Korea Capital Market Institute

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... Digital Financial Literacy in Korea [Research Fellow] Jung, Soomin / Jan. 20, 2026 Digital financial services have become the primary channel for financial transactions, rendering the enhancement of digital financial literacy an essential task rather than a matter of choice. However, evidence from a 2025 survey shows that the average digital financial literacy score of Korean adults is 59.3—substantially below the OECD target benchmark of 70—with only 28.2% o... The Rise of Intangibles and the Decline in Allocative Efficiency [Research Fellow] Jung, Heechul / Jan. 20, 2026 This article examines the slowdown in total factor productivity growth and the decline in potential growth in the Korean economy through the lens of resource allocation efficiency. Despite the growing importance of intangibles for corporate competitiveness, intangible-intensive firms are likely to face structural financing constraints stemming from limited collateral and inform... Korea’s Achievement of KOSPI 4,000 and Its Implications [Senior Research Fellow] Kang, Sohyun / Jan. 06, 2026 In the second half of 2025, the Korean stock market surged at an exceptionally rapid pace, with the KOSPI breaking through the 4,000 mark. This development is being viewed as both a symbolic and substantive milestone, suggesting that the domestic market—long burdened by the so-called “Korea discount”—has entered a phase of structural transformation. However, it is also evident ...