• Economic Analysis
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• v.26 no.1
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• pp.84-132
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• 2020

A central bank infers market expectations of future yields based on yield curves. The central bank needs to precisely understand the changes in market expectations of future yields in order to have a more effective monetary policy. This need explains why a range of models have attempted to produce yield curves and market expectations that are as accurate as possible. Alongside the development of bond markets, the interconnectedness between them and macroeconomic factors has deepened, and this has rendered understanding of what macroeconomic variables affect yield curves even more important. However, the existence of various theories about determinants of yields inevitably means that previous studies have applied different macroeconomics variables when estimating yield curves. This indicates model uncertainties and naturally poses a question: Which model better estimates yield curves? Put differently, which variables should be applied to better estimate yield curves? This study employs the Dynamic Nelson-Siegel Model and takes the Bayesian approach to variable selection in order to ensure precision in estimating yield curves and market expectations of future yields. Bayesian variable selection may be an effective estimation method because it is expected to alleviate problems arising from a priori selection of the key variables comprising a model, and because it is a comprehensive approach that efficiently reflects model uncertainties in estimations. A comparison of Bayesian variable selection with the models of previous studies finds that the question of which macroeconomic variables are applied to a model has considerable impact on market expectations of future yields. This shows that model uncertainties exert great influence on the resultant estimates, and that it is reasonable to reflect model uncertainties in the estimation. Those implications are underscored by the superior forecasting performance of Bayesian variable selection models over those models used in previous studies. Therefore, the use of a Bayesian variable selection model is advisable in estimating yield curves and market expectations of yield curves with greater exactitude in consideration of the impact of model uncertainties on the estimation.

• 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 Korea Academia-Industrial cooperation Society
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• v.12 no.10
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• pp.4359-4368
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• 2011

Among several macroeconomic missteps blamed for the recent global financial crisis including the social problems of income distribution and the lack of proper financial remedies, two of them have received particular attention: the global BOP(Balance of Payment) imbalance and the misguided monetary policy. Such BOP imbalance was blamed for massive foreign exchange investment flows from Asia into the U.S., triggering the financial and real estate bubble in America. The latter refers to the excessively loose monetary policy of the U.S. Federal Reserve, which pushed financial institutions and households into reckless investment behavior in search of higher returns. Given the abuse of certain innovative financial techniques and new investment instruments that have been created in recent decades, both collateralized debt obligations (CDOs) and credit default swaps (CDS) enjoyed a symbiotic and toxic relationship prior to the financial crisis This paper is organized as follows: The first section analyzes the real causes of the recent financial crisis. The second details the role of CDOs and CDS. Then, to identify key determinants of the CDS spreads in an emerging capital market, the sample data of major Korean firms' CDS spreads are used to estimate the risk premium by utilizing the multiple regression analysis. The empirical test result indicates that Korean 3-year treasury bond rate(TYIELD), market to book value ratio(MV/BV), and assets size(INASSETS) are shown to demonstrate statistically significant influences on the changes of the CDS premium for sample firms.

• Proceedings of the Safety Management and Science Conference
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• 2002.11a
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• pp.321-339
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• 2002

The result of variance decomposition through yield of Treasury of 30 year maturity of USA, S&P 500 index, stock price of KEPCO has 76.12% of impulse of KEPCO stock price at short-term horizon, but they have 51.40% at long-term horizon. After one year, they occupy 13.65%, and 33.25%. So their effects are increased. By the way, S&P 500 index and yield of Treasury of 30 year maturity of USA have relatively more effect for forecast of stock price oi KEPCO at short-term & long-term. The yield of Treasury of 30 year maturity of USA more than S&P 500 index have more effect for stock price of KEPCO. It is why. That foreign investors through fall of stock price of USA invest for emerging market is less than movement for emerging market of hedge funds through effect of fall of yield of Treasury of 30 year maturity of USA, according to relative effects for stock price of Korea companies. The result of variance decomposition through won/dollar foreign exchange rate, yield of corporate bond of 3 year maturity, Korea Stock Price index(KOSPI), stock price of KEPCO has 81.33% of impulse of KEPCO stock price at short-term horizon, but they have 41.73% at long-term horizon. After one year, they occupy 23.57% and 34.70%. So their effects are increased. By the way, KOSPI and won/dollar foreign exchange rate have relatively more effect for forecast of stock price of KEPCO at short-term & long-term. The won/dollar foreign exchange rate more than KOSPI have more effect for stock price of KEPCO. It is why. The recovery of economic condition through improvement of company revenue causes of rising of KOSPI. But, if persistence of low interest rate continues, fall of won/dollar foreign exchange rate will be more aggravated. And it will give positive effect for stock price of KEPCO. This gives more positive effect at two main reason. Firstly, through fall of won/dollar foreign exchange rate and rising of credit rating of Korea will be followed. Therefore, foreign investors will invest more funds to Korea. Secondly, inflow of foreign investment funds through profit of won/dollar foreign exchange rate and stock investment will be occurred. If appreciation of won against dollar is forecasted, foreign investors will buy won. Through this won, investors will do investment. Won/dollar foreign exchange rate is affected through external factors of yen/dollar foreign exchange rate, etc. Therefore, the exclusion of instable factors for foreign investors through rising of credit rating of Korea is necessary things.

• Journal of Korea Entertainment Industry Association
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• v.13 no.3
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• pp.351-361
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• 2019

The objective of this article is to identify an alternative strategy for brand marketing through a case study of the Korean boy band BTS, which has recently seen a huge success in the global music scene. BTS has actively used transmedia storytelling as a tool to survive in the competitive music market. Transmedia storytelling refers to stories that are expanded across different media platforms, engaging audiences to explore from one medium to another to undergo multiple experiences. It gives audiences various ways of enjoying cultural content and participating in cultural content production through numerous media outlets. BTS has established and spread its fictional universe through albums, music videos, short films and webtoons, and has launched diverse projects where fans actively share, create, and play with their content. By inviting fans to actively participate in and interact with the BTS universe spreading through multiple media platforms, BTS can keep its fans engaged and energized. These activities have generated an emotional bond between BTS and their fans, which further leads to a worldwide fandom, based not on a producer-customer relationship but on mutual trust. The BTS case demonstrates the potential of transmedia storytelling as a useful benchmark to provide a positive brand experience for customers, which eventually enhances brand attachment and brand loyalty.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.5
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• pp.109-121
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• 2023

This paper examines whether angel investors affect startup's financial performance (profitability and growth ratios) in the Korean startup market over 10 years period from 2009 to 2018. In particular, we consider not only the behavior of angel investor such as the investment amount or the type of investments (stocks, bonds) but also the type of angle investor (individual or corporation). Our empirical results are as follows. First, we find that the startup's profitability ratios are higher after the investment of angel investors. However, the growth ratios show different results in assets and sales. Second, we identify that the investment amount of angel investors negatively affects on the startup's growth ratios. Lastly, we find that equity investment such as common stock or preferred stock and the individual angel investors such as personal investment association or professional angels show higher financial performance than bond investment or corporate angel investors. Overall, our findings imply that angel investors positively affect startup's financial performance. In particular, we infer that the superior financial performance is largely attributed to monitor startups by participating as shareholders or to select more carefully by the individual angel investors who may be exposed to more investment risk. In conclusion, our findings support that angel investors play a positive role in the Korean venture investment market.

• Journal of the Korean Society for Precision Engineering
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• v.29 no.12
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• pp.1267-1271
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• 2012

Demand for optical glass device used for lighting could increase rapidly because of LED lighting market growth. The optical glass devices that have been formed by hot press molding process the desired optical performance without being subjected to mechanical processing such as curve generation or grinding. EL-Max material has been used for many engineering applications because of their high wear resistance, high compressive strength, corrosion resistant and very good dimensional stability. EL-Max is very useful for a glass lens mold especially at high temperature and pressure. The performance and reliability of optical components are strongly influenced by the surface damage of EL-Max during grinding process. Therefore, the severe process condition optimization shall be necessary for the highly qualified EL-Max glass lens mold. To get the required qualified surface of EL-Max, the selection of type of the diamond wheel is also important. In this paper, we report best grinding conditions of ultra-precision grinding machining. The grinding machining results of the form accuracy and surface roughness have been analyzed by using Form Talysurf and NanoScan.

• Journal of Digital Convergence
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• v.16 no.5
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• pp.185-197
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• 2018

The purpose of this study is to analyze the Korean ETF market, which is experiencing a rapid increase in the number of stocks, to identify the degree of investment efficiency and to present investment directions. The methodology and procedure are ETF yield, change trends, correlation and regression analysis of the ETFs traded between 2010 and 2018. As a result, the total return of domestic ETFs was 3.51%, which was lower than the KOSPI growth rate and the return on equity ETFs was 4.03%, which was low. Leverage ETF yields were below 3%, which was low. The return on bond and currency ETFs was less than 1%. The most profitable ETFs were index ETFs, followed by domestic and leveraged ETFs. This study has contributed to establishing considerations when purchasing ETFs from the viewpoint of investors. Future research will present the direction of ETF investment more precisely.

• Journal of the Korea Concrete Institute
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• v.14 no.5
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• pp.774-781
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• 2002

Shear behaviors of eight dapped ends of four full-scale domestic single-tee slabs were evaluated. The dapped ends with 10cm topping concrete were designed based on live load requirements for the domestic parking lot of m 500kgf/㎡ and for the large market of 1,200 kgf/㎡. All specimens were designed by the ACI 318-99 design. The variations of the experiment were the shape of hanger reinforcements as followings: 1) general PCI design method(currently used in domestic), 2) 90 degree bent-up, 3) 60 degree bent-up. All experiments were conducted with 1.2 m shear span. The results obtained in this study were 1) all specimens fully complied with the shear strength requirements as specified by ACI 318-99 except for one strand bond slip specimen, 2)a specimen with the 60 degree bent up hanger reinforcing detail showed the best shear behaviors under full service and ultimate load, and 3)a specimen with the 90 degree bent up hanger reinforcing detail resulted in the worst shear behaviors.

• The Journal of the Korea Contents Association
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• v.17 no.7
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• pp.358-370
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• 2017

This thesis discusses the emerging system of value and structure of feeling in today's Chinese society through analyzing Chinese main theme TV series. The 2000s' Chinese main theme TV series represents Chinese's anger and nervousness into the structure of narrative, and they try to form a bond of sympathy with the audience by various characters which represent the common people. Main characters are no longer revolutionists who internalize ideas of socialism and collectivism, but they put emphasis on individuals' thoughts, tastes, and values, and freely express them. Individualism, which was negatively represented and excluded in main theme TV series before 2000s, are compromised and included in today's Chinese dramas. Even though dramas represent the superiority of communism, individuals' choice of various value and faith is positively and flexibly considered. There is a new phenomenon where female figures are no longer passive and dependent, but they are portrayed with given with unique roles and status. Although main theme TV series are directed under the state and government's supervision, they exist in the relation where market, state, drama text, and audience interact.