• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.919-926
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• 2020

The purpose of this study is to analyze and test the effect of financial ratios and macroeconomics on Islamic stock returns listed in Jakarta Islamic Index (JII) other than to assess whether investment risk can be an intervening variable in this study. The type of research is explanatory in nature with a quantitative descriptive approach. The data used is based on secondary sources with a sample group of 29 companies listed on JII for a 5-year period ending 31 December 2018. The data obtained were analyzed by using SEM (Structural Equation Model) with AMOS (Analysis Moment of Structural) 21 program. The results of the study show that only financial ratios affect sharia stock returns and investment risk, while the mediation test found that investment risk does not act as a mediating variable between financial ratios and macroeconomics and Islamic stock return. These findings indicate that the role of the company's financial health is very important. Besides affecting the rate of return obtained, the company's financial health can also reflect the level of risk that investors will accept in the future. By improving financial performance properly, a company will have a positive impact on various interested parties and minimize the level of investor losses.

• Fashion & Textile Research Journal
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• v.12 no.6
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• pp.745-754
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• 2010

This study is to find return factors when modern consumers purchase goods from an internet shopping mall and then to analyze the characteristics of complaints act and information search behavior. Subjects of research are 245 men and women, who have experience with more than one return in internet fashion shopping mall, in their twenties. The data were analyzed by using Factor analysis, Cronbach's analysis, one-way ANOVA, Duncan test as a post identification, Pearson's correlation analysis and multiple regression analysis. The results of this study are that male and female consumers in their 20s are mainly aware of the return factors: impulse buying, product status, deliver service, service after purchase, hype and comfortableness. And complains behavior often conduct public action, private action, nonaction. Information search behaviors for risk reduction when they purchase are product comparison, oral information search, neutral marketing information search, and service information search. The return factor from the internet fashion shopping had the greatest impact on public action and deliver services factor was a big complaint. In addition, impulse buying & Hype affect private action and non-action is influenced by impulse purchase. The consumer types by the return factors in internet fashion shopping mall are classified into the return group by deliver service, the return group by complex factors, and the return group by product status. Furthermore, there are significant differences in complaining behavior among these groups. In the information search behavior for reduction of risk factors, the return group by complex factors did more active information search behavior than the other groups. The return group by deliver service searched oral information and the return group by product status explored the neutral marketing information.

• Journal of the Korean Data and Information Science Society
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• v.21 no.2
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• pp.219-229
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• 2010

There have been many researches on the risk management due to rapid increase of various risk factors for financial assets. Aa a method for comprehensive risk management, Value at Risk (VaR) is developed. For estimation of VaR, it is important task to solve the problem of asymmetric distribution of the return rate with heavy tail. Most real distributions of the return rate have high positive kurtosis and low negative skewness. In this paper, some alternative distributions are used to be fitted to real distributions of the return rate of financial asset. And estimates of VaR obtained by using these fitting distributions are compared with those obtained from real distribution. It is found that normal mixture distribution is the most fitted where its skewness and kurtosis of practical distribution are close to real ones, and the VaR estimation using normal mixture distribution is more accurate than any others using other distributions including normal distribution.

• Journal of the Korean Society of Safety
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• v.32 no.5
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• pp.157-167
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• 2017

Millions of People die every year from diseases caused by exposure to outdoor air pollution. Especially, one of the most severe types of air pollution is fine particulate matter (PM10, PM2.5). South Korea also has been suffered from severe PM. This paper analyzes regional risks induced by PM10 and PM2.5 that have affected domestic area of Korea during 2014~2016.3Q. We investigated daily maxima of PM10 and PM2.5 data observed on 284 stations in South Korea, and found extremely high outlier. We employed extreme value distributions to fit the PM10 and PM2.5 data, but a single distribution did not fit the data well. For theses reasons, we implemented extreme mixture models such as the generalized Pareto distribution(GPD) with the normal, the gamma, the Weibull and the log-normal, respectively. Next, we divided the whole area into 16 regions and analyzed characteristics of PM risks by developing the FN-curves. Finally, we estimated 1-month, 1-quater, half year, 1-year and 3-years period return levels, respectively. The severity rankings of PM10 and PM2.5 concentration turned out to be different from region to region. The capital area revealed the worst PM risk in all seasons. The reason for high PM risk even in the yellow dust free season (Jun. ~ Sep.) can be inferred from the concentration of factories in this area. Gwangju showed the highest return level of PM2.5, even if the return level of PM10 was relatively low. This phenomenon implies that we should investigate chemical mechanisms for making PM2.5 in the vicinity of Gwangju area. On the other hand, Gyeongbuk and Ulsan exposed relatively high PM10 risk and low PM2.5 risk. This indicates that the management policy of PM risk in the west side should be different from that in the east side. The results of this research may provide insights for managing regional risks induced by PM10 and PM2.5 in South Korea.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.1
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• pp.29-43
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• 2022

This study measures the realized rate of return of venture capital(VC) fund at the level of investment agreement(as opposed to fund level returns reported by most of the relevant studies). It also measures the stock price return of the VC's portfolio firms (unlisted start-ups) at firm level(as opposed to fund returns) and its variance for the first time using unique data of the VC funds held by the Korean Venture Capital Association. Results of the analysis confirm that VC fund returns exceed individual stock price returns. Additionally, it is confirmed that VC portfolio firms exhibit a positive relationship between risk and return measured by total risk. Finally, we find that stock price returns at firm level are lower than that implied by the associated levels of risk. Consequently, this may make individual investors hesitate to directly buy unlisted startups' stocks even when investment in individual startup companies guarantees high risk-high returns relationship.

• Journal of the Korean Society of Clothing and Textiles
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• v.29 no.5 s.142
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• pp.637-648
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• 2005

The purpose of this study was to investigate the differences among internet and TV home-shopping perceived risk segments in regard to clothing shopping orientations and purchase intention. The subjects used for the study were 290 female consumers aged from 20 to 40 living in Seoul. The study used factor analysis, cluster analysis, ANOVA, Duncan test, and $\chi^2-test$. The results showed that the Internet and TV home-shopping perceived risks consisted of 9 factors: Products uncertainty risk, Internet shopping mall trust risk, account-related risk, delivery risk, social risk, size risk, exchange/return risk, TV watching-related risk, and price risk. The cluster analysis showed that there were five groups segmented: Size risk/TV watching risk group, Social risk/Internet trust risk group, Return risk/TV watching low-risk group, Delivery risk/product trust group, and Product risk group. The clothing shopping orientations were classified by 5 factors: Planned shopping, pleasure shopping, sales/fashion oriented shopping, time saving shopping, and credit card preference/in-store oriented shopping. The results showed that the five segmented perceived risk groups differed in regard to clothing shopping orientations, purchase intention, and demographics. Further group differences and implications of the results were discussed.

• The Korean Journal of Financial Management
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• v.12 no.2
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• pp.207-219
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• 1995

This paper develops an equilibrium asset pricing model with taxation in the economy. The expected excess rate of return on a risky asset is shown to be an increasing function of the covariance of asset return with aggregate consumption rate changes and the covariance of asset return with the tax rates as well. Thus, the expected execss rate of return can be decomposed as the consumption risk premium and the tax premium. The capital asset pricing model derived in the absence of taxes is shown to understate the expected excess rate of return and to have a misspecification error in the economy with taxation.

• Journal of the Computational Structural Engineering Institute of Korea
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• v.37 no.1
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• pp.1-8
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• 2024

This paper employs stochastic processing techniques to analyze explosion risks in plant facilities based on explosion return periods. Release probability is calculated using data from the Health and Safety Executive (HSE), along with annual leakage frequency per plant provided by DNV. Ignition probability, derived from various researchers' findings, is then considered to calculate the explosion return period based on the release quantity. The explosion risk is assessed by examining the volume, radius, and blast load of the vapor cloud, taking into account the calculated explosion return period. The reference distance for the design blast load model is determined by comparing and analyzing the vapor cloud radius according to the return period, historical vapor cloud explosion cases, and blast-resistant design guidelines. Utilizing the multi-energy method, the blast load range corresponding to the explosion return period is presented. The proposed return period serves as a standard for the design blast load model, established through a comparative analysis of vapor cloud explosion cases and blast-resistant design guidelines. The outcomes of this study contribute to the development of a performance-based blast-resistant design framework for plant facilities.

• Journal of Digital Convergence
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• v.16 no.10
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• pp.213-222
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• 2018

This study was conducted to derive the traffic accident risk index through the recognition of the elderly driver's driving pattern to reduce the traffic accident rate of elderly drivers and to reflect them in the renewal and return policy of driver's license accordingly. First, the traffic accident risk index is defined by analyzing the behavioral characteristics of older drivers to derive the major factors that lead to traffic accidents. Second, we present a method to measure the traffic accident risk index from the driving pattern of the elderly through the smart-phone, the camera and the distance sensor attached to the car. Finally, we derive three thresholds by computer simulation and determine the accident risk from the measured traffic accident risk index as four steps and suggest ways to ensure safe driving of older drivers. It is required to objectively assess the driving ability of an aged driver in accordance with the proposed method, and to induce the driver to reset the driver's license renewal cycle and voluntarily return the driver's license to minimize social costs due to increased traffic accidents.

• Industrial Engineering and Management Systems
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• v.9 no.2
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• pp.121-130
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• 2010

In today's uncertain economic environment, economic risk is inherent in making large investments on manufacturing facilities. It is, therefore, practically meaningful to divide investment over multiple periods, reducing the risk of investment. Then, the cash-flow over the entire planning horizon would comprise positive inflow and negative outflow. In this case, in general, evaluation by internal rate of return (IRR) is not feasible, because multiple IRRs are involved. This paper deals with a problem of evaluating profitability, as well as risk, of investment alternatives made in multiple times of investment over the entire horizon. Typically, an additional investment is required after the initial one, for expanding manufacturing capacity or other reasons. The paper pays attention to a unit cash-flow over two periods, decomposing the total cash-flow into a series of unit cash-flow patterns. It is easy to evaluate profitability of a unit cash-flow by using IRR. The total cash-flow can be decomposed into the series of two types of unit cash-flows: an investment type one (negative-positive) and the borrowing type one (positive-negative). This paper, therefore, proposes a method in which only the borrowing type unit cash-flow is eliminated in the series by converting total cash-flow using capital interest rate. Then, a unique IRR can be obtained and the profitability is evaluated. Thus, the paper extends the method of IRR so that it may help decision making in complicated cash-flow pattern observed in practice.