Korean | English

pISSN : 2384-3209

2020 KCI Impact Factor : 0.94
Aims & Scope
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Topics: the areas of risk management, insurance, finance, and related disciplines Submission guidelines: Manuscripts must not have been published in, or submitted for concurrent review with another journal. Authors are required to submit the final version of their papers in MS Word format, and to assign copyright to the journal's publisher. All submissions should be sent to journal@kiri.or.kr.
Editor-in-Chief
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Bongjoo Lee

(Kyung Hee University)

Citation Index
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  • KCI IF(2yr) : 0.94
  • KCI IF(5yr) : 0.6
  • Centrality Index(3yr) : 1.311
  • Immediacy Index : 0.0588

Current Issue : 2020, Vol.31, No.4

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  • A Study on the Investor-State Dispute(ISD): Cases of Elliott Lawsuits

    Yang, Cheol Won | 2020, 31(4) | pp.3~38 | number of Cited : 1
    Abstract PDF
    This study deals with Investor State Dispute (ISD), which allows foreign investors to sue countries for discriminatory practices. In particular, we focus on the financial issues of the ISD lawsuit filed with the Korean government on the merger of Samsung C&T and Cheil Industries. First, the adequacy of Elliott's claim is assessed by dividing it into two cases: selling shares before the merger and holding them after the merger. First, when the price of stock purchase claim is used as the selling price of Samsung C&T before the merger, stock value exceeds the range suggested by various evaluation agencies before the merger. Second, a net present value model is proposed to calculate the profit or loss of existing shareholders if the stock is held until after the merger. In the model, shareholders' profit and loss is determined by the synergy of the merger and the appropriate merger ratio. Even if we set the consensus range suggested by the agencies at the appropriate merger ratio and assume various merger synergies, the amount of damage did not reach the amount claimed by Elliott.
  • Determinants of the Reinsurance Decisions of Korean Life Insurance Companies

    Hyunjee Park | Sohn,Wook | 2020, 31(4) | pp.39~82 | number of Cited : 0
    Abstract PDF
    This paper examines how company-specific features of Korean life insurance companies are associated with companies’ use of reinsurance. Using panel data covering 372 firm-year observations for the eighteen consecutive years from 2001 to 2018, we perform Hausman-Taylor instrumental variable estimation. We observe that higher underwriting risk, lower solvency ratio, higher financial leverage, smaller firm size, and more diversified portfolios are associated with greater use of reinsurance. In addition, It seems that life insurance companies that are a part of financial conglomerates buy more reinsurance, while foreign-owned life insurers retain more risk. Being the first empirical reinsurance study using Korean life insurance company data, this research implies that various company-specific characteristics should be considered in reinsurance decision-making in the changing life insurance market environment in Korea.
  • Analysis on Strategy of Insurance Investors

    Min Cheol Woo | 2020, 31(4) | pp.83~115 | number of Cited : 1
    Abstract PDF
    This study investigates the investment strategies of insurance investors. In particular, we focus on the difference in trading strategy between life insurance and non-life insurance. Insurance investors take contrarian strategies by buying losers and selling winners as with prior research. Life insurance investors take contrarian strategies, while non-life insurance investors take momentum strategy. These results were consistent not only in analyses using market index and industry indices, but also in analyses using individual stocks. This study is the first research that compared and analyzed by life insurance and non- life insurance and has great significance in that it shows there is a difference in investment strategy between the two insurers.
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