• Journal of Family Resource Management and Policy Review
• /
• v.4 no.1
• /
• pp.15-28
• /
• 2000

The purpose of this study was to examine the knowledge about savings of customers who utilize Investment Trust Company and to analyze the factors affecting it. The data for the analysis were collected by structured questionnaires and consisted of 191 customers who utilize Investment Trust Company. Descriptive. Descriptive Statistics including percentage, frequency, means, and standard derivation, t-test, one-way ANOVA with Scheffe test, multiple regression analysis were used to analyze the data. The following is a summary of major findings. 1) The customers knowledge about savings showed generally low-level. Especially the knowledge about tax and regulation of savings were the areas shown the lowest level. 2) The age, marital status, education and occupation of customers and total period of utilizing company were the factors affecting the knowledge of customers in the one-way ANOVA analysis. 3) The result of regression analysis indicated that age of customers and total periods of utilizing company were the significant predictors of customers’knowledge. These two variables explained 25.77% of variance of customers’knowledge about savings.

• The Korean Journal of Financial Management
• /
• v.8 no.2
• /
• pp.1-29
• /
• 1991

본 논문에서는 우리나라의 부동산시장(不動産市場)의 불완전성(不完全性)이 금융시장보다도 강한 현실을 반영하여 그것이 자본자산가격결정모형(資本資産價格決定模型) (the capital asset pricing model)에 미치는 영향을 분석하였다. 부동산시장의 불완전성으로서는 특히 부동산의 경우 기본적인 최저거래단위가 일반 금융자산보다도 높아 거래에 제약이 따른다는 점, 또한 최근 정부의 부동산 가격의 안정화 시책에 따라 개인의 부동산 보유한도가 엄격하게 제한되고 있으며 부동산 투자 이득에 대한 과세도 대폭 강화되고 있다는 점 등이 고려되었다. 이와같은 가정하에서 본고에서는 전통적인 자본자산가격모형을 수정 검토한 뒤, 그 모형의 틀속에서 부동산보유제한(不動産保有制限) 및 투자이득(投資利得)의 과세강화(課稅强化)같은 부동산가격 안정화 시책의 효과를 살펴보고, 그 외 자산담보대출의 담보비율 조정이 자산의 가격형성에 미치게되는 효과와 부동산 투자신탁제도의 도입효과, 부동산 기대수익률과 주식의 기대수익률의 관계 등을 검토하였다. 이러한 분석의 결과, 특히 본고에서는 현재 정부가 추진중인 불동산보유제한(不動産保有制限) 및 투자이득(投資利得)의 과세강화(課稅强化)와 같은 정책들이 경우에 따라서 부동산 가격을 안정화시키기 보다는 오히려 부동산 가격의 상승을 유발할 수도 있는 것으로 나타나 정책의 시행시 상당히 신중을 기하지 않으면 안되는 것으로 분석되었다.

• The KIPS Transactions:PartB
• /
• v.9B no.5
• /
• pp.599-608
• /
• 2002

This paper proposes DIT (Digital Investment Trust) agent based on ECSSL (Elliptic Curve SSL). This DIT agent is a banking project using IT (Investment Trust) conception based on EC (Electronic Commerce) and can manage micro payment, account opening and account transferring. In addition, ECSSL (Elliptic Curve SSL) protocol is implemented which consists of much better encryption functions than existing SSL (Secure Socket Layer) Protocol. Therefore, This DIT agent based on ECSSL protocol protects a customer's information and asset from third party.

• The Korean Journal of Financial Management
• /
• v.25 no.1
• /
• pp.51-84
• /
• 2008

We investigate the signaling effect of repurchase preceding new equity issue using Korean data. In a short time span, firms announce stock repurchases and equity offerings. The proximity of two events in Korean firms indicates that those are not independent of each other. In this paper, we test the signaling effect of repurchase on equity offerings on the two measures. One is announcement effect, which is measured as CAR(0, +2). The other is the effectiveness which is measured as CAR(0, +30) because the price movement during this window influences on the price of new issues. Previous studies that stock repurchase convey positive signal to equity offerings-Billet and Xue(2004) and Jung(2004)-construct sample without the limit of time interval between two events. This causes the unclear relation between those because of the long time interval. In this study we consider only samples of being within one year each other to reduce this problem and clarify the signal of repurchase on equity offerings. Korean firms are allowed to repurchase own shares with two different method. One is direct repurchase as same as open market repurchase. The other is stock stabilization fund and stock trust fund which trust company or bank buy and sell their shares on the behalf of firms. Generally, the striking different characteristic between direct repurchase and indirect repurchase is following. Direct repurchase is applied by more strict regulation than indirect repurchase. Therefore, the direct repurchase is more informative signal to the equity offering than the indirect repurchase. We construct two sample firms- firms with direct repurchase preceding-equity offerings and indirect repurchase-preceding equity offering, and one control firms-equity offerings only firms-to investigate the announcement effect and the effectiveness of repurchases. Our findings are as follows. Direct repurchase favorably affect the price of new issues favorably. CAR(0, +2) of firms with direct repurchase is not different from that of equity offerings only firms but CAR(0, +30) is higher than that of equity offerings only firms. For firms with indirect repurchase and equity offerings, Both the announcement effect and the effectiveness does not exist. Jung(2004) suggest the possibilities of how indirect stock repurchase can be regarded as one of unfair trading practices on based on the survey results that financial managers of some of KSE listed firms have been asked of their opinion on the likelihood of the stock repurchase being used in unfair trading. This is not objective empirical evidence but opinion of financial managers. To investigate whether firms announce false signal before equity offerings to boost the price of new issues, we calculate the long-run performance following equity offerings. If firms have announced repurchase to boost the price of new issues intentionally, they would undergo the severe underperformance. The empirical results do not show the severer underperformance of both sample firms than equity offerings only firms. The suggestion of false signaling of repurchase preceding equity offerings is not supported by our evidence.

• Journal of the Economic Geographical Society of Korea
• /
• v.6 no.1
• /
• pp.211-231
• /
• 2003

In this study, first, current state and future prospects of indirect real estate investment systems after foreign exchange crisis are analyzed, and second, policy alternatives for activating indirect real estate investment markets are examined. After foreign exchange crisis, various indirect real estate investment systems, such as REITs, ABS and CRC, were introduced. Present market size of indirect real estate investment is not larger than expected. The reasons are the problems of incomplete system on the one hand, and real estate market conditions on the other hand. But long term prospects of indirect real estate investment markets may not be pessimistic. Considering the positive effects of indirect real estate investment systems to the real estate and financial markets, policy supports for activating indirect real estate investment market may be needed. The representative alternatives are reconciliation and integration of indirect real estate investment systems, upgrading the infrastructure of real estate industry, and activating the networks between indirect real estate investment markets and related markets such as financial makets, capital markets, restructuring markets.

• Korean Journal of Construction Engineering and Management
• /
• v.21 no.1
• /
• pp.40-49
• /
• 2020

This study analyzed the factors affecting the ruling of litigation on the housing reconstruction and housing redevelopment project based on the cross analysis and logistic regression analysis. According to cross analysis result, the defensive process prerequisite group was showed significant in many variables which were past legal relation, no ownership or association member status, double lawsuit, abuse of lawsuit right·litigation trust, existence of claim-preclusion, no standing to sue·no standing to be sued, lapse of litigation period, no legal interest, no own defect of approval. On the other hand, the offensive cause of action group was found to have no significant variable. According to logistic regression result, the defensive process prerequisite group was showed significant in many variables which were past legal relation, no standing to sue·no standing to be sued, no ownership or association member status, double lawsuit, no own defect of approval, abuse of lawsuit right·litigation trust, existence of claim-preclusion. Meanwhile, the offensive cause of action group was showed significant in only one variable that was defect in relation with articles of association. Overall, it is noteworthy that the offensive cause group showed very low significant results compared with the defensive process prerequisite group.

• Journal of architectural history
• /
• v.24 no.4
• /
• pp.19-28
• /
• 2015

This study examines the Singapore public housing supplied by Singapore Improvement Trust (SIT) in the 1950s. Focused on the Princess Elizabeth estate and Princess estate of Queenstown, this study surveys their construction backgrounds, site plans, unit plans, architectural designs and meanings. The Princess Elizabeth estate was the model estate for workmen's flats. This estate showed mixed blocks of flats arranged around a large quadrangled open space for children. The Princess estate was a neighborhood of Queenstown, Singapore's the first new town. At this Estate, there were some new architectural occurrences departing from the Tiong Bahru Estate. Those are the appearance of high-rise typology, and the increased specificity in the functions of open spaces. Thus the open space became to get hierarchy, and divided an estate to small neighborhood units. For the SIT, open space is synonymous with the improvement of urban environment. Through the purposeful creation of open space, the SIT intended to solve the problem of sanitation and to make a neighborhood unit which can be pleasant place for regional community.

• The Korean Journal of Financial Management
• /
• v.14 no.1
• /
• pp.1-21
• /
• 1997

본 논문은 한국 주식과 미국 주식을 대상으로 Jegadeesh and Titman(1993)의 상대적세력 투자전략의 수익성을 비교 검증하고, 그 수익성의 원천을 분석하고 있다. 실증분석 결과, 과거수개월간 주가수익률이 매우 높았던 승자주식을 매입하고 그 반대의 패자주식을 매도하는 상대적세력 투자전략은 미국 주식사료(1963년${\sim}$1989년)로부터 배우 유의한 비정상적 월수익률 약 1%를 얻을 수 있었으며, 이는 체계적위험에 대한 보상을 고려한 후나 베타 크기별 소표본분석에서 모두 유의한 것으로 나타났다. 반면 동 투자전략은 한국 주식자료(1980년${\sim}$1995년)에서는 오히려 비유의적인 음의 월수익률 약 -0.34%를 얻을 수 있을 뿐이었다. 이러한 한국 주식에 대한 낮은 수익성은 베타 소표본분석과 5년간씩의 소표본기간분석에서도 마찬가지로 나타남으로써, 동 투자전략이 미국에서와 달리 효과적인 투자전략이 되지 못함을 시사하고 있다. 이러한 결과는 한국 주식의 경우 월수익률 패턴이 미국보다도 더 예측하기 어렵고 무작위적이라는 것을 의미하며, 이는 양국 주식시장의 여러 가지 제도상의 차이에 비롯되는 투자자들의 투자행태 차이 때문으로 해석된다. 예를 들어, 한국의 경우 증시안정책이나 부양책 등과 같은 시장 외적인 규제요인에 의해 시장 전체가 영향을 받는 경우가 많으며, 또한 소액투자자의 직접투자 비중이 높아 투자기간(investment horizon)의 측면에서도 투자신탁(mutual fund)과 같은 간접투자 비중이 훨씬 높은 미국에 비해 단기적인 성향이 일반적이며, 따라서 이러한 차이가 월수익률 패턴에 반영되는 것으로 이해된다.

• Journal of Korean Library and Information Science Society
• /
• v.35 no.1
• /
• pp.319-335
• /
• 2004

This paper suggests how to systemize administrative metadata required for managing intellectual property rights and their applications, which has been newly requested in digital library environment. For this purpose, firstly, the types of metadata required in digital libraries were identified. Secondly, this paper detected problems in MARC that digital libraries have been using as the tool for information organization. Finally, the structures of administrative metadata required by copyright laws were analyzed. On the basis of the researches above, this paper proposed how to systemize and operate administrative metadata that interlocks MARC, Dublin Core and administrative system of copyright trust agencies.

• Journal of architectural history
• /
• v.29 no.2
• /
• pp.7-18
• /
• 2020

The purpose of this study is to examine the construction industry of Korea from the 1920s to the 1930s by analyzing activities of construction-contractors trying to overcome the recession of the construction industry and intensified competition in the industry. In this paper, I looked at the activities of Hanazono Sakichi as concrete examples. First of all, with the strategy of the vertical integration, by manufacturing and selling building materials, Hanazono Sakichi expanded his company and the scope of contract business. The second, he attempted to diversify related projects. Through related diversification, he seemed to have earned not only land management profit but also advantages from related construction. These aspects were not only seen by Hanazono's activities but also by other contractors'. On the other hand, a few contractors have taken over a trust company to secure the funds for land management. Attempts to maximize personal interests through the expansion and diversification of contractors' business can be seen as overcoming the pre-1920s environment, where almost construct works were ordered under the government, and creating opportunities for the private sector to work and make profit by themselves. In the end, it can be mentioned that 'the contractor' established 'the construction industry' through this process.