• 한국주거학회논문집
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• 제26권6호
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• pp.43-52
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• 2015

The purpose of this study was to explore housing value clusters of young renters in South Korea and their relationships to household and housing characteristics reflected in the 2012 Korea Housing Survey (KHS). The 2012 KHS microdata was used as secondary data. Among the households included in the microdata, 1,196,144 young renter households (between 20 and 34 years of age) in private rental units were analyzed. The main findings are as follows. Ten rating scale items measured housing values. Eight of them were grouped into three value factors: Investment, Affordability and Cost Increase. Using these three value factors and perception of homeownership, households were classified into four clusters: Prospective Home Investor, Settled Renter, Homeowner Wannabe, and Support Needed. The current tenure types, income and expectation for next tenure types of four housing value clusters of young renters reflected Korea's tenure ladder which has home ownership at top followed by Jeon-se rental, monthly rental with deposit and monthly rental without deposit. The households in Prospective Home Investor and Homeowner Wannabe clusters would consider home purchase in the near future. Finally, households in Support Needed Cluster would be the main target to consider in development and implementation of housing welfare policies and programs to resolve housing problems of young renters, including beginning-stage professionals.

• 한국중재학회지:중재연구
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• 제18권2호
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• pp.3-31
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• 2008

At its thirty-ninth session(New York, 19 June - 7 July 2006), United Nations Commission on International Trade Law(hereinafter referred to as the Commission) agreed to give priority to the topic of revising the UNCITRAL Arbitration Rules. From the forty-fifth through the forty-seventh session, the Working Group checked various issues based on the draft revised version of the UNCITRAL Arbitration Rules prepared by the Secretariat. At its forty-eighth session, the Working Group is going to finish its first reading of articles 38 to 41 of the draft revised version of the UNCITRAL Arbitration Rules, and to commence its second reading of the draft revised version of UNCITRAL Arbitration Rules. Korea is keen on enticing foreign direct investment into its territory. From the 1960s, Korea has concluded more than 80 BITs. Korea is making efforts to conclude FTAs with its trading partners. As of January, 2008, 3 FTAs have taken into effect with respect to Korea. According to provisions on dispute settlement found in such BITs and FTAs involving Korea, the Rules can be chosen for Investor-State Arbitration. Furthermore, the Rules is followed by the arbitration rules for domestic and international arbitrations administered by the Korean Commercial Arbitration Board. If the Commission adopts the revised version of UNCITRAL Arbitration Rules, the Rules will be able to give impact on the arbitration law and practice around the world of arbitration. That is the reason why we should keep attention to the development of the deliberations of the Working Group.

• 한국중재학회지:중재연구
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• 제22권3호
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• pp.187-213
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• 2012

The purpose of this article is to examine Fair and Equitable Treatment in International Investment Agreements. Most BITs and other investment treaties provide for FET of foreign investments. Today, this concept is the most frequently invoked standard in investment disputes. It is also the standard with the highest practical relevance: a majority of successful claims pursued in international arbitration are based on a violation of the FET standard. The concept of FET is not new but has appeared in international documents for some time. Some of these documents were nonbinding others entered into force as multilateral or bilateral treaties. Considerable debate has surrounded the question of whether the FET standard merely reflects the internationalminimum standard, as contained in customary international law, or offers an autonomous standard that is additional to general international law. As a matter of textual interpretation, it seems implausible that a treaty would refer to a well-known concept like the "minimum standard of treatment in customary international law" by using the expression "fair and equitable treatment." Broad definitions or descriptions are not the only way to gauge the meaning of an elusive concept such as FET. Another method is to identify typical factual situations to which this principle has been applied. An examination of the practice of tribunals demonstrates that several principles can be identified that are embraced by the standard of fair and equitable treatment. Some of the cases discussed clearly speak to the central roles of transparency, stability, and the investor's legitimate expectations in the current understanding of the FET standard. Other contexts in which the standard has been applied concern compliance with contractual obligations, procedural propriety and due process, action in good faith, and freedom from coercion and harassment. In short, meeting the investor's central legitimate concern of legal consistency, stability, and predictability remains a major, but not the only, ingredient of an investment-friendly climate in which the host state in turn can reasonably expect to attract foreign investment.

• 한국중재학회지:중재연구
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• 제17권2호
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• pp.141-165
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• 2007

This study aims to make a contribution to the promotion of trade and economic development of South Korea, and, at the same time, call attention to the increasing trend of investment agreements concluded within Free Trade Agreements (FTA) by examining theoretically FTAs and dispute resolution and investigating systematically the conclusion procedure of agreements, and the system, institutions, and jurisdiction of dispute resolution, and presenting these findings to the government and investors involved. The most problematic aspect in the legal process of arbitration involving disputes over investment is that of arguments concerning the right of jurisdiction. When a dispute arises, even though an investor files for arbitration at an ICSID institution, the parties become involved in another energy-consuming argument even before proceeding to the hearing and decision of the original plan in cases in which the respondent of the dispute files an objection to the decision rights of the arbitral tribunal. As the main basis for this type of plea, the point of non-existence of jurisdiction is first raised where the applicable dispute does not fall under the range of investments defined in individual investment contracts or investment agreements such as a Bilateral Investment Treaty (BIT). To avoid an open-ended definition of investment for the range of investments, articles concerning investments in the FTA and NAFTA between Canada and the USA adopt the limited closed-list method. Article 96 of the FTA between Japan and Mexico applied the same abovementioned method of limited form of definition regarding range of investments and concluded BITs between member countries of APEC applied a similar method as well. Instead of employing the previously used inclusive definition, the BITs concluded between countries of Latin America and the USA are equipped with limited characteristics of an investment. Furthermore, to correspond with this necessary condition the three following requirements are needed : 1) fixed investment funding; 2) expected profits resulting from such investments; 3) and the existence of fixed risk bearing.

• 한국콘텐츠학회논문지
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• 제16권3호
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• pp.553-562
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• 2016

본 연구는 투자자가 부동산 투자의사결정에 있어 고려해야하는 투자선호특성을 규명하고 투자자 유형에 따른 선호특성의 차이를 비교 분석하였다. 투자만족도에 영향을 미치는 요인을 분석하기 위해 선행연구 고찰을 통하여 투자선호특성을 종합하고 PLS(Partial Least Squares)회귀분석을 활용하여 그 영향을 실증하였다. 또한 투자자 유형별 투자선호특성을 비교하기 위해 분석대상을 기관투자자와 일반투자자로 구분하여 설문을 진행하였다. 분석결과 기관투자자는 인플레이션 헤지, 조지자본회수, 재무적 안전성, 레버리지 위험 등의 투자선호특성을 중시하는 것으로 나타났으며 일반투자자의 경우 임대수익, 시설 및 설비, 상권 및 인구, 이용 편의성, 레버리지 위험, 조기자본회수 등의 투자선호특성이 중요한 것으로 도출되었다. 또한 공통적인 투자선호특성으로 레버리지 위험, 조기자본회수, 시설접근성이 도출되었다. 이러한 결과를 바탕으로 시사점을 도출하면 다음과 같다. 첫째, 투자자들은 부동산 투자에 있어 투자 위험을 회피하거나 줄일 수 있는 요인을 중시 한다는 점이다. 둘째, 부동산 경기 침체 및 저금리 현상으로 나타나는 부동산 관련 규제 및 금융규제완화를 중요시하는 것으로 나타났다. 셋째, 부동산 투자의사결정에 있어 투자자 유형에 따른 차이를 고려해야 한다는 것이다.

• 한국산림과학회지
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• 제96권6호
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• pp.661-666
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• 2007

본 연구의 목적은 최근 양자간 FTA의 협상에 의한 수입개방시대를 맞이하여 밤 가격의 변동으로 인한 밤 판매가격별 수익성과 투자금의 회수기간 등을 파악하여 밤나무를 재배하고자 하는 사람이나 밤 재배에 관련되는 사람들에게 투자 정보를 제공하기 위한 것이다. 경남 진주 산청, 전남 구례, 충남 공주 부여 청양 등 6개 지역의 133가구를 사례로 조사 분석하였다. 분석기법으로 IRR, B/C Ratio, NPV, 손익분기점 매출액의 기법을 사용하였다. 그 결과 이자율 4%를 적용했을 때 밤 판매가격이 1,140원/kg 이하일 때 투자가치가 없고, 그 이상일 때 투자가치가 있는 것으로 나타났다. 투자 후 16년째 투자금을 회수하고 손익분기점 매출액은 32,963천원/ha인 것으로 나타났다. 3,000원/kg일 경우 투자 후 9년째 투자금을 회수하고 손익분기점 매출액은 15,176천원/ha인 것으로 나타났다.

• 대한안전경영과학회:학술대회논문집
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• 대한안전경영과학회 2002년도 추계학술대회
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• pp.305-319
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• 2002

International capital movement has made progress at global liberalization of finance and foreign exchange, international monetary norm changing into floating exchange rate system, easiness of collection of information and trade at improvement of information communication technology from early of 1970's. Results of empirical test for relation between foreign exchange rate or various determination factors of foreign exchange rate and interest rate are followed by next sentences. First, according to relation between foreign exchange rate and interest rate, correlation for each of variables after OECD entrance is increased. But, long-term ＆short-term interest rate is affected by Hanbo ＆ Kia's bankruptcy, continuous large scale coporates bankruptcy and crisis of foreign exchange. Therefore, financial instability is occured. If portfolio investment fund has been inflow as it is mollified by continuous shortage of foreign exchange and fall of country's credit rating, it is expected to have positive effect for long-term & short-term interest rate from appreciation of won against dollar. Second, results from relation between determination factor of foreign exchange rate and interest rate are followed by next sentences. If surplus of current account and goods account is continued, yield of corporate bond is to be stable. But, margin of surplus is expected to diminish after second quarter 98, and difference between external and domestic interest (after adjusting foreign exchange rate) is to be diminished. And if net inflows of foreign investor's fund (stock and bond) is diminished, it is to have negative effect for yield of corporate bond. According to foreign investor's investment movement of previous years, hedge md were stayed at least during two years in Mexico. It means that sudden capital outflow is not to be happened at Korea. But if external factors from depreciation of yen and China's renminbi are instable, interest rate is expected to increase from capital's outflows. Third, if it is to decrease instability of foreign exchange rate from increase in surplus of future current account, credit rating's upwardness, stability of yen and renminbi, foreign exchange rate is expected to be stable. It is expected to have continuous stability from short-term interest rate to long-term interest rate in this empirical test.

• 한국전자거래학회지
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• 제25권4호
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• pp.125-141
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• 2020

최근의 연구들에서는 투자자들의 관심이나 감정이 주식 거래행태와 주가 변동에 미치는 영향에 대한 분석들이 증가하고 있다. 본 연구에서는 투자자들의 관심과 감정을 측정하기 위해 한국의 네이버 검색지수를 이용하여, 포털 검색량과 검색의 변동성이 주가동조성 및 총위험, 체계적 위험에 미치는 영향을 분석하였다. 먼저 평균적인 검색량이 증가할수록 주가동조성은 증가하는 반면, 검색의 변동성은 주가동조성을 감소시키는 것을 관찰하였다. 다음으로 평균 검색량과 검색의 변동성은 모두 주식의 총위험과 체계적 위험을 증가시키는 것으로 나타났다. 이러한 결과는 주가를 변동시키는 사건이 발생할 경우에만 개인투자자들의 검색이 증가하기 때문인 것으로 해석된다. 이러한 결과는 포트폴리오 분석, 고정효과 회귀분석 및 동적 패널 모형에서 일관되게 관찰된다.

• 한국전자거래학회지
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• 제22권2호
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• pp.153-168
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• 2017

최근 주식의 수익률과 거래량을 설명하는 요인 중 하나로 투자자들의 관심이나 주식관련 정보 전파의 효율성 등이 중요하게 인식되고 있다. 또한 기업관련 정보가 투자자들에게 투명하게 전파되지 않을 때 기업 주가의 급락(crash) 위험을 증가시킨다는 연구 결과들이 축적되고 있다. 본 연구에서는 네이버 트렌드를 이용하여 포털에서의 검색 강도가 증가하는 것이 주식 수익률의 급락에 어떤 영향을 미치는지를 분석하였다. 다양한 주가급락 위험의 측정변수와 검색 강도 측정치를 이용한 분석에서 포털 검색강도가 상대적으로 높은 기업-연도에서 주가 급락의 위험이 감소하는 것으로 관찰되었다. 이러한 결과는 기업 관련 정보 전파가 투자자들에게 효율적으로 이루어지지 않을 때 미래의 주가급락을 초래한다는 논의와 일치하는 결과이다. 또한 이러한 결과는 분석에 발생가능한 내생성을 통제한 후에도 유의하게 성립하는 것으로 관찰되었다.

• 통상정보연구
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• 제14권2호
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• pp.369-387
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• 2012

한미 FTA의 협상 과정에서부터 비준을 걸쳐 발효된 이후까지 끊이지 않는 논쟁의 중심에는 바로 투자자-국가 소송제도인 ISD가 있다. ISD의 본 취지인 외국인 투자자에 대한 보호기능은 국제통상환경에서 없어서는 안 될 보호장치이며 지금까지 수많은 양자투자협정(BIT)에도 적용되어온 제도임에도 ISD에 대한 부정적인 시각은 여전히 존재한다. 그중에서도 가장 큰 우려는 정부의 공공정책이 ISD 때문에 제한될 수 있다는 것이다. 실제로 한미 FTA의 당사국인 미국이 맺은 NAFTA의 경우를 보면 ISD로 인하여 캐나다와 멕시코 정부가 ISD 제소를 당해왔으며, 그로 인하여 공공정책을 추진하면서 제약을 느껴온 것은 사실이다. 그러나 일부의 ISD 사건에서는 일국 정부의 공공정책이 투자자의 이익을 우선한다는 판정부의 결정도 있었다. 그렇다면 한미 FTA가 막 발효된 이 시점에서 우리가 앞으로 일어날 수 있는 우리 정부에 대한 미국기업이나 미국인 투자자의 ISD 제소에 어떻게 대비해야 하며, 정부의 공공정책이 어떻게 해야 ISD 제소의 표적이 되지 아니할지에 대한 분석이 필요하다. 이러한 분석에 가장 효과적인 자료가 미국이 당사국으로 있는 NAFTA의 ISD 사건들이다. NAFTA의 ISD 사건 분석은 판정부가 판정을 함에 있어 어떠한 법리적 해석을 하는지를 알 수 있는 근거자료이며 나아가 우리의 상황에 적용하여 대비하는데 필수적인 도구이기도 하다.