Korean Journal of Financial Studies

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Korean Journal of Financial Studies has been published since 1980. In 2006 it was divided into two journals: Asia-PacificJournal of Financial Studies (AJFS), the first Social Science Citation Index (SSCI)-listed finance journal in Asia, and Korean Journal of Financial Studies (KJFS). AJFS covers financial markets and the financial services industry in Asia, and is published in English. KJFS focuses on financial markets and the financial services industry in Korea and publishes articles written in Korean or English. Korean Journal of Financial Studies publishes bimonthly original research articles that focus on empirical and theoretical research on Korean financial markets and financial services industry. 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window.open("about:blank"); openWindow.location.href = '/upload/pdf/' + filename; increase_column = "pdf_down"; } else if(type == "epub") { location.href = '/func/download.php?' + filename; increase_column = "epub_down"; } $.ajax({ type: 'POST', data: {table: 'journal_tbl', column: increase_column, count: 1, condition_column: 'sid', condition_value: sid}, url: '/func/count_increase.php' }); } </script> <div id="container" style="border-bottom:none;"> <div class="contents"> <div class="articleRolling"> <div class="article topArticle "> <dl> <dd class="etc"> <p class="type">Article</p> <p class="date">October 30, 2024</p> <br/> </dd> <dt><a href="/journal/view.php?number=1003" title="Relationship between Investor's Regret Aversion and Stock Returns">Relationship between Investor's Regret Aversion and Stock Returns</a></dt> <dd class="writer">Somyung Kim, Kiyool Ohk</dd> <dd style="font-family: Lora; font-size: 12px; color: #6f6f6f;"> <em>Korean J Financ Stud.</em> 2024;53(5):455-488. </dd> </dl> <p class="img"> <a href="/journal/view.php?number=1003"> <img src="/upload/thumbnails/t1-kjfs-53-5-455.png" style='border:solid 1px #D5D5D5;max-width:177px;max-height:110px;' > </a> </p> <div class="brief"> <a href="/journal/view.php?number=1003"> <span style="font-family: Lora; font-size: 13px; color:#2f312f;line-height:130%;"> This study analyzes the impact of investor regret and regret aversion on stock returns from a behavioral finance perspective. Regret occurs when investors compare the outcomes of their choices with... </span> </a> </div> </div> <div class="article topArticle "> <dl> <dd class="etc"> <p class="type">Article</p> <p class="date">October 30, 2024</p> <br/> </dd> <dt><a href="/journal/view.php?number=1004" title="Optimal Asset Allocation of Pension Funds with a Portfolio Constraint Change">Optimal Asset Allocation of Pension Funds with a Portfolio Constraint Change</a></dt> <dd class="writer">Jongho Park, Bong-Gyu Jang</dd> <dd style="font-family: Lora; font-size: 12px; color: #6f6f6f;"> <em>Korean J Financ Stud.</em> 2024;53(5):489-524. </dd> </dl> <p class="img"> <a href="/journal/view.php?number=1004"> <img src="/upload/thumbnails/kjfs-53-5-489-g001.jpg" style='border:solid 1px #D5D5D5;max-width:177px;max-height:110px;' > </a> </p> <div class="brief"> <a href="/journal/view.php?number=1004"> <span style="font-family: Lora; font-size: 13px; color:#2f312f;line-height:130%;"> We investigated the asset allocation problem of a pension fund in which the constraints on the risky investment proportion change owing to local regulations or the fund’s policy changes. We... </span> </a> </div> </div> <div class="article topArticle "> <dl> <dd class="etc"> <p class="type">Article</p> <p class="date">October 30, 2024</p> <br/> </dd> <dt><a href="/journal/view.php?number=1005" title="New Approaches to Fund Evaluation: An Analysis of the Korean Fund Industry">New Approaches to Fund Evaluation: An Analysis of the Korean Fund Industry</a></dt> <dd class="writer">Woongki Lee</dd> <dd style="font-family: Lora; font-size: 12px; color: #6f6f6f;"> <em>Korean J Financ Stud.</em> 2024;53(5):525-554. </dd> </dl> <p class="img"> <a href="/journal/view.php?number=1005"> <img src="/upload/thumbnails/kjfs-53-5-525-g001.jpg" style='border:solid 1px #D5D5D5;max-width:177px;max-height:110px;' > </a> </p> <div class="brief"> <a href="/journal/view.php?number=1005"> <span style="font-family: Lora; font-size: 13px; color:#2f312f;line-height:130%;"> This study introduces novel methodologies for assessing fund performance using asset pricing measures. Focusing on Korea’s fund market, this study empirically examines the performance of both actively and passively managed... </span> </a> </div> </div> <div class="article topArticle "> <dl> <dd class="etc"> <p class="type">Article</p> <p class="date">October 30, 2024</p> <br/> </dd> <dt><a href="/journal/view.php?number=1006" title="Integrating Factor Models Using Bayesian Model Averaging: Evidence from Korea">Integrating Factor Models Using Bayesian Model Averaging: Evidence from Korea</a></dt> <dd class="writer">Youjeong Ban, Jeewon Jang</dd> <dd style="font-family: Lora; font-size: 12px; color: #6f6f6f;"> <em>Korean J Financ Stud.</em> 2024;53(5):555-591. </dd> </dl> <p class="img"> <a href="/journal/view.php?number=1006"> <img src="/upload/thumbnails/kjfs-53-5-555-g001.jpg" style='border:solid 1px #D5D5D5;max-width:177px;max-height:110px;' > </a> </p> <div class="brief"> <a href="/journal/view.php?number=1006"> <span style="font-family: Lora; font-size: 13px; color:#2f312f;line-height:130%;"> This study applies the Bayesian model averaging approach to the Korean stock market data to yield an integrated factor model that can address model uncertainty. During the period from 2004... </span> </a> </div> </div> </div>  <div class="articleType"> <ul> <li class=""><a href="/index.php?v_type=3">ARCHIVE</a></li> <li class="on"><a href="/index.php?v_type=2">CURRENT ISSUE</a></li> <li class=""><a href="/index.php?v_type=1">AHEAD-OF PRINT</a></li>  <li class=""><a href="/index.php?v_type=6">MOST CITED</a></li> </ul> <dl style='right:185px;padding-bottom:3px;'> <dd><a href="/journal/rss/xml/feed.xml"><img src="/image/icon_rss.gif"></a></dd></dl> <dl> <dt style="color:#F48200;">Current Issue</dt> <dd><a href="/current/" style="color:#303030;">Volume 53(5); Oct 2024</a></dd> </dl> </div> <div class="articleList"> <table class="articleTbl"> <colgroup> <col style="width: 50%;"> <col style="width: 50%;"> </colgroup> <tbody> <tr class="article_tr" > <td> <dl class="article">  <dt> <a href="/journal/view.php?number=1003" title="Relationship between Investor's Regret Aversion and Stock Returns"><img src="/upload/thumbnails/t1-kjfs-53-5-455.png"><span style="font-size: 18px;"> Relationship between Investor's Regret Aversion and Stock Returns </span></a> </dt> <dd class="writer">Somyung Kim, Kiyool Ohk</dd> <dd style="font-size: 11px; color: #2f312f; font-weight:bold;"> <em>Korean J Financ Stud.</em> 2024;53(5):455-488. <p> </p> </dd> <dd class="etc"> <p class="type" style="float:left;">Article</p> <p class="date">October 30, 2024</p> </dd> <ul class="relBtn"> <li class="icon1"><a href="/journal/view.php?number=1003">Full text</a></li><li class="icon2"><a href="/journal/view.php?number=1003&viewtype=pubreader">PubReader</a></li><li class="icon4"><a onclick='journal_download("epub", "1003", "path=L2hvbWUvdmlydHVhbC9lLWtqZnMvam91cm5hbC91cGxvYWQvZXB1Yi9ramZzLTUzLTUtNDU1LmVwdWI=&filename=a2pmcy01My01LTQ1NS5lcHVi")'>ePub</a></li><li class="icon5"><a onclick='journal_download("pdf", "1003", "KJFS-2024-10-53-5-455.pdf")'>PDF</a></li> </ul> </dl> </td> <td> <dl class="article">  <dt> <a href="/journal/view.php?number=1004" title="Optimal Asset Allocation of Pension Funds with a Portfolio Constraint Change"><img src="/upload/thumbnails/kjfs-53-5-489-g001.jpg"><span style="font-size: 18px;"> Optimal Asset Allocation of Pension Funds with a Portfolio Constraint Change </span></a> </dt> <dd class="writer">Jongho Park, Bong-Gyu Jang</dd> <dd style="font-size: 11px; color: #2f312f; font-weight:bold;"> <em>Korean J Financ Stud.</em> 2024;53(5):489-524. <p> </p> </dd> <dd class="etc"> <p class="type" style="float:left;">Article</p> <p class="date">October 30, 2024</p> </dd> <ul class="relBtn"> <li class="icon1"><a href="/journal/view.php?number=1004">Full text</a></li><li class="icon2"><a href="/journal/view.php?number=1004&viewtype=pubreader">PubReader</a></li><li class="icon4"><a onclick='journal_download("epub", "1004", "path=L2hvbWUvdmlydHVhbC9lLWtqZnMvam91cm5hbC91cGxvYWQvZXB1Yi9ramZzLTUzLTUtNDg5LmVwdWI=&filename=a2pmcy01My01LTQ4OS5lcHVi")'>ePub</a></li><li class="icon5"><a onclick='journal_download("pdf", "1004", "KJFS-2024-10-53-5-489.pdf")'>PDF</a></li> </ul> </dl> </td> </tr> <tr class="article_tr" > <td> <dl class="article">  <dt> <a href="/journal/view.php?number=1005" title="New Approaches to Fund Evaluation: An Analysis of the Korean Fund Industry"><img src="/upload/thumbnails/kjfs-53-5-525-g001.jpg"><span style="font-size: 18px;"> New Approaches to Fund Evaluation: An Analysis of the Korean Fund Industry </span></a> </dt> <dd class="writer">Woongki Lee</dd> <dd style="font-size: 11px; color: #2f312f; font-weight:bold;"> <em>Korean J Financ Stud.</em> 2024;53(5):525-554. <p> </p> </dd> <dd class="etc"> <p class="type" style="float:left;">Article</p> <p class="date">October 30, 2024</p> </dd> <ul class="relBtn"> <li class="icon1"><a href="/journal/view.php?number=1005">Full text</a></li><li class="icon2"><a href="/journal/view.php?number=1005&viewtype=pubreader">PubReader</a></li><li class="icon4"><a onclick='journal_download("epub", "1005", "path=L2hvbWUvdmlydHVhbC9lLWtqZnMvam91cm5hbC91cGxvYWQvZXB1Yi9ramZzLTUzLTUtNTI1LmVwdWI=&filename=a2pmcy01My01LTUyNS5lcHVi")'>ePub</a></li><li class="icon5"><a onclick='journal_download("pdf", "1005", "KJFS-2024-10-53-5-525.pdf")'>PDF</a></li> </ul> </dl> </td> <td> <dl class="article">  <dt> <a href="/journal/view.php?number=1006" title="Integrating Factor Models Using Bayesian Model Averaging: Evidence from Korea"><img src="/upload/thumbnails/kjfs-53-5-555-g001.jpg"><span style="font-size: 18px;"> Integrating Factor Models Using Bayesian Model Averaging: Evidence from Korea </span></a> </dt> <dd class="writer">Youjeong Ban, Jeewon Jang</dd> <dd style="font-size: 11px; color: #2f312f; font-weight:bold;"> <em>Korean J Financ Stud.</em> 2024;53(5):555-591. <p> </p> </dd> <dd class="etc"> <p class="type" style="float:left;">Article</p> <p class="date">October 30, 2024</p> </dd> <ul class="relBtn"> <li class="icon1"><a href="/journal/view.php?number=1006">Full text</a></li><li 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