This paper applies an efficient method for Korean investment funds that controls luck in fund performance measurement and classification. Unlike the case of US mutual funds, a large proportion of Korean investment funds are estimated to be skilled funds. Furthermore, the Korean investment fund industry does not show a conspicuous pattern of decline in the proportion of skilled funds over time as shown by its US counterpart. Other issues around fund performance measurement such as fund fees, efficient fund portfolio selection, and the choice of the asset pricing model are also addressed. Finally, we propose to measure fund performance on a relative basis.

This paper provides a conceptual framework for analyzing the labor movement between the two Koreas and its impact on the structure of industrial output in the South. In particular, the paper is concerned with the absorption pattern of the new labor supply from the North by the South. It also attempts to study the effects of the migrated workers on the wage rate and employment opportunities of the workers in the South. Three alternative approaches are introduced to this analysis. The first two utilizes the existing employment data that might suggest some clues to the future labor market behavior. The third method uses the input-output table to calculate the labor demand curve and generate the theoretical amount of additional demand for workers at the low wage level. Finally a simple general equilibrium model is constructed to check the macroeconomic consistency of the micro results. The analysis also provides theoretically plausible procedures for empirical application

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Through the event study methodology and the case study on the Company T and its subsidiaries, this study analyzes the effect of credit rating downgrade in the Korean stock market. Our empirical results cast some doubts on whether credit rating agencies made adequate credit rating adjustments on the Chaebol companies, and suggest that little information was provided to the bond market investors. This study provides some policy implications by recommending that regulators encourage credit rating agencies to provide more accurate and appropriate information to market participants.