• 충청수학회지
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• 제33권2호
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• pp.293-300
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• 2020

In this paper we study an optimal consumption, investment and retirement time choice problem of an investor who receives labor income before her voluntary retirement. And we assume that there is a negative wealth constraint which is a general version of borrowing constraint. Using convex-duality method, we provide the closed-form solutions of the optimization problem.

• Journal of the Korean Statistical Society
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• 제27권2호
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• pp.189-195
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• 1998

In this paper, we are concerned with the problem of testing the randomness of the coefficients in a first order autoregressive model. A consistent test based on prediction error is suggested. It is shown that under the null hypothesis, the test statistic is asymptotically normal.

• Journal of the Korean Statistical Society
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• 제3권1호
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• pp.31-57
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• 1974

The economic behavior of individuals' selection of particular kye and positions in a kye is based upon choice criteria. The selection of a kye or a position in a kye is not the same as an investor's portfolio selection. A kye member combines in varying degrees the characteristics of both a borrower and a lender of funds. In the following sections we shall first propose choice criteria for borrowers and lenders of funds, then we will try to test various hypotheses derived from the choice criteria by empirical data.

• 한국중재학회지:중재연구
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• 제27권2호
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• pp.37-57
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• 2017

On 9 March 2017, a Tribunal constituted under the ICSID Convention issued its ruling in the case of Ansung Housing v. People's Republic of China, dismissing with prejudice all claims made by the Claimant, Ansung Housing Co., Ltd., in its Request for Arbitration, pursuant to ICSID Arbitration Rule 41(5). Ansung Housing v. PRC has drawn attention since it is the first case where an investor with Korean nationality initiated an ICSID arbitration on the basis of the Korea-China Bilateral Investment Treaty (BIT) as amended in 2007 between the Republic of Korea and the People's Republic of China. The Tribunal finds that its ruling is about a lack of jurisdiction of the ICSID and of its own competence as well as regarding manifest lack of legal merit due to a lack of temporal jurisdiction, since a Respondent's Rule 41(5) objection is concerned with the three-year limitation period in Article 9(7) of the Korea-China BIT. The Tribunal held that, under Article 9(7) of the Korea-China BIT, the limitation period begins with an investor's first knowledge of the fact that it has incurred loss or damage, not with the date on which it gains knowledge of the quantum of that loss or damage. Finally, the Tribunal held that Ansung submitted its dispute to ICSID and made its claim for purposes of Article 9(3) and (7) of the BIT after more than three years had elapsed from the date on which Ansung first acquired knowledge of loss or damage and that the claim is time-barred and, as such, is manifestly without legal merit. It remains to be seen whether the aggrieved Claimant initiates annulment proceedings before an ad hoc committee under the ICSID Convention. It is quite interesting to see whether the decisions by the Tribunal should be reversed on the basis of the Claimant's arguments as to the start date as well as the end date of the limitation period under the Korea-China BIT.

• 한국중재학회지:중재연구
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• 제27권2호
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• pp.3-18
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• 2017

International legal reviews on ISD, a procedure for resolving disputes under the Korea-US FTA, are examined from the perspective of law. If the ISD system does not exist, even if the investor suffers damage due to the illegal act of the host country, he or she must file a lawsuit through the court of the host country, which is unreasonable from the investor's point of view and makes it difficult to guarantee fairness and transparency. Some of the Koreans pointed out that there are some problems with the KORUS FTA dispute settlement regulations, and that the United States federal courts are taking a friendly attitude to the decisions made by the US Customs in determining the dispute by the KORUS FTA Agreement and the US Customs Act. In cases where the State does not violate international law but results in harmful consequences, the responsibility of one country is borne by the treaty. Foreign investment always comes with many challenges and risks. Therefore, the ISD system is a fair and universal arbitration system, which is considered to be a necessary system even for protecting the Korean companies investing abroad. In the investment treaty, compensation for the nationalization of foreign property and reimbursement under the laws of the host country were dissatisfied with foreign investors. In particular, some Koreans have pointed out that there are some problems in the KORUS FTA dispute resolution regulations and there is a need for further discussion and research. Based on the experiences and wisdoms gained in the course of Korea-US FTA negotiations, the dispute arbitration mechanism is urgently needed to reduce the possibility of disputes and to make amicable directions.

• 재무관리연구
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• 제20권2호
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• pp.127-150
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• 2003

본 논문은 주가동조화 현상이 투자주체별 투자결정과 어떠한 관련성을 가질 수 있는지를 연구하였다. 이를 위해, 한국과 미국의 거래소지수와 비거래소지수에 대해 시간가변적 상관관계를 분석하고, 그 분석결과를 투자주체별 투자행태와 연관하여 설명하였다. 본 연구의 실증분석 결과, 한국과 미국의 거래소시장 간에, 그리고 비거래소시장 간에 각각 동조화 현상이 존재하며, 그 경향은 기간이 경과함에 따라 점차 강화되고 있었다. 투자주체별 투자행태에 대한 분석을 행한 결과, 외국인 투자자자는 전일 미국지수가 상승할 때, 한국 주식의 매수비중을 증대시키지만, 투신사와 개인투자자들은 외국인투자자와는 대조적으로, 전일 미국주가가 상승할 때, 매도비중을 증대시키는 것을 발견하였다. 이러한 분석결과는 외국인투자자들이 한미 주가동조화와 가장 관련이 깊은 투자행태를 보임을 암시하고 있다. 또한 투자주체별 순매수비율에 대한 Granger 인과관계분석을 통하여, 외국인투자자들은 내국인투자자와는 분리된 투자전략을 취하고 있음을 확인할 수 있었다. 우리는 이러한 현상의 원인이 외국인투자자들이 동태적 헷징전략을 사용하거나, 또는 국제경제요인을 국내요인보다 중시하는 투자전략을 취하고 있기 때문이라고 추론하였다.

• 대한안전경영과학회:학술대회논문집
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• 대한안전경영과학회 2005년도 추계학술대회
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• pp.569-579
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• 2005

International capital movement has made progress at global liberalization of finance and foreign exchange, international monetary norm changing into floating exchange rate system, easiness of collection of information and trade at improvement of information communication technology from early of 1970's. Results of empirical test for relation between foreign exchange rate or various determination factors of foreign exchange rate and interest rate are followed by next sentences. First, according to relation between foreign exchange rate and interest rate, correlation for each of variables after OECD entrance is increased. 'But, long-term & short-term interest rate is affected by Hanbo & Kia's bankruptcy, continuous large scale coporates bankruptcy and crisis of foreign exchange. Therefore, financial instability is occured. If portfolio investment fund has been inflow as it is mollified by continuous shortage of foreign exchange and fall of country's credit rating, it is expected to have positive effect for long-term & short-term interest rate from appreciation of won against dollar. Second, results from relation between determination factor of foreign exchange rate and interest rate are followed by next sentences. If surplus of current account and goods account is continued, yield of corporate bond is to be stable. But, margin of surplus is expected to diminish after second quarter 98, and difference between external and domestic interest (after adjusting foreign exchange rate) is to be diminished. And if net inflows of foreign investor's fund (stock and bond) is diminished, it is to have negative effect for yield of corporate bond. According to foreign investor's investment movement of previous years, hedge fund were stayed at least during two years in Mexico. It means that sudden capital outflow is not to be happened at Korea.

• 한국콘텐츠학회논문지
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• 제17권4호
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• pp.247-255
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• 2017

본 연구는 미분양아파트 구매의사결정에 있어 고려해야하는 특성요인을 규명하고 구매자 유형에 따른 차이를 비교 분석하였다. 구매의사결정에 영향을 미치는 요인을 분석하기 위해 선행연구 고찰을 통하여 특성을 종합하고 PLS(Partial Least Squares)회귀분석을 활용하여 그 영향을 실증하였다. 또한 구매자 유형별 특성을 비교하기 위해 분석대상을 미분양아파트 수요자인 입주자와 공급자인 건설사로 구분하여 설문을 진행하였다. 분석결과 입주자는 내부요인(1.141), 조건완화(1.114), 환경요인(1.107), 사회적 요인(1.048), 외부요인(1.030), 교육환경요인(1.010)의 의사결정요인을 중시하는 것으로 나타났으며 건설사의 경우 사회적 요인(1.401), 환경요인(1.251), 조건완화(1.133)의 의사결정요인이 중요한 것으로 도출되었다. 또한 공통적인 의사결정요인으로 조건완화, 사회적요인, 환경요인이 도출되었다.

• 산업경영시스템학회지
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• 제21권48호
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• pp.133-144
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• 1998

International capital movement has made progress at global liberalization of finance and foreign exchange, international monetary norm changing into floating exchange rate system, easiness of collection of information and trade at improvement of information communication technology from early of 1970's. Results of empirical test for relation between foreign exchange rate or various determination factors of foreign exchange rate and interest rate are followed by next sentences. First, according to relation between foreign exchange rate and interest rate, correlation for each of variables after OECD entrance is increased. But, long-term & short-term interest rate is affected by Hanbo & Kia's bankruptcy, continuous large scale corporates bankruptcy and crisis of foreign exchange. Therefore, financial instability is occured. If portfolio investment fund has been inflow as it is mollified by continuous shortage of foreign exchange and fall of country's credit rating, it is expected to have positive effect for long-term & short-term interest rate from appreciation of won against dollar. Second, results from relation between determination factor of foreign exchange rate and interest rate are followed by next sentences. If surplus of current account and goods account is continued, yield of corporate bond is to be stable. But, margin of surplus is expected to diminish after second quarter 98, and difference between external and domestic interest (after adjusting foreign exchange rate) is to be diminished. And if net inflows of foreign investor's fund (stock and bond) is diminished, it is to have negative effect for yield of corporate bond. According to foreign investor's investment movement of previous years, hedge fund were stayed at least during two years in Mexico. It means that sudden capital outflow is not to be happened at Korea. But if external factors from depreciation of yen and China's renminbi are instable, interest rate is expected to increase from capital's outflows. Third, if it is to decrease instability of foreign exchange rate from increase in surplus of future current account, credit rating's upwardness, stability of yen and renminbi, foreign exchange rate is expected to be stable. It is expected to have continuous stability from short-term interest rate to long-term interest rate in this empirical test.

• 디지털융복합연구
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• 제16권3호
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• pp.237-247
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• 2018

본 논문의 목적은 중국사례를 중심으로 크라우드펀딩 참여의도에 영향을 미치는 요인을 살펴보기 위하여 연구모형을 설계하였다. 선행연구를 통해서 크라우드펀딩 플랫폼 특성, 투자자 특성, 사회적 특성, 지각된 용이성, 지각된 유용성과 참여의도를 변수로 도입하여 연구모형을 제시하고 중국의 크라우드펀딩 참여자들을 대상으로 설문조사를 실시하였다. 온라인 설문조사를 통해서 최종 439부를 수집하였으며 SPSS 23.0을 이용하여 제시한 연구가설을 검증하였다. 연구결과에 의하면 플랫폼 특성, 사회적 특성, 개인적 특성은 지각된 용이성과 지각된 유용성에 부분적으로 영향을 미치는 것으로 나타났으며, 지각된 용이성은 지각된 유용성에 영향을 미치는 것으로 나타났다. 또한 지각된 용이성과 지각된 유용성은 참여의도에 영향을 미치는 것으로 나타났다. 이러한 실증연구 결과를 활용하여 크라우드펀딩을 성공적으로 수행하는데 도움이 되는 방안을 제시하였다. 향후 크라우드펀딩 유형간의 비교 연구가 필요하다.