• Title/Summary/Keyword: 과잉거래

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포트폴리오 수익률 예측력에 관한 연구 -다요인모형과 단일요인모형 비교-

  • Ju, Sang-Ryong;Jeong, Mun-Gyeong
    • The Korean Journal of Financial Studies
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    • v.10 no.1
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    • pp.145-170
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    • 2004
  • Roll의 비판 이후 실행된 많은 국내외 연구결과 CAPM으로 설명이 되지 않는 이례 현상(Anomaly)들이 발견되고 있다. 이례 현상들은 다 요인 모형(multi-factor model)과 같은 추가 위험 요인이론, 표본차이이론, 과잉반응 및 특성이론들로 설명되고 있고 이러한 이례 현상들은 재무관리의 지속적인 관심사인 미래의 주가수익률 예측과 밀접한 관계에 있다. 본 연구에서는 이례 현상들이 주가수익률에 미치는 영향을 알아보기 써하여 Haugen and Baker(1996)의 다 요인 및 수익률 추정 방법론을 국내 증권시장에 적용한 다 요인 모형과 $\beta$, 기업규모, PBR, 과거 1년 주가 수익률에 의한 단일 요인 모형을 이용하여 개별 기업의 포트폴리오 구성기준을 결정하고 이 기준에 의거하여 월별로 편입 주식들을 재조정한 포트폴리오들의 년간 누적 실제수익률 예측력을 비교 분석한 결과 다음과 같은 결과를 얻었다. 첫째, 다 요인모형의 경우 기대수익률이 높은 주식으로 구성된 포트폴리오가 기대수익률이 낮은 주식으로 구성된 포트폴리오보다 실제 년간 수익률이 높게 나타난 반면, $\beta$, 기업규모, PBR, 과거 1년 주가 수익률의 요인에 의한 단일 모형을 적용한 포트폴리오는 이들 순위와 실제 수익률간에는 상관성이 높지 않게 나타나 다요인 모형이 주가 수익률 예측력에 있어서 단일요인 모형보다 우수한 것으로 판단된다. 단일모형 중에서는 PBR을 이용한 포트폴리오가 $\beta$ 단일모형보다 좋은 주가수익률 예측력을 보여 주었다. 둘째, 주가 수익률을 결정하는 유의성있는 요인들은 당기순이익의 증감, 당해연도의 당기순이익의 분포, 자산증가율, 매매 유동성, 매출액 변동, 거래량 추세, 기업크기(시가총액), 과거 1개월간의 주가수익률, 자기자본증가율등으로 나타났다.

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Keeping Distance from Pathos and Turning Rational Trade into Emotions -The Change of Genres and the Reorganization of Emotions in the South Korean Films in the 1990s (파토스에의 거리와 합리적 거래의 감성화 -1990년대 한국영화 장르의 변전(變轉)과 감성의 재편)

  • Park, Yu-Hee
    • Journal of Popular Narrative
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    • v.25 no.3
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    • pp.9-40
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    • 2019
  • This study presents an investigation into South Korean films in the 1990s in the aspects of genre change and emotional reorganization. The 1990s witnessed a change of genres and a paradigm shift in the history of Korean films according to the revolutionary changes of the film industry structure and media environment. Believing that these changes had something to do with emotional changes driven by global capitalization symbolized by democratization in 1987 and the foreign currency crisis in 1998, the investigator analyzed the phenomena in film texts and examined the opportunities and context behind them. Unlike previous researches, this study made an approach to the history of Korean films in the 1990s with three points: first, this study focused on why the romantic comedy genre emerged in the 1990s and what stages its formation underwent since there had been no profound discussions about them; secondly, this study analyzed the biggest hits during the transitional period from 1987~1999 to figure out the mainstream genres and emotions during that period since these hits would provide texts to show the genre domain and public taste in a symbolic way; and finally, this study grew out of the separate investigation approach between melodramas and romantic comedies and looked into an emotional structure to encompass both genres to make a more broad and dynamic approach to South Korean films in the 1990s. History flows continuously without severance from previous times. When there is attention paid to inflection points and opportunities in the continuum, it can show the dynamics and structures of changes. This research led to the following conclusions: the mainstream genre of South Korean films had been melodramas until the 1980s. The old convention had been kept to offset or suture contradictions and excessive elements deviant from the structural consistency. Here, the structural consistency refers to no compliance to rational regulations or trade. The process of genre reorganization in the 1990s happened while securing some distance from the convention of making the structural consistency a sacrifice. The direction was to reinforce control through reasonable rationalism and logic of capital. It developed into romance, which would start with comedy to keep distance from the objects through laughter, heighten the level of remarks, and expand criticality, symbolize emotions with taste items, and build through the logic of mutual consensus and practical trade. In the 1990s, the South Korean films thus developed in a direction of moving away from the narrative of urgent pathos based on unconditional familism. It was on the same track as the entry of the South Korean society into the upgraded orbits of democracy and capitalism as the twins of modern rationalism since the latter part of the 1980s.

The Effects of Financial Characteristics on the Relationship between R&D Investment and Firm Value (기업의 재무적 특성변수가 R&D 투자와 기업가치간의 관계에 미치는 영향)

  • Shin, Min-Shik;Kim, Soo-Eun
    • Journal of Technology Innovation
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    • v.20 no.1
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    • pp.45-73
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    • 2012
  • In this paper, we analyse empirically the effects of financial characteristics on the relationship between R&D investment and market value of firms listed on Korea Exchange. The main results of this study can be summarized as follows. Firm size increase the market valuation of R&D investment because it provides economies of scale, easier access to capital market, and R&D cost spreading. Market share also positively effects the relationship between R&D investment and firm value. Alternatively, free cash flow has a negative effect on the relationship between R&D investment and firm value because firms with high free cash flow could be tempted to use the free cash flow to undertake negative NPV projects. The dependence on external finance is a handicap negatively assessed by the market when firms undertake R&D projects due to the higher information asymmetry associated with this kind of project. Labor intensity has a negative effect on the relationship between R&D investment and firm value because the abnormal profits arising from R&D investment are diluted among employees. Capital intensity also has a negative effect on the relationship between R&D investment and firm value due to the greater financial constraints faced by capital intensive firms. In conclusion, several financial characteristics(firm size and market share) positively effect the relationship between R&D investment and firm value, while others(free cash flow, dependence on external finance, labor intensity, and capital intensity) exert a negative effect. Therefore, we conclude that the effectiveness of R&D investment depends on these financial characteristics.

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User Perception about O2O Order·Delivery App Using Topic Modeling and Revised IPA (토픽 모델링과 수정된 IPA를 활용한 O2O 주문·배달 앱에 대한 사용자 인식 연구)

  • Yun, Haejung;An, Jaeyoung;Park, Sang Cheol
    • Knowledge Management Research
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    • v.22 no.3
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    • pp.253-271
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    • 2021
  • Due to the spread of COVID-19, the use of O2O order·delivery applications are becoming very common. Unlike the past, where customers could choose the desired transaction method and channel, these days, where customers' choices are very limited, it is urgent to consider the concept of shadow labor which has been hindered by the convenience and the benefits of order·delivery app. To this end, in this study, the service quality factors perceived by users of O2O order·delivery app and their shadow work attributes were identified, and priorities according to their relative importance and satisfaction level were suggested. In order to fulfill research objectives, first, after collecting user reviews for an O2O order·delivery app, the subject words were derived using topic modeling. Research variables were selected by linking 11 keywords with the concepts of previous studies on service quality of mobile apps and those about shadow labor. Eight variables of usefulness, ease of use, stability, design quality, personalization, responsiveness, update, and presence were selected. Based on 32 measurement items from the variables, a revised IPA was conducted, and finally, 'keep', 'concentrate', 'low priority', or 'overkill' service quality factors are revealed.

A Study on the Introduction of Library Services Based on Blockchain (블록체인 기반의 도서관 서비스 도입 및 활용방안에 관한 연구)

  • Ro, Ji-Yoon;Noh, Younghee
    • Journal of the Korean BIBLIA Society for library and Information Science
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    • v.33 no.1
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    • pp.371-401
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    • 2022
  • If the blockchain means storing information in a distributed environment that cannot be forged or altered, it is mentioned that this is similar to what librarians collect, preserve, and share authoritative information. In this way, this study examined blockchain technology as a way to collect and provide reliable information, increase work efficiency inside and outside the library, and strengthen cooperative networks. This study attempted to propose various ways to utilize blockchain technology in book relations based on literature surveys and case studies in other fields. To this end, this study first analyzed the field and cases of blockchain application to confirm the possibility and value of blockchain application in the library field, and proposed 12 ways to utilize it based on this. The utilization model was proposed by dividing it into operation and service sectors. In the operation sector, it is a digital identity-based user record storage and authentication function, transparent management and traceable monitoring function, voting-based personnel and recruitment system, blockchain governance-based network efficiency function, and blockchain-based next-generation device management and information integration function. The service sector includes improved book purchase and sharing efficiency due to simplification of intermediaries, digital content copyright protection and management functions, customized service provision based on customer behavior analysis, blockchain-based online learning platforms, sharing platforms, and P2P-based reliable information sharing platforms.

물리.화학적 방법에 의한 참돔(Pagrus major)의 품질판정에 관한 연구

  • 김태진;배진한;심길보;여해경;정호진;조영제
    • Proceedings of the Korean Aquaculture Society Conference
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    • 2003.10a
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    • pp.155-156
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    • 2003
  • 우리나라는 해방 후 어려웠던 경제난국에서 벗어나 산업발전기에 접어들면서 수산물보다는 식탁에서 육류의 섭취가 상대적으로 많이 증가되었다. 그러나 최근에 들어와서는 외식산업의 현저한 발달과 더불어 즉석편리식품이나 육류의 소비가 증가함에 따라 비만, 동맥경화 및 영양의 과잉공급에 따른 각종 성인병이 만연하고 있는 실정이단, 이러한 시점에 수산물이 가지고 있는 건강기능성이나 생리효과가 식품관련 연구자들에 의해 밝혀지면서 생선회가 건강지향성과 기호성이라는 측면에서 두 가지 조건 모두를 만족시키는 식품으로 자리잡아 외식산업의 한 축을 이루어 생선회의 소비는 급증하고 있으나, 자연산 활어는 남획에 따른 자원고갈 및 어장축소 등 여러 가지 이유로 현재 유통되고 있는 생선회의 90% 이상은 양식산 활어이며, 양식 활어의 생산량 또한 1980년대 후반에 비하여 10배 이상 증가되어 있을 뿐만 아니라 가까운 중국이나 일본 등지에서 생선회로 먹기 위하여 많은 량의 활어가 수입되고 있는 실정이다 이렇게 생산된 활어는 활어시장에서 활어의 품질에 관계없이 중량을 기준으로 거래되고 있어 여러 가지 문제를 야기시킬 수 있다. 그러므로, 활어 품질판정 기술의 개발은 우리나라 양식업의 대외경쟁력을 갖추게 할 뿐만 아니라 어민소득을 향상시킬 수 있다. 또한 활어의 유통 질서를 갖추기 위해서 양식활어 근육의 품질을 정확하고도 신속하게 판정할 수 있는 기술을 개발하고자 하였다. 그러므로, 육질의 판정을 위한 기초자료로써 사육수조에서 운동여부와 운동횟수에 의한 양식 활어의 품질을 비교 검토하였다. 운동사육구(2회/1일, 0.5m/s)와 비운동사육구의 초기수분함량은 각각 73.44±0.87%, 72.88±0.25%의 함량이였다. 운동사육시간이 길어질수록 운동사육구에서는 수분함량이 운동5일째에는 73.56±0.22%였으며, 운동 20일에는 75.88±0.94%로 초기수분함량보다는 3%정도 증가하였다. 반면, 비운동사육구에서는 큰 변화를 나타내고 있지 않았다(p<0.05). 운동과 비운동시킨 참돔의 지질 함량의 변화는 운동시킨 참돔은 운동으로 인한 에너지 소비로 인하여 함량이 유의적으로 감소했으며(r=-0.35), 비운동사육구에서는 절식으로 인하여 지질함량이 감소하였다(r=-0.38). 파괴강도와 가장 밀접한 영향을 가지는 콜라겐은 운동과 비운동 모두 사육기간동안 큰 변화는 보이지 않았다. 초기의 파괴강도값은 1.45±0.02kg(운동사육구), 1.36±0.18kg(비운동사육구)이였으며 사육기간동안 운동사육구는 파괴강도값이 증가한 반면, 비운동수조에서는 참돔의 파괴강도는 사육기간동안 큰 유의차가 없었다. 각 성분간의 상관도를 살펴보면, 수분함량과 파괴강도는 상관성을 가졌으며, 지질함량과 파괴강도도 같은 경향은 나타내었다. 운동기간동안의 파괴강도와 콜라겐 사이에는 상관성의 거의 없었다. 이는 운동기간에 따른 파괴강도의 증가가 콜라겐의 함량의 증가보다는 지질함량의 감소와 수분함량의 증가와 같은 성분과의 상관성이 크다고 판단된다. 다음으로는, 운동횟수에 의한 영향으로써 운동시간을 1일 6시간으로 설정하여, 운동횟수를 결정하기 위하여 오전, 오후에 각 3시간씩 운동시키는 방법과 오전부터 6시간동안 운동시키는 두 방법을 이용하여 품질을 비교하였다. 각 조건에 따라 운동시킨 참돔의 수분함량을 나타낸 것으로, 2회(오전 3시간, 오후 3시간)에 나누어서 운동시키기 위한 육의 수분함량은 73.37±2.02%를 나타냈으며, 1회(6시간 운동)운동시키기 위한 육은 71.74±1.66%을 나타내었다. 각각의 운동조건에서 양식된 참돔은 사육초기에는 큰 변화가 없었으나, 사육 5일 이후에는 수분함량이 증가하여 15일에는 76.40±0.14, 75.62±0.98%의 수분함량을 2회와 1회 운동시킨 참돔의 육에서 각각 나타났다. 운동횟수에 따른 지질함량은 2회 운동시킨 참돔은 5.83±2.08, 1회 운동시킨 참돔은 6.72±1.84%을 나타났으며, 사육기간이 증가할수록 함량은 감소하였다. 하루 1회운동시킨 참돔은 지질 함량의 감소율이 2회 운동시킨 참돔보다는 작았지만, 1회 운동시킨 참돔과 마찬가지로 운동기간동안 지질은 감소하였다. 운동횟수와 상관없이 운동기간동안 콜라겐의 함량은 큰 증가를 보이지 않았다. 파괴강도값은 운동횟수가 많을수록 증가하는 경향을 나타내었다. 운동시킨 참돔은 운동횟수에 상관없이 지질 함량이 감소할수록 파괴강도값이 증가하였으며, 운동횟수가 하루 2회인 참돔에서는 지질함량과 파괴강도값이 높은 상관관계를 나타내고 있다(p<0.05, r=0.866(2회/1일). 운동기간과 파괴강도의 값, 운동기간과 수분함량, 운동기간과 지질함량간의 상관성은 운동횟수에 상관없이 높은 상관관계를 나타냈다. 또한, 콜라겐함량은 운동기간과 상관관계 없이 상관성이 낮았다. 그러므로, 본 실험의 목적인 양식산 활어의 품질판정을 하기 위한 요인으로 동일 어종에는 콜라겐보다는 파괴강도, 수분함량 및 지질함량과의 관계를 상관성을 가지므로, 양식 활어의 품질판정 요인으로 선정하였다.

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The Development of an Aggregate Power Resource Configuration Model Based on the Renewable Energy Generation Forecasting System (재생에너지 발전량 예측제도 기반 집합전력자원 구성모델 개발)

  • Eunkyung Kang;Ha-Ryeom Jang;Seonuk Yang;Sung-Byung Yang
    • Journal of Intelligence and Information Systems
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    • v.29 no.4
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    • pp.229-256
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    • 2023
  • The increase in telecommuting and household electricity demand due to the pandemic has led to significant changes in electricity demand patterns. This has led to difficulties in identifying KEPCO's PPA (power purchase agreements) and residential solar power generation and has added to the challenges of electricity demand forecasting and grid operation for power exchanges. Unlike other energy resources, electricity is difficult to store, so it is essential to maintain a balance between energy production and consumption. A shortage or overproduction of electricity can cause significant instability in the energy system, so it is necessary to manage the supply and demand of electricity effectively. Especially in the Fourth Industrial Revolution, the importance of data has increased, and problems such as large-scale fires and power outages can have a severe impact. Therefore, in the field of electricity, it is crucial to accurately predict the amount of power generation, such as renewable energy, along with the exact demand for electricity, for proper power generation management, which helps to reduce unnecessary power production and efficiently utilize energy resources. In this study, we reviewed the renewable energy generation forecasting system, its objectives, and practical applications to construct optimal aggregated power resources using data from 169 power plants provided by the Ministry of Trade, Industry, and Energy, developed an aggregation algorithm considering the settlement of the forecasting system, and applied it to the analytical logic to synthesize and interpret the results. This study developed an optimal aggregation algorithm and derived an aggregation configuration (Result_Number 546) that reached 80.66% of the maximum settlement amount and identified plants that increase the settlement amount (B1783, B1729, N6002, S5044, B1782, N6006) and plants that decrease the settlement amount (S5034, S5023, S5031) when aggregating plants. This study is significant as the first study to develop an optimal aggregation algorithm using aggregated power resources as a research unit, and we expect that the results of this study can be used to improve the stability of the power system and efficiently utilize energy resources.

A Study on the Present Situation, Management Analysis, and Future Prospect of the Ornamental Tree Cultivation with respect to Environmental Improvement (환경개선(環境改善)을 위한 녹화수목재배(綠化樹木裁培)의 현황(現況) 및 경영분석(經營分析)과 전망(展望))

  • Park, Tai Sik;Kim, Tae Wook
    • Journal of Korean Society of Forest Science
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    • v.34 no.1
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    • pp.31-46
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    • 1977
  • The study was made to give some helpful information for policy-making on ornamental tree cultivation by doing a survey on general situations, management analysis, and future prospects of the ornamental tree growing. The study was carried out through literature studies related to the subject, questionaire surveys, and on-the-spot investigation. The questionaire surveys could be divided into two parts: pre-questionaire survey and main-questionaire survey. In the pre-questionaire survey, the researchers intended to identify the total number of ornamental tree growers, cultivation areas in size and their locations. The questionaires were sent to each town and county administration authorities, forest cooperatives, and related organizations through-out the nation. The main-questionaires were prepared for detailed study and the questionaires were sent to 200 tree growers selected by option by taking considerations of the number of tree growers and the size of cultivating areas in regions. The main findings and some information obtained in the survey were as follows: 1. The total land for ornamental tree growing was amounted to 1,873.02 hectares and the number of cultivators was totaled to 2,717. 2. The main occupations of the ornamental tree growers were found in horticulture (41.9%), agronomy (25.9%), officialdom (11.3%), animal husbandry (6.5%), business circle(4.8%), and forestry (3.2%) in sequence. 3. The ornamental trees were cultivated mostly upperland (54.8), forest land (19.4%), rice paddy (11.3%) and others. 4. The educational training of the tree growers seemed quite high. The results of the survey indicated that a large number of tree growers was occupied by college graduates (38.7%), and then high school graduates (34.7%), middle school graduates (12.9%) in order. 5. The tree farming was undertaken as a side-job (41.9%) rather than main-job (23.4%), but a few of respondents rated as subsidiary-job (18.6%). 6. The management status classified by the rate of hired labors used was likely to belong to three categories: independant enterprise management (41.9%); half independant management (31.5%); and self-management (32.4%). 7. The majority of the tree growers sold their products to the consumers through middle-man channel (48.4%), or directly to the house-holder and detailers (13.7%), but a few of the respondents answered that they disposed of their products by bidding (11.2%) or by direct selling to the contractors (4.8%). 8. The channel cf marketing seemed somewhat complicated. The results of the survey were as: (1) producers ${\rightarrow}$consumers (22.6%) (2) producers ${\rightarrow}$field middle-men${\rightarrow}$consumers (33.1%) (3) producers ${\rightarrow}$field middle-men${\rightarrow}$first stage brokers${\rightarrow}$consumers (15.3%) (4) producers ${\rightarrow}$field middle-men${\rightarrow}$second stage middle-men${\rightarrow}$brokers${\rightarrow}$consumers (5.7%) (5) producers${\rightarrow}$field middle-men${\rightarrow}$third stage middle-men${\rightarrow}$second stage middlemen${\rightarrow}$brokers${\rightarrow}$consumers (4.8%) 9. It was responded that the margin for each stage of middle-men or brokers was assumed to be 30-50%(33.1%), 20-30%(32.3%), 50-100%(9.7%), and 100-200%(2.4%) in sequence. 10. The difference between the delivery price of consumers and field selling price of the producers seemed quite large. Majority of producers responded that they received half a price compared to the consumer's prices. 11. About two thirds of the respondents opposed to the measure of "Law on Preservation and Utilization of Agricultural Land" in which says that all the ornamental trees grown on flat agricultural lands less than 8 degrees in slope must be transplanted within three years to other places more than 8 degrees in slope. 12. The tree growers said that they have paid rather high land taxes than they ought to pay (38.7%), but come responded that land tax seemed to be appropriate (15.3%), and half of the respondents answered "not known". 13. The measures for the standardization of ornamental trees by size were backed up by a large number of respondents (57.3%), but one third of the respondents showed negative answer (29.8%). 14. About half of the respondents favored the systematic marketing through organization such as forest cooperatives (54%), but quite a few respondents opposed to organizing the systematic marketing channel (36.3%). 15. The necessary measures for permission in ornamental tree cultivation was rejected by a large number of respondents (49.2%) than those of favored (43.6%).

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