Creation project from the four perspectives of BSC. And, After determining the weight for each of CSF, KPI, and four perspectives of BSC by using AHP, we will measure the project performance. We will also conduct IPA analysis to propose the direction of improvement of the Marine Forest Creation project. The results of this study are as follows. First, this study has drawn 8 critical success factors and 16 key performance indicators for four BSC perspectives based on the theoretical considerations and expert interview survey. Second, as a result of deriving relative importance of BSC perspectives using AHP, customer perspective was the highest, followed by financial perspective, learning and growth perspective, and internal process perspective. Third, as the results of analyzing the importance and performance of BSC perspectives using IPA, customer perspective was the maintenance reinforcement category, financial perspective was the key improvement category, internal process perspective and learning and growth perspective were gradual improvement category. This study has a great academic significance in terms of BSC first tried to evaluate the performance of the Marine Forest Creation project. The results of this study are expected to lead to various discussions for a balanced and comprehensive verification of Marine Forest Creation project performance.

• Journal of the Korean Data and Information Science Society
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• v.26 no.6
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• pp.1207-1216
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• 2015

This study aims to compare the model power in developing corporate credit rating models and to suggest a good way to build models based on the characteristic of data. Among many measurement methods, AR is used to measure the model power under various conditions. SAS/MACRO is in use for similar repetitions to reduce time to build models under several combination of conditions. A corporate credit rating model is composed of two sub-models; a credit scoring model and a default prediction model. We verify that the latter performs better than the former under various conditions. From the result of size comparisons, models of large size corporate are more powerful and more meaningful in financial viewpoint than those of small size corporate. As a corporate size gets smaller, the gap between sub-models becomes huge and the effect of outliers becomes serious.

• International Commerce and Information Review
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• v.14 no.4
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• pp.339-360
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• 2012

We have more risks in international trade market than in the domestic business market because economic activities are going on with business transactions in different countries. K-sure's Refund Guarantee System is the most important system for Korean Small and Middle Shipbuilding Industries' business, but Korean exporters of Shipbuilding Industries are more interested in export financing through K-sure rather than its financial supporting services. The export insurance becomes more important service for international trade business and it its count as the only one indirect way of supporting export business because export insurance is accepted internationally under the WTO system. Also, it is the only measure that can cover emergency risk, credit risk, exchange risk which cannot be covered by private insurance. As the major risk manager for Korean exporters, the K-sure needs to provide an integrated risk management service for customers. Korean exporters can take more challenges in ever competitive international trade market and we can witness promotion of export in the future which is essential to Korea's economic growth.

• International Area Studies Review
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• v.13 no.3
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• pp.51-71
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• 2009

We pursue empirically influential determinants of risk-sharing across various groups in the United States. We consider all the possible combinations out of the eight BEA economic regions and relate the risk-sharing measure for each group to sectoral composition difference under the control of the state-level macroeconomic and financial characteristics. Our results show that more active risk-sharing via cross-ownership market is observed in groups exhibiting more different sectoral composition. The evidence implies that, given other economic and financial conditions equal, economic union tends to share more consumption risk among its members that are more heterogeneous in their sectoral composition. These days, many countries aim to form FTA and other forms of economic integration. We suggest that they should pay attention to sectoral composition for member countries to minimizes income shock in the integrated economy.