• Proceedings of the KIEE Conference
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• 2008.11b
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• pp.157-159
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• 2008

This paper summarizes the results of these efforts by offering a photovoltaic system structure in 50kW. The combination of photovoltaic system components are interconnected and system monitoring system will be summarized for the purpose of the increasing safety in this article. This paper describes configuration of utility interactive photovoltaic system which generated electric power supplies to dormitory. In order to installing the middle or large scale photovoltaic system, It must investigated the optimal design of system, compute quantity of power generation, economic rate of return and so on. In this paper represent 50kW utility photovoltaic system examination, developed simulation results and financial analysis. The performance of photovoltaic system has been evaluated, analyzed with simulation and financial analysis results. The results obtained in this research will be much useful to prior investigation for installing utility interactive photovoltaic system.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.1249-1256
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• 2021

This study investigates the company value determinant by observing the effect of financial performance and Corporate Social Responsibility (CSR) and its role in moderating performance achievement. The macro-economy variables such as inflation and interest rate are also used as the controlling variable. This research employs the sample of manufacturing companies of the food and beverage sub-sector listed on the Indonesia Stock Exchange. This study used panel data from 2013 to 2017, with the moderating regression analysis. The result shows that the profitability of the current or previous period affects the company's value. CSR and company size affect the company value at the next period shows that stock price, which reflects the investor's perception today, will be affected by the CSR, Size, and Return On Asset of the previous year. CSR also shows that it can be the substitute for profitability since a company that performs CSR is the one that has a good performance. The regression moderating model and the profitability of the previous period have a higher explanatory power than the higher R square value in explaining company value.

• Journal of the Korean Society for Aviation and Aeronautics
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• v.31 no.4
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• pp.28-44
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• 2023

This study investigates aircraft lessor business models by studying cases and interviewing experts to analyze investors and business strategies of aircraft lessor. The results confirm that there is a wide range of investors including institutional investors, financial institutions, insurance companies, corporations, and wealthy individuals for aircraft lessor. Aircraft lessors can be categorized based on its required rate of return (cost of capital) into bank-investing core, institutional investor-investing value-added, and hedge fund-investing opportunistic. Aircraft lessor decides leasing rate by aircraft purchasing price and lessee's credit rating. Core aircraft lessors invest in new aircrafts for new placement or sale-and-leaseback strategy requiring little technical risk in aircraft, value-added lessors invest in middle-aged aircrafts for re-leasing, opportunistic lessors invest in old aircrafts for freighter conversion or part-out strategy requiring high level of expertise. This study provides insights for future Korean aircraft lessor establishment and investment.

• Journal of Technology Innovation
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• v.5 no.1
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• pp.206-222
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• 1997

The conventional analysis with which justifies government intervention of the private sector's innovation activities is the market failure approach. According to such analysis, fund allocation through autonomous market mechanisms is not optimal in technology financing because of the disparity between the desirable level of investment for society as a whole and that for private firms. To optimize the fund allocation, public policies such as subsidy, preferencial loan and venture capital investment programs are designed for technology development projects performed by private firms. They, however, have not been effective in increasing private investment for such projects. In most cases, it was found that little considerations given to the relationship between uncertainty embodied in technology development projects and each types of financing. With respect to optimizing fund allocation, technology development projects should be financed by different means according to their probability of success and the expected value of technology. Employing various theoretical models on financing decision-making we verify here that technology development projects to be supported by commercial banks or venture capital institutions is limited contingent upon levels of uncertainty adn expected value. Under the assumption that financial institutions are risk averse, loan or investment can be available only if the probability of success of the project is higher than the probability premium and the current market rate of interest. Therefore, the projects that have lower probability of success and/or small expected return are excluded from commercial loan or investment programs. However, the remaining projects, whose probability of success is low but with high expected return, may be applied under government subsidy programs. To achieve optimality of fund allocation and to activate technology financing, we conclude that there should be a systematic division of role among financial institutions including government commercial banks, and venture capital institutions.

• The Journal of Small Business Innovation
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• v.20 no.3
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• pp.49-68
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• 2017

Platform finance is emerging as an alternative finance for SMEs by suggesting a new funding source based on a new technology named FinTech. The essence of this business is the adapting ICT challenges to the financial industry that can adequately reflect risk assessment using Big Data and effectively meet individual risk-return preference. Thus, this is evolving as an alternative to existing finance in the form of P2P loans for Micro Enterprises and supply-chain finance for SMEs that need more working capital. Platform finance in Korea, however, is still at an infant stage and requires policy support. This can be summarized as follows: "Participation of institutional investors and the public sector," meaning that public investors provide seed money for the private investors to crowd in for platform finance. "Negative system in financial regulations," with current regulations to be deferred for new projects, such as Sandbox in the UK. In addition, "Environment for generous use of data," allowing discretionary data sharing for new products," and "Spreading alternative investments," fostering platform finance products as alternative investments in the low interest-rate era.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.2
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• pp.81-92
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• 2022

The necessity for a theoretical explanation of the negative association between capital structure and company performance is identified in this study. By focusing on accounting metrics of business performance, this study is the first to investigate the moderating effects of firm size between these variables using logical reasoning. Due to the possibility of endogeneity, this study applies a two-step system GMM approach with data from 285 non-financial enterprises from PSX over a 21-year period. For robustness, we employed pooled OLS, fixed effect, and two-step difference GMM. Our data show that leverage has a detrimental impact on business performance, with size acting as a moderator in the same direction. Our analysis empirically supports some studies while refuting others due to inconsistent results in the literature, but no study has theoretically justified their negative link. We believe that because larger companies have more and easier access to capital markets, they focus primarily on the amount of return, even if the investment is inefficient in terms of the rate of return, but small businesses do not. As a result of this thinking, firm managers' performance suffers as a result of leverage.

• Management Science and Financial Engineering
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• v.10 no.1
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• pp.25-41
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• 2004

There have been many studies to build a model that can help investors construct optimal portfolio. Most of the previous models, however, are based upon the path-breaking Markowitz model (1959) which is a quantitative model. One of the most important problems with that kind of quantitative model is that, in reality, most of the investors use not only quantitative, but also qualitative information when they select their optimal portfolio. Since collecting both types of information from the markets are time consuming and expensive, making a set of target assets smaller, without suffering heavy loss in the rate of return, would attract investors. To extract only desired assets among all available assets, we need knowledge that identifies investors' preference for the risk of the assets. This study suggests two-layer decision-making rules capable of identifying an investor's risk preference and an architecture applying them to a quantitative portfolio model based on risk and expected return. Our knowledge-based portfolio system is to build an investor's preference-oriented portfolio. The empirical tests using the data from Korean capital markets show the results that our model contributes significantly to the construction of a better portfolio in the perspective of an investor's benefit/cost ratio than that produced by the existing portfolio models.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.4
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• pp.97-105
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• 2020

This paper explores the impact of capital structure on firm performance in the context of Vietnam. The paper investigates the different effect of capital structure on firm performance in state-owned and non-state enterprises listed on the Vietnam stock market. The panel data of research sample includes 488 non-financial listed companies on the Vietnam stock market for a period of six years, from 2013 to 2018. The Generalized Least Square (GLS) is employed to address econometric issues and to improve the accuracy of the regression coefficients. In this research, firm performance is measured by return on equity (ROE), return on assets (ROA), and earnings per share (EPS). The ratios of short-term liabilities, long-term liabilities, and total liabilities to total assets are proxy for capital structure. Firm sizes, growth rate, liquidity, and ratio of fixed assets to total assets are control variables in the study. The empirical results show that capital structure has a statistically significant negative effect on the firm performance. The result also shows this effect is stronger in state-owned enterprises than non-state enterprises in Vietnam. These evidences provide a new insight to managers of both state-owned and non-state enterprises on how to improve the firm's performance with capital structure.

• The Korean Journal of Applied Statistics
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• v.29 no.1
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• pp.85-98
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• 2016

This study makes an empirical comparison of various realized volatilities (RVs) in terms of overnight returns. In financial asset markets, during overnight or holidays, no or few trading data are available causing a difficulty in computing RVs for a whole span of a day. A review will be made on several RVs reflecting overnight return variations. The comparison is made for forecast accuracies of several RVs for some financial assets: the US S&P500 index, the US NASDAQ index, the KOSPI (Korean Stock Price Index), and the foreign exchange rate of the Korea won relative to the US dollar. The RV of a day is compared with the square of the next day log-return, which is a proxy for the integrated volatility of the day. The comparison is made by investigating the Mean Absolute Error (MAE) and the Root Mean Square Error (RMSE). Statistical inference of MAE and RMSE is made by applying the model confidence set (MCS) approach and the Diebold-Mariano test. For the three index data, a specific RV emerges as the best one, which addresses overnight return variations by inflating daytime RV.

• Management Science and Financial Engineering
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• v.21 no.2
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• pp.13-23
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• 2015

This study addresses the question as to whether the option prices have useful predictive information on the direction of stock markets by investigating a forecasting power of volatility curvatures and skewness premiums implicit in S&P 500 index option prices traded in Chicago Board Options Exchange. We begin by estimating implied volatility functions and risk neutral price densities every minute based on non-parametric method and then calculate volatility curvature and skewness premium using them. The rationale is that high volatility curvature or high skewness premium often leads to strong bullish sentiment among market participants. We found that the rate of return on the signal following trading strategy was significantly higher than that on the intraday buy-and-hold strategy, which indicates that the S&P500 index option prices have a strong forecasting power on the direction of stock index market. Another major finding is that the information contents of S&P 500 index option prices disappear within one minute, and so one minute-delayed signal following trading strategy would not lead to any excess return compared to a simple buy-and-hold strategy.