• Management & Information Systems Review
• /
• v.29 no.2
• /
• pp.1-25
• /
• 2010

This study attempted to empirically test the determinants of stock returns in Korean stock market applying multi-factor model proposed by Haugen and Baker(1996). Regression models were developed using 16 variables related to liquidity, risk, historical price, price level, and profitability as independent variables and 690 stock monthly returns as dependent variable. For the statistical analysis, the data were collected from the Kis Value database and the tests of forecasting power in this study minimized various possible bias discussed in the literature as possible. The statistical results indicated that: 1) Liquidity, one-month excess return, three-month excess return, PER, ROE, and volatility of total return affect stock returns simultaneously. 2) Liquidity, one-month excess return, three-month excess return, six-month excess return, PSR, PBR, ROE, and EPS have an antecedent influence on stock returns. Meanwhile, realized returns of decile portfolios increase in proportion to predicted returns. This results supported previous study by Haugen and Baker(1996) and indicated that firm-characteristic model can better predict stock returns than CAPM. 3) The firm-characteristic model has better predictive power than Fama-French three-factor model, which indicates that a portfolio constructed based on this model can achieve excess return. This study found that expected return factor models are accurate, which is consistent with other countries' results. There exists a surprising degree of commonality in the factors that are most important in determining the expected returns among different stocks.

• Journal of the Korean Society of Food Science and Nutrition
• /
• v.38 no.9
• /
• pp.1271-1278
• /
• 2009

The purpose of this study was the improvement of satisfaction for school foodservice customers through analysis of the importance and performance of school foodservice quality and the understanding what factors affected customer's loyalty. The questionnaire was distributed to three hundred students at five high schools in Busan. Students evaluated the factors of importance and performance, the order of importance was sanitation> food> service and then, the order of performance was sanitation> service> food. Gap analysis resulted 4.39 for importance factors and 2.51 for performance factors; importance scores were higher than performance scores at all areas (p<0.01) and the sanitation factor gap was the biggest gap compared to all others. Each factor's analysis resulted that the gap analysis order was taste> balance of main & sub side dish> diversity of food in food area, quick react to customer complaint> reflection of customer proposal and recommendation> provide better service than competitor in service area, sanitation of food> cleanness of tableware> cleanness of container in sanitation area. The average score of customer's loyalty was 1.66 and female' score was significantly higher than male (p<0.001). Food, service and sanitation had a significant correlation to customer's loyalty than service (p<0.01), food (p<0.05), and sanitation (p<0.05) affected customer's loyalty significantly. So, intensive control is needed in the sanitation area which had the highest gap analysis result between importance and performance in food service. Especially, service factor was very important in explaining customer's loyalty, so service improvement through training is needed to improve student's satisfaction.

• Korean Journal of Social Welfare
• /
• v.54
• /
• pp.65-97
• /
• 2003

This study seeks the countermeasures for the successful organization of the social welfare labor union after examining social welfare workers' cognizance about a labor union and analyzing the major factors affecting their participation in a labor union. An analysis of social welfare workers' cognizance about the social welfare labor union. demonstrates that (1) most social welfare workers have positive opinions about a labor union organization and the participation in a labor union, (2) a great part of workers prefer forming a labor union and a professional organization together in relation to the organization of social welfare workers, and (3) the effective strategies for the organization of a labor union are in the order of the uplift of social welfare workers' consciousness, the constitution of the basic organizations which propel the formation of a labor union, and the preparation of policy countermeasures which attain the supports of clients and citizens. An analysis of factors affecting the participation in a labor union shows that the attitude toward the participation behavior (positive results), subjective norm (specific individuals), subjective norm (social constituent members), and perceived behavior control in the analysis model, male, lower position in officers, and lower educational attainment in democratic characteristics, and lower democratic and professional managements in officers and longer working hours in labor environmental conditions affect positively the participation in a labor union. These results suggest several assignments for the successful organization of the social welfare labor union. First the activities that make social welfare workers recognize the beneficial results bringing about by the participation in a labor union need to be carried out, second strategies that persuade the influential individuals to supports the participation in a labor union need to be developed, third activities that make the social constituent members understand the ethical, professional, and non-productive characteristics of social service works not to be confronted with the organization of a labor union should be pursued, fourth the organizational environments in which social welfare workers can freely participate in a labor union according to their intentions need to be made up, fifth the policy countermeasures which attain the support of social welfare workers, clients and citizens should be developed and carried out, and finally the basic organizations that effectively propel the formation of a labor union need to be constituted.

• Journal of Korean Society of Archives and Records Management
• /
• v.1 no.1
• /
• pp.37-52
• /
• 2001

1. establishment and development of China archives science: With the centuries-old history of archives and archives management, early China archives science came into being in 1930s, and the research pushed forward by archives enterprise has made great achievements since then. 1.1 Expanding research fields: Foundation

• Korean Journal of Ecology and Environment
• /
• v.35 no.1 s.97
• /
• pp.28-35
• /
• 2002

The effect of physical parameters on water quality was analyzed using monitoring data of 193 agricultural reservoirs. The retention time of reservoirs ($t_d$) ranged between 10 and 140 days, and the ratio of drainage area (DA) to reservoir surface area (SA) was between 10 and 120. Both ratios of DA/SA and total area (TA)/ reservoir storage (ST) in Korean agricultural reservoirs were relatively greater than those in natural lakes in other countries. As retention time was plotted against DA/SA ratio, it was shorter in Korean reservoirs than natural lakes. The semi-logarithmic relationship between TA/SA and t>$t_d$ was $t_d\;=\;42.21(TA/ST)^{-1}$ (n = 50, $R^2\;=\;0.89$). While areal loading of total phosphorus (TP) was below $4\;gTP{\cdot}m^{-2}{\cdot}yr^{-1}$ in general, it exceeded $10\;gTP{\cdot}m^{-2}{\cdot}yr^{-1}$ in reservoirs where DA/SA ratio was greater than 100, which implies that areal loading of TP increases as DA/SA ratio increases. Chl-a concentration was positively related with the mean depth of reservoir, implying the higher Chl-a concentration with deeper the mean depth. Therefore, the deeper reservoir might be advantageous in water quality management perspective if other morphological conditions are similar. The empirical regression equation using physical parameters was also suggested in the estimation of TP concentration in the reservoirs. Combined information presented in this paper might be applicable to the water quality management in agricultural reservoirs.

• Journal of the Korean Society of Food Science and Nutrition
• /
• v.43 no.6
• /
• pp.934-942
• /
• 2014

The purpose of this study was to investigate factors affecting problematic drinking by university students in the Chuncheon area. Lifelong drinking rate of subjects was 98.1%. Problematic drinking rates according to AUDIT (alcohol use disorders identification test) were as follows: 21.3% 'no problem', 58.0% 'at-risk drinking', 10.0% 'alcohol abuse' and 10.7% 'alcohol dependence'. Research has shown that problematic drinking is more prevalent among freshmen, early drinkers, those with hypochondria, and students who are less satisfied with their campus life or whose own parents are frequent drinkers. It has been shown that more serious problematic drinking is associated with higher 'positive alcohol outcome expectancies' and 'coping motives for drinking', and 'recognition level of drinking cultures' is considered less desirable. Multiple regression analysis revealed that 'coping motives for drinking' was the most significant variable affecting the problematic drinking of university students. Developing and fostering various alcohol-reducing programs that largely focus on 'coping motives for drinking' will greatly contribute to solving problematic drinking.

• The Korean Journal of Financial Management
• /
• v.12 no.2
• /
• pp.273-298
• /
• 1995

1960년대, 각국의 환율이 미국의 달러화에 연동(pegging)된 고정환율제도를 근간으로 하는 브레튼우즈(Bretton Woods)체제하에서 각국의 중앙은행은 환율을 일정한 범위 내로 유지하기 위한 정책수단으로 외환시장개입을 적극 활용하였다. 1973년 브레튼우즈체제하의 고정환율제도가 붕괴되고 변동환율제도가 채택된 이후에도 각국의 외환시장개입정책은 계속되었다. 1980년대에 레이건 행정부의 재정팽창정책과 미연방준비은행의 긴축통화정책으로 금리의 지속적인 상승과 미달러화의 큰폭의 절상이 이루어 졌다. 이에 국제무역의 위기를 우려한 미국, 독일, 프랑스, 영국, 일본 등 선진 5개국(Group-5, G5)은 1985년 9월 22일 미 달러화의 절하를 위해 외환시장에 공동으로 개입할 것을 주내용으로 한 플라자합의(Plaza Agreement)를 발표하였다. 그후에도 1987년 2월 23일 열린 루브르협정(Louvre Accord, G-6 Communique)에서 환율을 현수준으로 유지시키기 위한 목표환율대(Target zone)를 설정하고 외환시장개입을 통해 이를 유지하기로 합의한 바 있다. 이후의 구미각국은 환율의 관리를 위하여 국가가 공동으로 외환시장에 개입하곤 했다. 본 논문은 1987년 루브르협정 이후 미국, 독일 및 일본의 중앙은행의 외환시장 개입 정책이 소기의 목적을 달성했는지의 여부를 규명해 보고자 한다. 즉, Federal Reserve, Bundesbank 및 Bank of Japan의 외환시장개입이 현물환율시장(spot market)에서 각각의 변동성을 감소 시켰는지의 여부를 독일의 마르크화 및 일본의 엔화를 중심으로 규명해 보고자 한다. 1981년 루브르협정이후, 미국, 독일 및 일본의 중앙은행은 미국 달러화에 대한 마르크 및 엔화의 환율을 안정시키기 위해 꾸준히 외환시장에 개입해 왔다. 외환시장의 개입유형은 크게 태화외환시장개입(non-sterilized intervention)과 불태화외환시장개입(sterilized intervention)으로 구분할 수 있는데, 전자는 외환당국이 민간부문과 외화채권을 거래함으로써 본원통화의 크기가 변하는 개입형태를 의미하는 반면에 후자는 외환당국의 순외화자산의 크기변화가 본원통화의 변화를 초래하지 않는 경우이다. 즉, 불태화외환시장개입은 순외화자산의 증감이 순국내자산의 증감과 반비례해서 이루어지기 때문에 본원통화의 크기에는 변함이 없다. 외환시장개입이란 외환당국이 은행간 시장에서 민간시잔 참가자들과 행하는 적극적인 외환거래를 의미한다. 반면, 넓은 의미에서의 외환시장개입에는 수동적 외환시장개입이라고 불리는 고객거래가 포함된다. 후자의 거래는 국내통화 및 외화표시 자산의 상대적 공급규모를 변화시킨다는 의미에서 전통적외환시장개입과 동일한 효과를 갖기 때문에 광의의 외환시장 개입으로 분류된다. 외환시장의 개입목적은 크게 세 가지로 분류할 수 있다. 첫째, 환율의 안정적 운영이다. 환율수준이 자유롭게 변화되는 변동환율제도하에서 환율의 지나친 변동으로 인한 실물경제로의 부정적인 영향을 최소화하기 위해서 환율의 지나친 변동으로 인한 실물경제로의 부정적인 영향을 최소화하기 위해서 환율의 안정을 정책 목표로 설정하는 경우와 고정환율제도하에서 환율을 일정수준으로 유지시키기 위해서 외환당국이 외환시장에 개입하는 경우가 여기에 해당된다고 볼 수 있다. 둘째, 환율수준의 균형수준으로의 조정이다. 이때 야기될 수 있는 문제점으로는 환율균형 수준을 어떻게 정의, 추정할 것이냐 하는 점과 목표환율정책이 다른 정책목표와 상충될 수 있다는 점이다. 셋째, 외환당국이 공적외환보유액이나 구성을 변화시킬 목적으로 외환시장에 개입하는 경우이다. 이때의 외환시장개입은 현재의 환율수준이 개입으로 인하여 과도하게 이탈하는 문제가 발생하지 않을 것을 전제로 한다. 본고에서는 현물환율에 영향을 미치는 요소로 미국, 독일 및 일본의 중앙은행의 개입효과, 요일효과, 통화의 공급량(M1), 무역적자의 폭, 산업의 생산량, 생산가격지수(PPI), 소비자물가지수(CPI), 실업률, 옵션의 내재적 변동성 등을 고려한다. 환율의 변동성을 추정하는 식은 GARCH 모델이 사용된다. 본 추정모델은 Dominguez(1993)의 확장이다. Dominguez (1993)의 논문은 GARCH 모델을 써서 미국, 독일 및 일본의 중앙은행의 시장개입효과를 분석했으나, 거시변수를 고려대상에서 제외시켰다. 본 논문은 위의 방법에 거시변수를 삽입하고 모델을 변형시켜서 더 확실한 시장개입효과와 거시변수효과를 밝혔다. 또한 옵션의 내제적 변동성을 구하는 과정에서 American option model을 사용하는 대신, Bourtha & Courtadon (1987)등이 밝힌 바와 같이 American style option이라 할지라도, European Model을 쓰면 더욱더 간편하고, 예측력도 American Model에 뒤지지 않음을 이용하여, European Model을 써서 내재적 변동성을 구한 다음 이것을 독립변수로 이용하였다. 본 모델의 추정 결과는 3국의 시장개입정책이 현물환율과 옵션의 내재적 변동성을 증가시켜서 Louvre 협정이후 각국은 시장개입의 목적을 달성하지 못한 것으로 나타났다.

• Journal of radiological science and technology
• /
• v.39 no.4
• /
• pp.517-526
• /
• 2016

This study analyzed the correlation between BMD (bone mineral density) value calculated in the MDCT (multidetector computed tomography) and lifestyle, physical features and social characteristics. From July 15 2015 to June 6 2016, we converted from HU (hounsfield unit) value measured by using MDCT to T-score for BMD of 141 patients (male: 63, female: 78) in W medical center. We measured the 2nd, 3rd and 4th lumbar spine and analyzed the correlation between gender differences in BMD and lifestyle, physical features and social characteristics. Statistical significance was validated using independent sample T test with one way Anova. Gender BMD was confirmed that a statistically significant difference (p<0.05). BMD values decreased with increasing age but for the statistically men, there was no significant difference from 20s to 50s, it only showed a significant difference in 20s and 60s (p<0.001). For the statistically women, there was no significant difference from 20s to 40s. but since 50s BMD was decreased rapidly, which showed a significant difference (p<0.001). women showed significant differences for the menstruation and menopause, childbirth, alcohol, cereals and greasy food in bone mineral density (p<0.05) but there were no significant differences in men. The bone mineral density values calculated by the MDCT and lifestyle, physical features and social characteristics correlation analysis method is considered to be used as a basis for estimating the state in BMD and osteoporosis management.

• The Korean Journal of Nuclear Medicine Technology
• /
• v.18 no.1
• /
• pp.3-9
• /
• 2014

Purpose: Our goals were to evaluate the effect of high dose radioiodine treatment for thyroid cancer by taking in laxatives. Materials and Methods: Twenty patients(M:F=13:7, age $46.3{\pm}8.1\;yrs$) who underwent high dose radioiodine treatment were seperated into Group 1 taking $^{131}I$ 5,500 MBq and Group 2 with the use of laxatives after taking $^{131}I$ 5,500 MBq. The whole body was scanned 16 hours and 40 hours after taking radioactive iodines by using gamma camera, the ROIs were drawn on the gastro-intestinal tract and thigh for calculation of reduction ratio. At particular time during hospitalization, the radioactivity remaining in the body was measured in 1 meter from patient by using survey meter (RadEye-G10, Thermo Fisher Scientific, USA). Schematic presentation of an Origin 8.5.1 software was used for spatial dose rate. Statistical comparison between groups were done using independent samples t-test. P value less than 0.05 was regarded as statistically significant. Results: The reduction ratio in gastro-intestinal 16 hours and 40 hours after taking laxatives is $42.1{\pm}6.3%$ in Group 1 and $72.1{\pm}6.4%$ in Group 2. The spatial dose rate measured when discharging from hospital was $23.8{\pm}6.7{\mu}Sv/h$ in Group 1 and $8.2{\pm}2.4{\mu}Sv/h$ in Group 2. The radioactivity remaining in the body is much decreased at the patient with laxatives(P<0.05). Conclusion: The use in combination with laxatives is helpful for decreasing radioactivity remaining in the body. The radioactive contamination could be decreased at marginal individuals from patients.

• The Journal of the Korea Contents Association
• /
• v.12 no.6
• /
• pp.497-507
• /
• 2012

This study aims to verify how the characteristics of organizational supporting unit affect the effectiveness of company-wide HRD Education & Training program. To achieve this objective, we performed an empirical analysis, with the characteristics of organizational supporting unit comprising supervisor's support, job support, and company support as independent variables, and with the level of reaction stage, learning stage, transfer stage, and result stage as dependent variables. Empirical data was collected during the period from August 16, 2011 to September 9, 2011 by sending out questionnaires to employees of 5 securities firms listed on KOSDAQ where online and offline education & training program is running year-round with headquarter in Seoul. A total of 340 questionnaires were sent out three times for the survey, and total of 164 questionnaires were sampled for the final analysis. According to the outcome of the analysis, regarding the first hypothesis that tries to reveal how the characteristics affect the level of reaction stage, it is verified that all of supervisor's support, job support and company support have positive impact on the level of reaction stage with p value less than 0.01. In regard to the second hypothesis that tries to see how the characteristics affect the level of learning stage, it is confirmed that supervisor's support, job support and company support have significant impact on the level of learning stage with p value less than 0.05 or 0.01, respectively. Concerning the third hypothesis that aims to investigate how the characteristics affect the level of transfer stage, it is appeared that all of supervisor's support, job support and company support have positive impact on the level of transfer stage. And lastly, as for the fourth hypothesis that tries to see how the characteristics affect the level of result stage, it is analyzed that supervisor's support, job support and company support have positive impact on the level of result stage with p value less than 0.01. This study reconfirm the outcomes of previous research, which is that the effectiveness of company-wide education & training program depends not only on the contents and quality of education & training program, but also more importantly on the role of organizational supporting unit, and the working environment where what is learned in classroom can be applied to real business. Companies or experts that run education & training program in real world should recognize that the performance of training is dependent more significantly on the characteristics of organizational supporting unit rather than the design or features of education & training program.