• East Asian Economic Review
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• 제25권3호
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• pp.310-336
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• 2021

We use iterative numerical procedures combined with analytical methods due to Rapach and Wohar (2009) to solve for the dynamic asset allocation strategy for optimal portfolio demand. We compare different optimal portfolio demands when investors in each country have different access to overseas and domestic investment opportunities. The optimal dynamic asset allocation strategy without foreign investment opportunities leads domestic investors in Korea, Hong Kong, and Singapore to allocate more funds to domestic bonds than to domestic stocks. However, the U.S. investors allocate more wealth to domestic stocks than to domestic bonds. Investors in all countries short bills at a low level of risk aversion. Next, we investigate dynamic asset allocation strategy when domestic investors in Korea have access to foreign markets. The optimal portfolio demand leads investors in Korea to allocate most resources to domestic bonds and foreign stocks. On the other hand, the portfolio weights on foreign bonds and domestic stocks are relatively low. We also analyze dynamic asset allocation strategy for the investors in the U.S., Hong Kong, and Singapore when they have access to the Korean markets as overseas investment opportunities. Compared to the results when the investors only have access to domestic markets, the investors in the U.S. and Singapore increase the portfolio weights on domestic stocks in spite of the overseas investment opportunities in the Korean markets. The investors in the U.S., Hong Kong, and Singapore short domestic bills to invest more than initial funds in risky assets with a varying degree of relative risk aversion coefficients without exception.

• 통합자연과학논문집
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• 제11권4호
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• pp.212-225
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• 2018

This study is based on the purpose of organizing and planning a fundraising for Daum Kakao's 'storyfunding' during the recent crowdfunding that uses mobile-based Internet platforms to raise funds. Analysis by project subjects shows that one planner is more efficient if the ability of one planner, such as 'publishing', is important. However, there were many group A types of contents that require variety of expertise such as 'campaign' and 'journalism' after funding is completed. As a result of analysis by planning purposes, there were the most funds available to produce contents. This is a sign that there are many projects that match the basic purpose of story funding. There are also many other purposes for the purpose of raising public opinion for the project or the establishment of monuments, or for the support of people, animals, or animal rights groups. And there is a private equity fund to sell or promote products. Such quantitative research and analysis will accurately determine the current situation of crowdfunding and will provide basic data such as efficient human composition and goals setting to achieve the goals of crowdfunding in the future.

• 지식경영연구
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• 제20권1호
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• pp.27-43
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• 2019

This paper examines spillover effects of R&D investment in the ICT industry to other industries by analyzing panel data composed of 6 manufacturing industries for the period of 1983~2011. Major findings are as follows; (1) The increase of R&D investment in ICT industry has a significantly positive relationship with the increase in the value-added of the remaining 5 industries with 3~10 year lags, depending on the source of R&D funds and R&D stage. (2) More specifically, public R&D shows the spillover effects during 3~7-year lag periods, whereas private R&D started to exert spillover effects from 9-year lag. The result implies that the public R&D appropriately targets projects with more spillover effects. (3) Basic research, applied research, and development showed the spillover effects for the period of 9~10, 7~10, and 10-year lag, respectively. (4) The R&D investment in 5 other industries such as machinery, chemicals, and materials does not have positive spillover effects to the remaining industries. Few studies have been done to analyze the R&D spillover effects to other industries, with certain limitations. This study contributes to the existing literature by analyzing the spillover effects of the different R&D funds and R&D stages, and by considering various time-lag effects.

• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.725-735
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• 2021

This study investigates whether the Islamic Exchange-Traded Funds (ETFs) provide significant benefit to investors relative to conventional ETFs. Six pairs of Islamic and conventional ETFs with 10-year daily price data from 2010 to 2019 have been selected from major market indices like MSCI World Index, MSCI Emerging Markets, MyETF Dow Jones Islamic Market Malaysia, MSCI South East Asia and Wahed FTSE Shariah USA Index for this study. For ETFs that are launched after 2010, the price data from launch date to 2019 are used. Our results show: First, Islamic ETFs are more likely to trade at a premium rather than at a discount, implying the investors are willing to pay a premium. Second, it is also found that Islamic ETFs have a relatively shorter period of price deviation from the benchmark, implying more price stability. Third, conventional ETFs have higher return and lower tracking errors relative to Islamic ETFs. These new findings add to the stylized facts of Islamic ETFs in the extant literature for investors, plan sponsors and regulators as to the differences between the ETFs. As policy suggestion, asset management companies can design new investment products to bridge the gap between conventional and Islamic finance.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.917-929
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• 2021

This study highlights the importance of remittance, the factors which affect the percentage of income remitted, and the investment options available to reduce remittance. For the year 2019, the remittances from Oman totaled $9.1 billion. Oman was among the top remitters with remittance to gross domestic product (GDP) ratio of 11.9%. A survey was conducted on 300 resident expats in Oman. The descriptive analysis shows that the maximum remittance percentage is between 21%-40% of income. The multinomial logistic regression results show that outward remittance depends on gender, age, occupation, number of dependent in Oman, and the number of dependent in the home country. Regarding investment, the most preferred investment option is business, followed by real estate and financial services. Age and education are found to affect investment options. This paper tries to fill the literature gap, especially for the case of Oman, by exploring what determines the level of remittance and the preferred choices for retaining funds. This study adds to the existing literature, as no previous study is available regarding how personal factors can influence the level of remittance and investment in a small oil-exporting developing country like Oman. The study will be helpful to policymakers and academicians in devising policies to retain and invest the outwards remittances in Oman.

• 한국해양바이오학회지
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• 제13권1호
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• pp.20-27
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• 2021

Ironically, marine bioresource production in Chungnam Province is the second-largest in the country. The province's marine bioresource production puts its lack of a marine bioindustry in the spotlight despite the region's favorable conditions to produce representative value-added and (ultra) high value-added products such as neutraceutical and/or pharmaceutical function. This juxtaposition is to be expected, as there are no institutions for training professionals in the field of marine biology or in the fisheries industry in the West Sea area. The unique features of the region require individuals with specialized training who have been educated in accordance with regional development and the specificity of the region. Recently, however, a plan has been initiated at the national level to foster the growth of the marine biology industry in the Chungnam Province on Korea's west coast. This plan includes increasing funds to the marine biology market to 1.2 trillion by 2030. If the Chungnam region wants to successfully revitalize the marine biology industry and put the increased funds to efficient use, it must first establish various research and (business) development (R&(B)D) plans regarding local marine biology infrastructures and marine biology programs at local universities. It must also focus on training specialists to protect, maintain, and develop the region's marine bio-resources to increase the growth of the region's bioindustry.

• 융합경영연구
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• 제10권5호
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• pp.7-14
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• 2022

Purpose: This study discusses efficient operation plans in terms of public rental housing maintenance in terms of LH, a major supplier. Research design, data, and methodology: After reviewing problems related to the maintenance and management of public rental housing discussed in several previous studies, problems in technology setting for repair maintenance costs for public rental housing, lack of public assistance for maintenance and management of public rental housing, management of housing funds, and lack of role of local governments in the supply and repair of public rental housing were derived. Based on this, the researcher conducted using literature research methods to present relevant improvement measures based on reasonable arguments. Results: this study presented four operational plans related to (1) realization of repair costs for public rental housing, (2) a public subsidy system for covering the maintenance costs for public rental housing, (3) efficient operation of the Housing City Fund, and (4) establishment of the public rental housing. This study aims to provide a foundation for the qualitative growth of the domestic public rental housing system. Conclusions: With this study, it is expected that social interest in maintenance of public rental housing centered on LH will be amplified to improve the quality of maintenance problems of public rental housing.

• 한국중재학회지:중재연구
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• 제33권1호
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• pp.23-49
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• 2023

An ICSID award on Lone Star case has been rendered finally on August 31st, 2022 after almost ten years since the Lone Star Funds submitted the request for arbitration against the Republic of Korea in 2012. The Lone Star case is the first investor-state dispute settlement(ISDS) case brought against Korea, and this case, also known as "eat and run" case, has given rise to heated debates for years. Moreover, as the ICSID tribunal has ordered Korea to pay the Lone Star Funds the sum of USD 216.5 million plus interest in the award, this case has become once again the subject of controversy. Any arguments and evidence submitted by the parties in dispute have not been disclosed until recently, however, as the memorials and the award are now open to the public, it has become possible to realize the assertions of each party and the decisions of the tribunal in detail. Therefore, this paper aims at analyzing the main issues of the Lone Star case with a focus on the ICSID award. By examining the substantive and procedural issues of the case one after the other, it might be able to understand the whole picture of the case and prepare for the remaining procedures of this case and other upcoming cases as well.

• The Journal of Asian Finance, Economics and Business
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• 제9권1호
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• pp.1-11
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• 2022

The study incorporates model uncertainty into the private equity (PE) valuation model (SWY model) (Sorensen et al., 2014) to evaluate how model uncertainty distorts the leverage and valuations of PE funds. This study applies a continuous-time model to PE project valuation, modeling the LPs' goal as multiplier preferences provided by Anderson et al. (2003), and assuming that LPs' aversion to model uncertainty causes endogenous belief distortions with entropy as a measure of model discrepancies. Concerns regarding model uncertainty, according to the theoretical model, have an unclear effect on LPs' risk attitude and GPs' decision, which is based on the value of the PE asset. It also demonstrates that model uncertainty lowers the certainty-equivalent valuation of the LPs. Finally, we compare the outcomes of the Full-spanning risk model with the Non-spanned risk model, and they match the intuitive economic reasoning. The most important implication is that model uncertainty will have negative effects on the LPs' certainty-equivalent valuation but has ambiguous effects on the portfolio allocation choice of liquid wealth. Our works contribute to two literature streams. The first is the literature that models the PE funds. The second is the literature introduces model uncertainty into standard finance models.

• 한국컴퓨터정보학회:학술대회논문집
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• 한국컴퓨터정보학회 2020년도 제62차 하계학술대회논문집 28권2호
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• pp.89-90
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• 2020

본 논문에서는 안드로이드 위치 센서를 기반으로 경기도 긴급재난지원금의 사용처에 대한 정보를 사용자들에게 제공하는 '가치살림' 애플리케이션을 설계하고 구현한다. 이 애플리케이션은 간소화 된 회원가입과 시간과 장소에 구애받지 않는 스마트폰 애플리케이션을 제공하여 접근성이 높인다. 또한 남녀노소 편리한 사용을 위하여 단순한 화면구현과 사용처 위치, 길 안내, 사용처 정보 제공, 내 위치 등의 필수 정보를 제공한다. 사용자는 즐겨 찾는 지역 또는 본인의 거주 지역, 현재 위치를 기반으로 긴급재난지원금 사용처의 정보를 알 수 있다. 경기도 각 시군의 지역화폐 가맹점 현황 정보는 경기도 데이터 드림의 지역화폐 가맹점 현황 Open API를 통해 가져온다. 또한, 긴급 재난 지원금의 사용처의 위치 정보와 사용자의 위치는 경기도 데이터 드림의 지역화폐 가맹점 현황 Open API에서 각 사용처별 위도와 경도 값과 Google Map을 통해 구현한다.