• 한국중재학회지:중재연구
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• 제25권1호
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• pp.65-86
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• 2015

Under current international investment law clear criteria to determine standards of indirect expropriation are absent. Arbitral tribunals determine on a case-by-case whether an indirect expropriation has occurred by conducting a fact-based inquiry. However, three common determination standards can be inferred by analyzing prior arbitration cases. The appropriate analytical framework that can be applied to determine whether a state's measure constitutes an indirect expropriation is as follows. i) the degree of economic invasion of the state's action into the foreign investor's property rights and durability of the period, ii) interference with the foreign investor's distinct and reasonable investment-backed expectations, and iii) the nature, purpose and character of the state's measure. Therefore, it is necessary to fully acknowledge and to utilize strategically this determination standard. However, derived standards cannot be applied to all disputes en masse. So, it is desirable to exclude ambiguity and to clearly define the determination standard of indirect expropriation in investment agreements, since arbitral tribunals can apply different determination standards on a case-by-case basis. And, based on the discussions until now, more developed standards and direction in response to demand should be established through consistent analysis and review of precedents related to indirect expropriation. Lastly, This study is expected to be a useful guideline to prepare a necessary countermeasure to prevent dispute related to indirect expropriation beforehand or in case of dispute occurrence.

• The Journal of Asian Finance, Economics and Business
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• 제5권4호
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• pp.45-56
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• 2018

The paper aims to examine relationships between search-based sentiment and stock market reactions in Vietnam. This study constructs an internet search-based measure of sentiment and examines its relationship with Vietnamese stock market returns. The sentiment index is derived from Google Trends' Search Volume Index of financial and economic terms that Vietnamese searched from January 2011 to June 2018. Consistent with prediction from sentiment theories, the study documents significant short-term reversals across three major stock indices. The difference from previous literature is that Vietnam stock market absorbs the contemporaneous decline slower while the subsequent rebound happens within a day. The results of the study suggest that the sentiment-induced effect is mainly driven by pessimism. On the other hand, optimistic investors seem to delay in taking their investment action until the market corrects. The study proposes a unified explanation for our findings based on the overreaction hypothesis of the bearish group and the strategic delay of the optimistic group. The findings of the study contribute to the behavioral finance strand that studies the role of sentiment in emerging financial markets, where noise traders and limits to arbitrage are more obvious. They also encourage the continuous application of search data to explore other investor behaviors in securities markets.

• 전기학회논문지
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• 제65권8호
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• pp.1347-1354
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• 2016

This paper presents optimal operational scheduling model and economic assessment of Li-ion battery energy storage systems installed in non-residential customers. The operation schedule of a BESS is determined to minimize electric bill, which is composed of demand and energy charges. Dynamic programming is introduced to solve the nonlinear optimization problem. Based on the optimal operation schedule result, the economics of a BESS are evaluated in the investor and the social perspective respectively. Calculated benefits in the investor or customer perspective are the savings of demand charge, energy charge, and related taxes. The social benefits include fuel cost savings of generating units, construction deferral effects of the generation capacity and T&D infra, and incremental CO2 emission cost impacts, etc. Case studies are applied to an large industrial customer that shows similarly repeated load patterns according to days of the week.

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.707-715
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• 2021

This article examines the potential impact of the Covid-19 Lockdown on earnings manipulation and stock market sensitivity to earnings announcements. It also explores the effects of earnings manipulation after the COVID-19 outbreak on the share price sensitivity to the earnings disclosures. The study uses a quantitative method to analyze the financial data consisting of 87 firms listed on the Iraq Stock Exchange for the period from 2018 to 2020, which constitutes a total of (174 observations). We used Ohlson (1995) model to estimate financial market reaction and sensitivity to earnings manipulation fluctuations and accounting information. The results show that companies practice earnings manipulation to maintain earnings over a time series, which means a negative impact of earnings manipulation on all earnings measures' value relevance (EPS, BVS, and CFS). Accordingly, earnings manipulation negatively influences investor behavior in the financial market, based mainly on financial reporting. The value relevance of financial reports has also decreased because of the COVID-19 outbreak and related economic Lockdown. These results reflect a long-term adverse impact of earnings manipulation on investor behavior and financial statements reliability.

• 아태비즈니스연구
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• 제11권4호
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• pp.243-254
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• 2020

Purpose - This paper explores whether overnight returns measured from the last closing price to today's opening price explain the cross-section of stock returns. Design/methodology/approach - This study is conducted using the Korean stock market data from 1998 to 2018, obtained from DataGuide database. The analysis begins with portfolio-level tests, followed by firm-level cross-sectional regressions. Findings - First, when decile portfolios sorted on the daily average of overnight returns in the previous months, the highest decile portfolio exhibits a significant negative risk-adjusted return. This suggests that stocks with higher average overnight returns are temporarily overvalued due to buying pressure from investors. Second, at least 6 months of persistence exists in average overnight returns, which is in line with the results reported by Barber, Odean and Zhu (2009) that investor sentiment persists over several weeks. Finally, Fama-MacBeth cross-sectional regression of expected returns after controlling for a variety of firm characteristic variables such as firm size, book-to-market ratio, market beta, momentum, liquidity, short-term reversal, the slope coefficient for overnight returns remains negative and statistically significant. Research implications or Originality - Overall, the evidence consistently suggests that overnight return is considered as a new priced factor in the cross-section of expected returns. The findings of this paper not only adds to finance literature, but also could be useful to practitioners in making stock investment decision.

• The Journal of Asian Finance, Economics and Business
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• 제9권4호
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• pp.299-306
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• 2022

Entrepreneurs with behavioral finance biases are more likely to make irrational or financially detrimental decisions. Understanding financial behavior biases can assist in making sound financial decisions. Behavioral finance is a new topic that can assist researchers in better understanding investor behavior and preferences while purchasing and selling stocks. Using measures such as independent t-tests and average Likert five-point scale scores, this study seeks to determine how entrepreneurs make investment decisions and whether gender makes a difference. The study is empirical, and data from 1000 entrepreneurs were collected through convenience sampling. The study's main findings show that there are numerous factors to consider while investing in stocks, including family planning, children's education, investment security, and recurring income. Both men and women attempt to invest in many asset classes, but certain investments are extremely risky, while others are low risk. As a result, investors should assess risk based on their age and experience rather than their gender; this indicates that an investment in venture capital has nothing to do with gender but everything to do with the investor's age.

• The Journal of Asian Finance, Economics and Business
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• 제9권2호
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• pp.151-158
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• 2022

The study aims to investigate Lebanese-Chinese relations within the framework of the Belt and Road Initiative. Lebanon formally joined the effort in 2017; this paper emphasizes Lebanon's geostrategic importance. The paper presents an assessment of the investment risks in Lebanon, which is considered an economically unstable country with a volatile security situation, with many internal and external political hurdles. The paper refers to the obstacles and challenges that the Chinese investor may face in Lebanese society. The study employs qualitative descriptive analysis to address the status of Chinese investment in Lebanon and the consequences of this partnership; the paper examines previous research related to the Belt and Road Initiative and the Lebanese political, security, and economic situation literature. Due to the deteriorating security situation, external intervention, and the economic crisis, the results reveal that Lebanon is not a top investment priority for China, which is a big impediment to China entering into economic cooperation with Lebanon. The findings of this study suggest that the Lebanese government should adopt an anti-corruption policy to build confidence for the Chinese investor, reduce unnecessary public spending, and hold a national dialogue to build confidence among the Lebanese parties.

• The Journal of Asian Finance, Economics and Business
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• 제9권2호
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• pp.395-407
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• 2022

This study examines the emotional undercurrents of individual investors. Earlier finance theory was based on the assumption that investors would act rationally. According to the findings, it is the investors' collective expectations and anxieties that have an impact on their investment fortunes. This necessitates a high level of emotional stability on the side of the investors. Investors must have a firm foundation in financial literacy to have the requisite level of emotional stability. This study aims to add to existing theory and practice by analyzing whether investors who have received business-related education are less emotional than those who have not. For the survey inquiry of individual investors, 'fear' and 'love' are considered among the emotional undercurrents of individual investors. The research is based on a survey of 875 individual investors in India, 342 of whom had a business background and the others have none. It has been discovered that no investor, regardless of their level of business education, is emotion-free. Investors with and without a business education display emotional stability in many behavioral aspects of fear and love to varying degrees.

• 아태비즈니스연구
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• 제13권1호
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• pp.247-262
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• 2022

Purpose - The purpose of this study is to examine the impact of the Pandamic Declaration on 'untact firms' listed in KOSPI and KOSDAQ market in order to verify Investor Mania Hypothesis. Design/methodology/approach - This study collected financial data for 44 untact firms in KOSPI and KOSDAQ market. Then, we employed ESM(Event Study Methodology), EGARCH model and DID(Difference-In-Difference) for analysis. Findings - First, in contrast with the benchmarking index, KOSPI 200 which shows a negative (-) abnormal return trend, the untact firms have positive abnormal return trend consistently. Second, after the Pandemic Declaration, the variability of abnormal return for the untact firms is found to be significantly positive. Third, we find that the cumulative abnormal return and volatility of the untact firms significantly increase after the Pandemic Declaration. Research implications or Originality - Based on the Investor Mania Hypothesis, we confirm that the market potential of untact firms after the Pandemic Declaration is observed when compared with the KOSPI 200.

• 한국환경과학회지
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• 제31권12호
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• pp.1117-1126
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• 2022

This study analyzed the effect of Corporate Social Responsibility and ESG (Environmental, Social and Governance) score on information asymmetry from the perspective of investors, who are important stakeholders of the company. For KOSPI-listed companies from 2017 to 2020, the effect of ESG overall score and each item score (E, S, G) on the bid-ask spread, which is a proxy for information asymmetry, was confirmed. The results are as follows. First, the increase in corporate CSR activities resulted in lowering information asymmetry of investors. It was found that the higher the ESG score, an indicator of CSR activity, the lower the bid-ask spread, which is a proxy variable for information asymmetry. Second, as a result of analysis using ESG scores for each section, information asymmetry decreased as companies with higher scores in the environmental (E) and social (S) aspects, while the governance (G) score did not have a statistically significant effect. The analysis confirmed that corporate CSR activities can contribute to improving market efficiency by resolving information asymmetry of investors and convergence of the stock market into a state of equilibrium. This means that the company's CSR activities are reflected in the investment decision-making, which suggests that the company should consider the investor as a stakeholder in decision-making related to CSR activities.