Korea Capital Market Institute

The Competitive Structure of the Active ETF Market: The U.S. Experience and Implications [Senior Research Fellow] Kim, Jaechil / May. 06, 2026 Active ETFs are growing rapidly in the United States, and many small and midsize asset managers that had struggled amid the decline of mutual funds are now gaining a foothold in the active ETF market. The regulatory easing introduced in the U.S. ETF market from late 2019 appears to have lowered entry barriers and encouraged these managers to enter the active ETF space. At the s... Earnings Guidance in Korea: Institutional Constraints, Market Incentives, and Policy Directions [Research Fellow] Yee, Ha Yoon / May. 06, 2026 Corporate managers voluntarily provide investors with forward-looking information regarding their firm’s future performance through earnings guidance. Earnings guidance enhances the efficiency of capital market by alleviating information asymmetry, improving price discovery, and reducing the cost of capital. In Korea, the introduction of the fair disclosure regime in 2002 estab... Assessing Risk Factors in the U.S. Private Credit Market and the Potential for Risk Transmission [Research Fellow] Jung, Whayoung / Apr. 21, 2026 The private credit market has expanded rapidly, particularly in the U.S., and has become one of the major sources of corporate financing. However, recent defaults among some borrowing firms have heightened concerns about credit risk. At the same time, the rapid advancement of AI has fueled growing perceptions that the business models and revenue structures of the existing softw... The Framework Act on AI Development and Trust and Its Implications for the Financial Investment Industry [Research Fellow] Noh, Sungho / Apr. 21, 2026 The Framework Act on the Development of Artificial Intelligence and Establishment of Trust (“AI Framework Act”, hereafter) and its accompanying Enforcement Decree took full effect on January 22, 2026. the Act provides a comprehensive AI regulatory framework and imposes responsibilities—including transparency, safety, and assessment of high-impact AI—on “AI business operators”—t... Improving Retirement Pension Returns: The Role of Target Date Funds [Research Fellow] Hong, Wonku / Apr. 07, 2026 The low returns of retirement pensions are often attributed to the high reliance on principal-and－interest-guaranteed products. However, simply increasing the share of performance-based products is unlikely to resolve the issue. The fundamental problem lies not only in the allocation of risk assets, but also in the structure of investment decision-making itself. Under the curre...