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- 저자 : 盧德煥 (검색결과 3 건)
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盧德煥 군산대학교 1985 論文集 Vol.10 No.-
In this dissertation, it was shown how the dominance principle could be used to delineate desirable assets.Then various diversification practices were reviewed.It was seen that diversification of even the most naive vairety was beneficial in reducing risk and thereby increasing the portfolio's average rate of return in the long run.Markowitz diversification was seen to be the most effective way of attaining these risk-reducing benefits. After derivation of the efficient frontier was explained in terms of Markowitz diversification, borrowing and lending opportunities were introduced.It was seen that the dominant assets were always portfolios and usually involved lending or leverage.Thus, we reach the conclusion that diversification is essential to the investment program of a rational, risk-averse, wealth-seeking investor.Furthermore, Markowitz diversification helps the investor attain a higher level of expected utility than any other technique.Thus, rational investors will be concerned with the correlation between assets in addition to the assets' expected returns and standard deviations, After investors somehow delineate the most dominant investment opportunities to be found, they still must select one in which to invest their funds. Essentially, once the efficient frontier is delineated, portfolio selection is a personal choice.
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盧德煥 군산대학교 1988 論文集 Vol.15 No.-
1.Introduction Lately security investment trust is prevailing in Korea, so it is very useful to measure the portfolio performance of investment trust in Korea.For this study I selected 65 stock - typed investment trust funds and utilized several models of Sharpe, Treynor, Jensen and Fama.This paper purports not only to help our fund managers to construct and manage the security investment trust portfolio but also to help our policy - maker to control the investment trust companies. 2.Modeling and Sampling For this test, I selected 65 stock-typed investment trust funds and utilized 4 models as follows Model 1 ; Sharpe's index ; *****(p.436) Model 2 ; Treynor's index ; ***** Model 3 ; Jensen's α ; (RP-RF)-(RM-RF)·βP Model 4 ; Fama's NS ; RP-[RF+(RM-RF)·βT] and time span of each data(RP, RM, RF)is one month from Jan.1980 to Dec.1987. 3.Conclusions In this paper I found the following results : (1)Our fund managers had not outperformed more than the overall stock market because of their lack of forecasting abilities. (2)The systematic risk of investment trust is not changed according to market conditions. (3)The rank correlation of performance measurement of investment trust is objectively appropriate. (4)The performance difference among investment trusts does not exist.
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金恒錫,盧德煥,梁鍾烈 군산대학교 1987 論文集 Vol.14 No.-
This paper review the emprical research on forecasting in marketing.We offer a framework for discussing forecasts in the area of marketing, and then review the literatare in light of that framework.Particular emphasis is given to pragmatic interpretation of the literature and finding.We hope to (1) summarize the more important empirical research that relates to the choice and application of forecasting methods in marketing, (2) show how the research from this special issue links with the existing research on the forecasting and (3) provide an agenda for furture research. The paper is organized to Provide a framework for forcasting and then to examine research contributions within that framework. Exhibit 1.A Framework for Forecasts in Marketing. This paper is centered around what forecasts are needs.These needs are listed as A Framework for Forecasts in Marketing.(page 4) Significant gains have been made in forecasting for marketing in the past quarter century.Advances have occurred in the development of qualitative methods such as delphi, role playing, intentions and opinion surveys and bootstrapping.They have also occurred for quantitative methods suchas extrapolation and econometrics.The challenge now is to build up experience in applying these methods so generalizations can be made about which methods are most appropriate in the different areas where forecast are needs in marketing.The evidence and research needs discussed in this paper are now summarized.
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