• Journal of the Korea Convergence Society
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• v.9 no.11
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• pp.353-361
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• 2018

The purpose of this study is to analyze how Corporate Real Estate Ratio affects Firm's Value for KOSPI Companies and KOSDAQ Companies. The period of analysis is the period of the Financial Crisis (2007-2008), the period immediately after the Financial Crisis (2009-2011), and the period following the introduction of IFRS (2012-2016). The samples of 2761 KOSPI Companies years and 3719 KOSDAQ Companies years are used in this study. The result of Regression Analysis shows that the higher Corporate Real Estate Ratio is, the more negative Firm's Value is. In the comparison of markets, both KOSPI Companies and KOSDAQ Companies had no statistically significant effects during the Financial Crisis. Although KOSDAQ Companies had a greater negative effect on the Firm's Value than KOSPI Companies right after the Financial Crisis, KOSPI Companies have had a greater negative influence on the Firm's Value than KOSDAQ Companies since the introduction of IFRS. Therefore, each corporation should pay more attention to identifying the appropriate amount of their Corporate Real Estate Ratio and should continue to analyze and make decisions on the most efficient use of real estate which is owned by each company. This study shows speciality in dividing into three period, such as the period of the Financial Crisis, the period immediately after the Financial Crisis, and the period following the introduction of IFRS and comparing the degree of influence on the KOSPI Companies and KOSDAQ Companies for the each period. I hope to study the factors that affect the company's real estate policy.

• Journal of Legislation Research
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• no.53
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• pp.419-454
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• 2017

Faced with the internationalization of capital markets, Korea needs to protect its investors and markets by applying the relevant laws extraterritorially. The Financial Investment Services and Capital Markets Act ("Capital Markets Act") explicitly introduced a new provision recognizing the extraterritoriality of the Act. While Article 2 of the Capital Markets Act comprehensively provides for prescriptive extraterritorial jurisdiction, the enactment of extraterritoriality alone does not guarantee that the Act will apply to cross-border transactions effectively. The effective extraterritorial application of an act is inseparable from the adjudicative and enforcement jurisdiction of the act. Specifically, active investigations and detections by the public regulators might be the first step for enforcing the Capital Markets Act. Unlike domestic regulations, however, multinational enforcement actions outside a regulator's home country becomes more problematic because of various obstacles. This Article examines difficulties which domestic regulators may confront in enforcing the Capital Markets Act extraterritorially and makes several recommendations for more effective multinational enforcement as follows. First, the Korean regulators should continue to foster cooperation through the IOSCO and provide international markets with the information and tools necessary for successful regulation of cross-border transactions. Second, the principle of dual criminality should be applied in a modified form for the effective mutual legal assistance in criminal matters. Third, there should be a legal device for the domestic regulator to freeze foreign wrongdoer's assets located outside Korea to repatriate those assets for distribution to defrauded investors in Korea.

• Korean Journal of Construction Engineering and Management
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• v.12 no.2
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• pp.121-132
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• 2011

One of the advantages of BOT PF(Project Finance) is the government can be protected from risks involved in projects as the private finances, builds, and operates relevant projects. Moreover, the private may avoid outstanding responsibility in case of default thanks to BOT PF's unique financial structure and characteristics. However, despite increasing attention on risk mitigation effect of financial structure and characteristic of BOT PF to default risk with emerging controversies of capital crunch, introduction of IFRS, and contingent liabilities, valuation of default risk mitigation effect caused by financial structure and characteristics of BOT PF still seems sophisticated due to uncertain cash flows, complexly layered contracts, and their interaction. So, this paper is to show the theoretical frame to assess the default risk mitigation effect of financial structure and characteristic of BOT PF with option pricing and related financial economic theories and to provide some meaningful implications. Finally, this research shows that the financial structure and characteristics of BOT PF help mitigate the default risk and default risk mitigation effect increases as change of relevant variables on financial feasibility gets the BOT project less financially feasible.

• The Korean Journal of Financial Management
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• v.17 no.1
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• pp.307-332
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• 2000

본 연구는 총 26개의 시중은행과 지방은행을 대상으로 설문조사를 통해 국내 은행의 위험관리 실태를 분석하였다. 나아가 정상은행과 경고은행 및 퇴출은행의 위험관리 행태에 차이가 있는 지를 살펴보았다. 조사 결과, 최고경영자나 임원이 위험관리 부서의 책임자로 있는 경우는 없고, 금융파생상품의 사용 등 관련사항의 보고가 효과적으로 이루어지지 않고, 감사위원회 역시 외부전문가를 둔 은행이 전혀 없는 것으로 조사되어 경영층의 위험관리 인식에 문제가 있는 것으로 나타났다. 위험관리에 관한 평가나 최고경영자에 대한 보고주기도 일정하지 않은 경우가 많았다. 위험 유형별로는 신용위험, 시장위험 및 유동성위험을 잘 인식하고 있는 반면, 운영위험이나 법적 위험에 대한 인식은 부족하였다. 위험관리 담당자의 교육 주기가 비정기적으로 이루어지고 있다고 응답한 경우가 60%로 가장 높았으며, 40%의 은행이 법적 위험 발생 시 책임소재가 분명하지 않다고 응답하였다. 시장위험 관리에 있어서도 매일 VaR값과 실제 손익을 정기적으로 비교한다고 응답한 경우는 15%에 불과하여 취약성을 드러냈다. 절반 정도의 은행은 금융파생상품을 전혀 이용하지 않고 있었다. 흥미롭게도 정상은행과 비정상은행 간 또는 비퇴출은행과 퇴출은행 간에 일부 항목을 제외하고는 행태 차이가 없었다. 결론적으로, 국내 은행의 위험관리는 전반적으로 미흡하여 체계적인 위험관리 시스템의 구축이 요구된다고 하겠다. 특히, 위험관리에 대한 최고경영층의 인식 제고가 요망되며, 합리적 은행구조조정을 위해서는 당해 은행의 위험관리 실태와 그에 따른 경영책임을 파악해야 할 것이다.

• Journal of the Economic Geographical Society of Korea
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• v.16 no.4
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• pp.631-646
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• 2013

This paper empirically explores the pattern of causality between bank lending and housing prices in Korea over a period of the early 1990s to the end of 2000s by employing a long term cointegration and short-term time series regression analysis. Although the contemporaneous correlation between bank lending and housing prices is large, the analysis shows that the intense interaction between credit growth and bank lending to household arises from a growth in banking lending responding to an increase in housing prices. In addition, the regulatory change such as the introduction of financial constraints on bank loans such as LTV and DTI in the early and mid-2000s has played a significant role in stabilizing financial and real estate markets.

• Journal of the Korean Data and Information Science Society
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• v.28 no.4
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• pp.843-851
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• 2017

The rise of the Robo-advisor represents one of the most profound shifts in FinTech. It also raises concerns about their financial management. As the most Robo-Advisors utilize ETFs, we seek to determine the appropriate risk management model in estimating 95% Value-at-Risk (VaR) and 99% VaR in this paper. The GARCH and the Markov regime wwitching GARCH are evaluated in terms of the accuracy of probability, the independence of extreme events occurrence and both. The result shows that the Markov regime switching GARCH can be a good ETF risk management tool since it can reflect financial market structural changes into the volatility.

• Proceedings of the Korean Institute of Information and Commucation Sciences Conference
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• 2021.05a
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• pp.303-304
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• 2021

In the 21st century, as we enter the Fourth Industrial Revolution, research in various fields utilizing big data is being conducted, and innovative and useful technologies are constantly emerging in the world. Among several technologies recently in the big data era, among various fields utilizing some algorithms of artificial intelligence, it shines in the field of finance and is used for pin tech, financial fraud detection and risk management, etc., and recently Even in the booming stock market, it is used for investment prediction and investment factor analysis using artificial intelligence algorithm models. In this paper, we plan to investigate various research cases and investigate trends in how they are used in the stock market through artificial intelligence that utilizes big data.

• Environmental and Resource Economics Review
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• v.15 no.2
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• pp.319-353
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• 2006

This paper shows how weather derivatives can be used to hedge against the price risk and volume risk of purchasing relatively large amounts of electricity. Our specific approach to designing new contracts for electricity is to focus on the return over a summer season rather than on the daily levels of demand and price. It is shown that correct market signals can be preserved in a contract and the associated financial risk can be offset by weather options. The advantage of combining a forward contract with a weather derivative is that the high prices on hot days or when the temperature is high reflect the underlying high cost of producing power when the load is high and that the combined contract with a weather derivative substantially reduces the volatility of the return.

• KDI Journal of Economic Policy
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• v.25 no.2
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• pp.137-170
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• 2003

Despite the great success of the derivatives market, several concerns were expressed regarding the additional volatilitystemming from program trading during the expiration of derivatives. This paper examines the impact of the expiration of the KOSPI 200 index derivatives on cash market of Korea Stock Exchange(KSE). The KOSPI 200 index derivatives market has a unique settlement price determination process. The settlement price for the expiration of derivatives is determined by call auction during the last 10 minutes after the trades for matured derivatives are finalized. We analyze typical expiration day effects such as price, volatility, and volume effects. With high frequency data, we find that there are strong expiration day effects in the KSE and try to interpret the results with the unique settlement procedures of the KOSPI 200 cash and derivatives markets.

• Economic and Environmental Geology
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• v.43 no.5
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• pp.523-528
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• 2010

With the financial crisis from USA had negative impacts on the real economy, base metals price on LME was downward in 4 quarter of 2008. Following the deepest global downturn in recent history, economic growth solidified and broadened to advanced countries and simultaneously the price of base metal on LME showed a rising curve over 2009. There are three factors supported an upward tendency of base metal's price. The First factor is the US economy recovery, the second factor is the weak dollar, the third factor is the chinese base metal demand. Among the factors, the last one is a major factor. Therefore, this study analyze the factor of the movement of price of base metal with linear regression analysis. The result of analysis show that the chinese GDP growth has effect on the recent upward base metal price. Despite the result, the upward movement is difficult to be sustained without the full recovery of advanced economies.