• Journal of Korea Game Society
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• v.11 no.5
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• pp.31-41
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• 2011

To sustain the competitive edges in the online game industry, many publishers invest online game developers at early stages. However, the fair value of online game developers at early stages cannot be calculated with traditional valuation methods due to the high level of uncertainties in technology and market. Based on the literature reviews, we recommended real options analysis for the proper valuation methods of online game developers at early stages, and compared it with other methods using "Bluehole Studio" investment case. The case study result showed that real options analysis is better in explaining the market value as expected.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.515-521
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• 2021

The popularity of Islamic financial instruments among Muslims is not surprising. The Islamic capital market is where sharia-compliant financial assets are transacted. It works parallel to the conventional market and helps investors find sharia-compliant investment opportunities. At a time of collective confusion when the COVID-19 epidemic is contributing to unprecedented change, this paper is keen to understand how attractive conventional and Islamic stock markets have been to investors recently. Second, this paper takes advantage of the time-scale decomposition property of the wavelet to simultaneously capture risk exposure and distinguish the risks faced by short- and long-term investors. To this end, this research conducted a two-step investigation of the daily closing equity market price indices for three Islamic stock markets and their conventional counterparts. Given that different financial decisions occur with greater or less frequency, the paper examines the connectedness of stock markets operating at heterogeneous rates and identifies the timescales using wavelet-DCC-GARCH analysis to take account of both the time and the frequency domains of stock market connectedness. The paper findings highlight the strong evidence of contagion that can be seen in nearly all conventional stock markets in the COVID-19 pandemic; they reach a high level of dependency in such health crises. Furthermore, Islamic stock markets prove to be a rich ground for global diversification.

• International conference on construction engineering and project management
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• 2013.01a
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• pp.494-496
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• 2013

Cost-Benefit Analysis (CBA) is a systematic optimization process that allows users to compare different alternatives and to determine if a project is a solid investment. Many state DOTs have included CBA in their pavement management systems (PMSs) to help allocate state funds for maintenance, rehabilitation, resurfacing, and reconstruction of pavements. In a typical CBA, each pavement type has an assigned weight factor which represents the level of importance of this pavement type. To conduct an accurate CBA, it is essential to select appropriate weight factors. Arbitrarily assigning weights factors to pavements can lead to biased and inaccurate funding allocation decisions. The purpose for this paper is to outline a method to develop an ideal set of weight factors that can be utilized to conduct more accurate CBA. To this end, a matrix of all possible weight factors sets was developed. CBA was conducted for each set of weight factors to obtain a population of possible optimization solutions. Then a regression analysis was performed to establish the relationship between benefit and weight factors. Finally, a multi-objective genetic algorithm was applied to select the optimal set of weight factors. The findings from this study can be used by state DOTs to strategically manage their roadway systems in a cost effective manner.

• The Journal of Fisheries Business Administration
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• v.32 no.2
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• pp.51-72
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• 2001

This study intends to review the development of Squid Angling Fisheries of Korea and Japan and subsequent changes in the fisheries regime as well as management conditions and to examine reorganization directions. Although catches and productivity are all increasing in Korea and Japan as the squid resource in the East Sea is improving, the number of fishing vessels and the conditions of fisheries management are showing a symmetrical relationship. The former is increasing in Korea and decreasing in Japan while the latter is aggravating in Korea and rather stable in Japan. And while the competition between the two countries for more fishing grounds and catches are not that serious since the resource is relatively increasing, the catch and price competition with other domestic fisheries is a more significant problem. Furthermore, even though light restriction is implemented in both countries in order to suppress over-competition, it is adopted as a means to curtail management costs and block over-investment rather than to adjust international or inter-fisheries circumstances. Japan has been implementing the TAC system on squid resources since 1998. However, it has a different meaning than as a resource management method in its original sense because it is based on the highest catch level of the past and takes into consideration the fishermen's management conditions. In case of Korea, it is necessary to establish a plan to strengthen its fisheries management competence to address its shrinking catch in the Japanese waters. The developments mentioned so far have appeared amidst the increase of squid resources, and if such conditions disappear, problems such as international allocation of catches and fishing seasons, access to fishing grounds, and domestic conflicts among different fisheries will emerge.

• International Commerce and Information Review
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• v.16 no.4
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• pp.363-384
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• 2014

The adequate measurement of government expenditure efficiency for Energy Technology Development is a difficult empirical issue and the literature on it, particularly when it comes to aggregate and international data. Contribution in this study is threefold: first this study analyze the adequate measurement of government expenditure efficiency on Energy Technology sector of 24 OECD countries and korea. Second this study reconstruct efficiency composite indicators, named "Energy Technology Development Interest level indicator". Third this study assesses the efficiency of government expenditure for Energy Technology Development. The results can be summarized as follow: Korea's government expenditure efficiency for Energy Technology Development is highly ranked among 25 OECD countries based on Energy Technology Development R&D Budgets and Energy Technology Development R&D Budgets per thousand units of GDP indicators. However, Korea's ranking has fallen to 20th. The assessment suggests that government will be have to provide more government expenditure to enhance the efficiency on Energy.

• Journal of Intelligence and Information Systems
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• v.25 no.2
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• pp.123-139
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• 2019

The Korean NPL market was formed by the government and foreign capital shortly after the 1997 IMF crisis. However, this market is short-lived, as the bad debt has started to increase after the global financial crisis in 2009 due to the real economic recession. NPL has become a major investment in the market in recent years when the domestic capital market's investment capital began to enter the NPL market in earnest. Although the domestic NPL market has received considerable attention due to the overheating of the NPL market in recent years, research on the NPL market has been abrupt since the history of capital market investment in the domestic NPL market is short. In addition, decision-making through more scientific and systematic analysis is required due to the decline in profitability and the price fluctuation due to the fluctuation of the real estate business. In this study, we propose a prediction model that can determine the achievement of the benchmark yield by using the NPL market related data in accordance with the market demand. In order to build the model, we used Korean NPL data from December 2013 to December 2017 for about 4 years. The total number of things data was 2291. As independent variables, only the variables related to the dependent variable were selected for the 11 variables that indicate the characteristics of the real estate. In order to select the variables, one to one t-test and logistic regression stepwise and decision tree were performed. Seven independent variables (purchase year, SPC (Special Purpose Company), municipality, appraisal value, purchase cost, OPB (Outstanding Principle Balance), HP (Holding Period)). The dependent variable is a bivariate variable that indicates whether the benchmark rate is reached. This is because the accuracy of the model predicting the binomial variables is higher than the model predicting the continuous variables, and the accuracy of these models is directly related to the effectiveness of the model. In addition, in the case of a special purpose company, whether or not to purchase the property is the main concern. Therefore, whether or not to achieve a certain level of return is enough to make a decision. For the dependent variable, we constructed and compared the predictive model by calculating the dependent variable by adjusting the numerical value to ascertain whether 12%, which is the standard rate of return used in the industry, is a meaningful reference value. As a result, it was found that the hit ratio average of the predictive model constructed using the dependent variable calculated by the 12% standard rate of return was the best at 64.60%. In order to propose an optimal prediction model based on the determined dependent variables and 7 independent variables, we construct a prediction model by applying the five methodologies of discriminant analysis, logistic regression analysis, decision tree, artificial neural network, and genetic algorithm linear model we tried to compare them. To do this, 10 sets of training data and testing data were extracted using 10 fold validation method. After building the model using this data, the hit ratio of each set was averaged and the performance was compared. As a result, the hit ratio average of prediction models constructed by using discriminant analysis, logistic regression model, decision tree, artificial neural network, and genetic algorithm linear model were 64.40%, 65.12%, 63.54%, 67.40%, and 60.51%, respectively. It was confirmed that the model using the artificial neural network is the best. Through this study, it is proved that it is effective to utilize 7 independent variables and artificial neural network prediction model in the future NPL market. The proposed model predicts that the 12% return of new things will be achieved beforehand, which will help the special purpose companies make investment decisions. Furthermore, we anticipate that the NPL market will be liquidated as the transaction proceeds at an appropriate price.

• Journal of Distribution Science
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• v.17 no.9
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• pp.117-125
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• 2019

Purpose - We investigate how to increase consumer incentives to buy public offering funds, resulting in activating the public offering fund market. In particular, this study aims to find ways to expand diversity and to improve efficiency of public offering fund. The public fund market of Korea has been stagnant in recent years. However, the public offering fund market plays a very significant role in terms of consumer welfare. Since only a few wealthy investors can participate in the private equity market, the stagnation in the public offering fund market usually reduces the opportunity of consumer's buying funds thus ultimately affecting their future wealth. Research design, data, and methodology - To attain our purpose, the 'factor-based portfolio strategy' has been considered. It is an alternative portfolio strategy, which composites the advantages of the passive management and active management. For our empirical anaylsis, we used global stock distribution market data over the period of 1991 and 2016. Then we constructed portfolios based on firm-size, firm-value, and momentum. Finally, a regression model was set, then hypotheses were tested, analyzing the performances. Results - First, among the 15 factor-based portfolios of global, Europe, Asia-Pacific(ex Japan), US and Japan, in eight portfolios, positive excess returns are observed at 5% significance level. Further, there is another portfolio with positive excess return at 10% significance level. Second, most of the portfolios with significant excess performance show positive relationship with the market portfolio. However, the firm-value based portfolio in Asia-Pacific region shows no relationship, and the firm-value based portfolio in US shows negative relationship. Third, we confirmed that the two firm-value factor portfolios in Asia-Pacific region and US, not having positive relationship with market portfolio, provide significant excess returns. Conclusions - In this paper, we provide empirical evidences supporting that the factor-based portfolios expand the diversity of funds and improve the efficiency of investment performance. However, there is no guarantee that the efficiency will continue in the future. In addition, various constraints and costs must be considered. Nevertheless, our novel findings in the advanced financial market such as US and Asia-Pacific are very interesting and offers important implications.

• Proceedings of the Korea Technology Innovation Society Conference
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• 2003.05a
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• pp.413-425
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• 2003

Information Technology is the kernel technology deciding the industrial standard of one nation, and biotechnology will be the main technology of next generation. Based on this fact, a lot of efforts were made to industrialize them. Nano Technology is beginning to position itself as the kernel fusion technology, and its usage and popularity is expanding. Environmental and Energy Technology is a must-have strategic technology considering the increase demand of new energy development, the international environment correspondence, the environment-friendly production, and so forth. Space Technology is the field, which will contribute to raise the domestic component and system technology to the next level. In 2001, new technology research development costs total of 1 trillion 32 billion won in the following fields; 437.82 billion won in IT, 88.457 billion won in BT, 46.799 billion won in NT, 315.682 billion won in ET, and 112 billion won in ST. from component ratio, IT forms 42% which is the most, 31% for ET and in order of BT, ST and NT. ETRI and KISTI are concentrating on IT, KIBB is on BT, KAERI, KIER, KERI and KBSI are focusing on ET, and KIMM, KRISS, KRICT and KORDI is participating together in 4∼5 new technology such as IT, BT, NT and ET. Funds for research development costs in 5 new technology fields of 13 contribution (year) are consisted as follows; The Office for Government Policy Coordination has contributed 131 billion won (13%), 387 billion won (37%) by MOST, 256 billion won (25%) by Ministry of Information and Communication, 67 billion won (6%) by Ministry of Commerce, Industry and Energy, 19% by others and the industrial world. < Strategy for Technology Advancing > o Promotion of comprehensive contributing (year) new technology development research plan project o Increase research efficiency by promoting new technology development project connected with peculiar projects of organization by contribution (year) o Formation of superior research group by technology and introduction of operation system for research accumulation are needed. o Technology demand-oriented assignment deduction and promotion of research development project connected with intermediate long term objective o National will and investment extension of research development costs, training and popularization of professionals, commercialization promotion with efficient control for research plan and result.

• Journal of Fisheries and Marine Sciences Education
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• v.25 no.2
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• pp.433-447
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• 2013

In around of Guryongpo Pohang Port, a Guamegi production special zone is being established as modernized processing plants, cold storages, Guamegi research centers, or publicity centers are being built in a row with forming the tourism and culture streets as a start. Regarding the special Guamegi production zone, the local autonomous entities are promoting various projects as investing approximately 40 billion won as its budget; however, it is still very rare to elevate the level of Guamegi, the special product, and make investment plans to create a brand for it. To make a special product brand cannot be realized just by building the Guamegi industrialization processing complex, and mere publicity also does not guarantee sustainable development. It can be realized only when the product's taste or hygiene satisfies the people's needs. Therefore, this study examines the changes of Guamegi-related business and the strategies to develop Guamegi industry in order to find ways to manufacture Guamegi and cultivate specialized manpower for processing to make a special brand with Guamegi. Regarding the Guamegi business and the cultivation of specialized manpower for Guamegi, this study conducted a survey to 377 persons including the business owners, employees, or civil servants related with Guamegi. It is needed to install educational institutions to cultivate specialized manpower for Guamegi and also operate various programs so as to conduct education to cultivate specialized manpower for Guamegi. And it is necessary to elevate the quality and sanitation of Guamegi and create a brand by inducing a specialized license system that can help those involved in Guamegi business have pride.

• Proceeding of Spring/Autumn Annual Conference of KHA
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• 2009.04a
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• pp.175-180
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• 2009

According to an increasing demand of political support and development on renewable energy as a solution for the energy problem in Korea, the government has established a goal to raise renewable energy supply from 2.27% to 5% until 2011. Especially in the case of public building in which energy use is in great demand, it would bring a great advantage to develop and utilize the Photovoltaic System as an electric energy and Geothermal Heat Pump System as a thermal energy. On the occasion of Photovoltaic System, Photovoltaic module can be used as an architectural material so that it can reduce construction cost and when we use solar energy, it is possible to make building's own power supply. As for Geothermal Heat Pump System, It can be used infinitely as long as the solar energy exist and operation cost is cheap and yearly efficiency is stable. However, we need to make a plan to reduce early investment expanses for these two renewable energy systems and to expand a diffusion rate as we develop a competitive domestic technology level. So in this study, we are going to perform evaluation of economical efficiency according to the introduction of Photovoltaic System and Geothermal Heat Pump System in public buildings which will be built up inside of Daegu Sin-seo innovation city. As a first step, we will investigate present installation condition of these two renewable energy systems and based upon that, will seek efficient introduction program of renewal energy systems that can be applied in public buildings.