• 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 Navigation and Port Research
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• v.35 no.2
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• pp.179-185
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• 2011

This paper aims to examine the use of the Balanced Scorecard in a not-for-profit organization (the Korea Shipping Association). The KSA has begun using the Balanced Scorecard paradigm in its strategic planning process. In this paper an overview is presented of the basic concepts of the Balanced Scorecard including the financial perspective, customer perspective, internal process perspective, and learning and growth perspective. The accounting system and its pros and cons of the KSA are then surveyed in terms of its performance evaluation. The application of the Balanced Scorecard approach to the KSA is discussed in detail. Implications in using the Balanced Scorecard are discussed. Finally, conclusions regarding the use of the Balanced Scorecard in a not-for-profit organization are presented. Through this paper, the comprehensive understanding of the performance evaluation for not-for-profit organizations as the KSA would be promoted.

• The Journal of Asian Finance, Economics and Business
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• v.2 no.4
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• pp.5-11
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• 2015

This study is the first to analyze performance of Taiwanese domestic equity funds between January 2009 and October 2014, the period during which quantitative redirected capital flows toward developing economies and the Taiwanese Stock Exchange Weighted Index compounded at approximately 12.9% annually. Adopting methods endorsed by earlier research, we evaluated 15 Taiwanese equity funds' performance relative to market averages using the Sharpe (1966) and Treynor (1965) ratios and Jensen's alpha method (1968). To test market timing proficiency, we applied the Treynor and Mazuy (1966) and Henriksson and Merton (1981) regression analysis methods. Jensen's alpha method (1968) was used to measure fund managers' stock selection skills. Results revealed that funds significantly under-performed Taiwan's average annual market return and demonstrated no exceptional stock-selection skills and market timing proficiency during the era of quantitative easing.

• Proceedings of the Korean Society of Precision Engineering Conference
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• 2006.05a
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• pp.541-542
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• 2006

A micro-size caterpillar mixer has been recently used fur desktop chemical factory and so attractive due to small investment fund for arranging the factory and high efficiency by mixing in sub micro-level region. We report the fabrication of caterpillar mixer and its surface treatment for enhancement of mixing performance. We used the

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• autumn
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• pp.355-358
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• 2002

Since the 1960s, though there were brisk supply in apartment housing, there were no preparation in standard for to extend the life(durability) of apartment housing by maintaining the $social{\cdot}physical$ aspect of apartment housing, and in standard maintenance system. So problem such as facilities safety and residence environment has occurred. Like the condition written above, efficient usage of housing resource by the maintenance of apartment housings in a state of great urgency. In service aspect of apartment housing, establishment of accurate long term repair plan and estimate of repair appropriation fund can prevent housing's fast-deterioration. But to the performers of the maintenance, like house managers and the tenants at the subject building has little awareness of necessity in establishment of accurate long term repair plan and accumulation of repair appropriation fund. Unestablishment of long term repair plan arises problem such as approval of repair appropriation fund's unreasonable accumulation. Hence, for the utmost performance of apartment housing and to extend the economic life of a building, the method of establishment of long term repair plan and estimate of repair appropriation fund on reliable basis is to be proposed.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.6
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• pp.27-40
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• 2023

This study analyzes the factors affecting the survival of young start-up companies. A youth start-up company was defined as a company with a founder's age under 39. The study was based on evaluation data from 3,540 companies evaluated by the Technology Guarantee Fund to support youth start-up guarantees during the period from 2012 to 2015. In this study, independent variables were defined as founder characteristics, start-up environment, and start-up strategy, and entrepreneurship, knowledge level, and development capabilities were set as variables for start-up characteristics, competition conditions and comparative advantage with alternatives in the start-up environment, and item novelty, commercialization plan and financing plan were set as variables. For variable measurement, the evaluation index of the youth start-up evaluation model of the Technology Guarantee Fund was used. Management performance was defined as the survival of a company, and the survival of 12, 36, 60, and 84 months was measured based on the occurrence of insolvency registered by the Korea Technology Guarantee Fund. The Cox proportional risk model was used for hypothesis testing. As a result of the analysis, knowledge level and development capability were statistically significant in the characteristics of the founder, and the financing plan in the start-up strategy was statistically significant regardless of the survival period. Among the start-up strategies, the novelty of the item had a positive effect on survival after 36 months. Entrepreneurship was significant only in 12-month survival. The most important order for survival was identified in the order of financing plan, knowledge level, item novelty and development capability, of which the founder's knowledge level in the beginning and the funding plan in the second half had the greatest impact.

• Korean Management Science Review
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• v.33 no.4
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• pp.51-64
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• 2016

The maximum weight of single stock in mutual fund is limited by regulations to enforce diversification. Under incomplete information with added constraints on portfolio weights, enhanced performance had been reported in previous researches. We analyze a weight vector to examine the effects of additional constraints on the portfolio's performance by computing the Euclidean distance from the in-sample tangency portfolio, as opposed to previous researches which analyzed ex-post return only. Empirical experiment was performed on Mean-variance and Minimum-variance model with Fama French's 30 industry portfolio and 10 industry portfolio for the last 1,000 months from August 1932 to November 2015. We find that diversification-constrained portfolios have 7% to 26% smaller Euclidean distances with the benchmark portfolio compared to those of unconstrained portfolios and 3% to 11% greater Sharpe Ratio.

• Journal of Digital Convergence
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• v.13 no.12
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• pp.1-12
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• 2015

This study is to investigate the influence of start-up factors and self-efficacy on the economic performances of the microenterprise. While the existing studies focused on start-up factors, this study has the meaning that it includes self-efficacy, the psychosocial factors, divides the economic performances by the profit and the number of employees. For this study, 322 copies of answered questionnaires were taken as the data to analyze. As the results of analysis business type, experience of start-up, period of operation, start-up fund and self-efficacy had the significant meaning out of the profit and it was checked out that business type, fund and self-efficacy influenced on the employees. This study discussed the policy and practical suggestion to raise the performances of microcredit based on these results.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.4
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• pp.37-50
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• 2023

Venture capital invests the necessary capital and supports management and technology in promising small and medium-sized venture companies in the early stages of start-up with promising technology and excellent manpower. It plays a role as a key player in the venture ecosystem that realizes profits by collecting the investment through various means after growth. Venture capital's job is to recruit various investors(LPs) to invest in small and medium-sized venture companies with growth potential through the formation of venture investment funds, and to collect investment as companies grow, distribute and reinvest. The main tasks of venture capitalists, which play the most important role in venture investment, are finding promising companies, corporate analysis and evaluation, investment screening, follow-up management, and investment recovery. Venture capital's success indicators are fund formation and return on investment, and venture capitalists are rewarded with annual salary, performance-based incentive, and promotion with work performance such as investment, exit, and fund formation. Compared to the recent rapidly growing venture investment market, investment manpower is insufficient, and venture capital is making great efforts to foster manpower and establish infrastructure and systems for long-term service, but research has been conducted mainly from a quantitative perspective. Accordingly, this study aims to empirically analyzed the impact of investment experience, delegation of authority, job fit, and peer relationships on fund formation and return on investment according to the characteristics of the venture capital industry. The results of these empirical studies suggested that future venture capital needs a job environment and manpower operation strategy so that venture capitalists with high job fit and investment experience can work for a long time.

• Journal of Korea Technology Innovation Society
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• v.18 no.4
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• pp.590-620
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• 2015

Although the investment scale and the qualitative performance of national research and development project in Korea have been increased, the practical use of the performance is still insignificant. Thus it becomes more important to understand and analyze factors that affect commercialization of national R&D project. Most of prior literatures have done with qualitative research rather than data-based analysis; however, mostly focusing on influential factors in between R&D inputs and outputs and it remains as limitation. The important key to avoid the limitation in this study is using data-based analysis of factors (such as research performance, types of research institution, scale of the government fund, project structure, competency in the researcher, and technical field) that affect commercialization with the case of the Competitiveness Enhancement in Material and Component Industries. As a result, patents performance, scale of the government fund, and technical field turned out to be influential factors of commercialization. On the other hand, research performance, types of research institution, project structure, and competency in the researcher did not show statistically significant results. To increase commercialization in project scheme, process, and assessment of national R&D project, including the Competitiveness Enhancement in Material and Component Industries project, it is required to design scientific research with better understanding of causal relationship.