• The Korean Journal of Financial Management
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• v.11 no.1
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• pp.1-29
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• 1994

재무관리의 모든 영역을 완벽하게 이해하기 위하여는 기업재무관리와 투자론을 비롯하여 금융산업 전체에 대한 연역적 방법에 의한 이론의 정립과 실증분석을 통한 이론의 정립이 관건이라 할 수 있다. 이 논문에서는 실증 분석을 수행함에 있어 우리나라에서 활발하게 논의가 진행되지 않는 시계열분석의 영역을 살펴보았다. 그것은 이와 같은 분야를 천착해 봄으로써 이 분야가 재무관리에 대한 통찰력과 현실 적합성의 판단력을 배양하는데 큰 공헌을 할 수 있으리라는 믿음 때문이다. 이 논의를 통하여 시계열 분석에 대한 활발한 연구가 진행되기를 기대하고 있다. 시계열 확률과정에 대한 재무관리이론을 연역적으로 도출하기는 용이하지 않다. 시계열 분석에서 제시되는 여러 방법론을 재무관리의 시계열에 적용하여 그 시계열의 성질과 특성을 파악하면 그것이 그대로 현실에 적용될 수 있을 것이다. 이러한 연구의 결과는 어떤 형태로든 연역적 방법에 의한 이론의 정립에 깊은 영향을 미칠 것이다. 뿐만 아니라 연속시간의 틀과 이시적(異時的) 양태하(樣態下)에서 많은 재무관리 모형들이 개발되고 있으며, 동태적 상황을 해명하는 의도에서 이 모형들이 연구되고 있는 만큼 시계열 분석은 이 분야에 직접적으로 이용될 수 있다. 시계열 분석에서 제시된 많은 모형들이 재무관리의 실증적 현상을 설명하는데 효과적으로 활용될 수 있다. 뿐만 아니라 현재 연역적으로 개발된 모형들이 설명할 수 없는 부분을 시계열 분석이 직접적으로 해명할 수 있는 능력을 확보하고 있음도 제시되었다. 증권의 현가모형(現價模型), 이자율의 기간구조, 효율적 시장가설도 주가의 변동성 등은 시계열 분석의 다양한 기법을 사용하여 검증되어야 하며, 이 경우 특히 분산의 추정방법을 여러 측면에서 개발해 야 할 것이다. 시계열 분석에서는 두개 또는 그 이상의 기법을 하나로 통합하는 방법이 있을 수 있다. ARIMA와 ARCH가 결합되는 것을 본 바 있다. 구조적(構造的) 변화(變化)(structural change)모형(模型)과 ARCH의 결합도 가능하다. 다른 분야로서는 변동성(變動性)에 관한 연구이다. 변동성(變動性)에 관한 연구는 variance bounds test에 한정된 감이 있으나 정보와 변동성의 관계가 중요시되고 있는 만큼 정보집합과 시계열 분석 기법의 결합은 변동성의 연구에 새로운 지평을 열어줄 것으로 보인다. 따라서 정보집합의 형성에 따라 새로운 추정방법이 개발될 여지가 풍부하다.

• Journal of the Korean Institute of Intelligent Systems
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• v.27 no.2
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• pp.150-156
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• 2017

In July, 2015, the Korean national assembly passed 'Act on Capital Markets and Financial Investments,' and therefore, it was expected that the crowd funding would be activated owing to a variety of fundraisings and investments. Hence, for the success of the crowd funding, this paper tried to identify the factors affecting the funding. In this study we analyzed the core variables of the Unified Theory of Acceptance and Use of Technology(UTAUT) and their perceived risks on the crowd funding participants' intentions as well as the mediating effects of the attitudes; the core variables of UTAUT were performance expectancy, perceived risk, facilitating conditions, social influence, and the like. As a result, it was found that such facilitating conditions as performance expectancy and social influence would affect crowd funding participants' intention positively, but that effort expectancy and perceived risk would not significantly affect their intention. On the other hand, as a result of testing the mediating effects of the attitudes, it was found that performance expectancy and social influence would have significant mediating effects on participants' intention.

• Journal of Navigation and Port Research
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• v.41 no.4
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• pp.181-188
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• 2017

In the existing ship sales market, prices determined based on the prices of similar ship types that recently traded. ince the 2008 financial crisis, ship prices have fluctuated, and ship price criteria have become ever more necessary to the imminent value of the ship. Therefore, this research used the hedonic price model to estimate imminent values of ships. In this study, the influence on ship prices was analyzed by the value of each characteristic and an estimated functional formula was. Out of the four models suggested by the hedonic price model, an optimal model was selected with variance inflation factors and a stepwise selection. For this, the influence of determinants of ship prices was analyzed based on actually traded ships and characteristic data. The selected model s the Log-Line model; as a result of regression analysis, eight variables, including DWT, Age, Market Value, Short-Term Charter, Long-Term Charter, Enbloc, Special Survey Due and Builder were to affect the ship price model. This model is expected to be useful for objective and balanced ship price evaluation.

• Journal of Digital Convergence
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• v.11 no.11
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• pp.783-793
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• 2013

Neo-liberalism after IMF bailout made the Korean book market flushing with rose due to the alleged self-development books. Vision of self-development books under neoliberal social system is inevitably reduced to a means of capital pursuing commercialization in line with improving the competitiveness of privates through the development of human resources. Characteristics of self-development books, which attributes personal fail to personal responsibility and lack of essential element compared to others in a competitive society, trap individuals forced to choose into anxiety and helplessness. Self-development and healing is a complementary relationship. Human beings needs healing -healing humanities- in the process of self-development. Therefore, humanities should trigger developing and perceiving his own 'reflexive life skills'. Individual's sense of happiness in life and his own experience is very important, and the conscious relationship about their own feelings could elicit 'self-reinforcement'.

• Journal of the Korea society of information convergence
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• v.8 no.1
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• pp.13-23
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• 2015

The study examines the current situations of bank industry whose profitability has been worse recently, finds out the causes of the reduced bank profits, and presents ways to solve the problem. The ways to strengthen the profitability are as follows:First, the expansion of business area is needed. It is necessary to expand business that will create new profits through M&A between the bank and other industries. Second, reorganization for the high-value business is needed. The bank should no longer depend on the profits by deposits and loans, but develop high-value business area for high profitability. The bank business strategy needs to focus on the long-term profitability, not the short-term one. Third, the structure of bank needs to be slimmed. Slimming the structure should be based on the efficiency of business for the future, not for a short-sighted profitability. Fourth, the interest rates of deposits and loans need to be differentiated. The bank profitability can be enhanced by promoting deposits and loans which reflect low risk and high profitability. Fifth and lastly, advancing to abroad needs to be revitalized. Securing the oversea's bank markets can play a key role in strengthening the profitability of banks in the future.

• Journal of the Korean Institute of Intelligent Systems
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• v.22 no.3
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• pp.386-393
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• 2012

Portfolio selection methods based on stochastic receding horizon approach, which were recently reported in the field of financial engineering, can explicitly consider the dynamic characteristics of wealth evolution and various constraints in the process of performing optimal portfolio selection. In view of the theoretical value, versatility, and effectiveness that receding horizon approach has achieved in many engineering problems, dynamic portfolio selection methods based on stochastic receding horizon optimization technique have the possibility of becoming an important breakthrough. This paper observes through theoretical investigations that the SDP(semi-definite program)-based portfolio selection procedure can be simplified, and has obtained meaningful performance on returns from simulation studies applying the simplified version to Korean financial markets.

• Korean Journal of Construction Engineering and Management
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• v.10 no.5
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• pp.85-94
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• 2009

For the purpose of analysing the capability (knowledge, experience, and ability) of CM at Risk in the major construction company in korea, this study performed questionnaire survey with experts in the companies. Based on the analysis of the survey, the study was found as follows. 1) It is needed to increase the capability of preconstruction services, such as project management plan/manual, contract documents, value engineering, alternative analysis, time management, and claim. 2) Despite of gap of the capability between the present and the future CM services, the study concluded that the capability is sufficient to perform CM at Risk project in the major construction company.

• Journal of the Korea Institute of Information Security & Cryptology
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• v.28 no.4
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• pp.827-838
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• 2018

Since 2014, ease of regulations on financial institutions expanded the mobile payment market based on simple authentication, and this resulted in the emergence of various simple payment services. Although several security solutions have been used to mitigate possible security threats to payment applications, there are vulnerabilities which can still be found due to the structure in which the security solution is applied to the payment service. In this paper, we analyze the payment application and security solution from the process perspective, and prove through experimentation that verification functions of security solutions can be bypassed without detailed analysis of each security function, but by simply manipulating the verification result value. Finally, we propose methods to mitigate the bypass method presented in this paper from three different perspectives, and thereby contribute to the improvement of security level of the payment service.

• Proceedings of the Korean Society of Disaster Information Conference
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• 2017.11a
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• pp.260-261
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• 2017

최근 사회구조의 복잡화, 산업구조의 다변화, 기후변화 등에 의해 자연재해 및 산업재해, 도시재난이 급증하고, 그 규모 또한 대형화하고 있다. 이로 인해 에너지, 통신, 교통, 금융 등 공공 인프라의 피해가 급증하면서 작은 재해도 큰 재난으로 변하는 예가 늘어나고 있다. 한편 현대사회에 대한 IT의 관여도가 급속도로 늘어나면서 IT 서비스의 궁극적인 형태이자, 모든 산업을 수용하는 개념의 플랫폼(Platform)이 IT를 넘어서 글로벌 사회의 절대적 지배자로 등장했다. 또한 전 세계 유저들의 관점에서 보면 개개인들이 손에 든 스마트폰이 생활의 모든 분야에 걸쳐 소통, 정보, 쇼핑, 제보, 오락 등 모든 활동의 수단으로 절대적 가치를 창출하고 있다. 이는 스마트폰이 가진 스마트 데이터 생산 및 공유 기능에서 비롯된다. 이처럼 스마트 데이터를 기반으로 한 IT플랫폼이 중요한 위치를 점하지만, 아직 재난관리 분야에서 이를 본격적으로 도입, 활용하지 못하고 있다는 점은 큰 문제이다. 국내의 사정을 보면 다행히 벤처기업들을 중심으로 이 같은 플랫폼 구축 움직임이 시작되었으며, 여기에 활용될 데이터 자원을 창출할 수 있는 솔루션 및 특허기술들 역시 속속 등장하고 있다. 시민들이 재난현장을 스마트폰으로 실시간 공유하면 이 스마트 데이터들이 이미지 및 음향정보, 위치기반(GPS)정보, 시각정보, 3D정보, 빅데이터 정보, 센서정보 등으로 분류되어 플랫폼 안에서 인공지능(AI) 딥러닝 방식에 의해 분석되고, 이를 즉시 재난당국 및 시민들에게 재난긴급문자 등 자동으로 경보로 전해주는 것이 이 플랫폼의 핵심 기능이다. 몇몇 벤처기업이 보유한 특허기술을 기반으로 공공자본이 투입되어 이러한 플랫폼이 구축될 경우 국내 재난관리 수준의 획기적 발전은 물론 전 세계를 시장으로 한 플랫폼 수출 또는 글로벌 재난정보 수집능력에서도 엄청난 힘을 발휘할 것으로 기대된다.

• The Korean Journal of Applied Statistics
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• v.28 no.5
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• pp.1013-1024
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• 2015

We compare the performance of two representative estimation methods for the dynamic conditional correlation (DCC) GARCH model. The first method is the pairwise estimation which exploits partial information from the paired series, irrespective to the time series dimension. The second is the multi-dimensional estimation that uses full information of the time series. As a simulation for the comparison, we generate a multivariate time series similar to those observed in real markets and construct a DCC GARCH model. As an empirical example, we constitute various portfolios using real KOSPI 200 sector indices and estimate volatility and VaR of the portfolios. Through the estimated dynamic correlations from the simulation and the estimated volatility and value at risk (VaR) of the portfolios, we evaluate the performance of the estimations. We observe that the multi-dimensional estimation tends to be superior to pairwise estimation; in addition, relatively-uncorrelated series can improve the performance of the multi-dimensional estimation.