Korea Capital Market Institute

Policy Challenges for Stabilizing Exchange Rates and Foreign Exchange Supply and Demand [Senior Research Fellow] LEE, Seungho / Mar. 24, 2026 The won-dollar exchange rate has recently remained at a high level, adding to the burden on macroeconomic management through inflationary pressures and other factors. One of the main causes behind the rise in the exchange rate has been identified as the reduction in net foreign exchange supply resulting from the expansion of Korea’s overseas securities investment. However, this... Cross-Border Crypto Flows and Its Implications [Senior Research Fellow] Kim, Hansoo / Mar. 10, 2026 Cross-border transactions conducted through crypto assets have expanded rapidly in recent years. Enabled by blockchain networks that operate beyond direct national borders, these transactions have grown due to their efficiency and accessibility relative to traditional cross-border payment infrastructures, with stablecoins emerging as the primary driver of recent growth. As of t... The Necessity of Improving the Treasury Stock System and Key Issues in the Proposed Amendment to the Commercial Act [Research Fellow] Hwang, Hyunyoung / Mar. 10, 2026 The acquisition and retirement of treasury shares are among the most representative means by which companies return corporate performance to shareholders. However, while listed companies in Korea have been active in holding and utilizing treasury shares, they have been passive in retiring them, even though retirement directly enhances shareholder value. As of the end of 2025, a... The Investment Value of Analysts’ Recommendations and Target Prices [Senior Research Fellow] Kim, Joon-Seok / Feb. 03, 2026 This article examines whether excess returns can be generated using analysts’ recommendations and target prices issued by domestic brokerage analysts. Portfolios were constructed based on recommendations and target prices announced between 2000 and 2024, and their performance was analyzed. The results show statistically significant excess returns for portfolios ranked highly by... Implications of Policies to Revitalize the Venture Investment Market through Private Capital Inflows [Senior Research Fellow] Nam, Chaewoo / Feb. 03, 2026 The government aims to realize its goal of "becoming one of the world’s four leading venture powerhouses" by transitioning the public-led market structure to a private-sector-centered one through expanded participation of statutory funds and retirement pensions, as well as the establishment of a 150 trillion won National Growth Fund. By providing private investors with incentiv...