• Korean Management Science Review
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• v.30 no.1
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• pp.167-181
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• 2013

We investigate the dynamic asset allocation problem under inflation risk when the wealth of an investor is constrained with minimum requirements. To capture the investor's risk preference, the CRRA utility function is considered and he maximizes his expected utility at predetermined date of the refund by participation in the financial market. The financial market is supposed to consist of three kinds of financial instruments which are a risk free asset, a risky asset, and an index bond. The role of an index bond is managing inflation risk represented by price process. The optimal wealth and the optimal asset allocation are derived explicitly by using the method to get the European call option pricing formula. From the numerical results, it is confirmed that the investments on index bond is high when the investor's wealth level is low. However, as his wealth increases, the investments on index bond decreases and he invests on risky asset more. Furthermore, the minimum wealth constraint induces lower investment on risky asset but the effect of the constraints is reduced as the wealth level increases.

• Journal of Korea Technology Innovation Society
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• v.8 no.3
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• pp.1175-1198
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• 2005

The objective of the study is to verify the relationship between technology valuation indexes and corporate's performance in ventures by business operating periods. The result of the study is expected to be useful in loan evaluation, investment decision, internal management decision making and business improvement. The results of study is as follows. First, in early stage ventures, we find that three major valuation index(technology feasibility, economic efficiency, productivity) are significant ex-ante variables which are discriminating between firms' going concern and firms' failure. Second, in growth stage ventures, we find that three major valuation index(business feasibility, general marketability, technology marketability) are significant ex-ante variables which are discriminating between firms' going concern and firms' failure. Third, in early stage ventures, we find that at least thirty-eight minor valuation index elements are significant ex-ante variables which are discriminating between firms' going concern and firms' failure and in growth stage ventures, thirty-one minor valuation index elements are significant in various analysis' results.

• Journal of the Korea Society of Computer and Information
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• v.9 no.1
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• pp.111-121
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• 2004

This paper presents the methods of evaluating validity and effectiveness of informatization budget investment for e-Government, through the preliminary evaluation. the progress evaluation and the Post evaluation of the investment, and a quantitative evaluation model which improves conformance of IT ROI (Return On Investment) using the evaluation results. the right evaluation targets of informatization investment for the development project to GDOC(Government electronic Document Distribution Center), and KPIs(Key Performance Indexes) which is enable to evaluate objectively effectiveness in the preliminary and the post evaluation phases are developed, and according to using the quantitative evaluation model . improved effectiveness evaluation results for each index in the point of view of usage and innovation are come out.

• East Asian Economic Review
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• v.20 no.2
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• pp.229-275
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• 2016

We study the effect of the high-skilled emigration rate on the growth rate of the source countries. We incorporate the foreign direct investment and the policy variables into the panel model and also their interactions with the high-skilled emigration rate, as they are related to the network externality that may be created by the high-skilled emigrants working abroad. We apply the static fixed-effects model and compare it with the results obtained in the dynamic panel model with system generalized methods of moments estimators. We find the negative effect of the high-skilled emigration rate by itself and in its interaction with the foreign direct investment only in the dynamic model. However, we find positive coefficient for the interaction of the high-skilled emigration rate and the civil liberties index, which holds across the static and dynamic specifications. This implies that the effect of the high-skilled emigration rate on the growth rate of the source countries can be positive, and the extent is larger for countries with 'poor' civil liberties. The developing countries with low levels of foreign direct investment inflows and 'poor' civil liberties can best benefit from the high levels of skilled emigration outward. Through finding significant interactions with other variables, we confirm that the high-skilled emigration should be considered along with other related variables in measuring its impact on growth. The implications offer suggestions for the international trade and aid policies.

• Knowledge Management Research
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• v.19 no.1
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• pp.79-95
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• 2018

The purpose of this case study is to analyze the B2C security information service model using the robo-advisor, to develop various service models and to urge new companies to enter. Overseas robo-advisor service market is growing rapidly with the launch of various B2C service models beyond B2B. On the other hand, as the domestic market is dominated by B2B services and serviced just index portfolio which is nascent, it lacks products which are used for active asset management. Recently as the government announced the approval of online investment advisory service, the B2C market of domestic asset management has entered a growth phase, centered on generations familiar with IT. We propose to extend the concept of Robo-Advisor service in accordance with the financial market change. By that model, we will study the case of the algorithm of the investment masters' philosophy and contribute to the expansion of the B2C service market.

• Asian Journal of Business Environment
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• v.4 no.2
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• pp.17-21
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• 2014

Purpose - The paper analyzes basic indicators characterizing the volume of energy sector activity in the Russian Federation, Privolzhsky Federal district, Republic of Tatarstan. Research design, data, and methodology - The study analyzed data from the Privolzhsky Federal district, specifically, industrial production volume, electricity production, energy consumption, energy-balance data, capital investments, and capital investment structure. An array of data has been investigated in recent years. The dataset's dynamics were analyzed in 1998. Fixed capital investment dynamics were studied in 1946 the figures were converted to a comparable form using the index method. Trends were analyzed using multivariate statistics methods and the Statgraphics software package. Results - Hypothesis 1. There are sectoral disproportions in energy flows,taking into account the volume of electricity production and consumption. Trends in electricity production in general coincide with industrial production volume trends. Energy flows have disparities in individual territorial units, and in general. Hypothesis 2. The degree of sectoral economic stability decreases with insufficient levels of investment in fixed capital energy organizations. Conclusions - Because totalelectricity production is largely determined by fixed capital investments, the study of their trends and patterns will coordinate efforts on investment operations in this area.

• Journal of Distribution Science
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• v.14 no.1
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• pp.93-102
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• 2016

Purpose - The purpose of paper is studying the static and dynamic side for long-term memory storage properties, and increase the explanatory power regarding the long-term memory process by looking at the long-term storage attributes, Korea Composite Stock Price Index. The reason for the use of GPH statistic is to derive the modified statistic Korea's stock market, and to research a process of long-term memory. Research design, data, and methodology - Level shifts were subjected to be an empirical analysis by applying the GPH method. It has been modified by taking into account the daily log return of the Korea Composite Stock Price Index a. The Data, used for the stock market to analyze whether deciding the action by the long-term memory process, yield daily stock price index of the Korea Composite Stock Price Index and the rate of return a log. The studies were proceeded with long-term memory and long-term semiparametric method in deriving the long-term memory estimators. Chapter 2 examines the leading research, and Chapter 3 describes the long-term memory processes and estimation methods. GPH statistics induced modifications of statistics and discussed Whittle statistic. Chapter 4 used Korea Composite Stock Price Index to estimate the long-term memory process parameters. Chapter 6 presents the conclusions and implications. Results - If the price of the time series is generated by the abnormal process, it may be located in long-term memory by a time series. However, test results by price fixed GPH method is not followed by long-term memory process or fractional differential process. In the case of the time-series level shift, the present test method for a long-term memory processes has a considerable amount of bias, and there exists a structural change in the stock distribution market. This structural change has implications in level shift. Stratum level shift assays are not considered as shifted strata. They exist distinctly in the stock secondary market as bias, and are presented in the test statistic of non-long-term memory process. It also generates an error as a long-term memory that could lead to false results. Conclusions - Changes in long-term memory characteristics associated with level shift present the following two suggestions. One, if any impact outside is flowed for a long period of time, we can know that the long-term memory processes have characteristic of the average return gradually. When the investor makes an investment, the same reasoning applies to him in the light of the characteristics of the long-term memory. It is suggested that when investors make decisions on investment, it is necessary to consider the characters of the long-term storage in reference with causing investors to increase the uncertainty and potential. The other one is the thing which must be considered variously according to time-series. The research for price-earnings ratio and investment risk should be composed of the long-term memory characters, and it would have more predictability.

• Industry Promotion Research
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• v.5 no.3
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• pp.45-51
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• 2020

This study analyzed the influence of investment and fostering support on gross regional product by utilizing big data using multiple regression analysis. Gross regional product (GRDP) is an index that intensively contains the production scale, expenditure level, income level, and industrial structure of each region, and is an important data used for regional economic analysis and national policy establishment. In order to properly carry out the country's major national tasks, it is necessary to accurately grasp the regional economy, and as a result, interest in regional gross domestic product is rapidly increasing. In particular, foreign investment has a significant impact on the economy of the host country, and many empirical analyzes are being conducted. In this study, correlation analysis and multiple regression analysis were conducted to examine the influence of foreign investment and domestic development support on gross regional product, and as a result, it was concluded that investment and support as a whole had a positive effect on gross regional product.

• The Journal of the Korea institute of electronic communication sciences
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• v.9 no.3
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• pp.377-386
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• 2014

This study analyzed how alternative investment goods would affect a market in a neighboring shopping area in order to provide parties involved in the investment market of this neighboring shopping area with standards which would help them when they try to make a reasonable determination. The study estimated forms and explanation power of the effects of a bid rate of a neighboring shopping area, and came up with those results as follows. Increases in the representative macro economic indicators, the composite stock price index and the fluctuation rate of land price, including the real estate business would have a positive influence on the market of the neighboring shopping area as playing a circumstantial evidence of market recovery and yet, the increase in interest rate, the alternative investment goods, would reduce the relative price-earnings ratio which would, eventually, negatively affect the charm of the investment in the market of the neighboring shopping area. The study, now, understands that housing with a feature of consumers' goods and neighboring shopping area with a feature of investment goods would not have great concern with each other as they are observed to be two different markets from an aspect of interactionism.

• Management & Information Systems Review
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• v.31 no.3
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• pp.21-46
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• 2012

This paper attempts to offer an effective strategy of hedge fund based on trade probability control in the futures market. By using various technical indicators, we create an association rule and transforms it into a trading rule to be used as an investment strategy. Association rules are made by the combination of various technical indicators and the range of individual indicator value. Adjustments of trade probabilities are performed by depending on the rule combinations and it can be utilized to establish an effective investment strategy onto the risk management. In order to demonstrate the superiority of the investment strategy proposed, we analyzed a profitability using the futures index based on KOSPI200. Experiments results show that our proposed strategy could effectively manage and response the dynamics investment risks.