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한국주식시장(韓國株式市場)에 있어서 반전거래전략(反轉去來戰略) 계속거래전략(繼續去來戰略)의 경제적(經濟的) 유용성(有用性)에 관한 비교연구(比較硏究)

  • Kim, Tae-Hyeok;Eom, Cheol-Jun
    • The Korean Journal of Financial Management
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    • v.14 no.3
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    • pp.73-111
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    • 1997
  • 본 논문은 1980년${\sim}$1995년의 16년동안 한국주식시장에 있어서 주식수익률의 시계열자기상관성을 확인하는 행태적 측면과 투자수익률의 경제성을 파악하는 투자성과측면으로 구분된 단계적 검증을 실시함으로써 시장수익률을 평균적으로 초과할 수 있는 거래전략의 존재 및 그 초과수익률의 크기를 연구하였는바 이 연구에서 발견된 중요한 내용은 다음 다섯가지로 요약된다. 첫째, 한국주식시장에 있어서 거래전략의 개발가능성을 평가하기 위하여 특정시점을 기준으로 투자기간수익률과 분석기간수익률간의 시계열자기상관성을 검증한 행태적 측면의 실증결과에 의하면, 시계열속성을 나타내는 베타계수가 유의적인 양(+) 혹은 음(-)을 나타내기 때문에 특정시점 이전의 주식수익률은 목표투자기간동안에 투자할 대상을 선정하는데 중요한 정보원천이 될 수 있으며, 각 투자기간에 있어서 분석기간이 길어질수록 더욱더 유의적인 음(-)의 베타계수를 나타냄에 따라 계속거래전략보다 반전거래전략의 개발가능성이 높음을 알 수 있었다. 둘째, 주식시장에 전후수익률간의 시계열속성을 활용하여 투자를 하는 경우에 시장수익률을 평균적으로 초과할 수 있는 거래전략이 존재하는지를 파악하기 위하여 Loser포트폴리오와 Winner포트폴리오 초과수익률간의 차이로써 측정된 수익률을 이용한 실증결과에 의하면, 행태적 측면의 결과와 일관되게 분석기간수익률의 정보를 이용하여 투자기간에 투자하는 경우에 시장수익률을 평균적으로 초과하는 거래전략이 존재하고, 또한 Loser와 Winner포트폴리오의 수익률차이값 중 유의적인 음(-)의 값보다는 유의적인 양(+)의 값이 보다 많으므로 반전거래 전략의 활용가능성이 높음을 확인하였다. 셋째, 분석기간에 기초한 투자기간에 대한 투자전략상의 유용성을 최대한 발휘할 수 있는 거래전략과 투자기간을 검증한 Loser포트폴리오와 Winner포트폴리오의 수익률차이의 1개월 평균값에 의하면, 반전거래전략을 지지하는 경우가 계속거래전략의 경우보다 약 5배이상 높은 값을 실현하였고, 반전거래전략 중에서 분석기간 4개월에 대한 투자기간 24개월의 거래전략이 가장 높은 경제적 성과를 실현하였다. 넷째, 투자종목의 선택측면에서 각 거래전략의 실질적 유용성을 확인하기 위하여 Loser포트폴리오와 Winner포트폴리오의 고유한 속성을 검증한 결과에 의하면, 각 투자기간에 있어서 분석기간의 길이가 길어질수록 Winner포트폴리오는 유의적인 양(+)의 값을, Winner포트폴리오는 유의적인 음(-)의 값을 나타내었고, 특히 투자기간보다 분석기간의 기간길이가 긴 (투자기간<분석기간)에 이러한 경향이 더욱 뚜렷했다. 따라서, Loser포트폴리오를 매수보유하는 반전거래전략이 Winner포트폴리오를 매수보유하는 계속거래전략보다 적합한 전략임을 알 수 있었다. 다섯째, Loser포트폴리오와 Winner포트폴리오를 각각 투자대상종목으로써 매수보유한 반전거래전략과 계속거래 전략에 대한 유용성을 비교검증한 Loser포트폴리오와 Winner포트폴리오 각각의 1개월 평균초과수익률에 의하면, 반전거래전략의 Loser포트폴리오가 계속거래전략의 Winner포트폴리오보다 약 5배정도의 높은 1개월 평균초과수익률을 실현하였고, 반전거래전략의 유용성을 충분히 발휘하기 위하여 장단기의 투자기간을 설정할 경우에 6개월에서 36개월로 이동함에 따라 6개월부터 24개월까지는 초과수익률이 상승하지만, 이후로는 감소하므로, 반전거래전략을 활용하는 경우 주식투자기간은 24개월이하의 중단기가 적합함을 발견하였다. 이상의 행태적 측면과 투자성과측면의 실증결과를 통하여 한국주식시장에 있어서 시장수익률을 평균적으로 초과할 수 있는 거래전략은 존재하므로 이러한 전략을 개발 및 활용할 수 있으며, 특히, 한국주식시장에 적합한 거래전략은 반전거래전략이고, 이 전략의 유용성은 투자자가 설정한 투자기간보다 더욱 긴 분석기간의 주식가격정보에 의하여 최대한 발휘될 수 있음을 확인하였다.

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Factors Influencing Workers' Perception and Attitude Toward Special Periodic Health Screening Test (특수건강진단에 대한 근로자의 인식과 태도에 영향을 미치는 요인)

  • Nam, Si-Hyun;Kam, Sin;Park, Jae-Yong
    • Journal of Preventive Medicine and Public Health
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    • v.28 no.2 s.50
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    • pp.334-346
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    • 1995
  • To investigate the factors influencing workers' perception and attitude toward special periodic health screening test for workers, a survey with self-administered questionnaires was performed on 779 workers who had special periodic health screening test from September 1 to October 15, 1994. A study model was developed by modifying the health belief model. The end and intermediate response variables of the model were the voluntary participation and necessity perception on the special screening for workers. The result of analysis was consistent with the study model. Rates for the necessity perception and voluntary participation on the special screening for workers were 77.2%, 79.2%, respectively. Factors influencing on the voluntary participation were necessity perception, benefit of special screening for workers, and cue to action. And on the necessity perception were susceptibility and severity to occupational disease, knowledge to special screening for workers, and support of company. General and occupational characteristics influencing on the susceptibility and severity to occupational disease were sex, age, educational level, work duration, and health education. On the knowledge to special screening for workers were age, educational level, work duration, and locus-of-control. On the benefit of special screening for workers were age, locus-of-control, pride on health, and health education. Therefore, to increase the voluntary participation and necessity perception on the special periodic health screening for workers, 1) if a worker is judged as occupational disease, the judgment should be widely known in his workplace, 2) the screening result forms should be directly sent to the workers themselves, 3) for the positivity of employers, the campaign and education program subjected to them should be planned, 4) health education should give the first consideration to the younger, lower educational level, and newly employed women, and its frequency should be increased and it should be more frequently dealt with occupation-related subjects, and 5) the employers should have a careful concern in not being disadvantageous to workers due to result of screening.

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An Exploratory Study of REID Benefits for Apparel Retailing (의류소매업에서의 RFID 이점에 대한 탐색적 연구)

  • Kim, Hae-Jung;Kim, Eun-Young
    • Journal of the Korean Society of Clothing and Textiles
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    • v.30 no.12 s.159
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    • pp.1697-1707
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    • 2006
  • Relentless advances in information technology are constantly transforming market dynamics of the retail industry. RFID is an emerging innovative technology that can reduce labor costs, improve inventory control and increase sales by effective business processes. Apparel retailers need to recognize the benefits of RFID and identify critical success factors. By focusing on apparel retailers, this study attempts (1) to identify the reality of RFID associated with benefits; and (2) to prospect the implementation of RFID in apparel retailing. We conducted a focus group interview with selected six panels who were experts of retail industry in the United States to obtain data regarding RFID attributes. Content analysis was used to generate related excerpts and classify 31 attributes of RFID benefits from the meaningful 173 responses. For experience of RFID, retailers were familiar with RFID technology and expressed the belief that RFID basically would support an existing retail system for speed to markets. However, retailers addressed the level of experience with RFID technology that they were still in the early adoption stage among few innovative companies. The content analysis identified five dimensions of RFID benefits for apparel retailing: Visibility and Velocity, Revenue Enhancement, Customer Service, Security, and Employee Productivity. This result lends support to the belief that RFID has a significant potential to streamline supply chain management, store operation and customer service for apparel retailing. This study provides intellectual and managerial implications far practitioners and researchers by postulating the effective use of RFID in the apparel retail industry.

Attitude of Hospital Staff toward Hospice Care - The Program at Wonju Christian Hospital - (일 병원직원들의 호스피스 프로그램에 대한 인식)

  • Choi, Sang-Soon;Hu, Hea-Kung;Park, So-Mi;Kim, Dae-Ran;Kim, Ki-Kyong;Rhoe, Byoung-Seon
    • Journal of Hospice and Palliative Care
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    • v.4 no.2
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    • pp.145-153
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    • 2001
  • Purpose : This study was conducted to describe the attitude of hospital staff toward the hospice program. The purpose of this study was to promote the extension and organization of hospice activities to include hospital staff. Method : This is a descriptive study using a survey method. The subjects for this study were the nurses, physicians, technicians, and support staff at Wonju Christian Hospital. Using a stratified sampling method based on position of staff, the researchers recruited 430 staff members as the sample for this study. Data collection was done through a questionnaire developed by the researchers. The data were analyzed using descriptive statistics and content analysis. Findings : 1)Ninety seven percent (n=417) of the subjects understood the concept of hospice care, and 97.4% (n=419) answered that dying patients should be respected. When considering the hospice team, the subjects of this study indicated that the team should include family members (n=245), physicians (n=77), pastors (n=41), and nurses (n=34), in that order of priority. 2) When asked to indicate priorities for systematic operation of a hospice program, the subjects indicated that the highest priority was "setting up a team for hospice service(31.4%)", followed by "setting up a hospice ward(28.6%)". Sixty seven percent(n=289) recognized the importance of the hospice activities provided by the volunteers, and 85.3%(n=367) intended to use the hospice service of the hospital. The highest merit of hospital-based hospice program is 'acomplishment of mission'. 3) The average score on attitude toward death was 2.84(maximum=4), and the best needful service except hospitalization is 'constructing of support system'. Conclusion : Most of the staff at Wonju Christian Hospital perceive the necessity for systematic hospice activities, and that to achieve this goal, administrative and structural support at the hospital governance level is the first necessity. The results of this study could be useful for any hospital which is in the first stages of setting up and promoting a hospice program.

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Comprehensive Geriatric Assessment for Community Living Elderly in a Rural Area (일부 농촌지역 거주 노인들에 대한 포괄적 노인평가)

  • Rhee, Jung-Ae;Shin, Hee-Young;Chung, Eun-Kyung;Shin, Jun-Ho
    • Journal of agricultural medicine and community health
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    • v.27 no.1
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    • pp.21-31
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    • 2002
  • The aim of this study was to analyse and conduct the comprehensive geriatric assessment for the elderly in rural area. The subjects were 388 older people aged 65 years or older living in the community. Data for comprehensive assessment such as physical, mental, functional, social and environmental conditions were collected from January to February, 2001 through a person-to-person interview. Of the total 388 olders, 169(43.6%) were men and 219(56.4%) were women. Mean ages of men and women were $73.5{\pm}6.4$ and $74.0{\pm}6.2$ years respectively. Three common diseases of the elderly were arthralgia(51.6%), chronic back pain(33.2%) and hypertension(18.6%), and higher in women than in men. Impairment rate of vision, hearing and bowel or bladder control was 59.0%, 20.1%, and 28.4% respectively. But that of lover extremities 3.4%. In terms of cognitive function, short term memory loss was found in 33.7% of males and 44.7% of females. The percentage of fully independent in the six ADL items was 72.2% in men and 58.9% in women. In the social supportive system, 49.5% of the elderly were living with spouse, and 22.9% living alone, 26.3% having care giver. These results will provide basic data for the development of community-based health program, which gives appropriate health service for the elderly living in the community.

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Effect of the Characteristics of Organizational Support on Company HRD Education & Training Program (기업 HRD 교육훈련 프로그램의 조직지원 특성에 따른 효과성)

  • Ryu, Seok-Woo;Yang, Hea-Sool
    • The Journal of the Korea Contents Association
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    • v.12 no.6
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    • pp.497-507
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    • 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.

The Settlement of Conflict in International Space Activities (우주활동에 있어서 분쟁의 해결과 예방)

  • Lee, Young-Jin
    • The Korean Journal of Air & Space Law and Policy
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    • v.25 no.1
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    • pp.159-203
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    • 2010
  • Together with the development of space science outer space law has become one of the most rapidly developing branches of international law. This reflects a general realization that these new activities must be subject to reasonable legal regulation if they are to serve the peaceful purposes of mankind without undue confusion and disorder. The exploration and use of outer space introduces many novel opportunities and dilemmas, and inspired insights are needed in the development of this new resource. In particular, the settlement of space law disputes is a relatively new discussion in international law. However, the significance of the settlement of space law disputes was acknowledged in various colloquia organized by legal academicians and practitioners around the world. Analysis of the dispute settlement provisions in space agreements plainly reveals the degree to which States persist to be mistrustful of any impingement to their sovereignty. They are reluctant to submit disputes to adjudication and binding arbitration, particularly when these provisions are negotiated between States which have dissimilar political, economic and social interests and demography. However, there is a slow but clear shift in this attitude as States realize the contemporary political, economic and technical pressures necessitating the lifting of the veil of State sovereignty. The development of an effective mechanism for the settlement of disputes arising in relation to the development of the exploration and exploitation of outer space has been the subject of global study by highly qualified publicists and international institutions. The 1972 Liability Convention is the space treaty with the most elaborate provisions for dispute settlement. However, it fails to ensure binding decisions. In this point, the 1998 Taipei Final Draft Convention may be a useful instrument for further consideration on whether an independent sectorialized dispute settlement mechanism should be established. Considering these circumstances it seemed essential to take legislative action to implement a system as comprehensive as the relevant legal framework are in the Law of the Sea and International Criminal Law mechanisms for dispute settlement and conflict avoidance from outer space activities.

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Improved Preservation Methods for Big and Old Tress in South Korea (우리 나라의 노거수자원(老巨樹資源) 보호관리실태(保護管理室態) 및 개선방안(改善方案))

  • Park, Chong-Min;Seo, Byun-Soo;Lee, Cheong-Taek
    • Journal of Korean Society of Forest Science
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    • v.89 no.3
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    • pp.440-451
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    • 2000
  • This study was conducted in order to provide essential data and relevant management proposal to conserve and maintain big and old trees in a rational way. For the field survey, 77 big and old trees preserved by the laws in Chollabuk-do, Korea were investigated. The study results are summarized as follows : 1. To conserve and manage big and old trees, the valuable trees have been designated as natural monument trees and protection-needed trees. There are 141 individuals of 37 species designated as natural monuments and 10,049 individuals of 102 species designated as protection-needed trees. 2. Management budget for natural monument trees was devoted at 70% from the national expenditure, but that for protection-needed trees was devoted at 98% from the local expenditure. 3. Standardized sign boards and sign stones for natural monument trees were well placed and other protection facilities such as fences, branch supports and branch holdings were established. On the other hand, management of protection-needed trees was deficient overall. 4. Problems for designation process and management of protection-needed trees could include items such as insufficient management budget, various development activities, land ownership, misjudgement of tree age and species identification, unsatisfaction of sign board placement, insufficient surgery for damaged trees, pavement around tree root system and environmental pollution around the trees. 5. In order to improve the existing management methods of big and old trees, the following schemes were suggested : the development of practical criteria for natural monument and protection-needed trees, nationwide surveys of big and old tree resources, the security of national budget, securing sufficient spaces for the tree growth, specialization of management systems, extended practices of tree form management, establishment of permanent standard signs and consideration of opinions of village residents.

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Health Improvement; Health Education, Health Promotion and the Settings Approach (건강 향상: 건강 교육, 건강 증진 및 배경적 접근)

  • Green, Jackie
    • Proceedings of The Korean Society of Health Promotion Conference
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    • 2004.10a
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    • pp.111-129
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    • 2004
  • This paper develops the argument that the 'Healthy Cities Approach' extends beyond the boundaries of officially designated Healthy Cities and suggests that signs of it are evident much more widely in efforts to promote health in the United Kingdom and in national policy. It draws on examples from Leeds, a major city in the north of England. In particular, it suggests that efforts to improve population health need to focus on the wider determinants and that this requires a collaborative response involving a range of different sectors and the participation of the community. Inequality is recognised as a major issue and the need to identify areas of deprivation and direct resources towards these is emphasised. Childhood poverty is referred to and the importance of breaking cycles of deprivation. The role of the school is seen as important in contributing to health generally and the compatibility between Healthy Cities and Health Promoting Schools is noted. Not only can Health Promoting Schools improve the health of young people themselves they can also develop the skills, awareness and motivation to improve the health of the community. Using child pedestrian injury as an example, the paper argues that problems and their cause should not be conceived narrowly. The Healthy Cities movement has taught us that the response, if it is to be effective, should focus on the wider determinants and be adapted to local circumstances. Instead of simply attempting to change behaviour through traditional health education we need to ensure that the environment is healthy in itself and supports healthy behaviour. To achieve this we need to develop awareness, skills and motivation among policy makers, professionals and the community. The 'New Health' education is proposed as a term to distinguish the type of health education which addresses these issues from more traditional forms.

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Family Structure and Succession of the Late Chosun Seen through Male Adoption (양자제도를 통해 본 조선후기 가족구조와 가계계승: 의성김씨 호구단자 분석을 중심으로)

  • Park, Soo-Mi
    • Korea journal of population studies
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    • v.30 no.2
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    • pp.71-95
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    • 2007
  • This paper attempts to identify the principle of family succession and family patterns of yangban in the late Chosun period through an analysis of male adaptation cases found in family registration records. The primary source of analysis is the family registration documents of Uiseong Kim's from the late 17th century to the early 20th century. As a result, it is found that there is a substantial change in the patterns of family from the early and mid Chosun period to the late Chosun period. The change is the strengthening of the principle of patriarchy succession through male adoption. Looking at the data as a whole, the average number of household members is increased and the membership of kinship also expanded. In contrast to the family patterns of the early Chosun period, not only the patterns of Uiseong Kim's family are predominately immediate family or collateral family but also the majority is extended family in the 18th and 19th centuries. The male adoption cases recorded in Uiseong Kim's family registration documents take up 33.8% of the male adoption cases in the entire family registration documents. This goes to show that the strengthening of the principle of primogeniture succession at a time when child mortality rate is very high resulted in the increase of male adoption. In conclusion, the late Chosun society was a society where the seat of primogeniture was much more important than immediate hereditary members in the family succession.