• Journal of the Economic Geographical Society of Korea
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• v.13 no.2
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• pp.234-252
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• 2010

This paper examines the tendency of housing assets to become increasingly quasi-financial assets by analyzing the relationships between risks and returns in three Gangnam districts (Gangnam-gu, Seocho-gu and Songpa-gu) apartment markets in Seoul, especially for the apartments to be reconstructed, capitalizing upon some capital asset pricing models (CAPM). A single factor CAPM model shows positive relationships between risks and returns regardless of the types of apartments in three Gangnam districts. Multi-factors CAPM models also confirm that the market and SMB (small minus big) factors are positively related to the rate of returns regardless of the types of apartments. However, the unsystematic risk factor is found to be statistically positive especially for the apartments to be reconstructed, while the momentum factor is dependent upon the regression models used. An analysis on some portfolios classified by the size of apartments and price volatility and/or beta values suggests that there are the positive linear relationships between risks and returns and the SMB factor is clearly found to be significant in determining the rate of returns. In particular, housing assets are highly highlighted as investment goods and/or quasi financial assets for the apartments to be constructed in the Gangnam housing.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.4
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• pp.1-18
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• 2019

Venture capitalists (VCs) play an important role in finding and growing innovative venture companies with high growth potential but high risk. Venture capital investment does not depend on the system, unlike the investment for listed companies. Korea's venture capital industry has entered a period of growth, but lack of data has led to a lack of research on venture capital. Based on this background, this study attempts to analyze various factors affecting investment decision criteria of Korea VCs. In this study, I examined the major factors that VCs consider in decision making of investment through literature review, and I have drawn the research question accordingly. I will focus on the characteristics of founders, products / services, markets, financials, and networks that scholars share common investment decision criteria in Korean VCs. For the purpose of this study, the data were collected through the questionnaire surveyed by investment vetters working in current venture capital and analyzed using AHP analysis. Through this study, I tried to understand the Korean venture capital which has been poorly studied and what criteria and priorities Korean VCs make investment decisions in the Korean venture investment environment. The results of this research will contribute to the vitalization of venture investment, which is important for the upbringing of companies, by providing guidelines for establishing investment attraction strategies of venture companies.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.6
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• pp.43-54
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• 2020

This paper investigates the causal impact of the increase in institutional distance between two geographic regions on the flow of cross-border Venture Capital (VC) between the regions. While cross-border VCs are believed to have competitive advantages at identifying and managing promising startups in a local market compared to local counterparts, the discrepancy in institutional characteristics between two markets exacerbates the difficulty of credible information exchange and negotiation, significantly increasing transaction cost related to a cross-border venture capital investment. This study conducts a difference-in-difference analysis to examine the relationship between institutional distance and the flow of cross-border VC investment using the fact that the official adoption of the Euro currency by member countries of the European Union except the UK created an institutional chasm between the UK and other EU member countries. The outcomes of the analysis suggests that UK-based VCs significantly decreased the VC investment into EU-based startups and that EU-based VCs reduced the investment into UK-based startups. The results have meaningful implications for understanding the impact of the change in institutional difference on cross-border VC investment, which seems to increasingly take place with the recent trend of de-globalization and the rise of protectionism.

• Journal of Intelligence and Information Systems
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• v.28 no.3
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• pp.209-235
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• 2022

Starting from 2010, blockchain technology, along with the development of artificial intelligence, has been in the spotlight as the latest technology to lead the 4th industrial revolution. Furthermore, previous research regarding blockchain's technological applications has been ongoing ever since. However, few studies have been examined the standards for classifying the blockchain economic ecosystem from a capital market perspective. Our study is classified into a collection of interviews of software developers, entrepreneurs, market participants and experts who use blockchain technology to utilize the blockchain economic ecosystem from a capital market perspective for investing in stocks, and case study methodologies of blockchain economic ecosystem according to application fields of blockchain technology. Additionally, as a way that can be used in connection with equity investment in the capital market, the blockchain economic ecosystem classification methodology was established to form an investment universe consisting of global blue-chip stocks. It also helped construct an intelligent portfolio through quantitative and qualitative analysis that are based on quant and artificial intelligence strategies and evaluate its performances. Lastly, it presented a successful investment strategy according to the growth of blockchain economic ecosystem. This study not only classifies and analyzes blockchain standardization as a blockchain economic ecosystem from a capital market, rather than a technical, point of view, but also constructs a portfolio that targets global blue-chip stocks while also developing strategies to achieve superior performances. This study provides insights that are fused with global equity investment from the perspectives of investment theory and the economy. Therefore, it has practical implications that can contribute to the development of capital markets.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.1
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• pp.1-21
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• 2024

Recently, venture capital investment has been shrinking globally due to high interest rates and economic slowdown. Korea is no exception. Due to the downturn in the M&A and public markets, increasing economic uncertainty, and the aftermath of corporate bankruptcies, venture capitalists are facing many difficulties in raising funds. In the changed economic environment, the investment decision factors of venture capitalists have also changed. However, studies on VCs' investment decisions have focused on the general economic environment. This study examines how VCs' investment decision-making factors change during economic recessions and booms. To this end, we interviewed active investors who have experienced both economic recessions and booms to compare how VCs' investment decision factors change: 1) personal characteristics of founders, 2) experience of founders, 3) product/service, 4) market, 5) financial situation, 6) contract terms and 7) venture capital co-investment. The results showed that founder's personal characteristics, experience, and product/service were more important during the economic recession. Market is slightly more important during economic booms. The importance of financial situation and investment conditions increased sharply during the recession compared to the boom. Finally, venture capital co-investment did not differ significantly between recessions and booms. By understanding the investment decision-making factors of venture capitalists in the recent difficult venture investment environment, this study aims to help startups raise funds and survive in a difficult market.

• IE interfaces
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• v.22 no.1
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• pp.1-9
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• 2009

As the LCD fabrication factories (Fab) are highly capital-intensive and the markets are very competitive, it is an essential requirement of operational management to achieve full-capacity production while meeting customer demands on time. In a typical LCD Fab, medium-term schedules such as release plans and production plans are critical to achieve the goal of full-capacity production and on-time delivery. Presented in this paper is a framework for weekly planning system generating medium-term schedules using a finite-capacity planning method. Also this paper presents a release planning method applying capacityfiltering algorithm, especially backward capacity-filtering procedure, which is one of the finite-capacity planning methods. In addition, performance analyses using actual data of a TFT-LCD Fab show that the proposed method is superior to existing methods or commercial S/W products generating release plans.

• East Asian Economic Review
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• v.17 no.1
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• pp.81-100
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• 2013

This paper investigates the new link between the export-creating effects of Korea's tied aid and the export-diverting effects coming from China's export expansion, which have been rarely explored by the existing studies. A panel data consisting of 98-104 aid recipients of Korea through the period of 1995-2009 shows that the net export-creating effects are weaker at the export destinations where the export competition between Korea and China is fierce, while they are stronger at the export markets where it is not so severe. These findings applies to consumption goods rather than capital and intermediate goods.

• The Journal of Information Technology
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• v.3 no.4
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• pp.73-88
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• 2000

As the globalization of world market proceeds, the importance of foreign direct investment grows bigger than before A comparative analysis on foreign direct investments among developed and developing countries makes clear that every county has different incentives for foreign direct investments. This implies a country should improve environments on her appropriate field, to induce foreign direct investments, The openness of other capital markets such as bank loans and portfolio investments turns out to have no direct effects on the foreign direct investments.

• Proceedings of the KIEE Conference
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• 2008.11a
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• pp.77-79
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• 2008

The power expansion planning is large and capital intensive capacity planning. In the past, the expansion planning was established with the proper supply reliability in order to minimize social cost. However, the planning not used cost minimizing objective function in the power markets with many market participants. This paper proposed the power expansion planning model using multi-criteria decision rule. This model used multi objective function considering not only cost minimizing but also GENCO's intension. This paper compared proposed model with WASP model in order to verify the result of proposed model.

• Industrial Engineering and Management Systems
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• v.16 no.1
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• pp.118-128
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• 2017

Uncertain factors in finical markets make the prediction of future returns and risk of asset much difficult. In this paper, a model,assuming the admissible errors on expected returns and risks of assets, assisted in the multiperiod mean variance portfolio selection problem is built. The model considers transaction costs, upper bound on borrowing risk-free asset constraints, cardinality constraints and threshold constraints. Cardinality constraints limit the number of assets to be held in an efficient portfolio. At the same time, threshold constraints limit the amount of capital to be invested in each stock and prevent very small investments in any stock. Because of these limitations, the proposed model is a mix integer dynamic optimization problem with path dependence. The forward dynamic programming method is designed to obtain the optimal portfolio strategy. Finally, to evaluate the model, our result of a meaning example is compared to the terminal wealth under different constraints.