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한국증권시장에서의 매매제도와 주가변동

  • Jang, Yu-Cheol;Im, Kwang-Eop
    • The Korean Journal of Financial Management
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    • v.15 no.1
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    • pp.263-297
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    • 1998
  • 본 연구의 목적은 일괄매매와 접속매매에서의 주가변동의 행태를 이론적으로 구명하고, 이를 바탕으로 우리나라 종합주가지수를 이용하여 일중 주가지수수익률분산을 구하여 두 제도를 실증적으로 비교분석하는 데 있다. 정보거래자와 무정보거래자가 증권시장에 참여한다는 전제하에 일괄매매와 접속매매의 주가변동성을 유도하고, 양제도에서의 주가변동성을 이론적으로 비교 분석한 결과, 시점간 정보 거래자비율이나 혹은 거래자수가 일정할 경우, 접속매매의 가격변동성이 일괄매매의 가격변동성 보다 큰 것으로 분석된다. 그러나 매 시점마다 정보거래자비율과 거래자수가 일정하지 않을 경우에는 일괄매매의 주가변동성이 접속매매의 주가변동성 보다 더 큰 경우도 발생하지만, 시점1의 거래자비율이 $20%{\sim}80%$ 사이에서 변동할 경우에는 역시 접속매매가 일괄매매보다 주가변동성이 더 클 가능성은 크게 높아진다. 이 같은 이론연구를 바탕으로 노이즈제거전 10분간격 주가지수수익률분산을 살펴본 결과, 9시 41분이 가장 크고 폐장동시호가가 가장 작은 것으로 분석되었으며, 또한 전장에서는 작아지는 경향을 보이고 후장에서는 폭 넓은 U자 형태를 갖는 것으로 나타난다. 그리고 동시호가의 주가지수수익률분산은 개장동시호가가 가장 크고, 후장개장동시호가가 그 다음이며, 가장작은 것은 폐장동시호가인 것으로 분석된다. 폐장동시호가와 후장개장동시호가의 주가지수수익률분산이 대부분의 접속매매보다는 작으나, 노이즈제거후 주가지수수익률분산은 전장개장동시호가가 노이즈제거전과 마찬가지로 가장 컸지만, 폐장동시호가는 전장접속매매와 후장개시동시호가 보다 더 크게 나타났다. 이와 같이 전장개장동시호가의 주가지수수익률분산이 높은 것은 전일 15시부터 당일 9시 31분까지를 대상으로 주가지수수익률이 계산되어진 것과 긴 비거래시간 때문으로 해석할 수 있다. 그리고 폐장동시호가의 주가지수수익률분산이 접속매매 보다 큰 것은 본 연구모형에서 말하는 정보분산이 시점간에 같지 않고 폐장동시호가의 정보분산이 큰 데서 그 원인을 찾을 수 있다. 현재 우리나라에서는 매매제도가 주가변동에 미치는 영향에 대한 이론적 실증적 연구가 미진하고, 이에 대한 관심이 비교적 적다. 따라서 본 연구는 매매제도에 따른 주가변동성의 행태 뿐만 아니라 정보변동의 분산, 정보거래자의 정보해석노이즈, 무정보거래자의 유동성노이즈 등이 주가변동성에 미치는 영향에 대한 이해의 폭을 넓혀 줌으로써 증권시장의 효율성제고에 기여할 수 있을 것으로 기대된다.

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A Study on Optimum Ventilation System in the Deep Coal Mine (심부 석탄광산의 환기시스템 최적화 연구)

  • Kwon, Joon Uk;Kim, Sun Myung;Kim, Yun Kwang;Jang, Yun Ho
    • Tunnel and Underground Space
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    • v.25 no.2
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    • pp.186-198
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    • 2015
  • This paper aims for the ultimate goal to optimize the work place environment through assuring the optimal required ventilation rate based on the analysis of the airflow. The working environment is deteriorated due to a rise in temperature of a coal mine caused by increase of its depth and carriage tunnels. To improve the environment, the ventilation evaluation on J coal mine is carried out and the effect of a length of the tunnel on the temperature to enhance the ventilation efficiency in the subsurface is numerically analyzed. The analysis shows that J coal mine needs $17,831m^3/min$ for in-flow ventilation rate but the total input air flowrate is $16,474m^3/min$, $1,357m^3/min$ of in-flow ventilation rate shortage. The temperatures were predicted on the two developed models of J mine, and VnetPC that is a numerical program for the flowrate prediction. The result of the simulation notices the temperature in the case of developing all 4 areas of -425ML as a first model is predicted 29.30 at the main gangway 9X of C section and in the case of developing 3 areas of -425ML excepting A area as a second model, it is predicted 27.45 Celsius degrees.

Application of Geostatistical Methods to Groundwater Flow Analysis in a Heterogeneous Anisotropic Aquifer (불균질.이방성 대수층의 지하수 유동분석에 지구통계기법의 응용)

  • 정상용;유인걸;윤명재;권해우;허선희
    • The Journal of Engineering Geology
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    • v.9 no.2
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    • pp.147-159
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    • 1999
  • Geostatistical methods were used for the groundwater flow analysis in a heterogeneous anisotropic aquifer. This study area is located at Sonbul-myeon in Hampyong-gun of Cheonnam Province which is a hydrogeological project area of KORES(Korea Resources Cooperation). Linear regression analysis shows that the topographic elevation and groundwater level of this area have very high correlation. Groundwater-level contour maps produced by ordinary kriging and cokringing have large differences in mountain areas, but small differences in hill and plain areas near the West Sea. Comparing two maps on the basis of an elevation contour map, a groundwater-level contour map using cokriging is more accurate. Analyzing the groundwater flow on two groundwater-level contour maps, the groundwater of study area flows from the high mountain areas to the plain areas near the West Sea. To verify the enffectiveness of geostatistical methods for the groundwater flow analysis in a heterogeneous anisotropic aquifer, the flow directions of groundwater were measured at two groundwater boreholes by a groundwater flowmeter system(model 200 $GeoFlo^{R}$). The measured flow directions of groundwater almost accord with those estimated on two groundwater-level contour maps produced by geostatistical methods.

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A Study on the Urethane Foam Material Characteristics and Appropriate Soil Covering for Mine Reclamation Emergency Action through Atificial Fire Test (인공 화재 실험을 통한 광해방지 응급조치용 우레탄 폼 재료 특성 및 적정 복토에 관한 연구)

  • Kim, Soo Lo;Park, Jay Hyun;Lee, Jin Soo;Yang, In Jae
    • Economic and Environmental Geology
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    • v.53 no.3
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    • pp.287-296
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    • 2020
  • Mine Reclamation Project is being carried out with the aim of ensuring a sustainable green living and helping to develop eco-friendly mines by analyzing, removing and preventing the harmful factors. Mines developed during the japanese colonial period and mining boom period are still not repaired throughout the country, and from these scattered risks, public safety is worth pursuing as a top priority. The project that is close to public safety in the mine recalmation project is an emergency treatment, and the most widely used method is a filling method similar to the ground subsidence prevention. If dangerous mine cavity or tunnels are located in the mountains, charging with existing materials may not be possible, or unreasonable cases may occur, and new methods of technological development are required. Emergency actions should be carried out safely and efficiently to prevent the loss of precious people's lives on the hiking paths adjacent to dangerous mining sites. In these field conditions, urethane foam materials may be an alternative. In this study, the applicability of urethane foam materials in mining was reviewed through overseas cases. It was also tested on the appropriate depth of top soil for the protection of urethane foam materials through forest fire simulation test. The test result show that approximately 15cm of soil covering (recommended 20cm over) was suitable for maintaining the function of foam materials from forest fires.

Development of Green Rehabilitation Material for Rock and Abandoned Mine Debris Slopes (폐광산 암반 및 폐석사면에 적합한 친환경 식생복원 소재 개발에 대한 연구)

  • Jung, Mun-Ho;Ryu, Jong-Heum;Kim, Tae-Heok;Lee, Hak-Joo;Choo, Chang-Oh;Shin, Youn-Soo;Jeong, Gyo-Cheol
    • The Journal of Engineering Geology
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    • v.22 no.4
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    • pp.439-448
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    • 2012
  • The aim of this study is to develop eco-friendly, fundamental technology for vegetative restoration of barren lands using green rehabilitation material, for the stabilization of abandoned mine debris slopes and depository slopes composed of rock fragments. It is expected that such methods would help to improve the negative view of artificial slopes that remain following mining activity, while also contributing to slope stabilization and prevention of the loss of rock fragments and the dispersion of tailings. We tested the tensile strength and tear strength of various materials, including commonly used natural coir material, natural fibers, and synthetic textile materials with enhanced durability. In conclusion, there is the possibility that natural coir can be used as an eco-friendly material in vegetation restoration, while its durability in natural conditions can be improved by controlling the degree of knot convolution and by antibacterial treatment against biodegradation.

Frequency of Workplace Health Promotion Activites (일부 산업장에서의 건강증진 활동 실태)

  • Cho, Dong Ran;Chun, Kyung Ja
    • Korean Journal of Occupational Health Nursing
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    • v.3
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    • pp.71-85
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    • 1993
  • The objective of this study is to describe the frequency of workplace health promotion activites. For this objective, questionaire was requested to 648 trainees of Korea Industrial Safety Corporation. Respondents' positions were safety manager, health care manager, or representatives of employee. Major findings are as follows: 1) Of responding workplaces, 66.2% supported the activities related to promote employees' health. The support rate was higher of Manufacturing and Tranport than others. And the lager workplaces had the higher support rate. 2) Most frequent activity is exercise program. But the prevalence of smoking cessation, stress management, nutrition education and women health care was very low. Major contents of support were to pay the cost of these activites and to equip the places or the facilities. 3) 24.9% had the non-smoking policy in the workplace. 98.6% equiped the places and facilities for employees. Mean number of facilities across all workplaces was 2.96 and that of exercise circles was 3.60. In conclusion, it was suggested that the stratege was needed to develop the Korean model for workplace health promotion on the basis of exisiting activites.

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A Study on Analysis of Maritime Industry Structure on Chungnam Province (충남지역 해양산업 구조 분석 연구)

  • Kim, Un Soo;Choi, Kyoung Hoon;Kim, Hwa Young
    • Journal of Korea Port Economic Association
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    • v.34 no.2
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    • pp.1-16
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    • 2018
  • Maritime industry is recognized as a new value-adding and growth engine industry. It provides high value by creating clusters centering on ports. Advanced international ports are also clashing ahead to create clusters, boost profits, and strengthen competitiveness. The Korean government enacted policies for the establishment and upbringing of maritime industrial clusters in 2015. It is very important to understand which maritime industry has a comparative advantage in each region and to establish an integration strategy through maritime industrial clusters. This study analyzes the structure of the maritime industry in the Chungnam province, which is expected to deal with raw materials(mainly oil products), container throughput, and opening of ferry route with China's port. The study analyzed the existing literature on the maritime industry and classified the industry into 5 major categories, 21 sub-categories, and 84 sub-categories in shipping and logistics, shipbuilding, fishery, marine tourism industry, and other industries. Based on the reclassified maritime industry, the structure of the maritime industry in the Chungnam province was analyzed by using location quotient(LQ) and Shift-Share analysis. The study found that the fisheries industry showed the highest value(1.718) in the analysis of LQ, followed by the marine tourism industry(1.092), shipbuilding industry(0.823) and shipping and logistics industry(0.789). The total effect of the maritime industry in Chungnam province was 36,315 and the net growth effect, excluding the national growth effect, was estimated to be 21,321. Based on these results, we classify the maritime industry in the Chungnam province as comparative advantage and comparative disadvantage. The results of this study can be used as basic data for formulating strategies for the construction of the maritime industry cluster in the Chungnam province in the future.

A Study on Greenhouse Gas Inventories for Regional Governments (A Case Study of Jeonbuk Province) (지자체 온실가스 인벤토리 구축연구 - 전라북도 사례)

  • Jang, Nam-Jung
    • Journal of Korean Society of Environmental Engineers
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    • v.31 no.7
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    • pp.565-572
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    • 2009
  • Greenhouse gas(GHG) inventories and basic strategies for Jeonbuk regional government were established to reduce greenhouse gas emissions. The method to construct GHG inventories of Jeonbuk followed the 'Revised IPCC 1996 Guidelines'which was used for the 'Third National Communication of the Republic of Korea under UNFCCC'. Korean government could use primary energy consumption for the energy industries section in the national GHG inventories. However, regional governments should use secondary energy consumption (included electricity consumption) for the energy industries section for their GHG inventories because they could not control the emission of energy transformation section. In the result of Jeonbuk GHG inventories in 2006, carbon dioxide($CO_2$) emissions from fuel combustion covered 87.1% of total emissions. Methane($CH_4$), carbon dioxide($CO_2$) from other sections, nitrous oxide($N_2O$) and F-gas(HFCs, PFCs, $SF_6$) accounted for 8.1, 2.2, 1.6 and 1.0% of total emissions, respectively. The sectional emission decreased in the order of the energy(88.0%), agriculture(7.6%), waste(2.3%) and industrial processes(2.1%) section. The energy industries section that contained electricity consumption was the most dominant emission source in the energy section. F-gas consumption, rice cultivation and waste incineration were main emission sources in the industrial processes, agriculture and waste section, respectively. In this study, basic directions of each section were established by the results of Jeonbuk GHG inventories in 2006.

Characteristics of the Regional Rock Stress Field at Shallow Depth in the Kyungsang Basin with In-situ Rock Stress Measurement (현장 측정을 통한 경상분지의 천부 초기응력장 특성에 관한 연구)

  • Bae, Seong-Ho;Jeon, Seok-Won;Kim, Jae-Min;Kim, Jang-Soon
    • Tunnel and Underground Space
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    • v.18 no.2
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    • pp.149-161
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    • 2008
  • It is nearly impossible to estimate the exact state of the current rock stress of interest site by the theoretical and physical approaches except some specific geological situations. This means that in-situ stress measurement is a unique way to obtain reliable information on rock stress especially for civil and mining engineering related problems. Since late in the 90's, in-situ rock stress tests have been widely conducted to provide the quantitative information on the stress state of engineering site at the design stage of an underground rock structure in the Kyungsang Basin, Korea. The study area is the near surface regions at the depth less than 300 m in the Kyungsang Basin. It includes Yeosoo to the west and Busan to the east. Totally, 270 in-situ stress measurements were conducted in the surface test boreholes at the depth from 14 m to 300 m by hydraulic fracturing method. In this paper, based on the measurement data set, the overall characteristics of the current in-situ rock stress fields in the study area are briefly described. And also the investigation results on the difference between the stress distributions for the granitoid and the andesitic rock region are also introduced. Finally, the distributions of the regional horizontal stress directions in Busan and the Yangsan faults area are shown.

Risk Factors for Associated with Latent Tuberculosis Infection among Former Mine Workers (광업 이직근로자에서 잠복결핵감염 위험요인 분석)

  • Hwang, Joo Hwan;Shin, Jae Hoon;Baek, JinEe;Choi, Byung-Soon
    • Journal of Korean Society of Occupational and Environmental Hygiene
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    • v.29 no.3
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    • pp.289-297
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    • 2019
  • Objectives: To identify the positive rate of and the risk factors associated with latent tuberculosis infection(LTBI) in mine workers, the objectives of the present study evaluated those among former mine workers. Methods: Between January 2015 and May 2017, former male mine workers who had been subjects for epidemiology research for work-related chronic obstructive pulmonary disease(COPD) and had received QuantiFERON-$TB^{(R)}$ Gold In-Tube(QFT-GIT) from the Institute of Occupation and Environment(IOE) under Korea Workers' Compensation and Welfare Service(KCOMWEL) were selected as the study subjects. To identify significant variables for increased risk of LTBI, logistic regression analysis was performed. Results: A total of 736 male former mine workers were selected as study subjects. The positive rate of LTBI among subjects was 69.2%(509/736). The current smoking[odds ratio(OR), 2.3; 95% confidence interval(CI), 1.1-4.9], COPD(OR, 1.4; 95% CI, 0.9-2.3), department loading(OR, 1.8; 95% CI, 0.9-3.4) and mining(OR, 1.5; 95% CI, 0.9-2.5), and working duration of over 20(OR, 1.6; 95% CI, 0.9-3.1) and over 30 years(OR, 2.2; 95% CI, 0.9-4.9) were associated with increased risk of LTBI. The interferon-gamma(IFN-${\gamma}$) level after stimulation with Mycobacterium tuberculosis(MTB)-specific antigens showed a significantly negative correlation with age(r=-0.126). Conclusions: The present study determined that the high positive rate of LTBI among mine workers was associated with not only the host factors but also the occupational exposure to mine dust.