• 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.

• 한국병원경영학회지
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• 제6권2호
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• pp.156-172
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• 2001

Financial ratio indicators of the 73 sample hospitals provided by the Korea Hospital Association in 1998-1999, together with the data by the Korea Health Industry Development Institute in 1007, were analysed to identify the financial structure and managerial performance of the profit/loss-making hospitals under the IMF. The major findings of this study were as belows. 1. Among the general characteristics, there was a statistical significance in the hospital location and the number of operating beds between profit-making hospitals and loss-making hospitals. 2. Financial ratio indicators of the profit-making hospitals were better than those of the loss-making hospitals. 3. Financial ratio indicators, including Liquidity, Performance Indicators and Growth Rate Indicators of profit-making hospitals, were better than those of loss-making hospitals except for Turnover Ratios under the IMF economic impasse.

• Communications for Statistical Applications and Methods
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• 제30권1호
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• pp.75-94
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• 2023

The growing trend of cyber risk has put forward the importance of cyber risk management. Cyber risk is defined as an accidental or intentional risk related to information and technology assets. Although cyber risk is a subset of operational risk, it is reported to be handled differently from operational risk due to its different features of the loss distribution. In this study, we aim to detect the characteristics of cyber loss and find a suitable model by measuring value at risk (VaR). We use the loss distribution approach (LDA) and the time series model to describe cyber losses of financial and non-financial business sectors, provided in SAS^® OpRisk Global Data. Peaks over threshold (POT) method is also incorporated to improve the risk measurement. For the financial sector, the LDA and GARCH model with POT perform better than those without POT, respectively. The same result is obtained for the non-financial sector, although the differences are not significant. We also build a two-dimensional model reflecting the dependence structure between financial and non-financial sectors through a bivariate copula and check the model adequacy through VaR.

• 한국가스학회지
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• 제15권5호
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• pp.42-49
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• 2011

현실적인 사고 피해크기 예측에 의해 사업장의 안전경영을 달성할 수 있도록 하기 위하여 인화성 가스를 사용하는 압력용기에서 가스 누출사고에 의한 피해지역과 재정적 손실에 영향을 주는 매개변수를 분석하였다. 그 결과, 재정적 손실은 조업중단 비용이 가장 크게 영향을 미쳤으며, 설비의 종류와 재질, 공정 특성 및 주변 환경을 잘 고려하는 것으로 나타났다. 또한 사업장에는 피해지역 보다 재정적 손실로 사고 피해크기를 산출하는 것이 보다 현실성이 있었다.

• 한국병원경영학회지
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• 제8권3호
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• pp.118-142
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• 2003

This study is aimed at evaluating the financial structure of hospitals before and after the separation of prescription and drug dispensing policy started to be implemented in July 2000 and at making a suitable hospital managerial strategy through the verification of the factors which have effect on their profitability. This study investigated the hospitals which have passed the accredition review to be designated as a accredited training hospital each year for three years from 1999 to 2001. Those hospitals were selected from members of the Korea Hospital Association. 106 hospitals were targeted for analysis except for the hospitals whose financial statements and managerial performance were not reported faithfully. The financial indicators used in this study were stability indicators(liability to total assets, ratio of debt to fund balance, fixed ratio), liquidity indicators(current ratio, quick ratio), activity indicators(total assets turnover, fixed assets turnover), profitability indicators(net profit to total assets, net profit to net worth, operating margin), and operating expenses to patient revenues indicators(drug and supplies costs/payroll/overhead expenses). The result of this study are as follows: First, the analysis of the increase of loss-making hospitals before and after. The separation of prescription and drug dispensing policy shows that the number of loss-making hospitals increase after the separation(22.6% before the separation; 31.1% after the separation). However, there was no significant statistical difference. Second, the analysis of operating expenses to patient revenues indicators showed that the ratio of drug and supplies cost became lower in all hospitals but the ratio of payroll/overhead expenses became higher. Additionally, the factor which have the greatest effect on profitability was operating expenses to patient revenues indicators (drug and supplies costs/payroll/overhead expenses). Third, the analysis of managerial performance by four types of loss-loss, loss-profit, profit-loss and profit-profit compared the results before the separation with those after the separation revealed as follows : Reliance on liability to total assets became higher in the profit-loss type($56.2%{\rightarrow}66.4%$), lower in the loss-profit type($82.7%{\rightarrow}74.5%$). Total assets turnover became higher in the profit-profit type($1.3{\rightarrow}1.5$), but lower in the loss-profit type($0.8{\rightarrow}0.7$). Operating margin decreased to minus 5.9% from 4.3% in the profit-loss type, but increased to 7.2% from minus 7.8% in the loss-profit type. Forth, operating expenses to revenues indicators showed that the increase of payroll was the biggest in the profit-loss type($39.2%{\rightarrow}49.9%$) and that overhead cost decreased in the loss-profit type but that rather increased in other types.

• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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• pp.909-917
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• 2020

The research aims to analyze the firm-specific and macroeconomic factors that affect insurance company's financial performance. The research explores the variables that influence the financial performance of the United Arab Emirates (UAE)' insurance companies. The analysis for determining financial performance considers the following variables: the firm's age, retention ratio, capital adequacy, underwriting risk/loss ratio, financial-leverage, reinsurance dependency, and macro-economic factors such as GDP per capita, inflation rate considered as independent factors. The return-on-asset (ROA) is the key measuring indicator; it is regarded as the dependent variable for financial performance measures. The research focuses on secondary information obtained from insurance companies' financial statements. The researcher targeted 18 insurance companies listed on the UAE stock exchanges for study purposes. The research examines the overall factors that influence the financial performance of an insurance company. For analysis of data, software package of social sciences (SPSS version 20) is used. The studies used correlation and multiple linear regression analysis to determine financial performance and their effects. The analysis suggests that there are important and constructive relationships between the size, capital adequacy, and reinsurance dependency, while loss ratio, retention ratio, and financial leverage indicate a major negative relationship. And there's no link between GDP per capita and inflation.

• 한국가스학회지
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• 제13권4호
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• pp.53-60
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• 2009

냉각수, 수증기 등과 같은 유틸리티를 사용하는 설비에서는 장치손상지역에 의한 사고 피해크기(COF)가 0의 값을 나타내고, 이로 인해 위험도가 0으로 나타난다. 따라서 본 연구에서는 위험기반검사(RBI)에서 장치손상지역에 의한 COF로부터 위험도를 산출하는 방법을 개선하여 재정적 손실에 의한 COF로부터 위험도를 산출하는 RBI 절차를 개발하였다. 그리고 장치손상지역과 재정적 손실에 의한 위험도로부터 검사주기를 동시에 산정하는 RBI 프로그램(KS-RBI Ver 3.1)을 개발하여 석유화학공정에 적용하였다. 그 결과, 재정적 손실에 의한 COF로부터 산출한 위험도는 장치손상지역에 의한 COF로부터 산출한 위험도 결과와 거의 유사하였다. 그러나 유틸리티를 사용하거나 고가의 설비에서는 장치손상지역에 의한 경우보다 재정적 손실에 의한 COF로부터 설비의 위험도를 보다 정확하게 산출할 수 있었다.

• 대한전기학회:학술대회논문집
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• 대한전기학회 2011년도 제42회 하계학술대회
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• pp.324-325
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• 2011

This paper addresses the assessment of voltage sag costs based on the stochastic prediction of voltage sags. When voltage sags below a certain voltage threshold occur at sensitive industrial process, the industrial customer will experience financial damage. In order to mitigate voltage sag costs and devise efficient solutions to mitigate damage, a study on the financial loss assessment of voltage sags is basically needed. In order to assess the voltage sag costs, the expected sag frequency at a sensitive load point should be calculated by using the concept of the area of vulnerability and historical fault statistics. Then, financial loss due to voltage sags can be obtained by multiplying the expected sag frequency by the cost per sag event.

• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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• pp.635-645
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• 2020

This research was conducted to achieve several objectives and focus research was based on financial behavior theory and prospect theory as grounded theory e.g., investigate the financial decision-making behavior between financial and real assets investment, and confirm the relationship existing between herding behavior and overconfidence factors to the level of loss and regret aversion, and financial literacy into real assets investment decisions. The study used 220 real estate auction respondents as investor samples at the State Assets and Auction Service Office Makassar, South Sulawesi, Indonesia. Data was collected through the use of a questionnaire consisting of 23 questions to measure the variables. Moreover, the research data passed through several feasibility tests like the inner and outer modeling by Partial Least Square - Structural equation model (PLS-SEM) while the hypotheses formulated were also tested to determine the magnitude of the variable relationship. Through the use of the direct and intervening test, loss and regret aversion variables have a positive and significant effect while financial literacy variables have no significant effect. There is a slight difference in the decision-making process for real assets and financial assets investors. Investment decision making behavior in the financial assets sector requires less complicated decisions compared to the decisions related to real assets investments.

• 경영과학
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• 제28권3호
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• pp.73-82
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• 2011

Basel II advanced measurement approaches for operational risk need to estimate the frequency and severity distribution of operational losses. Due to lack of internal loss data, the estimation is impossible in many cases and so external loss data might be used by scaling on asset or gross income. To get around lack of loss data, scenario analysis combined with loss distribution approach can be useful in calculating the capital charge of operational risk. However, scenario based loss distribution approach requires much time and effort. Instead we may apply the analytic hierarchy process to measure operational risk of financial institutions. The analytic hierarchy process combined with loss distribution approach is to estimate the capital charge of operational risk in other areas based on the operational VaR in an area with sufficient loss data. AHP provides a tool for timely measurement of operational risk in this rapidly changing global environment.