Contribution of Star Funds to Fund Families: An Empirical Analysis of the Korean Fund Market

박영규,주효근 한국증권학회 2011 Asia-Pacific Journal of Financial Studies Vol.40 No.5

This study investigates the contribution of star funds to fund families in the Korean fund market. We find that star-fund families that feature either star funds or higher relative holdings of star funds attract more new investment than non-star-fund families. Our test shows the existence of a spillover effect from star funds to non-star funds that helps non-star funds and newly launched funds in the family to raise fresh capital. We also find that a fund family’s performance in the future tends to be better if it has higher relative holdings of star funds. This supports the smart-money effect at the fund-family level as investors put more money into high-star fund holding ratio families. Furthermore, there exists a persistency in star fund holdings for high-star fund holding ratio families. Therefore, we cannot reject the hypothesis that star-fund families have better fund-management skills than non-star-fund families, especially when we define a high-star fund holding ratio family as a star family. In the present study, there are two important explanatory variables for representing a star-fund family: SFdummy, which denotes the fund family’s holding at least 1 star fund, and SFratio, which is the ratio between the net asset value of star funds in the family and the total net asset value of funds in the family. Although both variables can explain the contribution of star funds to fund families, SFratio is found to have superior explanatory power; consequently, we propose that this variable be used in lieu of SFdummy in future fund-family related studies.

How do fund families utilize the fund performance evaluation system? : Study on the ‘Evaluation-ship Bias’ in Korean equity funds

SANG BUHM HAHN,SEUNGYEON WON 한국재무학회 2007 한국재무학회 학술대회 Vol.2007 No.11

This paper shows how the fund performance evaluation system influences the fund market and fund family behaviors. Evaluation-ship Bias is defined as the outperforming of evaluated funds over non-evaluated funds. Regarding the Evaluationship Bias, this study confirmed two things in empirical analysis of Korean equity funds. First, this paper verified that there was Evaluation-ship Bias in Korea, so fund families’ performances were over-estimated. Second, it is also found that fund families did favoritism to evaluated funds in management activities. Fund families were more attentive to EV performance and took strategic and risk-taking measures to improve its ratings. This paper suggests that another factor, the performance evaluation system itself, is what causes fund families to favor some funds. The existence of too high numbers of Korean funds is an example of this evaluation system bias. We can expect similar phenomena to occur in other countries as well. We also suggest that the introduction of GIPS will diminish the evaluation system bias and contribute to the development of the Korean fund market.

자산 운용사의 사모와 공모 주식형 펀드 성과 비교

하연정(Yeon Jeong Ha) 한국산업경영학회 2015 경영연구 Vol.30 No.3

본 연구는 사모와 공모를 모두 운용하는 자산 운용사의 사모와 공모 펀드 성과를 비교하였다. 자산 운용사가 운용하는 사모 및 공모 펀드의 규모를 고려하여 분석한 결과는 다음과 같다. 첫째, 분석 기간 동안 평균적으로 사모 주식형 펀드 수익률이 공모 주식형 펀드 수익률에 비해 유의적으로 높았다. 하지만 이러한 효과는 펀드 규모를 통제하면 사라져, 사모와 공모 펀드의 운용 규모가 수익률 차이에 영향을 미침을 알 수 있었다. 둘째, 특정 자산 운용사 내에서 운용하는 사모 펀드 규모가 공모 펀드 규모보다 더 클 때(사모 펀드 운용 규모 비중이 더 높을 때), 사모 펀드가 공모 펀드에 비해 유의적으로 더 높은 수익률을 보였다. 셋째, 전체 기간 공모 및 사모 펀드 운용 규모가 큰 대형 자산 운용사에서만 이러한 현상이 발견되었다. 넷째, 위험 조정 성과를 이용하여도 본 연구 결과는 변함이 없었다. 본 연구는 모집 형태에 따라 구분된 사모와 공모 펀드의 수익률 차이를 자산 운용사 관점에서 처음으로 분석하였다는 데에 의미를 가진다. This study compares the performance of private and public equity funds in a fund family perspective. We analyze the results in consideration of the assets under management of private and public equity funds in a fund family. The empirical results are as follows. First, on average, the performance difference between the private and public funds within same fund family is positive but insignificant. Second, when the assets under management of private funds in the fund family are larger than those of public funds, private funds show the significantly higher returns than public funds. That is, the average returns of private equity are higher, but when the assets under management of private equity are larger, the effect appears more clearly. Third, interestingly, we find that the performance difference between private and public funds is significantly positive only in large fund family. Lastly, our results are stronger when we use the risk-adjusted returns.

Mutual Fund Tournaments and Structural Changes in an Emerging Fund Market: The Case of Korea

고광수,하연정 서울대학교 경영연구소 2011 Seoul Journal of Business Vol.17 No.1

The objective of this study is to evaluate the mutual fund tournament,i.e., an agency issue between fund managers and investors, in the presence of structural changes in an emerging fund market. This study extends BHS (1996), Busse (2001), and Kempf and Ruenzi (2008b). A switching regression model is employed to investigate the effects of structural changes on the mutual fund tournament. We find that structural changes in the Korean fund market alter the tournament type from a segment to a family tournament. We believe that the family tournament comes from more competition since 2005 within large families. Our evidence of tournaments is robust to return frequency. Our results indicate that regulators and fund families should exercise greater caution than is currently the case to prevent conflicts of interests between fund investors and managers.

The Role of Outstanding Foundation Awards in Fund Families

Pi-Hsia Hung,Lin Lin,Pei-Jhen Su 한국증권학회 2017 Asia-Pacific Journal of Financial Studies Vol.46 No.1

This study employs unique data concerning “Outstanding Foundation Awards” in Taiwan to investigate the determinant factors of winning awards and the contributions of award funds to the respective fund families. Our results show that fund fees, performance, age, volatility, family fees, and family award winning experiences are important predictors of winning awards. One-, three-, and five-year award funds charge higher fund fees over a 1-year postaward period; however, they do not experience an increase in their own fund/family flows after winning the awards.

일본의 범죄피해자구조제도 : 정책적·법적 시사점

황태정(Hwang, Tae-Jeong) 한국피해자학회 2015 被害者學硏究 Vol.23 No.1

Problems of our legal systems and proposed measures for improvement that have been discovered as a result of examining the systems of both Japan and Korea using a comparative method can be cited as in the following: First, the differentiation in the amount of relief fund with regard to the income gap should be reduced. A good model can be the Japanese example where a table has been prepared for appropriate amounts as classified by age group and income level. Second, differentiation is necessary for the relief fund that is being provided in accordance with the number of bereaved family members who have been making their living with the income of the victim subject to relief. Taking an increase in the amount level of the current relief fund as a prerequisite, it is thought that the number of dependent family members should be taken into consideration like in the case of Japan. Third, in the aspect of materializing the function of a relief fund, it seems to be necessary to adjust the multiples that determine the relief fund amount. Fourth, modification in the mode of providing preferential treatment to minors and seniors is necessary. It is thought to be desirable not to take the 'over 19 or below 60' of age as a factor for limiting relief fund payment but to take the 'below 19 of over 60' as a basis for increasing the relief fund. Finally, with regard to the payment criteria for serious injury relief fund, such a question is raised as for the problem that conventional practices in the medical community are not being taken into account. In the future, the requirements of treatment period should be alleviated and also the current criteria should be modified in accordance with the criteria in the practical site.

가족생활주기와 가계의 비상자금 적정도에 관한 연구

정운영 ( Jeong Un Yeong ),한경미 ( Han Gyeong Mi ) 한국소비자학회 2004 소비자학연구 Vol.15 No.1

The purpose of this study is to examine the level of emergency find adequacy and investigate the determinants affecting the emergency fund adequacy according to family life cycle. The data used for this study were collected from 272 households in Kwangju. The emergency fund level is measured by two ratios: quick emergency fund and comprehensive emergency fund: the independent variables were categorized into three groups: socio-demographic variables, financial-related variables, household-related variables. The results were summarized as follows: First, the mean value of QEF ratio was 3.59 and the mean value of CEF ratio was 3.98. Second, the emergency fund ratio in the stage of retirement was higher than any other stages. Third, the significant predictors on QEF ratio were debts, the amount of insurance, housing tenure type and the significant predictors on the CEF ratio were debts, the amount of insurance, the regularity of income, housing tenure type. In newly-married stage, home ownership was positively related to the QEF ratio and the educational level of household head, the regularity of income had significant impacts on the CEF ratio. In the stage of college of children, debt and the number of dependent had significant impacts on the emergency fund adequacy. These findings have implications for counselors, educators, and other professionals in the field of family financial management.

기업승계를 위한 M&A 활성화 방안 ―사모펀드(PEF: Private Equity Fund)를 중심으로―

남유선 한국증권법학회 2019 증권법연구 Vol.20 No.3

The succession of a corporation means the action of a corporation transferring the ownership or the management of the business to the family through bestowment or M&A while maintaining the identity of the corporation. In Korea, domestically, considering the fact that there is a high proportion of family owned companies, family conflicts related to inheritance and succession, the lack of professionality of the human resources in charge of the succession can be a basic issue, and there needs to be a precaution to such cases. The reason that corporate succession should be considered more conspicuously is because 85% of Korea's manufacturing companies are family businesses and the majority are managed by the founder or the descendants of the founding family. In view of perspective of corporate succession, the corporation can reinforce the thought of ownership and concept of a lifelong workplace through the young and competent and talented lineal descendant. Also, more active corporate innovation of the company can be enabled. The current issue and reality of Korea is the increased consideration on the succession issue of the accumulated technology and know-how due to the aging of the 1960s first generation founders of the company. The aging of the population is a phenomenon that can influence the economy and politics in the medium to long term. Therefore, under this reality, the importance of corporate succession is highly increasing for the sake of increase in employment and creation of value. Taking into account of the importance of corporate succession, the CEOs of companies are engaging in planning and executing various plans. However, the biggest problem in this process is the excessive pressure from taxation regarding the succession, and there are research results that several companies are suffering from management problems after the paying the inheritance tax. If the company fails in the successful succession of the company, and thus decrease in competency, there will be negative impacts to the national economy as well. Considering this fact, various countries including Korea have taxation policies supporting the business succession; however, only few companies can be applied to these policies since the Inheritance Tax and Gift Tax Act limits the policy to only companies under certain sizes when using the policy for corporate succession purposes. Therefore, owners of companies that are not being aided by these policies engage in M&A or splitting, merging of companies, or creation of subordinate companies, or utilize specific classes of shares from the point of view of the corporate law. Judging by the MARC M&A Attractiveness Index from 2013 reported by the Cast Business School M&A Research Centre of City University of London in December of 2013 where Korea ranked second place after the USA, it is prospected that the size of the M&A market will continuously increase in Korea. Especially, M&A through private equity funds(PEF) can be the main method for corporate succession. this paper, the author attempts to mainly discuss the current status of the corporate succession, taxation supporting policies, and M&A through PEFs, and furthermore, the implication of activation of such M&As. 고령화 사회로 진입하게 됨에 따라 경영 일선에서 은퇴할 것으로 예상되는 기업 경영자는 기업승계 문제로 어려움에 직면하고 있다. 기업이 국가 경제에 미치는 역할을 볼 때, 경영자의 기업승계는 단순한 개별 기업의 경영문제가 아니라 사회․경제적으로 매우 중요한 문제이므로 기업의 지속적인 성장과 존속을 통해 국가 경제의 발전은 물론 세계적인 기업을 키워낸다는 관점에서 기업승계에 대한 적극적인 관심과 지원이 필요하다. 기업승계가 제대로 이루어지지 않으면 기업의 수명이 짧아지게 되고 이에 따라 오랜 기간 동안 축적된 경영 노하우와 기업 고유의 독자기술이 사장될 우려 등이 있다. 기업승계를 위한 세제지원은 여러 가지 제약이 따르고 있어 PEF를 통한 인수합병이 대안으로 떠오르며 성장하고 있다. 저금리 기조의 정착과 주식시장의 높은 변동성에 대한 대안으로 대체투자에 대한 관심이 고조되면서 기관투자자를 중심으로 PEF에 대한 투자규모는 지속적으로 증대되고 있다. 기존 PEF에서 분화되거나 다른 영역에서 좋은 성과를 내었던 투자회사들이 지속적으로 PEF 업계에 진입 중이다. 경기 불확실성으로 인한 대기업의 투자 의사결정 지연, 연기금 등 기관투자자의 대체투자 증가 및 M&A 시장 확대 등으로 PEF 주도의 M&A 시장 트렌드는 지속될 것으로 전망된다. 경영참여형 사모펀드가 더욱 발전하기 위해서는 사모펀드 본연의 역할에 충실할 수 있도록 운영전략과 전문역량을 강화해야 한다. 산업과 기업의 구조조정의 역할을 주도하기 위해 투자패턴도 재무적 투자에서 바이아웃(Buy-out)으로 전환해 가면서 인수기업의 가치 제고를 위한 전문화도 필요하다 할 것이다. 국내 참여형 사모펀드 시장이 성숙되고 운용자산 규모가 증가되면 상위 사모펀드를 중심으로 점차 전문 오퍼레이션 조직을 갖출 수 있을 것으로 전망되며 산업별 전문기업으로 세분화될 수 있을 것이다. 이와 함께 정부도 국내 사모펀드의 성장과 역량강화에 요구되는 규제 완화뿐만 아니라 전통적인 애로사항인 기업승계의 조세제도에 대한 정책적 배려도 지속적으로 확대해야 할 것이다.

일제하 군자금 모금의 문중적 기반과 활동 : 論山 魯城尹氏를 중심으로

박걸순(Park Geol-Sun) 호서사학회 2009 역사와 담론 Vol.0 No.52

Right after March First Independence Movement, a war funds raising movement in Chungnam was widely spread until around April, 1921. This movement was led by the secret association named Daehan Gunkook Dan and the raised war fund was used to support the Korean Provisional Government or Independence Army. It was the Nosung Yoon Family who were leading this movement, and Yoon Gyobyung and Yoon Sang-geung's activities were very special who moved independently among them. Yoon Gyobyung, from Byungsa-ri, raised war funds mostly in Nonsan, Chungnam and Bonghwa, Kyungbuk with Nah Sang-pil who raised war funds for the Korean Provisional Government. This is the very example of the special war fund-raising based on the blood relationship. Later, those related to the Korean Provisional Government one more time carried the public bonds of the Korean Provisional Government and they raised the war funds by selling the bonds. In the meantime, it was noticeable the movement of Chungnam branch of Kwangbok Dan and Yoon Sang-geung, but this organization was not only hard to identify, but also it was hard to find the independent character of the fund raising. Daehan Gunkook Dan organized on October 1919(lunar) was recognized as ‘Kim Jaojin's men.' It was organized relating Jo Byungchae sent from Kim Jaojin and it must be support group for Kim Jaojin because Kim Youngjin and Kim Sejin, the relatives of Kim Jaojin had joined that group. The number of this organization was assumed as about 25 people, and from its name, we can assume notice that it stood for the establishment of Korea. The real leaders of Daehan Gunkook Dan were Kim Youngjin and Jo Byungchae, but the officers of Japanese Imperialism considered Yoon Taebyung the leader. Daehan Gunkook Dan was organized at Yoon Sang-gi's house and we can presume the Nosung Yoon Family's effect from those facts. The central area of the movement of Daehan Gunkook Dan was concentrated in Bu-yeo area. It seemed that Noh Jaechul, its head, was from this area and instucted in the circumstances. The reason that its acting period ended in the late 1920s was because of the facts that Kim Jaojin and his Independent Army, the objective of backup, moved the basecamp after the Great Victory at Chungsan-ri. In short, many members of the Nosung Yoon Family like Yoon Gyobyung, Yoon Sang-geung, Yoon Taebyung and Yoon Sang-gi had participated in the movement for war funds raising in Chungnam area until around April 1921 right after March First Independence Movement and had donated war funds, and we can understand this as the examples of fund-rasing movement based on blood relationship.

영국의 범죄피해자구조제도 : 법제도적 시사점

황태정(Hwang, Taejeong) 대검찰청 2015 형사법의 신동향 Vol.0 No.48

영국은 범죄피해자보상법에 의한 범죄피해자보상계획에 따라 폭력범죄로 인한 상해 또는 사망 피해자로부터 연간 4~6만여 건의 보상금 지급신청을 접수하여 약 2~4억 파운드에 이르는 보상금을 지급하고 있는 등 공적 손해전보제도의 활발한 운용을 보여주고 있는 국가이다. 영국의 범죄피해자보상제도는 유럽 내에서도 진일보하였다는 평가를 받고 있으며, 처리사건 건수나 보상금 지급규모 면에서 유사한 제도를 운용하고 있는 우리나라가 참고할 만한 부분이 많을 것으로 생각된다. 이 논문은 이러한 문제의식 에서 영국의 범죄피해자보호 관련 제도의 수립과 변천과정 및 범죄피해자보상법에 의한 범죄피해자보상계획 2012의 내용을 개관함으로써 영국의 입법 및 정책으로부터 우리나라가 향후 어떠한 부분을 참고할 수 있을 것인지를 살펴보고, 이를 통하여 우리 범죄피해자보호법의 입법적 개선방안을 모색하여 보고자 하였다. 연구 결과 ① 영국의 경우 상해보상, 일실소득보상, 특별비용보상, 유족보상, 양육비 보상, 부양비보상, 장례비보상, 기타 사망사례 보상 등 8가지의 보상을 규정하고 있어서 우리 법제도에 비하여 보상의 범위가 매우 넓다는 점, ② 친족관계, 범죄유발 등 넓은 지급제외사유를 규정하고 있는 우리나라와 달리, 영국은 지급요건은 넓게, 지급제외 사유는 비교적 좁게 설정하고 있다는 점, ③ 우리나라는 보상금 지급대상을 대한민국 국민으로 한정하면서 외국인의 경우 해당 국가의 상호보증이 있는 경우에만 보상금을 지급하지만, 영국은 영국 국민 외에 유럽연합 및 관련 조약의 체약국 국민과 그 가족 등 보상금 지급범위를 매우 폭넓게 파악하고 있다는 점, ④ 보상금 사이의 중복수령이 불가능한 우리나라와 달리 영국의 경우 8종의 보상금에 대하여 각각의 범죄피해자별로 중복수령이 가능하도록 되어 있어서 범죄피해에 대한 실질적 전보에 근접하고 있다는 점 등이 비교법적 관점에서 주목할 만한 부분이라고 여겨진다. 범죄피해구조에 있어 가장 중요한 것은 범죄피해자에 대한 실질적인 손해전보일 것이다. 유족이 여러 명인 경우 유족 각각에 대한 개별보상과 가족단위 보상에 유족의 수에 따른 가산을 한 보상 중 어떤 쪽이 유리할 것인지, 유족 중 피부양자가 있는 경우 이들의 숫자와 부양기간 등 요소를 어떻게 고려해야 할 것인지, 여러 보상의 요건을 충족하는 경우 해당 보상의 중복수령을 인정할 것인지 등 이 연구로부터의 비교법적 시사점을 중심으로 향후 영국의 법제도에 대한 섬세한 벤치마킹이 이루어졌으면 한다. The criminal injuries compensation scheme of the UK has narrow scope of application in appearance but has wide scope of compensation in quality covering all of areas of criminal injuries relief system of Korea. Laws in Korea shall rely upon tariff in detail and high level of compensation that are desirable legislation. From comparative point of view, significant differences between the laws of the UK and Korea are as follows. First, laws in Korea regulate three compensations, that is to say, bereaved family relief fund, disability relief fund and serious injury relief fund: On the other hand, laws in the UK regulate eight compensations to have much wide scope of compensation, that is to say, injury payments, loss of earnings payments, special expenses payments, bereavement payments, child’s payments, dependency payments, funeral payments, and certain other payments in fatal cases. Second, laws in Korea regulate kinship, provoke to commit crime, and other reasons of exclusion of payment, while the ones in the UK have wide payment conditions and narrow reasons of exclusion of payment. Third, the ones who are paid compensation in Korea are limited to citizen of Republic of Korea, and foreign nationals are paid compensation subject to mutual guarantee of their country. But in the UK, citizens and their family members of the UK, EU and treaty-making countries are paid compensation of the injuries. Last, it’s not allowed to be paid 3 kinds of compensations in overlap in Korea, while the ones in the UK are allowed to be paid 8 kinds of compensations in overlap depending upon their meeting requirements for each compensations. It may be most important for crime victims to make actual and enough compensation. Careful benchmarking of criminal injuries compensation system of the UK will be needed based on advantage of individual compensation for multiple bereaved family members, consideration for number of dependents in bereaved family and period of being supported in calculating dependency payments, possibility of being paid compensations in overlap etc.