• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.46
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• pp.265-313
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• 2010

Kyoto Protocol is an international convention on concrete performance program for UNFCCC(United Nations Framework Convention on Climate Change), which regulate and prevent to global warming and officially came into effect on February 16, 2005. Kyoto flexible mechanisms, the agreed environmental system in March 1997 in the Third Conference of Parties in UNFCCC General Assembly, Emission Trading System(ETS), Clean Development Mechanism(CDM) and Joint Implementation(JI), are key policies related to environment. In advanced countries, greenhouse gas emissions should be reduced average 5.2% level compared to 1990 in total emissions during 2008-2012. World leading carbon market finished the trial on the EU ETS I greenhouse gas emissions trading system, EU ETS II is operated regularly after 2008. World Bank leads to make 'Prototype Carbon Fund(PCF)' in April 2004, which is the world first carbon fund and a representative public carbon fund type, World Bank operate various funds including present PCF. Thus, I would like to propose as follows in relation to this study: First, in the validity analysis of carbon funds, it would be needed to analyze the Emission Reduction Cost Efficiency(ERCE) of carbon. The ERCE is a break-even value which brings the Net Present Value(NPV) to zero. NPV approach is used among projects and it enables potential projects to be compared and evaluated the ERCE on the basis of the net present value of net future cash flows. Therefore, according to results of analysis, carbon funds should be developed and invested. Second, it would be necessary to allow of issuing bonds together with carbon funds, carbon finance etc. Third, carbon funds, it would be reasonable to have a relatively enough maturity in project and as a financial derivatives in the international financial markets, it is needed various types of transactions. Fourth, it would be needed to standardize the carbon emissions trading for more efficiently. Fifth, it would be necessary to establish and invest in various kinds of domestic and overseas global carbon funds, including governments, privates, governments and privates sectors. And it is also needed to establish the medium and long term plans for carbon funds. Sixth, it would be needed to foster the advanced trade mechanisms for carbon funds in the most effective ways. Finally, carbon funds should be used in harmony with international societies to reduce global warming as the social responsible investing funds and it should be contribute to sustainable development. In addition, it would seem that carbon funds should be studied on establishing the contributable standard of sustainable development in the future assignment.

• The Journal of Asian Finance, Economics and Business
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• v.5 no.4
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• pp.21-34
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• 2018

The study tests the Fama and French three-factor model by using the newly created Islamic equity style indices. Based on a dataset from May 2006 to April 2011, the three-factor model is tested based on returns of Islamic unit trust funds using the Generalized Method of Moments (GMM) methodology. The sample period is also divided between periods before and after the Global Financial Crisis in August 2008 to test for robustness, and the Bai and Perron (2003) multiple structural break test was used to determine the structural break in the series. The analysis shows that the Fama and French model is valid for Islamic unit trust funds before and after the collapse of Lehman Brothers. The result further indicates the reversal of size effect. As for trading strategies, value funds outperform growth funds by annualized 3.13 percent for the full period. During pre-crisis period, value funds perform better than growth funds while in post-crisis, size factor yields better return than other strategies. As policy suggestion, fund managers need to be aware of the reversal of size effect, and they need to ensure a more transparent stock selection process so that investors can make an informed decision in their asset allocation.

• Journal of Distribution Science
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• v.13 no.10
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• pp.5-13
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• 2015

Purpose - This study aims to suggest appropriate policies and performance indicators for financial aid recipients. It analyzes the existing regular government policy funds support project, especially its propriety and reasonability. Research design, data, and methodology - When financial aid is effective, it should be able to predict small enterprise business results. Additionally, there should be an evaluation, checking before and after performance rates so that the rate of achievement and outcome can be measured. This study's contribution for small enterprises is in researching the best way to improve this support system. Results - The Small Enterprise and Market Service (SEMAS), currently designated as a support organization for implementing the government financial aid project, has assessment indicators. However, these focus mainly on quantitative indicators and survey results. Conclusions - In the future, there is some need to draw up measures, setting the right direction for developing policies for the small enterprise fund loans and improving the management of the plans. Eventually, this effort will dispel concerns about the present support policy, which is considered to be weakening small enterprises.

• Korean Journal of Health Education and Promotion
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• v.20 no.4
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• pp.111-127
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• 2003

The government of Korea enacted the National Health Promotion Act in 1995, and set aside funds for national health promotion, endeavoring to reduce the smoking rate of its citizens. Consequently, smoking rates in all age groups of both sexes were lowered during the period of 1999-2003 when legal backing and financial support for no-smoking policies from the national health promotion funds were provided. The decrease in the smoking rate is attributed to the combined effort of the fact that enactment of related acts, their implementation, financial support, and education and publicity 'campaigns on no smoking. However, at the current pace of decreasing the smoking rates, it will be difficult to achieve the Health and Welfare Ministry's smoking rate goal of30％ among adult males by 2013. Thus, related acts should be reshaped, corresponding support should be increased, and financial support should also be provided to implement comprehensive no-smoking policies. Also, budgets should also be alloted to establish a system of providing feedback on the monitoring and evaluation of both short-term and long-term no-smoking business planning and implementation.

• The Journal of Fisheries Business Administration
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• v.15 no.2
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• pp.1-23
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• 1984

In fisheries financing before the liberation of Korea, the accommodation of funds through modern monetary facilities was hardly benefited to most of small-scale Korean fishermen except Japanese fishermen living in Korea and some large-scale Korean fishermen. In fact, since Korean economy was only in the beginning stage of capitalism free from natural economy in the end of Yi Dynasty, it was natural that the supply of funds should be lacked. But after the opening of ports in Korea, the external shapes in Korean society were slowly changed according as heteronomous modernization was pushed forward by means of western capitalism and the intentional invasion of Japanese was gradually weighed. Thus all kinds of fishing equipments and technique were developed by dint of modernization, and modern monetary facilities also came into being. But most of Korean fishermen were hardly benefited by modern monetary facilities. Fishermen who were faced with destitution of funds were forced to rely upon high interest loans in order to make a living or maintain fisheries, and they were severely exploited by usurers. The situation was the same in the period of Japanese imperialism. Japanese felt the necessity of advancement of Korean fisheries and established fisheries institution suitable for all kinds of colonial fisheries policy toward Korea so that they could build up the foundation according to the development of capitalism and carry out the Russo-Japanese War and the Sino-Japanese War. There were a series of bottlenecks in financing on account of the deficiency of fisheries institution in the beginning of Japanese imperialism, but the financial pressure was lightened because the arrangement of institution greatly contributed to the smoothness of fisheries financing in the latter part of it. Despite such improvement of financing, the benefit of funds could not equally reach to all the fishermen. It only reached to Japanese fishermen living in Korea and some large scale Korean fishermen. Thus most of korean fishermen could not free themselves from destitution of financing and the pressure of high interest loans. This phenomenon took place because Korean fisheries had the antinomic characteristics that financial restriction was excessive owing to the industrial speciality of fisheries, on the other hand there was a large financial demand in fisheries in the character of industry.

• Knowledge Management Research
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• v.22 no.1
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• pp.21-37
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• 2021

The purpose of this study is to explore financial investment knowledge related to multi-strategy, which is not generally shared. Through case studies, we will share it with the domestic hedge fund market. Since the era of full-fledged private equity hedge funds in Korea opens, many funds are created; however, reality is that there is a lack of diversity in strategies. Initially, it started with a simple stock long/short strategy, and various strategies such as mezzanine and alternative investments are in use but funds using multi-strategy are limited. This study aims to present an empirical application plan for hedge fund management strategies using a case study. It will specifically focus on process of achieving Absolute Return using the Multi Strategy technique actively used in securities firms' Prop Trading. With the results of this study, we intend to contribute to those fund managers and desired researchers who are utilizing multiple strategies in the hedge fund management to pursue Absolute Return and to help them strengthening their financial knowledge and competitiveness.

• The Journal of Fisheries Business Administration
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• v.14 no.2
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• pp.110-138
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• 1983

After Liberation of Korea, Korean fisheries economy fell into an exhausted conditions because of the damage of Japanese colonization policy and the Korean War, and fisheries organizations of those days established for the improvement of fishermen's welfare could not carry out their primary purposes and functions. Under such circumstances, Fisheries Cooperatives starting on April 1st in 1961 played a great role in settling the socio-economic confusion of those days. Fisheries financing was also more systematic and substantial after establishment of Fisheries Cooperatives. In fact fisheries industry was faced with much more riskiness than any other industry on account of its speciality and such a riskiness induced general financial institutions to be reluctant to lend money to the fishermen. In order to overcome such a capital rationing, it was necessary to establish the reciprocal financing system based on the principle of mutual protection of economic weakers. Credit business in Fisheries Cooperatives beginning in 1963 was mainly dependent on governmental fund as fund sources. But the size of fund was too small to satisfy fishermen's fund demand, therefore Fisheries Cooperatives carried out the movement of raising its own fund. As a result of the movement the ratio of its own fund to total funds amounted to 47.7% in 1980, but external funds still take a greater part of all funds. To settle the weakness of the ratio of its own fund and chronic deficiency of fund, a conclusion can be drawn as follows : 1. The enlargement of Fisheries Cooperatives' raising ability of funds. .The expansion of urban branch to absorb idle funds in urban area. .The diversification of financing service to compete with genetral financial institutions. 2. The enlargement of governmental fund and preferential treatment of fishermen's savings. 3. Vitalization of mutual finance and fixation of Fisheries Cooperatives' two-phase organization. 4. The re-enforcement of supervisory financing and post management system.

• Journal of Korea Trade
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• v.25 no.1
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• pp.65-88
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• 2021

Purpose - This paper aims to examine the determinants of SWFs' investment in Asian countries and to identify consistent investment patterns of SWFs in specific target firms from Asia, particularly China and South Korea. Design/methodology - This study extends the Tobin's Q model to examine the relationship between SWF investments in target firms and their returns with other firm-level control variables. We collect consistent data on SWF investments and the matched firm-level data on target firms, which of observation is 1,512 firms (333 in South Korea and 1,179 in China) targeted by 20 SWF sources during 1997-2017. The panel random effect model is used to estimate the extended Tobin's Q model. The robustness of the estimations is tested by the simultaneous equation models and the panel GEE model. Findings - The evidence shows that sovereign wealth funds are more inclined to invest in the financial sector with a monopoly position and in large firms with higher growth opportunity and superior cash asset ratios in China. In contrast to their investments in China, sovereign wealth funds in South Korea prefer to invest in strategic sectors, such as energy and information technology, and in large firms with high performance and low leverage. Sovereign wealth funds' investments tend to significantly improve the target firm's performance measured by sales growth and returns in both Korea and China. Originality/value - The existing literature focuses on examining the determination of SWFs investment in the developed countries, such as Europe and the United States. Our paper contributes to the literature in three ways; first, we analyzes case studies of SWF investments in Asian markets, which are less developed and riskier. Second, we examine whether the determination of SWF investment in Asian target firms depends on the different time periods, on types of sources of SWFs, and on acquiring countries. Third, our research uses vast sample data on target firms in longer time periods (1997-2017) than other previous studies on the SWFs for Asian markets.

• Economic Analysis
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• v.25 no.2
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• pp.132-176
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• 2019

We use a time-varying parameter vector auto regression (TVP-VAR) model to understand the impact of U.S. monetary policy normalization on Korean financial markets and capital accounts. The U.S. monetary policy is represented by the federal funds rate, term premium and credit spread. During the U.S. monetary contraction period of 2004 to 2006, changes in the federal funds rate presented negative pressure on Korean financial markets. The changes in federal funds rate also led to a simultaneous contraction in inward and outward capital flows. However, the effects of a federal funds rate shock has been reduced since 2015. On the other hand, the effects of U.S. term premiums is getting stronger after the period of quantitative easing (QE). The influence of the U.S. credit spread also significantly increased after the global financial crisis. Simulation results show that a rise in the U.S. credit spread, which can be triggered by a contractionary monetary policy, can pose a larger adverse impact on the Korean economy than a rise in the federal funds rate itself. As for capital flows, a U.S. monetary policy contraction causes an outflow of foreign investment, but the repatriation of overseas investment by Korean residents can offset this outflow.

• Korea Trade Review
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• v.44 no.3
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• pp.191-202
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• 2019

Despite innovative efforts to accommodate changes in the payment environment, the new types of settlement risks that are emerging require preemptive and proactive responses. Therefore, Korea should complement and develop large-value funds payment system operation and risk management policies by introducing international standards and linking with advanced financial institutions. This study examines the major issues such as the development process and characteristics of the large-value funds payment system of the two countries, the operation policy of the central bank, and the risk management policy by comparing the US Fedwire with the Korea Bok-Wire+. In addition, policy implications are suggested for efficient operation and development of Bok-Wire+.