NPL 프로세스 분석 기반 대체투자 표준화를 위한 서비스융합디자인 연구

Bad Loans and Liquidation: The Case of Japan

Purpose: Of late, the focus of service design is moving toward emphasizing customer satisfaction and taking users' experience more seriously. In addition to the change in perspective in service design, scholars in this area are paying more attention to service design methodology and process, as well as its theory and real-world case studies. In the case of medical space, there have been few studies in attempting to apply service design methods useful for deriving user-focused results. The author of this paper believes, however, case study-oriented approaches are more needed in this area rather than ones focusing on theoretical aspects. The author hopes thereby to expand the horizon to practical application of spatial design beyond service design methodology. Methods: In order to incorporate the strengths of service design methodology that can reflect a variety of user opinions, this study will introduce diverse tools in the framework of double diamond process. In addition, it will present field cases that successfully brought about best results in medical space design. It will end with summarizing the ideal process of medical space design which is reasonable and comprehensive. Results: Medical service encompasses preventive medicine as well as treatment of existing medical conditions. A study in establishing the platform of medical service design consists of a wide range of trend research, followed by the summary of two-matrix design classification based on results of the trend research. The draft of design process is divided into five stages composed of basic tools for establishing spatial flow lines created by matching service design tools with each stage of space design processes. In all this, most important elements to consider are communication and empathy. When service design is actually applied to space design, one can see that output has reflected the users' needs very well. The service design process for user-oriented medical space can thus be established by interactions on the final outcome and feedback on the results. Implications: One can see that the service design with the hospital at its center produces the result that encompasses the user's needs best. If the user-focused service design process for medical space can be extended to other space designs, the author believes that it would enhance the level of satisfaction for users and minimize trials and errors.

Alternative investments can be defined as any asset class or investment other than equities, bonds, or cash. Diversification can lead to alternative investments as obscure as coins, diamonds, comic books, rare earth, art, or even wine. One of my goals in writing my first book, Wave Theory for Alternative Investments: Riding the Wave with Hedge Funds, Commodities, and Venture Capital, was to help educate anyone interested in alternative investments, whether they are institutional investors, high net worth clients, wealth managers, financial advisors, financial planners, consultants, professors, trainees, or students. I would like investors to simply know more about the exciting world of alternative investments. Besides this professional or institutional audience, many others have expressed an avid interest in learning more about alternative investments. The world of financial products for alternative investments is rapidly expanding and the number of choices is substantial. In the past, the vast majority of research concerning investments has been focused primarily on equities and fixed income. However, times have changed and so has the investment process, which has evolved to include alternative investments. It is my firm belief that virtually any asset allocation model should include alternative investments.

ABSTRACTThis exploratory study offers insights into why public pension plans might invest in alternative asset classes at levels inconsistent with modern portfolio theory. Using a case study methodology, the research relies on fieldwork data and in-depth interviews with individuals familiar with four Swedish national pension funds. The findings suggest that alternative assets are perceived as important vehicles for improving portfolio diversification, but that the funds’ propensity to invest in them is constrained by information asymmetry and access to alternatives. The findings also indicate that investment restrictions and political considerations have had limited effects on decisions to invest in alternative assets.

For people to become adapt in the methodology of Service Design, it is important that they achieve small but initial success which will encourage them to take the initiative in solving problems, before they learn skills and knowledge. However, books and instruction courses on Service Design focus on the learning of skills and knowledge, so beginners hesitate to apply Service Design freely. We propose 3 heuristic requirements for beginners to apply Service Design in practice and introduce the Stiction-free learning method in book-form. We evaluate the method and the results showed the effectiveness of our easy book-form, trouble check-sheet and verbalized implicit knowledge.

A Communication service design on''Japanese Food and Life''for students from abroad

With the transformation of the industrial paradigm from the manufacturing industry to the service industry, many companies have utilized “service design” as an innovative performance tool to enhance customer satisfaction while increasing organizational efficiency. While interest in the use of service design or its methodology has increased in organizations, research on the factors that influence organizational innovation and performance through service design is lacking. Therefore, this study aims to explore which service design management factors affect service innovation performance. For empirical analysis, a survey was conducted on Korean companies applying service design methodologies, and hypotheses were verified through partial least square structural equations modeling (PLS-SEM). According to the analysis, top management support and customer focus influenced concept transformation, and stakeholder collaboration and customer focus affected process improvement. Conceptual transformation and internal process improvement were shown to have a positive impact on perceived service innovation. Finally, innovative service outcomes, through the application of service design, satisfied customers, which in turn increased organizational performance. This study has great significance in that it addresses the application of service design to management activities.

The emergence of ‘alternative’ investment opportunities, the current bear market and the Wall Street analysts' conflict of interest debacle have put pressure on current investment performance measurement methodologies. This paper presents a survey of classic and modern performance measures and assesses them against objective criteria. Depending upon the market, industry or group of assets studied and the preferences of investors, different measures gain favour, and key questions to address when selecting an appropriate performance measure are proposed. The arguments are demonstrated empirically for the global financial services sector, for which strong evidence in support of using Sharpe ratio-based measures is documented. As a comparison, the paper also looks at firms listed on the UK Alternative Investment Market (AIM), for which a divergence of rankings based on alternative measures is illustrated. General implications for risk management and asset allocations across different asset classes are discussed.

The main international Information Technology Service Management (ITSM) process frameworks such as ITIL V3 and the ISO/IEC 20000-4, includes a service design process as part of their mandatory set of processes. Nevertheless, even with such availability of processes, their used nomenclature, their phase-activity structure, and their granularity level used for their descriptions, are non-standardized. Consequently ITSM academics are faced with a useful but disparate and diffused literature, and ITSM professionals lack suitable step-by-step service design methodologies. In this chapter, we present ITSDM (Information Technology Service Design Methodology), which is elaborated on best practices suggested in ISO/IEC 20000-4 and ITIL v3 design processes with the aim to provide a step-by-step guideline with phases, activities, tasks, roles, controls and input-output artifacts. We illustrate its utilization with a real IT service (Cloud Storage service) that is ready operational in a German Higher Education Institution. We found that ITSDM provided qualitative benefits such as: ease of use, usefulness, compatibility and value. However, given the novelty of this methodology, we encourage for further empirical studies for providing more definitive results.

The outbreak of the COVID-19 pandemic has imposed substantial impacts on the global hotel industry. This study employed a two-tier stochastic frontier model to investigate the dynamics of transaction information distribution within the tourist hotel lodging prices in Taiwan from July 2019 to November 2020. The primary objective was to analyze the disparities in price information between consumers and hoteliers before and after the outbreak of COVID-19. Empirical findings reveal a notable reduction in the divergence of lodging price information between consumers and hoteliers post the COVID-19 outbreak, particularly in metropolitan areas. The shift in consumer group structures within hotel operations induced by the pandemic has, in turn, exerted an influence on the pricing strategies adopted by hoteliers. The empirical results underscore that the outbreak of COVID-19 has contributed to a more transparent and comprehensive market price information environment, consequently diminishing the asymmetry in information between hoteliers and consumers.

Optimal Incomplete Markets with Asymmetric Information

As the global financial crisis hit the world-wide stock markets, investors looked for alternative investments to diversify their portfolios. One of the more attractive alternate investment opportunities has been investment in art. However, in order to consider artworks as investment assets, the performance of the artworks must be evaluated in order to compare it to other financial instruments. Therefore, hedonic art price indexes are constructed for different art markets. The art market in Poland is characterized by a limited scale since it has only been developing since 1989. The aim of our research is evaluation of the hedonic art price indexes for Polish paintings. Hedonic regression models are estimated using data from auctions of paintings that took place in Poland in the years 2007–2010.

The International Journal of Integrated Care (IJIC) is an online, open-access, peer-reviewed scientific journal that publishes original articles in the field of integrated care on a continuous basis.IJIC has an Impact Factor of 5.120 (2020 JCR, received in June 2021)

The literature about capital structure is very dense but this density does not lead to establish a clear relation between capital structure and firm value. The seminal work of Modigliani and Miller (1958) states that under perfect market conditions, the capital structure choices are irrelevant to the firm value. This proposition cannot hold when market frictions are introduced in the analysis. From a theoretical standpoint, two main streams of models can be distinguished. First, trade-off models examine the existence of an optimal repartition between debt and equity. They are based on the hypothesis that the cash flows cannot be fully and symmetrically returned to every investors' type because of bankruptcy costs, corporate and individual taxes and characteristics of the output market (level of competition, production techniques and product specificities). Under these circumstances, firms can gain value in managing their capital structure. The repartition between debt and equity is said to be optimal when it maximises the firm value. However, this relation remains difficult to test empirically. The second theoretical stream is based on the hypothesis that market frictions prevent individual investors and market intermediaries to re-design efficiently and costlessly any financial assets. Therefore, firms have an incentive to issue specific securities to minimise the market imperfections impact on their value. Information asymmetry, agency costs, timing, flotation methods and underwriter's certification become the main determinants of the capital structure choices and they are better suited to explain the impact of these choices on the firm value. Unfortunately, the empirical literature lacks to clearly relate explanatory variables to the theory they should refer to. The dissertation proposes two empirical studies that examine the relation between equity financing and firm value, one at the announcement of the equity offering, the other over a long-term horizon. One contribution is to introduce the intended use of the proceeds as a discriminating variable to separate offerings realised in order to finance a specific investment project from those made to improve the capital structure. In both frameworks (short-term after the offering announcement and long-term post-issue horizon), the results in terms of valuation effect are sensitive to the issuer's type. A negative impact is observed but it is restricted to issuers that finance a new investment project. This valuation effect is explained by information asymmetry and timing on the short-run and by model uncertainty on the long-run. It is caused by an expected decrease in future earnings since financial analysts adjust their earnings forecasts downwardly short after the announcement or over a longer-term horizon. One explanation could be that investment projects financed with equity are, first, high-risk with a negative net present value and second, the market is unable to correctly estimate the impact on the firm value at the issue announcement. It needs time to infer the true model parameters so that it may adjust its anticipation about the stock prices correctly. Re-balancing the capital structure has no significant impact on the firm value. The main conclusions can be summarised as follows. First, the intended use of the proceeds allows to differentiate equity issue in terms of valuation effect and of the theories that explain this valuation effect. Second, valuable private information is revealed at the offering announcement. Third, the long-term stock under-performance after the offering is not due to investors' irrationality but to model uncertainty. Fourth and finally, almost half of the equity issues are made in order to improve the capital structure, which is consistent with the American and European CFOs' opinion that their financial policy is mainly driven by the concern of preserving their financial flexibility. Our results show that working on that financing flexibility has no impact on the firm value, as predicted by Modigliani and Miller (1958).

Bond is one of the alternatives for investment in money market. As another invesment in other instrument (stock), investment in bond also has risk which bond holders need to observemeticulously. As we know from bond theory that the change of interest rate is one of the metioned risk. The bond holders must observe the effect of interest rate and bond profit rate. These two factors have direct link, when there is a change of interest rate, the expected profit by investors also changes. This study to analysis the relation between the change of interest rate with yield using approch of duration and convexity and then compared with the approach is always more accurate than traditional approach by seeing error score yield, if we compare the price of bond prediction with the price of bond in the market, Livingston and Zhou ( 2003). The samples in this study use corporate bonds data with fixed coupons for the period of January – June, 2009 which can be found in Indonesia Stock Exchange. The method of statistics used is Independent Sample t-test for hypothesis test. From statistical calculation it can be concluded that there is a different estimation of bond price using traditional with exponential, whereas the duration plus convexity method is the best method to use because it has a mean squere error (MSE) is the smallest among the traditional methods of duration, the exponential methods of duration, and method of traditional duration plus convexity equal to 65,8696.