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강상선(Kang Sang Sun),전재범(Jun Jae Bum) 한국지역개발학회 2018 韓國地域開發學會誌 Vol.30 No.3
What is the basis for appraisal of asset management performance? The performance of the investors‘ asset management tends to be evaluated by reviewing whether or not the investing organization s performance for its investment has been more or less reached on purpose-benchmark. Therefore, it is important that the level of purpose-benchmarks should be reasonably determined. In light of this notion, the purpose of this paper is 1) to reasonably determine levels of purpose-benchmark and 2) to show the efficiency of each sub-real estate market by looking at theoretical equilibrium in office building and retail real estate markets in Korea based on the Security Market Line(SML) and Security Characteristics Line(SCL) in Capital Asset Pricing Model(CAPM). And, the results drawn from this paper is that 1) it is proven that purpose-benchmarks driven from SML for office building and retail real estate markets seem useful to show appropriate expected rates of returns for real estate investments in Korea, and 2) markets efficiencies for office building and retail real estate can be different depending on time and regional characteristics, which implies that investors need carefully elaborate those factors when investing.
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강상선(Kang, Sang Sun),전재범(Jun, Jae Bum) 한국지역개발학회 2019 韓國地域開發學會誌 Vol.31 No.1
The purpose of this study is to find out the optimal amount of investment in constructing a portfolio of real estate investments in Korea. The Strategic Asset Allocation is sought when a portfolio is structured with domestic real-estate investments and bonds and short-term investments. The analysis method was derived by applying the Efficient Frontier based on the MVO model of Makowitz. As a result of the analysis, Assuming that the proportion of each asset should be invested to at least 10%, there were three possible portfolio alternatives. The ratio of Office Building to strategic asset allocation is 14%, Retail Building is 18%, corporate bond ratio is 17%, government bond ratio is 23%, and MMF is 28% etc. At this time, the optimal return range was between 3.3% and 3.7%, the risk range was between 4.57 and 4.79. In conclusion, it established asset allocation taking into account appropriate risks and return levels when constructing strategic asset allocation for domestic corporate bonds and government bonds and commercial buildings.
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강상선(Sang-Sun Kang),전재범(Jaebum Jun) 한국부동산정책학회 2023 不動産政策硏究 Vol.24 No.3
본 연구는 경제위기 상황의 고려 하에 기관투자자가 설정한 허용위험한도의 적정성을 분석함으로써 효율적인 자산운용 성과를 도모하는 것을 목적으로 한다. 이를 위해 본 연구에서는 최근 15년간 6차례의 세계 경제위기 하에서 투자기관의 전략자산배분안에 대한 예상수익률 변화를 측정하여 각 자산군의 민감도를 분석하였다. 이후 민감도에 따른 가상 포트폴리오를 수립하고 MVO 모형을 적용한 후 백테스트를 실시하여 투자기관의 허용위험한도의 적정성을 분석하였다. 분석결과, 한국지방재정공제회의 현행 허용위험한도인 1년 Shortfall Risk(한도치 10%)는 체계적인 위험을 제외한 모든 위험한도를 만족하는 것으로 나타났다. 다만, 5년 Shortfall Risk(한도치 2.5%)는 정상 시장에 투자하는 경우, 일부 포트폴리오에서만 한도를 만족하는 것을 알 수 있었는데 이는 5년 Shortfall Risk의 한도가 1년 Shortfall Risk 보다 낮게 설정되어 있음을 의미한다. 결국, 한국지방재정공제회의 현행 위험감내 한도인 1년 Shortfall Risk(primary ≤ 10.0%)는 유지하고, 5년 Shortfall Risk(CPI ≤ 2.5%)는 상향조정이 필요할 것으로 여겨진다. This study aims to promote efficient asset management performance by analyzing whether the risk tolerance limit set by investment institutions is appropriate considering the economic crisis situation. To this end, this study, under a total of six economic crises over the past 15 years, analyzes the sensitivity of each asset group by measuring the expected change in return for each investment institution's strategic asset allocation plan in the event of a global economic situation. After that, a virtual portfolio according to sensitivity is established, the MVO financial model is applied, and a back test is conducted to analyze the appropriateness of the risk tolerance limit by the investment institution. As a result of the analysis, it is found that the current risk tolerance limit of the Financial Mutual Aid Association, the one-year Shortfall Risk(limit value of 10%), satisfies all risk limits except for systematic risk. However, it is analyzed that the 5-year Shortfall Risk(limit value of 2.5%) satisfies the limit only in some portfolios when invested in a normal market. This means that the limit of the 5-year shortfall risk is set lower than the 1-year shortfall risk. Finally, it is appropriate to maintain the current risk tolerance limit of the Financial Mutual Aid Association, Shortfall Risk(primary≤10.0%) for one year, and Shortfall Risk(CPI≤2.5%) for five years is expected to need to be raised.
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WRC-2000 회의의 71 GHz 이상 대역의 주파수 재분배 최종 결과
정현수,이황재,정희창,배석희,강상선,정애리,한석태,CHUNG HYUNSOO,RHEE HWANG-JAE,CHUNG HEECHANG,BAE SEOK-HEE,KANG SANG-SUN,CHUNG AEREE,HAN SEOG-TAE 한국천문학회 2000 天文學論叢 Vol.15 No.1
Radio astronomy, on its part, requires 'quiet zones' to be able to receive incoming cosmic signals unaffected by interference to enable astronomers and others learn about universe. The agenda item 1.16 of WRC-2000 contains a number of issues relevant for radio astronomy, but some of them are more important than others. The preparations for WRC-2000 have reached a close-to-final stages, with a number of proposals to this agenda item submitted to the ITU by many countries and groups of countries, like APT, CEPT and CITEL. There is no clear preference to anyone of these proposals since their differences are only minor. However, several points remain to be solved in the APT and CITEL. Fortunately, the preparation went very well, and consensus was reached on allocations above 71 GHz and three resolutions. The radio astronomy has obtained about 100 GHz of new spectrum allocations in bands above 71 GHz. In addition, a new resolution was approved by plenary meeting of WRC-2000. It deals with the consideration by a future WRC of sharing and compatibility issues between passive and active services in adjacent bands particularly with the space services (downlinks) into radio astronomy above 71 GHz. Therefore, in future, there should be a need for studies to be made to determine if and under what conditions sharing is possible, given that modifications were made on the basis of requirements known now and that little was known of requirements and implementation plans for active services in bands above 71 GHz.
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정현수,정희창,이황재,배석희,강상선,정애리,한석태,CHUNG HYUNSOO,CHUNG HEECHANG,RHEE HWANG-JAE,BAE SEOK-HEE,KANG SANG-SUN,CHUNG AEREE,HAN SEOG-TAE 한국천문학회 2000 天文學論叢 Vol.15 No.1
We have analyzed the frequency sharing in the range of 71-275 GHz, which was adopted as a main topic of the WARC-2000 at the previous conference WARC-97. Though the technology of the active services has not been fully developed in this frequncy range, the heavy usage of this technology is expected in foreseeable future. To protect the passive services from spurious and out-of-band emissions of active services, realignment of the spectrum between 71 GHz and 275 GHz is strongly required. In addition, some effort should be made to allocate special bands for the radio astronomy service.
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