• The Korean Journal of Financial Management
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• 제25권2호
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• pp.1-31
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• 2008

Before the financial crisis in 1997, Korean bond markets had been those of corporate bonds with relatively high market yield. During the period, most of major institutional investors tend to utilize passive strategies such as buying and holding. After the crisis, however, they could not help choosing active bond management strategies because of lowed yield level and intensified competition among the financial institutions. This study is forced on the yield curve, which is the reflection of all information on the bond investment environments. The study also make analysis on the major economic and securities market factors and its structural relationship with the shape of the curve such as level, curvature and slope. For these purposes, an empirical model based on the Nelson-Siegel Model is estimated with the data during $1999{\sim}2006$. Out-of-sample forecasting is also made to test the usefulness of the estimated model. In addition, the dependent variables which are the estimates of level and slope are estimated on the macro variables and securities market variables. VAR and SUR models are used for the estimation. Estimation results show that level and slope of the yield curve are influenced by the target call rate change, exchange rate change rate, inflation rate. These results provide practical implications for the active managements in the overall treasury bond markets.

• IE interfaces
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• 제23권4호
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• pp.300-310
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• 2010

This paper is about an optimal investment portfolio strategy. Financial data of stocks, bonds, and savings from January 2. 2001 through October 30. 2009 were utilized in order to suggest the optimal portfolio strategies. Fundamental analysis and technical analysis were used in stocks-related strategy, whereas passive investment strategy and active investment strategy were used in bond-related strategy. The score is assigned to each stock index according to the suggested strategies and set trading rules are based on the scores. The simulation has been executed about each 29,400-portfolios and we figured out with the simulation result that 26.75% of 7,864 portfolios are more profitable than average stock market profit (22.6%, Annualized). The outcome of this research is summarized in two parts. First, it's the rebalancing strategy of portfolio. The result shows that value-oriented investment(long-term investment) strategy yields much higher than short-term investment strategies of stocks or active investment of bonds. Second, it's about the rebalancing cycle forming the portfolios. The result shows that the rate of return for the portfolio is the best when rebalancing cycle is 12 or 18 months.

• Knowledge Management Research
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• 제22권4호
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• pp.71-85
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• 2021

The purpose of this study is to find out which artificial intelligence methodology is most suitable for creating a foreign exchange rate prediction model using the indicators of bond market and interest rate market. KTBs and MSBs, which are representative products of the Korea bond market, are sold on a large scale when a risk aversion occurs, and in such cases, the USD/KRW exchange rate often rises. When USD liquidity problems occur in the onshore Korean market, the KRW Cross-Currency Swap price in the interest rate market falls, then it plays as a signal to buy USD/KRW in the foreign exchange market. Considering that the price and movement of products traded in the bond market and interest rate market directly or indirectly affect the foreign exchange market, it may be regarded that there is a close and complementary relationship among the three markets. There have been studies that reveal the relationship and correlation between the bond market, interest rate market, and foreign exchange market, but many exchange rate prediction studies in the past have mainly focused on studies based on macroeconomic indicators such as GDP, current account surplus/deficit, and inflation while active research to predict the exchange rate of the foreign exchange market using artificial intelligence based on the bond market and interest rate market indicators has not been conducted yet. This study uses the bond market and interest rate market indicator, runs artificial neural network suitable for nonlinear data analysis, logistic regression suitable for linear data analysis, and decision tree suitable for nonlinear & linear data analysis, and proves that the artificial neural network is the most suitable methodology for predicting the foreign exchange rates which are nonlinear and times series data. Beyond revealing the simple correlation between the bond market, interest rate market, and foreign exchange market, capturing the trading signals between the three markets to reveal the active correlation and prove the mutual organic movement is not only to provide foreign exchange market traders with a new trading model but also to be expected to contribute to increasing the efficiency and the knowledge management of the entire financial market.

• Korean Journal of Oriental Medicine
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• 제18권1호
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• pp.13-23
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• 2012

This paper studied the premodern Chinese Medical Herb Market and commercial culture by analysing the structure and management of Qizhou(祁州) Medical Herb Market, the most representative herb market of the Qing(淸) Dynasty. The merchant of Qizhou(祁州) Medical Herb Market developed 'guild halls(會館)' or 'regional merchant groups(地域商帮)' and form a strong regional bond. These local merchants brought medical herbs from their hometown to Qizhou(祁州) to sell, and bought herbs that were not produced in their hometown or valuable medical herbs from Qizhou(祁州) Medical Herb Market. Qizhou(祁州) Medical Herb Market was a space of various types of business managements. The major business of Qizhou(祁州) Medical Herb Market was herb trade but merchants of other related industries were also active. The thtive of 'Wu Da Hui(五大會)' reflects this.

• The Korean Journal of Franchise Management
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• 제7권1호
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• pp.13-20
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• 2016

Purpose - In the past, the chain hotel chefs only serve food to their customers. However recently, the hotel chefs play a pivotal role in hotel including considering various customer preferences, safety and nutrition of food, and increasing profits through effective human resource management and inventory control. With the change of the chain hotel chef's' roles, pygmalion leadership, one of new leadership styles, focuses on the effect that leader's positive expectation let subordinates have motivation and more engage in work. This study investigates the effect of chain hotel chef's pygmalion leadership on leader trust and organizational trust. Research design, data, and methodology - This study was to investigate the structural relationships among chain hotel restaurant chefs' pygmalion leadership, hotel restaurant cooks' leader trust, organizational trust, and teamwork, and how leader trust and organizational trust play mediating roles in the relationship between pygmalion leadership and teamwork. In this model, pygmalion leadership includes 4 dimensions: Climate, Feedback, Input, and Output. Data were collected using self-administered questionnaire survey on cooks of Deluxe hotel restaurants located in Seoul and Gyonggi-Do. The samples for data analyses were 243 excepting unusable responses. Result - The findings can be summarized as follows: First, climate and feedback had a positive effect on leader trust, respectively. Second, feedback and output had a statistically positive effect on organizational trust, respectively. Third, leader trust had positive effects on organizational trust and teamwork. Fourth, organizational trust had a significant effect on teamwork. Conclusions - As a chain hotel chef treats his/her staffs sincerely, they will be more engaged in work by establishing trust in their leader. Ultimately, it leads to higher sales profit and customer satisfaction. In addition, a hotel can encourage chefs and other staffs to treat each other as if the student-instructor relations, not just commanding staffs. Then, cooks build up their trust to their leader and organization for its sustained growth and development, and the internal bond in organization including teamwork is strengthened. Therefore, to strengthen teamwork and organizational trust, there should be active communication, knowledge sharing, goal sharing, and cooperation between chefs and cooks.

• Korean Journal of Social Welfare Studies
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• 제47권4호
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• pp.333-360
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• 2016

Social Impact Bonds(SIBs) has emerged as a promising way to finance proven social services programs, fund what works, and drive government accountability and has increased fast. In this context, this study examines and classifies the structure of SIB focusing key criteria of the main steps through two-step cluster analysis. Analysis results are as follows. First, the main commissioners of SIB are the ministries of the central government. And in terms of the stage of invest, there are usually two or three investors mainly consisting of social finance organizations. Second, in terms of target and age of SIB beneficiaries, it focuses on the adolescent and youth. Third, in the outcome evaluation stage, the results show that in most cases outcome payments are determined by a validation of service provider or government administrative data. However, the rate of payments are based on the comparison of the program beneficiaries to other comparable groups is 23.8%. Finally, The results of two-step cluster analysis are as; 'mix of central government and social finance organization', 'multiple agent including private organization', and 'multiple social provider'. Among three types, 'multiple agent including private organization' shows the most active participation between agents and the most systematic outcome measurement and management. The results of this study imply that the importance of the method to manage and measure outcome in SIB structure. Moreover, the consist of commissioners or investors is needed to expanded more.

• BMB Reports
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• 제31권5호
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• pp.459-467
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• 1998

A new set of functional group interaction energy descriptors relevant to the ACE (Angiotensin-Converting Enzyme) inhibitory peptide, QSAR (Quantitative Structure Activity Relationships), is presented. The functional group interaction energies approximate the charged interactions and distances between functional groups in molecules. The effective energies of the computationally derived geometries are useful parameters for deriving 3D-QSAR models, especially in the absence of experimentally known active site conformation. ACE is a regulatory zinc protease in the renin-angiotensin system. Therapeutic inhibition of this enzyme has proven to be a very effective treatment for the management of hypertension. The non bond interaction energy values among functional groups of six-feature of ACE inhibitory peptides were used as descriptor terms and analyzed for multivariate correlation with ACE inhibition activity. The functional group interaction energy descriptors used in the regression analysis were obtained by a series of inhibitor structures derived from molecular mechanics and semi-empirical calculations. The descriptors calculated using electrostatic and steric fields from the precisely defined functional group were sufficient to explain the biological activity of inhibitor. Application of the descriptors to the inhibition of ACE indicates that the derived QSAR has good predicting ability and provides insight into the mechanism of enzyme inhibition. The method, functional group interaction energy analysis, is expected to be applicable to predict enzyme inhibitory activity of the rationally designed inhibitors.

• Korean Association of Arts Management
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• 제57호
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• pp.85-126
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• 2021

This study aims to examine the interaction between jazz musicians playing in domestic jazz clubs and audiences visiting jazz clubs in depth. This study conducted an in-depth interview, a qualitative research methodology, to find out the subjective views of jazz club musicians and audiences about jazz club performances, and analyzed the contents and presented the results. The results of this study are as follows: First, jazz musicians perceived jazz clubs as the center point of their musician careers, and from the perspective of the audience, jazz clubs were a place where jazz lovers gathered voluntarily, and where they could enjoy musical communication in a comfortable atmosphere. Second, jazz club performances gave jazz musicians the autonomy to play and considered them suitable for creating optimized sounds, and the audience recognized that jazz musicians could experience performances vividly on stage close to the audience. Third, the way jazz musicians interacted with the audience was active for musical communication with the audience, and the audience preferred the way that interaction could contribute to their performance, and the audience recognized the interaction through musical communication with the musician and the musician's consideration for the audience. Fourth, jazz musicians played a major role in realizing a performance in which interaction with the audience was complete, and audiences perceived interaction as a joy of improvisation, a bond with jazz musicians, and a special experience. This study confirmed the jazz club's status as a cultural space for the public's jazz enjoyment as well as a performance base that ultimately promotes the development and spread of jazz gods in Korea, and it is meaningful that it can serve as a guideline for jazz performance planning and jazz club operation from an art management perspective.

• KDI Journal of Economic Policy
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• 제36권2호
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• pp.103-136
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• 2014

The covered interest rate parity condition (CIRP) has been widely used in open macroeconomic analysis, risk management, exchange rate forecasts, and so forth. Due to the recent global financial crises, there have been remarkable changes in the financial markets of the emerging markets. These changes possibly influenced the dynamics of the covered interest rate parity condition. In this paper, we investigate whether the CIRP dynamics has changed, and what is the nature of the regime changes. To do this, we propose and estimate multiple-state Markov regime switching models using a Bayesian MCMC method. Our estimation results indicate that the default risk or the deviation from the CIRP has been decreased after the crisis. It seems to be associated with the more active interaction between the short-term bond market and the short-term foreign exchange market than before. The tightened relation of these two financial markets is caused by the arbitrage transaction of foreign investors.

• Journal of Legislation Research
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• 제44호
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• pp.757-799
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• 2013

Ever since Korea and Vietnam reestablished diplomatic relations, the two countries'bond has become stronger than ever, augmenting the range of exchange between them in almost every possible field including politics, economy, society, and culture at such a high speed. Among many, an increase in number of Vietnamese immigrant women in international marriage is worthy of close attention. Since 2010, Vietnamese has topped the proportion of total foreign women married to Korean men, having surpassed Chinese. Nonetheless, the quick international marriage between Korean men and Vietnamese women, which usually happens without sufficient time to get to know about different cultures and languages, has not only raised problems for people concerned, but numerous social issues as well. Recognizing these problems, a number of government departments have provided various support on policies and legal issues toprotect multicultural families as a means of social integration and settlement support. Nevertheless, the support policies until now have been generalizing all of the immigrant women in international marriage as people subject to protection. Thus, considering every immigrant women as people in need, and trying to help them with various social issues have caused the government a high cost and low efficiency. This thesis emphasizes the point that through the cases of Vietnamese immigrant women in international marriage, there should be a specific support plan for specific people in need, reflecting various traits of different cultures and societies, in order to ease their settlement in Korea. Moreover, it suggests detailed plans for improvements on legal and institutional problems. Although the Vietnamese government forbids commercial agents for international marriage, many of agencies are still active and to help the immigrant women, who desire to return and resettle in Vietnam in case of divorce, this thesis suggests legal and institutional remedies for Korean and Vietnamese government. The composition of the thesis follows below: Part II on social and cultural traits of international marriage between Korean men and Vietnamese women. Part III on institutional problems and plans for improvements regarding settlement of immigrant women in international marriage. Part IV on legal and institutional problems and plans for improvements regarding divorced immigrant women and their return to Vietnam. Part V on conclusion. Divorce is not a flaw anymore nowadays, but in case of Vietnamese immigrant women ininternational marriage, an inadequate legal system hampers their resettlement process. Cases of not being ableto remove their own names from the family register due to poor financial and legal abilities are often identified and it is both the Vietnamese and Korean governments'duty to acquit their ethical responsibilities by seeking ways to institutionally and financially support them.