• Journal of Cadastre & Land InformatiX
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• v.49 no.1
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• pp.45-63
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• 2019

Until recently, most people have invested in a traditional portfolio consisting of stocks, bonds and real estates based on the three-division method of properties in Korea. However, this study analyzed the impact of the composition of a portfolio combining representative real estate indirect investment products such as Reits and real estate funds on the investment performance. For this purpose, the empirical analysis using the mean variance model, which is the most appropriate method for the portfolio composition, was used. For variables used in this study, mixed asset portfolios were classified into Portfolio A through Portfolio G depending on the composition of assets, and the price indices selected as Kospi, Krx bond, Reits Trus Y7, Hanwha-Lasal fund, and Office (Seoul). The results are as follows; first Portfolio D, which combined bonds, stocks, Reits and Real Estate funds, and Portfolio G, which added the office, the actual real estate, were shown to have the lowest risk. second, Portfolio B composed of bonds, stocks and Reits and Portfolio D with added real estate funds had the lowest risk while Portfolio F composed of bonds, stocks, offices and real estate funds, and Portfolio G with added Reits were the most profitable. As a result, it has been analyzed that it was more effective to compose a portfolio including Reits and real estate funds, which were real estate indirect investment products that eliminated the illiquidity limitation of real estates than real estates, the traditional three-division method of properties. Therefore, it is possible to minimize the risk of investors and reduce the cost of ownership of the real estate by solving the illiquidity problem that is the biggest disadvantage of the direct investment, In addition, it is considered that it is more necessary to reinvigorate the real estate indirect investment market where small amounts can be invested.

• Journal of the Korean Society of International Agriculture
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• v.30 no.4
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• pp.328-338
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• 2018

Central Asia (Uzbekistan, Kazakhstan, Kyrgyzstan) is a hot and arid continental climate, with most areas (68%) consisting of barren vegetation, desert, and meadows. The main agricultural areas for crop production include irrigated farmland, non-irrigated farmland, grassland, prairie and mountain. We are experiencing climate change with recent climate variability increasing. Agriculture is one of major economic sectors and provides a means of livings for the rural population of Central Asia, especially the poor. In the past two decades, Central Asia has experienced a high population growth rate, with Kazakhstan at 16.8%, Uzbekistan at 34.5% and Kyrgyzstan at 28.4%. As a major industry, Kazakhstan has the largest share of exports of agricultural products followed by petroleum, mineral resources, steel, and chemicals. Uzbekistan is the fifth largest cotton exporter as well as the sixth largest cotton producer in the world. Kyrgyzstan exports ores, stones, cultured pearls, and minerals. These three countries are rich in mineral resources, agricultural products, and energy resources. However, not only do they have difficulties in economic development due to the weakness of logistics and industrial infrastructure, but they also have imperceptible cooperation and investment among countries due to insufficient research and development. Through this study, we will investigate national outlook, economic indicators, major agricultural products, import and export status, and agricultural technology cooperation status, and study how Korean agricultural industry advances into these countries through SWOT analysis. Through this, we hope to contribute to the basic data of Central Asian studies and cooperation and investment in agriculture in each country. In addition, in order to increase cooperative exchange and investment in these countries, we will prepare a Central Asia logistics hub for the rapidly changing interKorean railroad era.

• Journal of Korean Society of Forest Science
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• v.100 no.4
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• pp.630-638
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• 2011

This study aims to verify the economic validity of the REDD project in North Korea by estimating the potential carbon credits and the cost of REDD project. The REDD potential credits of North Korea are estimated based on the international statistics of forest area and population from 1990 to 2010, and the cost of REDD project is estimated indirectly by annual land opportunity cost of agriculture assuming that South Korea will aid the food production per area in North Korea. When the 25% reduction scenario was applied to the annual deforestation rate in North Korea, the potential REDD credits were estimated to be $4,232million{\sim}5,290milliontCO_2eq.$ for 20 years. It would account for 28~35% of South Korea's national medium-term greenhouse gas reduction target. On the other hand, the break-even price of REDD project was calculated as the profit of agriculture in the land available by forest conversion in North Korea. It was estimated to be 19.19$/$tCO_2eq.$ when the non-permanence risk of forest conserved through a REDD contract is assumed to be 20%. This price is higher than the price of REDD carbon credit 5$/$tCO_2eq.$ dealt in the 2010 voluntary carbon market, leading to no economic feasibility. However, REDD project provides co-benefits besides climate mitigation. As previous studies indicate, the break-even price is lower than 20$/$tCO_2eq.$, which is the social marginal cost of greenhouse gas emissions by loss of forest. Therefore REDD in North Korea can be justified against the social benefits. The economic feasibility of REDD project in North Korea can be largely influenced by the risk percentage. Thus, North Korean REDD project needs a strong guarantee and involvement by the government and people of North Korea to assure the project's economic feasibility.

• The Journal of the Korea Contents Association
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• v.21 no.5
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• pp.918-940
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• 2021

In this study, the concept of eXtended Reality Devices(XR) is defined, how it is applied by industry and how it will develop in the future, and based on the expanded integrated technology acceptance theory and innovation resistance, We tried to confirm through empirical analysis how the influencing variables affect. We carry out the analysis of the hypotheses using PLS Structural Equation Modeling. According to the empirical analysis results, this study confirms that innovativeness has a significant effect on UTAUT2's acceptance variables(performance expectation, effort expectation, hedonic motivation, price value) for XR devices, and these variables affect attitudes and acceptance of XR. and the pace of change of XR has a significant effect on perceived risk, and the perceived risk perceived by consumers mediates the pace of change and innovation resistance, and has a significant effect on innovation resistance. and innovation resistance to XR devices had a significant negative effect on acceptance. This study has its meaning because it found out that it deals expansively and comprehensively with personal innovation, the UTAUT2's acceptance variables, and the effects of perceived risk factors mediating the pace of change and resistance to innovation. In addition, it suggests that in order for innovative technologies such as XR to advance to the stage of market expansion, it is important to present strategies to reduce resistance to new technologies as much as the value to be provided to consumers.

• Proceedings of the Korea Water Resources Association Conference
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• 2006.05a
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• pp.972-976
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• 2006

비점오염은 일정한 오염원 없이 광범위한 지역에 쌓여 있는 오염물질이 강우 등에 의해 산발적으로 유출되는 비정형적인 오염을 말한다. 비점오염물질의 유출은 강우나 해빙에 의해 일시에 다량 발생되어 수계로 빠른 시간 내에 도달되게 되므로 인근 수계환경의 수질에 악영향을 미치게 되며, 이러한 오염물질을 효율적으로 처리하기 위해서는 발생원 가까이에서 수계에 도달하기 전에 저감하거나 유출과정에서 집수 처리하는 것이 가장 바람직하다. 본 연구에서는 이러한 비점오염물질의 저감을 위해 반응조를 이용한 실내실험을 실시하였다. 실내 실험장치는 아크릴로 제작 되었으며, 제원은 $1,000mm(L){\times}150mm(W){\times}300mm(H)$였다. 유입수는 시약을 이용하여 질소와 인의 농도를 고농도와 저농도로 조제하여 사용하였고, 유입은 미량 유량펌프를 이용하여 유입하였다. 토양의 오염물질의 처리 효율이 표면유출보다 하부유출에서 더 좋은 것으로 나타났기 때문에 하부유출의 양을 늘이기 위해 인위적으로 물의 흐름을 막는 정류벽을 설치한 계단형으로 구성하여 직선형과 비교하였다. 연구 결과, 단기간 저농도의 경우T-N, T-P부분에서 보면 직선형과 계단형의 표면유출 에서의 저감 효율이 T-N은 각각 -2.6 %, 2.4 %, T-P는 각각 -11.0 %, 52.9 %로 표면유출수의 오염저감효과가 개선되는 것으로 나타났다. 이는 방류벽 앞에 하부로 침투되었던 물이 표면으로 유출되면서 오염물질의 저감이 일어났기 때문으로 판단된다. 반면, 단면 및 하부유출수의 오염물질 농도는 증가한 것으로 나타났는데, 이는 토양내의 입경이 작은 silt나 clay보다 입경이 큰 모래나 자갈을 경유 하면서 오염물의 저감효과가 감소한 것으로 판단된다. 그러나 유입유량의 대부분이 표면으로 유출된다는 점을 고려할 때 표면유출수의 오염도를 낮추는 것이 유입오염물 저감효과에 보다 큰 효과가 있을 것으로 판단된다.문에 자료의 이상적 유지 관리가 이루어지며 복잡한 2차원 수질해석 모형을 수월하게 운영할 수 있는 시스템으로 개발하였다.제외하면, 부자측정 방법에 의한 유량산정시 가장 큰 오차원인은 홍수시 측정된 유속측선의 위치와 홍수 전후로 측정된 횡단면상의 위치가 일치하지 않는 점과, 대부분 두 측정 구간의 평균값을 대푯값으로 사용한다는 점이다. 본 연구는 다년간의 유량 측정 및 검증 경험과 자료를 토대로 현장에서 부자를 이용하여 측정된 측정성과를 정확도 높은 유량자료로 산정하는데 있어서의 문제점을 도출하고, 이로 인해 발생하는 오차를 추정하여 그 개선방안을 제시해 보고자한다. 더불어 보다 정확한 유량 산정을 위한 기준과 범주를 제시하고자 한다.리적 특성을 잘 반영하며, 도시지역의 복잡한 배수시스템 해석모형과 지표범람 모형을 통합한 모형 개발로 인해 더욱 정교한 도시지역에서의 홍수 범람 해석을 실시할 수 있을 것으로 판단된다. 본 모형의 개발로 침수상황의 시간별 진행과정을 분석함으로써 도시홍수에 대한 침수위험 지점 파악 및 주민대피지도 구축 등에 활용될 수 있을 것으로 판단된다. 있을 것으로 판단되었다.4일간의 기상변화가 자발성 기흉 발생에 영향을 미친다고 추론할 수 있었다. 향후 본 연구에서 추론된 기상변화와 기흉 발생과의 인과관계를 확인하고 좀 더 구체화하기 위한 연구가 필요할 것이다.게 이루어질 수 있을 것으로 기대된다.는 초과수익률이 상승하지만, 이후로는 감소하므로, 반전거래전략을 활용하는 경우 주식투자기간은 24개월이하의 중단기가 적합함을 발견하였다. 이상의 행태적 측면과 투자성과측면의 실증결과를 통하여 한국주식시장에 있어서 시장수익률을 평균적으로 초과할 수 있는 거래전략은 존재하므로 이러한 전략을 개발 및 활용할 수 있으며, 특히, 한국주식시장에 적합한 거래전략은 반전거래전략이고, 이 전략의 유용성은 투자자가 설정한 투자기간보다 더욱 긴 분석기간의 주식가격정보에 의하여 최대한 발휘될 수 있음을 확인하

• The Korean Journal of Financial Management
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• v.23 no.2
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• pp.209-237
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• 2006

Since previous default forecasting models for the firms evaluate the probability of default based upon the accounting data from book values, they cannot reflect the changes in markets sensitively and they seem to lack theoretical background. The market-information based models, however, not only make use of market data for the default prediction, but also have strong theoretical background like Black-Scholes (1973) option theory. So, many firms recently use such market based model as KMV to forecast their default probabilities and to manage their credit risks. Korean firms also widely use the KMV model in which default point is defined by liquid debt plus 50% of fixed debt. Since the debt structures between Korean and American firms are significantly different, Korean firms should carefully use KMV model. In this study, we empirically investigate the importance of debt structure. In particular, we find the following facts: First, in Korea, fixed debts are more important than liquid debts in accurate prediction of default. Second, the percentage of fixed debt must be less than 20% when default point is calculated for Korean firms, which is different from the KMV. These facts give Korean firms some valuable implication about default forecasting and management of credit risk.

• Journal of Industrial Convergence
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• v.20 no.11
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• pp.75-83
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• 2022

This study analyzes whether investor sentiment and liquidity explain the momentum phenomenon in the Korean stock market and whether it is a risk factor for the asset pricing model. The empirical analysis used the monthly returns of non-financial companies listed on the stock market during the period 2000-2021. As a result of the analysis, first, it was found that there is a momentum effect in Korea. This is the same result as the previous study, and since 2000, the momentum effect has been accepted as a general phenomenon in the Korean stock market. Second, if we look at the portfolio based on investor sentiment, investor sentiment is influencing momentum. In particular, when investor sentiment is negative, the return on the winner portfolio is high. Third, as a result of the analysis based on liquidity, the momentum effect disappears and a reversal effect appears. Fourth, it was found that investor sentiment and liquidity influence the momentum effect. This is a result of the strong momentum effect in the illiquid stock group with negative investor sentiment. Fifth, as a result of analyzing the effect of each factor on stock returns, it was found that both investor psychology and liquidity factors have a significant impact on returns. The estimated results provide evidence that the inclusion of these two factors in the Carhart four-factor model significantly increases the predictive power of the model. Therefore, it can be said that investor sentiment factors and liquidity factors are important factors in determining stock returns.

• The Korean Journal of Financial Management
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• v.24 no.4
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• pp.75-106
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• 2007

In this study, it is analyzed whether oil price plays a major role in the pricing return on Koran stock market and examined why the covariance risk between oil and return on stock is different in each industry. Firstly, this study explores whether the expected rate of return on stock is pricing due to global oil price factors as a function of risk premium by using a two-factor APT. Also, it is examined whether spill-over effects of oil price volatility affect the beta risk to oil price. Considering the asymmetry of oil price volatility, we use the GJR model. As a result, it shows that oil price is an independent pricing factor and oil price volatility transmits to stock return in only electricity and electrical equipment. Secondly, the two step-analyzing process is introduced to find why the covariance between oil price factor and stock return is different in each industry. The first step is to study whether beta risk exists in each industry by using two proxy variables like size and liquidity as control variables. The second step is to grasp the systematic relationship between the difference of liquidity and size and beta to oil price factor by using the panel-data model which can be analyzed efficiently using the cross-sectional data formed with time series. Through the analysis, we can argue that oil price factor is an independent pricing factor in only electricity and electrical equipment having the greatest market capitalization, and know that beta risk to oil price factor is a proxy of size in the other industries. According to the result of panel-data model, it is argued that the beta to oil price factor augments when market capitalization increases and this fact supports the first assertion. In conclusion, the expected rate of return of electricity and electrical equipment works as a function of risk premium to market portfolio and oil price, and the reason to make beta risk power differentiated in each industry attributes to the size.

• The Journal of the Korea Contents Association
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• v.10 no.2
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• pp.412-420
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• 2010

With increased complexity of product and market, the phenomenon that a consumer get paradoxical attitude toward marketing object has been increased. And this phenomenon eventually affects the relationship between consumer and product. In this study we tried to find more paradoxical phenomenon and understand consumer behavior confronting these situations when they buy agro-product based on ground theory methodology. According to the results, consumer's expectation and purchase experience can promote quality paradox experience during confronting various marketing activities such as price, product, promotion, place. Also these experience can cause quality paradox related interaction and communication even though there could be differences in their experience according to demographic characteristics, personal preference, and risk perception. Consumer will develop multiple strategies against quality paradox to manage the uncomfortable paradox experiences.

• Korean Journal of Social Welfare Studies
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• v.49 no.1
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• pp.29-50
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• 2018

Since 2006, the Korean government has introduced a series of policies to create social service related jobs. Facing the new social risk of Jobless Growth, the newly launched Moon Jae-In administration had no choice but to include job creation in the social service sector as one of the 100 National Tasks for the next five years. The primary purpose of this study is to provide based on the last 10 years' experience a critical analysis of the new government's social service job creation policies. It has been proven that containing budget growth and creating jobs are not compatible goals. The government's control over social service prices has been persistent for the last 10 years serving the purpose of containing social service budget. The author argues that low quality jobs and depressed social service market are the results of such policy. The current problems created by the past policies and a number of new problems that the new government's plan to establish so-called Social Service Corporation might create are discussed, and a set of policy tasks including a social insurance for social services are suggested as alternative solutions for the old and new problems.