Doseong Kim - Academia.edu (original) (raw)

Papers by Doseong Kim

The Journal of Investing, May 31, 2008

This article examines whether the performance in the investment in value stocks vs. growth stocks... more This article examines whether the performance in the investment in value stocks vs. growth stocks is different in terms of the holding period and stock market conditions. The study analyzes the performance of high- and low-P/E portfolios for the quarterly and monthly rebalancing as well as the annual rebalancing, using a sample period of April 1986 to March 2003, divided into a general bull market period of April 1986 to March 2000 and a recent bear market period of April 2000 to March 2003. The findings show that regardless of the frequency of portfolio rebalancing, high-P/E portfolios outperform low-P/E portfolios especially for the bull market period. However, when adjusted for the risk inherent in different P/E portfolios, low-P/E portfolios outperform high-P/E portfolios for all rebalancing frequencies. Finally, the evidence shows that more frequent rebalancing tends to improve the performance of low-P/E portfolios but reduces the performance of high-P/E portfolios.

The Korean Society Of Management Consulting, Feb 1, 2020

The Korean Society of Business Venturing, Feb 1, 2020

Social Science Research Network, May 31, 2021

Korean Abstract: 본 연구는 선진화된 금융서비스업을 위해서 가계의 지속가능한 재무건전성 확보가 중 요하며 이를 ... more Korean Abstract: 본 연구는 선진화된 금융서비스업을 위해서 가계의 지속가능한 재무건전성 확보가 중 요하며 이를 위해 가계 내에서 일어나는 다양한 금융의사결정을 종합적으로 다룰 수 있 는 금융서비스가 제공되어야 할 필요가 있음을 인식하고, 금융전문인력으로서 재무설계 전문인력양성의 활성화를 위해 이루어지고 있는 다양한 금융전문인력 자격제도를 재무 설계 분야 자격증과 연계 분석하여 금융자문인력 자격제도의 효율적인 운영방안을 모색 하고자 하였다. 이를 위해, 국내 금융인력 전문자격제도 중 자문서비스와 관련된 재무설 계, 투자자문, 신용관리 자격제도의 운영 현황을 비교분석하였고, 해 선진국의 금융전 문인력 자격제도에 대해 금융전문인력 자격 간의 연계 사례와 재무설계와 관련된 법령 이나 규제 등을 검토하였다. 또한 이러한 내용을 바탕으로 금융전문인력 자격제도의 효 율적인 운영방안과 발전 방향 및 정책적 제안을 다음과 같이 하였다. 첫째 전문금융업으 로서 재무설계를 법으로 정의하고 호주와 캐나다와 같이 금융전문가로서 재무설계사 호 칭 사용의 법적 규제가 필요할 것이다. 또한 금융소비자보호법에서 금융상품자문업을 위 한 취득 자격에 재무설계사가 포함되어야 할 것이며, 독립된 자문업자가 일정한 지위를 확보할 때까지 시장의 성숙도에 따라 탄력적으로 운용되어야 할 필요가 있다. 둘째, 금 융시장에서 개인재무설계서비스의 기여도를 재평가하여 재무설계사제도의 효율성을 제 고할 필요가 있다. 재무설계는 가계 경제가 건전하게 성장하고 이를 바탕으로 국가경제 가 긍정적으로 활성화되는 매우 중요한 역할을 한다. 따라서 가계의 재무건전성 확보를 위해 국내 금융전문인력자격제도의 틀 안에서 전문성과 윤리성을 갖춘 재무설계서비스 를 제공할 수 있는 재무설계 전문가 양성과 그 역할의 강화 및 확대가 필요하다. 셋째, 각 기관별 유사 금융전문인력 자격제도가 공존하고 있으나 연계성과 호환성이 부족하여 금융전문인력 자격의 질을 높이기 위한 공신력 있는 컨트롤타워 수립이 필요한 것으로 판단된다. 싱가포르의 경우, 은행, 보험, 증권 및 자산운용회사 등의 금융 관련 직업교육 및 재교육 프로그램을 제공하는 국가인증 교육기관을 설치하여 관련 자격기준 제공 및 자격시험 시행하고 있는 바, 우리나라에서도 전문성과 윤리성이 담보되는 신뢰할 수 있 는 금융서비스를 제공하는데 필요한 역량을 평가할 수 있는 자격시험을 규정하고 통합 적으로 관리하는 전문조직 구성이 시급하다. English Abstract: It is important to secure sustainable financial soundness of households for the advanced financial service industry. To this end, it is necessary to provide financial services that can complement financial decision-making within households. Therefore, by analyzing the various financial professional qualification systems currently in place in connection with the financial planning professional qualification system, we developed an efficient operation plan to revitalize the cultivation of financial planning experts. Among the professional qualification systems for financial personnel in Korea, the current status of financial planning, investment advisory, and credit management qualification systems related to advisory services were identified, compared, and analyzed. In addition, the cases of linkage between qualifications of financial professionals and laws and regulations related to financial planning were reviewed for the qualification systems of financial professionals in advanced countries. Furthermore, based on this examination, an efficient operation plan, development direction, and policy proposal of a qualification system for financial professionals were suggested. First, it is necessary to define “the personal financial planning” as a professional finance business and legally regulate financial planning activities as in Australia and Canada. In addition, under the Financial Consumer Protection Act, financial planners should be included in the qualifications for acquisition for financial product advisory business. Second, it is necessary to improve the efficiency of the personal financial planner system by re-evaluating the contribution of personal financial planning services in financial markets. Financial planning is one of the important ways in which the household economy grows as well as the national economy. Therefore, in order to secure the financial soundness of households, it is necessary to cultivate financial planning specialists who can provide financial planning services with expertise and ethics within the framework of the domestic financial specialist qualification system, as well as to strengthen and expand their roles. Third, although similar financial professional qualification systems for each institution coexist, it is judged that the establishment of a credible control tower is necessary to improve the quality of qualifications for financial professionals due to the current lack of connectivity and compatibility. In Singapore, a nationally accredited educational institution providing financial-related vocational education and re-education programs for banks, insurance, securities, and asset management companies has been established to provide relevant qualification standards and conduct qualification tests. As such, in Korea, there is a need for a specialized organization that regulates and manages qualification tests that can evaluate the professionalism and ethics of financial planners.

The Journal of Investing, 2008

korean Academic Society of Financial Planning, May 1, 2021

Financial Planning Review, 2022

Financial Planning Review, 2021

Journal of Real Estate Portfolio Management, 2006

Asia-Pacific Journal of Business Venturing and Entrepreneurship, 2020

Financial Planning Review, 2019

SSRN Electronic Journal, 2019

Korean Abstract: 본 연구는 투자자들이 기업에 대해 갖고 있는 관심 정도에 따라 애널리스트의 투자의견 변경이라는 새로운 정보에 상이하게 반응하는지를 분석한다. 투... more Korean Abstract: 본 연구는 투자자들이 기업에 대해 갖고 있는 관심 정도에 따라 애널리스트의 투자의견 변경이라는 새로운 정보에 상이하게 반응하는지를 분석한다. 투자자 관심도는 인터넷 검색량 지수를 이용하여 산출하고 투자의견이 변경된 기업들을 투자자 관심도가 높은 기업군과 투자자 관심도가 낮은 기업군으로 분류한다. 본 연구의 주요 결과는 다음과 같다. 첫째, 애널리스트의 투자의견이 상향 변경된 시점에 유의한 주가 상승은 투자자 관심도가 높은 기업군에서만 나타난다. 투자의견이 하향된 경우에는 투자자 관심도가 높은 기업군과 낮은 기업군에서 모두 유의한 주가 하락 반응이 나타났으나 투자자 관심도가 높은 경우 하락률이 높다. 즉 투자의견 변경 공시 시점의 과소반응은 투자자 관심도가 낮을수록 강하게 나타난다. 둘째, 투자의견이 상향된 경우에 투자자 관심도가 낮은 기업들은 공시 이후 3일부터 50일까지 시장수익률을 초과하는 유의한 주가 상승을 기록하는 반면 투자자 관심도가 높은 기업들의 수익률은 통계적으로 유의하지는 않으나 시장수익률을 하회하는 결과가 나타난다. 투자의견이 하향된 경우에는 투자자 관심도가 낮은 기업들은 공시일 +3일부터 +50일 동안 시장수익률을 하회하고 투자자 관심도가 높은 기업들은 시장수익률을 상회하는 것으로 나타났으나 모두 통계적인 유의성은 부족하다. 전체적으로 본 연구의 결과는 투자자의 관심이 낮을수록 애널리스트 투자의견 변경에 대한 투자자의 과소반응 및 주가 지연반응이 심화됨을 시사한다. English Abstract: This study investigates how investor attention affects investors’ response to the announcement of analysts’ recommendation revisions. We use the internet search index provided by Naver as a proxy for the degree of investor attention in a firm. We measure immediate market responses to recommendation revisions using five-day cumulative average abnormal returns surrounding announcements and post-announcement drift using buy-and-hold abnormal returns from three days to fifty days following announcements. The main findings of our study are as follows: First, we find that the immediate market response to the announcement of recommendation revisions is weaker when investors’ attention in a firm is low. Second, we find that the post-announcement drift is stronger when investors have low attention. Our results are consistent with prior literature suggesting that investor inattention is related to investors’ underreaction to new information and related post-announcement drift.

Book of Abstracts: 2005 European Real Estate Society conference in association with the International Real Estate Society - Dublin, Ireland, 2005

Historically, financial planners have recommended that households should have their mortgages pai... more Historically, financial planners have recommended that households should have their mortgages paid-in-full prior to retiring so that they will have more funds available for other expenses and reduce the risk of not being able to afford the mortgage payment. Recent research (Storms, 2001) suggests that this advice may not be followed by those households who have decided to retire versus those who continue to work and are considered to be of retirement age. What options are available to those who are considering retirement and still have a mortgage? First, they can decide to pay off the mortgage with some of their other accumulated financial assets. This will have the effect of removing a fixed payment, but it may be at the cost of reducing more liquid assets. Second, they can downsize to a smaller unit which would allow them to pay off their mortgage and invest any equity that is left for retirement income. Third, they can take the option to keep an existing mortgage in their retirement years and instead build-up a cash reserve for liquidity purposes, obtaining tax benefits if they want to itemize their deductions, and/or a protection against the ravages of inflation by making payments with ever less expensive fixed dollars. There is very little research on the impact of the option to have a mortgage on the primary and/or secondary residence during the retirement years because of the assumption that those who retire will have paid-off mortgages. The purpose of this study is to examine the impact of the option to finance the residence on those who retire versus those who continue to work. We hypothesize that individuals who have more expensive homes and larger mortgages may be less likely to retire.

The Korean Academic Association of Business Administration, 2017

본 연구는 한국의 외환위기 (1997-1998년) 이후 실시된 금융개혁이 기업의 배당정책에 미친 효과를 분석한다. La Porta et al.(2002)의 연구에 따르면 주주... more 본 연구는 한국의 외환위기 (1997-1998년) 이후 실시된 금융개혁이 기업의 배당정책에 미친 효과를 분석한다. La Porta et al.(2002)의 연구에 따르면 주주에 대한 법적 보호가 강한 국가에 속하는 기업들은 그렇지 않은 기업보다 더 많은 배당을 실시하며, 특히 성장기회가 제한될수록 배당성향이 높아진다. 이는 국가적인 기업지배구조 제도와...

Financial Services Review, Oct 1, 2003

Abstract We examine the financial condition of households as they move into retirement and the re... more Abstract We examine the financial condition of households as they move into retirement and the relative influence of wealth and income on the decision to retire. We find no significant difference between the net worth of retired and nonretired households, suggesting that retirees are no more adequately prepared for retirement than the nonretired subsample. With respect to portfolio allocation, retired households have significantly more financial assets, with a concentration in fixed-income securities, but home equity accounts for nearly half of their net worth. In addition, other household members' employment earnings generate approximately 40% of income for retired households. (C) 2003 Academy of Financial Services. All rights reserved. JEL classification: J26; D14; J14 Keywords: Retirement; Asset allocation; Wealth; Income; Probit 1. Introduction Within the area of personal finance, several trends have lent emphasis to the importance of individual retirement planning. Among those trends are the aging of the baby-boom generation, a general increase in average life expectancy, and the increasingly apparent burden that both of these issues are placing on the federal Social Security system. Indeed, while the future condition of Social Security is an issue of intense debate, there is general agreement that it will not continue in its current form (Tacchino and Saltzman, 2001; Fraser, Jennings and King, 2000). In addition, within private industry there has been consistent movement away from defined benefit retirement plans that are primarily created and administered by employers toward defined contribution plans that require more active employee participation (Bodie and Crane, 1999; Anthes and Most, 1999). The combination of these trends has placed increasing significance on an individual's responsibility to financially plan for his/her retirement years. In response to these trends, there is a growing body of literature addressing the financial issues of retirement. While the focus of studies has varied, a point of commonality among the literature to date has been the general lack of detailed retirement data. As a result, the majority of studies have been forward-looking, focusing on the process of preparing for retirement, but remaining fairly limited in what can be said once individuals actually reach retirement. The purpose of this study is to examine what is actually being done to financially prepare for retirement as compared to the theoretical and empirical arguments for what individuals should be doing. Specifically, we use four waves of the Health and Retirement Study (HRS) to analyze the financial condition of a sample of households as they move into retirement. We examine the allocation of assets, sources of income, and the adequacy of the preparation for retirement. We then test for the relative influence of these variables on the decision to retire. Note that while the retirement decision is likely to be significantly influenced by nonfinancial variables (e.g., health status, marital status, utility of leisure, etc.) as well, we leave these issues to be addressed in future research. The paper proceeds as follows. We provide a review of the relevant literature in Section 2, and an overview of our data and the methodology we employ in Section 3. We present our empirical results in Section 4 and conclude the paper in Section 5. 2. Literature review The retirement literature most related to this study is the research that examines the allocation of assets in preparation for retirement and the overall adequacy of financial assets to support retirement needs. Asset allocation studies consider the optimal mix of assets to be chosen in preparing for retirement. Retirement adequacy studies estimate the level of resources necessary to meet postretirement consumption needs, and based on these projections, assess the adequacy of preretirement preparation. …

Advances in Financial Planning and Forecasting, 2003

This paper provides empirical evidence on the price behavior of closed-end country funds. Using t... more This paper provides empirical evidence on the price behavior of closed-end country funds. Using the data from 47 closed-end single-country funds, we examine three cointegrating factors to describe the long-run behavior of country-fund share prices. They are: the net asset value (NAV), foreign stock-market indexes, and the U.S. stock market index. In the long run, country-fund prices are more highly cointegrated with the NAV and foreign stock indexes, but less cointegrated with the U.S. stock index, indicating that potential long-term international diversification benefits through investing in country-funds, especially in emerging-country funds. However, in the short run, country-fund returns are highly sensitive to all three variables. U.S. market returns have a more significant role in explaining the country-fund return movement in the short run than it does in the long run. The evidence also shows that the error-correcting representation based on information derived from all three variables provides a most appropriate model for predicting the subsequent changes of the country-fund prices.