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ESG펀드의 포트폴리오 구성, 현금흐름, 성과에 관한 연구
김희은,심명화 한국증권학회 2022 한국증권학회지 Vol.51 No.4
This study investigates whether environmental, social, and governance (ESG) funds have distinct features from conventional funds based on holdings-based ESG scores, flows, and performance. We find that ESG funds have significantly higher ESG scores than conventional funds; ESG funds with higher scores significantly weaken flow-performance sensitivity; and their scores are negatively associated with risk-adjusted future performance. However, there is no evidence to support better selection skills among ESG fund investors than among non-ESG fund investors. By conducting a comprehensive analysis, this study suggests that ESG funds have distinct fund attributes, and thus, “ESG” is not a mere marketing rhetoric in the Korean fund market 전 세계적으로 기업의 환경, 사회, 지배구조(ESG) 등 비재무적 요소를 투자에 반영하려는 움직임이 확산되고 있다. 특히 코로나19 상황 및 정부의 탄소중립 정책 등으로 인해 국내에서도 ESG에 대한 논의와관련 투자 상품 출시가 이어지고 있다. 그러나 일각에서는 ESG를 표방하고 있는 펀드 상품이 일반 펀드와크게 다르지 않으며 일종의 마케팅 수단에 불과하다는 비판이 제기되고 있다. 따라서 본 연구는 펀드의포트폴리오 구성, 현금흐름 및 성과를 중심으로 ESG 펀드와 일반 펀드가 다른 속성을 갖는지 연구한다. 본 연구는 2012년 7월부터 2020년 12월까지 국내 액티브 뮤추얼펀드를 대상으로 하였으며, 성향점수매칭법(Propensity Score Matching)을 이용하여 표본을 구성하였다. 연구 결과는 다음과 같다. 첫째, ESG 펀드는현금흐름, 변동성, 회전율 등에서 일반 펀드와 비슷한 특성을 보였으나, ESG 점수는 통계적으로 유의하게높게 나타났다. 둘째, 펀드의 성과-현금흐름 민감도를 측정한 결과, ESG 점수가 높을수록 민감도가 작게나타났다. 셋째, ESG 점수는 Carhart(1997)의 4요인 모형에 의해 추정한 미래 위험조정수익률과 유의한음의 관계를 가진다. 마지막으로 ESG 펀드 투자자의 펀드 선정 능력(스마트머니 효과)는 일반 펀드 투자자와다르지 않았다. 본 연구는 ESG 펀드의 포트폴리오 구성을 직접적으로 비교함으로써 국내 ESG 펀드가고유한 펀드 특성을 가지고 있으며 따라서 단순한 “ESG 워싱”이 아니라는 점을 시사한다.
국내 희귀의약품의 현황 및 과제 : 희귀질환에 대한 의약품 공급을 중심으로
김희은,곽혜선 이화여자대학교 약학연구소 2008 藥學硏究論文集 Vol.- No.17
This study was aimed to investigate the curretit status and expectations of orphan drugs in Korea. The Korea Orphan Drug Center was established to supply many medicines for the patients with rare diseases. Among the medicines supplied by the Center, the number designated as the orphan drugs by the K-FDA is quite few. However, a few of medicines are not under circulation even if the items are designated as the orphan drugs. Neoplasm-related medicines, infectious and parasitic disease-related medicines, endocrine, nutritional and metabolic disease-related medicines are the ones circulated most. There are several unapproved drugs among the medicines supplied by the Center. It's because the director of the Center can import the goods without a process to getting an approval from the KFDA. The Korea Orphan Drug Center has contributed to the selection of the medicines for treating the rare disease. On the contrary, some problems remain in the supply process. The safety and effectiveness of the medicines supplied by the Center are not guaranteed. So far, rare diseases have no apecific legal definition, and therefore are only referred to in terms of the population of patients, which prevent from establishing the lange of medicines. The introduction of Special Access Program ot Access to Unapproved Therapeutic Goods will be the solution ot these problems, In addition, it is, another solution to keep intimate relations with the Rare and Intractable Disease Center and the Medicine Safety Infonnation Center which will be open soon.
국내 희귀의약품의 현황 및 과제 - 희귀질환에 대한 의약품 공급을 중심으로 -
김희은,곽혜선 한국임상약학회 2006 한국임상약학회지 Vol.16 No.2
This study was aimed to investigate the current status and expectations of orphan drugs in Korea. The Korea Orphan Drug Center was established to supply many medicines for the patients with rare diseases. Among the medicines supplied by the Center, the number designated as the orphan drugs by the KFDA is quite few. However, a few of medicines are not under circulation even if the items are designated as the orphan drugs. Neoplasm-related medicines, infectious and parasitic disease-related medicines, endocrine, nutritional and metabolic disease-related medicines are the ones circulated most. There are several unapproved drugs among the medicines supplied by the Center. It's because the director of the Center can import the goods without a process to getting an approval from the KFDA. The Korea Orphan Drug Center has contributed to the selection of the medicines for treating the rare disease. On the contrary, some problems remain in the supply process. The safety and effectiveness of the medicines supplied by the Center are not guaranteed. So far, rare diseases have no specific legal definition, and therefore are only referred to in terms of the population of patients, which prevent from establishing the range of medicines. The introduction of Special Access Program or Access to Unapproved Therapeutic Goods will be the solution of these problems. In addition, it is another solution to keep intimate relations with the Rare and Intractable Disease Center and the Medicine Safety Information Center which will be open soon.
김희은,박소진 한국의류학회 2002 한국의류학회지 Vol.26 No.1
The present study is aimed to investigate the effect of the safety hat on the balance of body temperature by observation of the physiological response under hot working environment. The experiment was carried out in a climate chamber of 30℃, 50%RH for 70 minutes. To compare the two kinds of safety hat, 5 healthy male subjects worn safety hat without hole (called 'without hole') or safety hat with hole (called 'with hole' ) according to a randomized cross-over design. The main results of this study are as follows: Rectal temperature and heart rate were significantly lower level in 'with hole' than in 'without hole'. The mean skin temperature was significantly higher in 'without hole' than in 'with hole'. Blood pressure were significantly low in 'with hole' . Sweat rate which was measured by weight loss before and after experiment was higher in 'without hole' . In subjective ratings, subjects replied more hot, more uncomfortable and more wet, they felt more fatigue in condition of 'without hole'. Work ability which was measured by a grip strength dynamometer was higher in 'with hole' . Safety hat which can be used for safety of the brain in work place is meaningful device of behavioral thermoregulatory response under the hot working environment. The safety hat which is designed for proper ventilation and hygiene can maintain the homeostasis of body temperature by releasing body temperature efficiently.