• Title, Summary, Keyword: 투자자 특성

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Influence Analysis of Investor Preference for Investment Satisfaction Degree on Decision Making of Real Estate Investment (부동산 투자의사결정에 있어 투자자 선호특성이 투자만족도에 미치는 영향 분석)

  • Paek, Jun-Seok;Kim, Gu-Hoi;Lee, Joo-Hyung
    • The Journal of the Korea Contents Association
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    • v.16 no.3
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    • pp.553-562
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    • 2016
  • Then, it investigated the investment preference through the previous studies to analyze the influence factor of investment satisfaction and demonstrated the effects through the PLS (Partial Least Squares) regression. In addition, it separated the target type to institutional investors and retail investors and carried out the survey for comparing the investment preference of investor type. The result of analysis found out that institutional investors emphasis on investment preference such as the Inflation hedge, Early payback, Financial stability, Leverage risk and etc. Then, general investors emphasis on investment preference such as the Rental income, Facilities and Equipment, Business area and population, Ease of use, Leverage risk, Early payback and etc. In addition, common investment preferences are the Leverage risk, Early payback and Facility accessibility.

Foreign Investors Response to the Foreign Exchange Rate Risk in the Korean Stock Markets (한국 주식시장에서 환위험에 대한 외국인 투자자의 반응)

  • Park, Jong-Won;Kwon, Taek-Ho;Lee, Woo-Baik
    • The Korean Journal of Financial Management
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    • v.25 no.4
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    • pp.53-78
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    • 2008
  • Foreign investors who invest in the Korean stock markets are exposed to two kinds of foreign exchange rate risk, the economic exposure and the translation exposure. The former is the foreign exchange rate exposure in return generating process of the assets invested and the latter is the foreign exchange rate exposure in the translation of domestic return into foreign investors' currency. Domestic investors, however, are exposed only to foreign exchange rate exposure in the asset invested. This different situation on foreign exchange rate exposure between foreign investors and domestic investors can induce different response to exchange rate change by investor groups. Previous studies on foreign exchange rate exposure of Korean firms reported that quite a few Korean firms are exposed to foreign exchange risks and suggested to manage the foreign exchange risks. Also, many studies on the market segmentation showed that a market can be practically segmented according to the characteristics of investor groups. These studies support the hypothesis that the Korean stock market can be practically segmented by the foreign investors' attitude to the foreign exchange rate exposure. This study examines the response of both foreign investors and domestic investors to the foreign exchange rate exposures in Korean stock markets. Test results show that foreign investors increase their sell transactions when the foreign exchange rate exposure of the previous day is negative. This result can be possible when foreign investors attempt to actively manage the decrease in value of their assets due to rising of exchange rate. Analysis on the sell order data is also supportive to this interpretation. Foreign investors also increase their buy transactions when the foreign exchange rate exposure of the previous day is negative. This result can be possible when foreign investors use actively the relation between the increase in asset value and the translation gain due to declining of exchange rate. Analyses on buy order data, however, do not show the same result as the analyses on transaction data. This difference may come from the difference of information contained in transaction data and order data. In summary, the result of the paper supports the hypothesis that foreign investors response differently to foreign exchange rate exposure compared with domestic, Korean investors. Two groups do not show different response when exchange rate exposure is positive, i.e., as foreign exchange rate is increase (decrease), the asset value is increase (decrease). However, foreign investors' response is different from that of domestic investors when exchange rate exposure is negative, i.e., as foreign exchange rate is increase (decrease), the asset value is decrease (increase). These results mean that foreign investors and domestic investors are placed in different situations related to foreign exchange rate exposure, and these differences are reflected in the Korean stock markets. And domestic investors need to consider foreign investors' different attitude to the foreign exchange rate exposure when they analysis foreign investors' trading behavior.

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The Effects of Network between Business Founder and Investor on Enterprise performance: Focused on TIPS Support Business (창업자와 투자자간 네트워크가 기업성과에 미치는 영향: Tips 사업을 중심으로)

  • Kim, Hong kee;Kim, Chae wang
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.13 no.3
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    • pp.47-57
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    • 2018
  • The purpose of this study is to grasp the correlation between network and firm's performance by analyzing the perception and characteristics of network of business founder and investor from the perspective of the network. We selected a TIPS support program which is evaluated to be a best practice as a research target for empirical analysis. The empirical results using social network and statistical analysis, shows that the stronger the investor's network connectivity, the more likely it is that the investor's start - up succeeds in attracting subsequent investment. In addition, both the entrepreneurial team and the management think that the internal human network between the enterprise and the investor plays an important role in inducing investment or exploring the company, and recognizes that the value of the human network will have a significant influence on the enterprise value evaluation or investment decision.

A Study to Analyse the Characteristic of New Condominium Buyers with the object of Investment and Owner-Occupation : The Case of Busan and Gyeong Nam Area (공동주택 분양시장의 투자자와 실수요자 특성 연구 - 부산·경남지역을 중심으로 -)

  • Han, Gwang-Ho;Kim, Tae-Yong;Ro, Seung-Han
    • Journal of Cadastre & Land InformatiX
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    • v.47 no.2
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    • pp.91-105
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    • 2017
  • It is important to identify new apartment buyers with the object of investment and owner-occupation because it may determine the scope of marketing and marketing strategies. Establishing an more effective marketing scope and strategies should result in maximizing profits and reducing expenses. In this study, we split the participants in the new apartment market depending on the buyers' intent - investment and owner-occupation - and then examine their characteristics. We employ condominium buyers' information from 2011 to 2016, which is provided by the one of the largest construction companies in South Korea. The sites of the condominium samples locate in Gyeongnam and Busan areas and the number of household sample is 5,549. The results show that investors are approaching at a greater distance than actual buyers. The higher the age and the lower the price, the higher the probability of participation of investors. We also find that the samples of Busan have different results from the others, which may imply that the area has more demand due to its attractiveness.

Entrepreneurial Characteristics Affecting on Angel Investors's Decision making (엔젤투자자의 투자의사결정에 영향을 미치는 기업가특성에 관한 연구)

  • Yun, Young Sook;Hwangbo, Yun
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.9 no.3
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    • pp.47-61
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    • 2014
  • Many angel investors hesitate to invest in early-stage company. Most early-stage company has no sales and only R&D step project or in early approach of market. So it's impossible to evaluate early-stage company quantitatively. Therefore many angel investors depend on CEO's tendency to evaluate company and make decision for investment. The purpose of this study is discover the entrepreneurial characteristics of CEO and the importance level which affect on the angel investors decision making factors for investment. To identify the factors of entrepreneurial characteristics, survey was conducted by Delphi Technique which is involved by 20 experts who is angel investment club members, venture capitalists, CEOs and officers. Three rounds of survey results derived 10 elements of entrepreneurial characteristics for investment decision making factors including reliability, risk sensitivity, passion, perseverance, integrity, leadership, startup experience, organizational management skills, innovation and social networking. In addition, this study derived the importance level of elements of entrepreneurial characteristics based on the AHP(Analytic Hierarchy Process) theory and maintained the logical consistency by pair-wise comparison for each element. As a result of analyzing the importance of entrepreneurial characteristics, the sequence is reliability (18.1%), integrity (15.9%), leadership (11.7%), organizational management skills (10.0%), social networking (9.5%), passion(9.1%), perseverance(8.4%), innovation(8.1%), startup experience(5.3%) and risk sensitivity(3.9%) respectively. The significance of this study is somewhat decrease limit of the uncertainty arising from angel investors and angel investors can help a decision making, by discover factors of entrepreneurial characteristics that can be called the biggest influencing factors among Investor's investment decision-making In early stage companies and compare importance.

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사이버 주식투자 성과집단별 행태 분석

  • Kim, Seong-Hwan;Sin, Ui-Man
    • Journal of Global Academy of Marketing Science
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    • v.5
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    • pp.79-101
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    • 2000
  • 본 연구의 목적은 사이버 주식투자의 성과를 중심으로 이익 투자자와 손실 투자자로 구분하고 투자자의 행태 변수에 대하여 두 집단간에 어떠한 차이가 있는지를 규명하고자 하는 것이며 나아가 이러한 특성변수들이 투자성과와 어떠한 연관성을 가지는지를 분석하고자 하는 것이다 연구의 결과 두 집단간에 유의적인 차이를 보이면서 투자성과에 보다 큰 영향을 미치는 변수로는 가격하락시의 손절매(stop loss) 사용 빈도, 매수후 해당 종목의 평균 보유기간, 매수후 현금(잔금)보유비율의 정도, 하락시 재매수의 정도, 평균 보유 종목수, 일밀 평균 거래 횟수, 동일 종목에 대한 분할 매수 빈도, 가격 하락시 반응, 평균 확습시간, 손실 발생 원인, 언론에 대한 반응 등이었다.

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주가수익률 예측 가능성 소고(小考)

  • Kim, Jong-Gwon
    • Proceedings of the Safety Management and Science Conference
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    • pp.273-275
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    • 2011
  • 이 논문은 기존의 포트폴리오와 관련된 모형에 경기변동(business cycle)과 관련된 변수들을 포함하였을 경우 개인투자자들의 현금 및 주식보유를 통한 자본이득 극대화에 도움이 되는지와 관련된 것이다. 그리고 개인투자자들은 경기호황기에는 모멘텀 투자와 소형주와 성장주 등에 포트폴리오를 분산투자하지만 경기가 침체기(recession)에 들어설 경우 수익률이 급등락하는 특성을 지니는 소형주(small cap)에 집중적인 투자를 하는 성향을 나타내고 있다.

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Promoting the Masses' Investment through Crowdfunding Platform: Focusing on Lending based Crowdfunding Platform (크라우드펀딩 플랫폼을 통한 대중적 투자 활성화 방안 연구: 대출형 크라우드펀딩 플랫폼을 중심으로)

  • Lee, Ae Ri;Lee, Sang-Jong;Kim, Kyung Kyu;Kwon, Hyuk-Jun
    • The Journal of the Korea Contents Association
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    • v.16 no.11
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    • pp.644-660
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    • 2016
  • With the development of Fintech industry, research interest in crowdfunding is growing. Crowdfunding, originated from crowdsourcing, involves the participation of many individuals' contributions to funding a new project. Specifically, lending based crowdfunding provides a platform for raising funds in the form of loans by connecting borrowers to funders(investors) via Internet, not through traditional financial institutions. Recently, lending based crowdfunding attracts much attention as a new investment alternative; however, there is a lack of research about lending based crowdfunding. This study aims to examine the factors influencing an investor's participation in lending based crowdfunding by focusing on platform features, investor features, and project features. Based on the findings, this study discusses theoretical and practical implications for promoting the crowd's investments through crowdfunding platforms.

The Characteristics of Foreign Portfolio Investment (외국인 포트폴리오 투자의 특징)

  • Gong, Jai-Sik;Kim, Choong-Hwan
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.12 no.1
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    • pp.216-221
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    • 2011
  • After the year of 2000, the Korean government has abolished the limit on foreign investments. Foreign investments in the domestic market have been thriving since. In domestic stock market, the proportion of market value held by foreign investors reaches over 40%. There are many followers in the markets, asking about what kinds of the firm that foreign investors prefer. Prior researches show that foreign investors in the American and European markets prefer stocks of the firm which are well known and are geographically closer. In this paper, we attempt to define the financial characteristics of the firms in which foreigners invest in the Korean market. The result shows that foreign investors in the domestic market tend to prefer firms with high market value of capital and dividend yield. It also shows that foreign investors in the Korean market choose firms with high book value to market value over others, while the firms with high debt ratio and the portion of the largest stock holders are shunned. This research suggests that foreign portfolio investments in the Korean market have contributed to liquidity of stock market and changed the governance structure of domestic firms in a positive way.

An analysis on the Investment Determinants for Urban Business Hotel Development (도심 비즈니스호텔 개발사업의 투자결정요인에 관한 연구)

  • Ha, Jung-huhn;Jeong, Moonoh;Lee, Sangyoub
    • Korean Journal of Construction Engineering and Management
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    • v.16 no.4
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    • pp.107-117
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    • 2015
  • As the demand for urban business hotel has increased in the recent years due to the sharp rise in overseas tourists, the potential of business hotel development has gained in financial attention for the real estate investment. However, its concept and business domain has not been defined, and none of investment guidance for the development has not been clarified. Accordingly, this report intends to define the concept of urban business hotel in perspective of real estate investment through prior case studies and literature review, and provide the structure of determinants which control its investment decisions. Furthermore, this study develops the weight of determinants depending on the type of investment, and evaluate the two actual projects in urban area of Seoul, differed from investment type: direct and indirect, based on AHP and Fuzzy methodologies. Research finding indicate that the financial factors affecting the sales and tour business condition factors are critical determinants regardless of investment type. And it is notable that the direct investment perspective pays more attention on the finance and investment associated determinants while the indirect one more focuses on the regional and environmental ones. From the analysis of case evaluation, it is also noteworthy that the direct investors turn out to be more conservative than indirect investors due to the risk of equity capital investment.