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Article
Publication date: 25 January 2024

Yongwon Kim, Inwook Song and Young Kyu Park

Using overlapped portfolio data on public equity funds in Korea, the authors construct several types of fund-stock weighted bipartite networks and measure fund network centrality…

413

Abstract

Using overlapped portfolio data on public equity funds in Korea, the authors construct several types of fund-stock weighted bipartite networks and measure fund network centrality. The authors also examine the relationship between network centrality and fund investment performance. The authors' results are three-fold. First, the authors find that the fund centrality of the network in which funds and stocks are connected based on the most active investing behavior positively affects the fund performance. Second, the funds with a high centrality level based on the same network generate higher returns by holding stocks with high value uncertainty. Third, the authors find that fund centrality is not associated with herd behavior. Based on these results, the authors argue that fund centrality is a proxy of information advantage and skill of fund managers. The authors' paper shows that network analysis could be a new way to identify funds with better performance and measure the skill and information advantage to construct an optimal portfolio.

Details

Journal of Derivatives and Quantitative Studies: 선물연구, vol. 32 no. 1
Type: Research Article
ISSN: 1229-988X

Keywords

Available. Open Access. Open Access
Article
Publication date: 30 November 2016

Sungmin Kim and Yongwon Jang

Firms can use dividends and/or share repurchases to distribute cash to shareholders. Jagannathan, Stephens, and Weisbach (2000) argue that managers tend to use dividends to pay…

208

Abstract

Firms can use dividends and/or share repurchases to distribute cash to shareholders. Jagannathan, Stephens, and Weisbach (2000) argue that managers tend to use dividends to pay out permanent cash flows and repurchases to pay out temporary cash flows. This paper examines Korean firms’ decisions on their choices between paying out cash flows in the form of dividends or share repurchases. We focus on the permanence of cash flows. To complete this analysis, we decompose cash flows into a transitory component and a permanent one of each firm, employing the approach of Beveridge and Nelson (1981). We find that higher permanent cash flows increase the probability of a dividend increase, while higher temporary cash flows increase the probability of repurchases. And Korean firms tend to choose both dividend change and repurchases when temporary cash flows increase, rather than to choose only repurchases without dividend change. These empirical results show that Korean firms take into consideration of permanence of cash flows in the choice of their payout methods.

Details

Journal of Derivatives and Quantitative Studies, vol. 24 no. 4
Type: Research Article
ISSN: 2713-6647

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Available. Open Access. Open Access
Article
Publication date: 20 June 2022

Eun Jung Lee, Sungmin Kim and Yongwon Jang

This paper examines whether long-term foreign investors may force firms to use a costly dividend to mitigate inefficient managerial behavior. The authors also hypothesize that the…

1552

Abstract

This paper examines whether long-term foreign investors may force firms to use a costly dividend to mitigate inefficient managerial behavior. The authors also hypothesize that the relation between foreign investment horizons and payout policy depends upon the extent of the corporate governance. The authors find that firms held by long-term foreign investors make dividend more often in the subsequent years. The authors also find that foreign investors with long-term investments do not cause firms to pay dividends when firms have strong corporate governance. It suggests that long-term foreign investors serve as a substitute for strong corporate governance with respect to controlling agency conflicts.

Details

Journal of Derivatives and Quantitative Studies: 선물연구, vol. 30 no. 3
Type: Research Article
ISSN: 1229-988X

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Article
Publication date: 25 July 2023

Hosam Salah El Samaty

The research aims at finding out the extent to which such urban transformation projects—in terms of their design components and aspects—contribute to providing big data (BD) with…

83

Abstract

Purpose

The research aims at finding out the extent to which such urban transformation projects—in terms of their design components and aspects—contribute to providing big data (BD) with effective datasets, which are considered a key requirement in operating smart city solutions.

Design/methodology/approach

The present research investigates the predisposition level of these projects for supporting the BD through one of the urban initiatives for humanizing neighborhoods in Al Riyadh city (KSA). The selected case is analyzed by mapping the functional performance of its design features with certain characteristics of BD.

Findings

One of the core conclusions is: Despite the readiness of the design components of these projects to provide high levels of integration with IoT and smart transformation, the level of application is lower than expected on account of the dearth of initial targets and strategies, especially the lack of a supporting environment, street facilities and security and safety datasets.

Originality/value

The answer—arrived at through both descriptive and analytical approaches—is expected to guide those who query the further key concept of smart applications—is the answer characterized as technologically based, or is the same based on human aspects?

Details

Smart and Sustainable Built Environment, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2046-6099

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