• 재무관리연구
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• 제25권4호
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• pp.145-182
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• 2008

As the life expectancy increases resulting in the aged society, the post-retirement life became one of the most important concerns of people. The long-term investment vehicles such as retirement savings and pension plans have been introduced to meet such demand of society. This paper examines the impact of asset allocation strategies on the long-term investment performance. Because of the unusually long investment horizon and the compounding effect, a suboptimal asset mix in a retirement plan can be a very costly and irreversible mistake. Instead of relying on anecdotal evidence to evaluate the merits of different allocation strategies, this paper performs various tests including stochastic dominance tests using both actual data and Monte Carlo simulated data that best fit the historical experience. The results indicate 1) the long-term investments perform better than the short-term investments, 2) the optimal asset allocation strategy for the long-term investments should be highly equity dominated.

• 한국경영과학회지
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• 제4권1호
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• pp.33-39
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• 1979

The cash management problem as a part of working capital management has been extensively studied. By and large the articles surveyed lacked consideration of long-term assets and the proper tax treatment of them. Recognizing that investment activities - long-term as well as short-term generate cash inflows, leads one to conclude that these investments should be included in the cash management problem. The liquidity of long term investments is an integral part of the cash management problem. This paper formulated a cash management model which incorporate the effect of long term investments and their liquidity on cash holdings. Although all of the models formulated could be solved using mathematical programing techniques, the mere size of the problem in terms of the number of variables and constraints leads one to seek other methods. For this reason rules were developed using the Kuhn-Tucker conditions thereby substaintially avoiding the programming calculations or at least easing them significantly.

• STI Policy Review
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• 제1권3호
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• pp.1-15
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• 2010

This paper makes the case that a new policy strategy to enhance a global green recovery is needed urgently. The new strategy requires two essential elements. First, G20 economies should follow the lead of South Korea and China and turn their green stimulus investments into a serious long-term commitment, and to support these investments, they should adopt environmental pricing policies and instigate pricing and regulatory reforms to reduce carbon dependency. Second, the G20 also needs to target and coordinate assistance to developing economies in science, technology and innovation (STI) for clean energy. Such assistance is essential to help developing economies to overcome the skills, technological and capital gap that they face in clean energy technologies over the long term. Reform of the Clean Development Mechanism (CDM) is also necessary to establish a long-term global price signal for carbon, and to increase the coverage of developing economies, the sectors and technologies and the overall financing of clean energy projects. Formulating such a policy strategy should appeal to both the Asian-Pacific and Western economies comprising the G20, and by working together to formulate such a strategy, the G20 could lead the way toward a new era of global economic management and STI cooperation in clean energy.

• 한국안전학회지
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• 제32권5호
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• pp.122-128
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• 2017

Korean government announced long-term railway safety investment plan for the safety improvement by 2020. But no research have been done about differential analysis on railroad safety investment and safety improvement. In this study, recent 10 year data on safety investments and accident data are analysed for the differential analysis. Three main safety investments are analysed on regard to accident rate and accident fatalities. Three safety measures include level crossing accident, platform fatalities, and track trespass fatalities. About 90% of railway accident fatalities are caused by these three kind of accidents. Differential analysis shows about 4 to 6 years delay after railroad safety investment and safety improvement. This result can be utilized for the decision making on safety measures and safety target. Which required long term approach.

• 한국정보디스플레이학회:학술대회논문집
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• 한국정보디스플레이학회 2001년도 International Meeting on Information Display
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• pp.13-21
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• 2001

Increased investment costs for larger substrate factories require breakthrough efficiencies and the capture of price premiums. Otherwise, their profit indicators will fall below those of prior plant investments. Market factors inhibit the continued expansion of monitor size and resolution, so a television market must be developed if substrate size increases will remain profitable, long term.

• 한국시스템다이내믹스연구
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• 제14권4호
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• pp.91-112
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• 2013

This article aims at revealing the dynamic relationships between the energy R&D investment and economic growth in Korea. To achieve this goal, we reviewed the effects of energy R&D investments and tried to make the holistic interconnections for describing the feedback loops between energy R&D and economic system. Energy R&D investments develop the renewable energy, energy efficiency and $CO_2$ emission reductions technologies for accomplishing the national strategic targets. The rapid obsolescence of technologies makes the inefficiency and negative effects in governmental energy R&D investments.

• Journal of the Korean Data and Information Science Society
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• 제14권4호
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• pp.845-852
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• 2003

Forecasting exchange rate movements is a challenging task since exchange rates impact world economy and determine value of international investments. In particular, Korean-U.S. exchange rate behavior is very important because of strong Korean and U.S. trading relationship. Neural networks models have been used for short-term prediction of exchange rate movements. Least squares support vector machine (LS-SVM) is used widely in real-world regression tasks. This paper describes the use of LS-SVM for short-term and long-term prediction of Korean-U.S. exchange rate.

• 지식경영연구
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• 제18권1호
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• pp.49-65
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• 2017

Financial products entail either gains or losses, and customers' psychological reaction to these gains and losses affect the selection of the financial products. This study explains the financial customers' behavior by introducing consumers' psychological variables such as loss aversion and construal levels. According to the construal level theory, people use more abstract and higher levels of construal to represent objects that are more distant on psychological distance. Based on extant research about loss aversion and construal levels, this study proposes two hypotheses and test the hypotheses. The experimental study examines how loss aversion affects the choice between deposit products and fund products in short-term and long-term investment situations. In the long-term condition the respondents prefer fund products to deposit products, whereas in the short-term condition the respondents have showed the opposite result. Also, the effects of loss aversion on preferences for financial products have interacted with the time horizon of investments. Implications and limitations are discussed to establish more effective marketing strategies based on the results of this study.

• 아태비즈니스연구
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• 제13권1호
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• pp.167-183
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• 2022

Purpose - The purpose of this study is to show the need to use the past long-term returns for investment decisions in U.S. equity funds and to suggest an investment strategy using long-term returns. Design/methodology/approach - This study solves the problem of high return volatility in long-term returns and proposes new investment portfolios based on the behavior of fund investors according to past returns. For the investment portfolio of this study, 60 months are divided into several periods and the average of the performance ranks for each period is used. Findings - First, funds with high average returns over multiple periods have lower future outflows and higher future returns than funds with high 60-month cumulative returns. Second, funds with low average returns over multiple periods have lower future inflows and lower future returns than funds with low 60-month cumulative returns. The findings mean that when making decisions based on past long-term returns, it is a smarter investment choice to buy funds with high average returns over multiple periods and sell funds with low average returns over multiple periods. Research implications or Originality - This study shows that it is necessary to use long-term returns in fund investment by analyzing the characteristics of the portfolio based on past returns. In addition, the study is meaningful in that it suggests a way to use long-term returns more efficiently based on the behavior of fund investors and shows that such investments lead to higher returns in the future.

• 디지털융복합연구
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• 제17권2호
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• pp.73-80
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• 2019

본 연구는 외국인투자자의 투자기간과 회계이익-과세소득 차이(Book-Tax Difference; BTD) 간의 관련성을 실증적으로 검증하였다. 이를 위해 외국인투자기간은 외국인투자자 투자회전율로 측정하였으며, 회계이익-과세소득 차이는 실질 부담세액을 토대로 산출한 과세소득을 활용하여 산출하여 이들 간의 관련성을 회귀분석을 통해 검증하였다. 연구표본은 한국채택국제회계기준(K-IFRS)이 의무적으로 도입된 2011년부터 2016년까지 한국증권거래소 상장 12월 결산법인으로 총 3,025 기업-연도이다. 검증결과, 외국인투자기간이 장기일수록 회계이익-과세소득 차이 수준이 낮은 것으로 나타났다. 이는 외국인투자자들의 장기 투자에 따른 효율적인 모니터링 효과로 인한 결과로 해석할 수 있다. 본 연구는 기업의 회계처리정책에 미치는 외국인투자자의 영향력을 외국인투자기간 측면에서 검증함으로써 관련 선행연구를 확장하였다는 점에서 연구의 의의가 있다.