• The Journal of Asian Finance, Economics and Business
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• v.10 no.1
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• pp.189-199
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• 2023

This research aims to give information about the current situation of five financial sources for climate change in Vietnam, including (i) the State budget used by ministries; (ii) the State budget used by provinces; (iii) Bilateral funds; (iv) Multilateral funds; and (v) Private funds, and then classify them in line with the effectiveness. The working paper's secondary data on spending on CC-related activities, collected from reports of six ministries and 29 provinces, show that the State budget has been crucial in subsidizing CC-related activities in Vietnam. Moreover, domestic investment has accounted for a major part of the total expenditure of ministries and provinces for climate change. In addition, by using primary data collected from surveys sent to twelve experts from 5 groups, such as researchers, practical experts, managers of private funding organizations (such as banks and enterprises), managers of international funding organizations and beneficiaries, and then analyzing the data through the AHP method, the study shows that all climate finance sources in Vietnam are still not very effective. However, private sector funds are considered the most effective financial source for responding to climate change.

• 사회경제평론
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• no.38
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• pp.129-161
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• 2012

This paper suggests that, in contrast to main argument of Efficient Market Hypothesis, hedge funds's financial speculation activity in the commodity markets are tending to generate a malfunction of making future price diverge from fundamental price. For this reason, we insist that stricter regulation on commodity derivative markets, including position limitation, is needed. Using some statistic analysis tools, we show that derivative transaction volume is getting so larger that financial speculation by hedge funds dominates price movement in commodity market and eventually slackens the speed of price's return to the fundamental price.

• Industry Promotion Research
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• v.7 no.4
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• pp.109-119
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• 2022

In recent years, China's Internet finance industry is hot. There is no doubt that Internet finance has been fully integrated into China, forming a new form of financing, and rapidly becoming a new channel for investment and financing in China, shouldering the responsibility of inclusive financing and building China's real economy. However, with investment, there are risks. Based on the panel data of China's Internet financial platform, this paper uses the random effect model to study the influencing factors of Internet financial risks, and draws three conclusions: (1) The user funds and platform funds of the financial platform will be managed separately by the bank, which can effectively reduce the risk of financial transactions on the Internet; (2) The risk of Internet financial transactions can be effectively reduced by avoiding the concentration of platform funds in the hands of a few borrowers through regulatory policies; (3) The liquidity control of funds effectively reduces the risk of Internet financial transactions. Based on the conclusions, we propose optimization strategies for regulatory policies to achieve the healthy and sustainable development of Internet finance.

• East Asian Economic Review
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• v.27 no.4
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• pp.347-376
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• 2023

This study empirically examines the impacts of policy funds from three different aspects using data on Daegu city's local government loans. First, we estimate the influence of policy funds on mitigating financial constraints affecting the investment decisions of Small- and Medium-sized Enterprises (SMEs), yielding inconclusive results indicating no significant discernible effects of policy funds. Second, we scrutinize the ramifications of policy funds on enterprise's management stability, revealing that these funds contribute to stabilizing the operations of small-scale enterprises. Third, we explore whether policy funds engender an unintended consequence of bolstering distressed enterprises, presenting empirical evidence that suggests a delayed exit of such enterprises.

• Fire Science and Engineering
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• v.21 no.2 s.66
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• pp.87-97
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• 2007

This study is to investigate the problems of procurement circumstance of the current fire service funds and to suggest the alternatives for procuring the fire service funds for dealing with increasing demand on the fire service in the local autonomous era. The results are as the followings. First, most fire service officers see the procurement circumstances as premature stage and perceive the necessity of the improvement of this condition. In particular, the officers at the fire center recognize this problem as an urgent question than the officers at the front fire branches. In addition, as for the alternatives of the procurement of fire service funds, both groups prefer the long term plan to the short term plan, and show positive responses to the National Emergency Management Agency and central government as the entity to raise fire funds. As for the alternatives to improve financial system, both groups show the most positive responses on the way to increase the current common facilities tax. As for the specific procurement alternatives of fire funds, both groups agree the alternative to increase common facilities tax mostly, and to the next they agree the alternative to insecure fire funds by restructuring current financial system and by establishing fire service hospital and fire equipment maintenance center.

• The Korean Journal of Financial Management
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• v.26 no.2
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• pp.93-112
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• 2009

The purpose of this study is to examine market timing and volatility timing abilities in Korean equity funds by distinguishing 'skill' and 'luck' for individual funds. In this study, we use the funds, which exist more than consecutive 24 month non-overlapping periods. This procedure leaves 545 funds among total 1,904 funds during sample priod January 2001 to December 2007. To derive the 'luck' distribution, the cross-sectional bootrap approach is adopted. From our results, it is found that when the traditional regression approach is adopted, only few Korean equity funds possess market timing and volatility timing abilities. However, based on the 'luck' distributions, which are derived from cross-sectional bootstrap approach, it is found that market timing and volatility timing abilities of Korean equity funds are merely from 'luck' rather than 'skill'.

• Korean Management Science Review
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• v.26 no.2
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• pp.19-35
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• 2009

This paper investigated performance of the Markowitz's portfolio selection model with applications to Korean stock market. We chose Samsung-Group-Funds and KOSPI index for performance comparison with the Markowitz's portfolio selection model. For the most recent one and a half year period between March 2007 and September 2008, KOSPI index almost remained the same with only 0.1% change, Samsung-Group-Funds showed 20.54% return, and Markowitz's model, which is composed of the same 17 Samsung group stocks, achieved 52% return. We performed sensitivity analysis on the duration of financial data and the frequency of portfolio change in order to maximize the return of portfolio. In conclusion, according to our empirical research results with Samsung-Group-Funds, investment by Markowitz's model, which periodically changes portfolio by using nonlinear programming with only financial data, outperformed investment by the fund managers who possess rich experiences on stock trading and actively change portfolio by the minute-by-minute market news and business information.

• Journal of the Economic Geographical Society of Korea
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• v.10 no.1
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• pp.81-91
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• 2007

The European Union(EU) has implemented the Structural Funds since 1994, in order to achieve its harmonious development though the strengthening of economic and social cohesion in the EU territory, and particularly to tackle regional disparities and to support backward regions in the territory. In the July of 2006, the Council of EU has flatly laid down the provisions of the Structural Funds which is applied to the period of 2007-2013, having regard to the proposal from the European Commission and the assent of the European Parliament. Given this context, this work deals with the features of the Structural Funds(2007-2013), focusing on the funds' objectives, the regions and countries under the application of such objectives, allocation of the funds among the EU Member States, and the funds' financial resources.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.9
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• pp.79-89
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• 2021

Green finance plays an important role in environmental protection missions and fighting climate change. The Environment Fund in Vietnam is the main channel of preferential capital offered to firms for environmental protection. Unfortunately, it was previously unknown which criteria influenced these companies' ability to obtain green financing. Using a survey method, we collected data through a structured questionnaire of 203 respondents that represent firms that had received concessional loans from 26 Environment Funds. A Multiple Linear Regression model was used to examine the determinants of access to concessional loans for environmental protection. We found relationships between age, size, ownership type, and industry sector, and access to green finance. Third-party guarantees were a significant factor in financing through Environment Funds. Moreover, we found commercial environmental projects face fewer green financing obstacles. Surprisingly, showing audited financial statements does not mitigate the information asymmetry between firms and these financial institutions. These findings suggest that Environment Funds should classify environmental project types to develop appropriate lending policies. In emerging markets, enterprises need to build a trusted relationship with financial institutions so that they can replace asset-based lending techniques, thereby increasing the firms' accessibility to green finance.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.7
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• pp.1-15
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• 2022

Combining the strength of both Mixed Data Sampling (MIDAS) Regression and realized variance measures, this paper seeks to investigate two objectives: (1) evaluate the post-sample performance of the proposed weekly Realized Variance-MIDAS (RVar-MIDAS) in one-week ahead volatility forecasting against the established Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model and the less explored but robust STES (Smooth Transition Exponential Smoothing) methods. (2) comparing forecast error performance between realized variance and squared residuals measures as a proxy for actual volatility. Data of seven private equity mutual fund indices (generated from 57 individual funds) from two different time periods (with and without financial crisis) are applied to 21 models. Robustness of the post-sample volatility forecasting of all models is validated by the Model Confidence Set (MCS) Procedures and revealed: (1) The weekly RVar-MIDAS model emerged as the best model, outperformed the robust DAILY-STES methods, and the weekly DAILY-GARCH models, particularly during a volatile period. (2) models with realized variance measured in estimation and as a proxy for actual volatility outperformed those using squared residual. This study contributes an empirical approach to one-week ahead volatility forecasting of mutual funds return, which is less explored in past literature on financial volatility forecasting compared to stocks volatility.