• Asia-Pacific Journal of Business
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• v.13 no.1
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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.

• Journal of Korea Water Resources Association
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• v.34 no.5
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• pp.487-497
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• 2001

Investigated data on Lake Okjeong were used for the simulation of water quality. According to the simulation results, the effective scheme of water quality management on reservoir has been proposed. It has been recognized that the water quality of Lake Okjeong is under eutrophic and mesotrophic condition even though there are seasonal variation. The water quality of lake is mainly affected by the inflow of pollutant load from watershed. Therefore, to estimate and quantify the accurate amounts of pollutants flowing into reservoir is absolutely necessary for the effective management of water quality on Lake Okjeong. When the pollutant load measured during 7 different rainy periods in 1999 was compared with total pollutant load in 1999. TN and TP measured during 7 different rainy periods showed almost 50% of total pollutant load. In case of SS, it was 72.8%. On the other hand, the rainfall amount measured during the 7 different rainy periods was about 17.5% of total rainfall amount in 1999. Release rate of TP shows 11.92 mg/L at fish farm site and 0.2∼1.9 mg/L at monitoring station of water quality on Lake Okjeong, and which is considered to be less than that of other foreign reservoirs under the circumstances of anoxic condition. For the effective management of water quality on Lake Okjeong. WASP5 water quality simulation model has been applied and verified, and the verified model was used to propose the effective scheme of water quality management. In this case, 6 different scenarios were applied, by changing the amount of inflow of pollutant load in each subbasin. The most effective scheme has turned out that pollutant load generated from Imsil and Gwanchon subbasin should be reduced, and the best way to improve the water a quality is to reduce the pollutant load at every subbasin. According to the simulation result, wastewater treatment facility should be located at every subbasin.

• Journal of the Korean Society of Surveying, Geodesy, Photogrammetry and Cartography
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• v.31 no.5
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• pp.401-410
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• 2013

Due to the increasing need for spatial information, there have been a lot of research related with monitoring and revision of changed regions for the acquisition of the accurate and latest information. In this paper, the optimal monitoring management plan for changed regions with respect to the revision periods was proposed. For this purpose, the representative monitoring methods, which are based on database, professional manpower and crowdsourcing of continuous revision, and aerial imagery, satellite imagery and LiDAR of cyclic revision, were investigated. Then, the properties and application status of monitoring systems in Korea were illustrated according to the methods. Finally, the optimal monitoring management plan for continuous and cyclic revisions was suggested through the comparison of properties and revisionable objects of each method. From the result, it was shown to be appropriate for the optimal monitoring management plan of continuous revision as using Internet-Architectural Information System (e-AIS) database cooperated with professional manpower and crowdsourcing, and cyclic revision as using domestic high-resolution satellite images and LiDAR data processed semi-automatically.

• Korean Journal of Fisheries and Aquatic Sciences
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• v.52 no.6
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• pp.685-695
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• 2019

To assess the state of Todarodes pacificus fisheries, we examined changes in major fishing and ecological characteristics by comparing jigging fishery data between high (HCLP, 1996-2000) and low (LCLP, 2013-2017) catch level periods. The peak catch occurred in October during the HCLP compared with December during the LCLP. The average catch per unit effort was higher during the HCLP (1.3 tons/jigging vessel) than LCLP (1.0 ton/jigging vessel). During the HCLP, fishing grounds were highly concentrated in the southwestern East Sea and Yamato bank, whereas during the LCLP, the distribution of grounds extended to the South Sea, West Sea, and northern East Sea (near Russian waters) at a low density. Water temperatures in the main fishing ground in the southwestern East Sea were higher at 0, 50, and 100 m depths during the LCLP than HCLP. Meanwhile, the average mantle length of catches decreased from 23.5 cm during the HCLP to 22.21 cm during the LCLP. The mantle length at 50% maturity also decreased between the two periods from 22.06 (HCLP) to 18.77 cm (LCLP). These findings will help guide future management strategies for T. pacificus.

• Journal of Climate Change Research
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• v.8 no.4
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• pp.369-375
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• 2017

In this study, it was intended to compare the two methodologies for forest management project through extension of rotation age: Korean Forest Carbon Offset Standard (KFOS) and Verified Carbon Standard (VCS). The amount of carbon removals and offset credits based on the two methodologies and their trends were analyzed in this study. The major difference between two methodologies were found at the process of estimation of baseline carbon removals. For instance, average carbon stock during the project period was used for estimation of baseline carbon removals in KFOS, while average carbon stock change during the 100 years was used in VCS. Due to the different approach for estimation of baseline carbon removal, the estimated offset credits were also different according to the two methodologies. In this study, 15 project scenarios were considered for comparison of two methodologies : 5 major coniferous stands in Korea (Pinus densiflora in Gangwon region, Pinus densiflora in Central region, Pinus koraiensis, Larix leptolepis, Chamaecyparis obtusa) with 3 project periods (30, 35, 40 years). The results showed that estimated carbon offset credits based on the KFOS methodology were higher for all 15 scenarios compared to those based on the VCS methodology. The KFOS showed a steep decline in the annual offset credit as project period gets longer, thus it is not desirable for projects with longer period. VCS is more acceptable for longer projects with a small difference according to the project periods. The results also indicated that Pinus densiflora in Gangwon, Pinus koraiensis, and Larix leptolepis are more desirable species for forest management project through the extension of ration age.

• Smart Structures and Systems
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• v.15 no.3
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• pp.609-625
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• 2015

Management of infrastructure stock is essential in sustainability of society, and its analysis and optimization are studied in the light of control system modeling in this paper. At the first part of the paper, cost of stock management is analyzed based on macroscopic statistics on infrastructure stock and economical growth. Stock management burden relative to economy is observed to become larger at low economic growth periods in developed economies. Then, control system modeling of stock management is introduced and by augmenting maintenance actions as control input, dynamic behavior of stock is simulated and compared with existing time history statistics. Assuming steady state conditions, applicability of the model to cross sectional data is also demonstrated. The proposed model is enhanced so that both preventive and corrective maintenance can be included as system inputs, i.e., feedforward and feedback control inputs. Optimal management strategy to achieve specified deteriorated stock level with minimal cost, expressed in terms of preventive and corrective maintenance actions, is derived based on estimated parameter values for corrosion of steel bridges. Relative cost effectiveness of preventive maintenance is shown when target deteriorated stock level is lower.

• Management & Information Systems Review
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• v.30 no.2
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• pp.257-275
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• 2011

The price relationship between the futures market and the underlying spot market has attracted the attention of academics, practitioners, and regulators due to their roles during periods of turbulence in financial markets. The purpose of this paper is to investigate the dynamic of price relationship(or lead-lag relationship) between Korean Treasury Bond futures market and spot market. To examine the nature of the price relationship, descriptive statistics, serial correlation, and cross-correlation are used as a preliminary statistics in the Korean Treasury Bond spot and futures market. Next, following Stoll-Whaley(1990) and Chan(1992), the multiple regression method is used to examine the lead-lag patterns between the two markets. The empirical results are summarized as follows. The mean returns of spot markets and future markets are positive(+) and negative(-) respectively and the standard deviation of both stock and futures returns increase through the sub-periods. For the most periods, there is negative skewness in the both markets. The zero excess kurtosis due to the heavy tails of the distribution are relatively large. The autocorrelations in the spot returns for the sample periods are positive in time lag 1, but the autocorrelations in the future returns shows no significant evidence. The results of the daily cross-correlations between the KTB spot and futures returns indicate that a lead-lag relationship don't exist for price changes of futures and spot markets as a preliminary analysis. Finally, empirical results of regression analysis for both market indicate that there is no evidence that the KTB futures lead the KTB spot market, or the KTB spot market lead the KTB futures market. These results are robust for all sub-periods.

• 제어로봇시스템학회:학술대회논문집
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• 1990.10a
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• pp.286-291
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• 1990

We studied about the adopted system to POSCO facility which is very complexity and various as an example for studying a facility diagnosis and management system that is starting to be distinguished in the nowadays. At the first, explain what's the background why POSCO adopted the system, and it's goal, and it's promoting direction and ways. And there after studied it's results and effective analysis. Finally inquiry about the future improvement and development items through problems which become known during the project periods.

• Journal of the Korea Safety Management & Science
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• v.5 no.2
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• pp.27-40
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• 2003

In this study, it was researched a kind of the press machines which had been retained in the domestic press working companies. And then it was analyzed the present conditions with the working types, companies size, the aging types and the continuous working periods. Specially, the purpose of this paper is decreased the industrial accidents of the domestic press working companies by the proposing the safe prevention which are obtained by the analysing the accidential reasons.

• Proceedings of the Safety Management and Science Conference
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• 2003.05a
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• pp.27-36
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• 2003

In this study, it was researched a kind of the press machines which had been retained in the domestic press working companies. And then it was analysed the present conditions with the working types, the size of companies, the aging types and the continuous working periods. Specially, the purpose of this paper is decreased the industrial accidents of the domestic press working companies by the proposing the safe prevention which are obtained by the analysing the accidential reasons.