• The Korean Journal of Financial Management
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• v.13 no.1
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• pp.159-184
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• 1996

재무모형의 검증과 포트폴리오의 성과측정 등에 이용할 목적으로 시장모형에 의한 베타계수를 추정할 때 대부분의 연구들은 측정간격을 달리한 수익률의 자료들 즉 일간, 주간 혹은 월간수익률의 자료들 중에서 임의적으로 하나를 선택하고 있다. 그런데 진정한 투자계획기간과 다른 기간간격에 대하여 계산된 수익률자료의 임의적 선택은 시장모형에 의한 베타계수의 추정치에는 물론 그러한 추정치를 이용한 재무모형의 검증 및 포트폴리오의 성과측정 등에 영향을 미칠 수 있다는 점이 몇몇 연구자들에 의하여 지적되고 있다. 본 연구는 기업규모와 베타의 크기에 따라 구성된 포트폴리오를 대상으로 하여 수익률의 측정간격이 시장모형에 의한 베타계수의 추정치에 어떠한 영향을 미치게 되는가를 실증적으로 살펴보고 있다. 1984년 1월 4일부터 1995년 12월 27일까지의 기간(총거래일수 3515일)에 걸쳐 수익률의 측정간격을 달리하여 산출한 연속복리수익률을 이용하여 분석한 결과에 의하면, 규모나 베타가 시장평균에 비하여 상대적으로 작은 포트폴리오에 있어서는 수익률의 측정간격이 길어짐에 따라 추정되는 베타계수는 더욱 커지고, 반면에 규모나 베타가 시장평균에 비하여 상대적으로 큰 포트폴리오에 있어서는 수익률의 측정간격이 길어짐에 따라 베타계수는 더욱 작아진다는 것을 알 수 있다. 그래서 월간수익률과 같이 장기수익률의 자료를 이용할 경우에 시장모형에 의해 추정되는 베타계수는 규모가 작을수록 크게 나타나지만, 일간수익률과 같이 단기수익률의 자료를 이용할 경우에는 규모가 작다(크다)고 해서 추정되는 베타계수가 반드시 크게(작게) 나타나지는 않는다. 그리고 본 연구는 수익률의 측정간격을 달리함에 따라 추정되는 베타계수에 차이가 나타나는 주된 원인이 각 포트폴리오의 단위기간수익률에 있어서 시장지수의 단위기간수익률에 대한 시점간 교차상관의 상대적 강도에 있다는 것을 보여주고 있다.

• Journal of the Institute of Electronics Engineers of Korea TC
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• v.48 no.2
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• pp.65-71
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• 2011

This paper shows variations on bandwidth for the 5-microstrip 4-port structure by cutting out part of 2nd and 4th line of 5 lines. In 2nd line case, the bandwidth to pass is decreased by 300MHz and one of two input ports operates in diplexer. Both of 2nd and 4th line cut takes each of two input ports as a diplexer. The bandwidth for 4th line case has almost same bandwidth for the unmodified structure, a bit wider than that of the 2nd line case. Especially the isolation between input and other out port in center frequency of stop band shows 41dB for port 1, 32dB for port 2.

• The Journal of the Institute of Internet, Broadcasting and Communication
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• v.10 no.6
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• pp.317-324
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• 2010

This paper analyses the performance of push-pull strategy by Multicharts' portpolio tool. This strategy decreases a risk of option sell by moving an exercise price to outward and compensates the profit by doubling contracts. This strategy also makes risk-free option sell to move inward for earning gain. This strategy basically uses several symbols. And this feature makes impossible to use a portpolio tool. However, This paper provides the method to use it with extracting intrinsic data from a symbolname. As an experiment for one month of september experiment options, it shows 1.5 million won in case of 5-displace and also shows 32 million won in case of 2.5-displace. If a Margin is enough, this strategy always earns profit, but it's difficult to be applicated in real trades because of a margin risk.

• 한국연소학회:학술대회논문집
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• 2005.10a
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• pp.314-319
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• 2005

In this study, the combustion characteristics were investigated with the variation of design factors on multiple slit gas burner. The design factors consist of slit height, width, spacing, and inner length. The combustion characteristics were made analysis of the CO emission and NOx emission by using CO analyzer and NOx analyzer. The lower perimeter to area and the narrow spacing extends the lift-flame limit. The CO emission increases with the increasing perimeter to area ratio at the same condition. The NOx emission is found to be less significant with the port perimeter to area ratio. The flame interference might highly depend on the spacing and port perimeter to area ratio, and it also affects the burner performance.

• The Journal of Korean Institute of Electromagnetic Engineering and Science
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• v.14 no.7
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• pp.769-776
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• 2003

This paper presents analysis and design of microstrip Rotman lens operating over wide band and wide steering angle by the contour integral method along with the segmentation method. All mutual coupling, internal reflections between ports and the discontinuity at every junction are taken into account. Equally spaced ports are designed and realized, which make suppress output ripple through the array ports. Impedance matching and mutual coupling between ports are analyzed and optimized using 12 input and 12 output exponential tapers. The measured results of fabricated lens show ${\pm}$ 1.8 dB insertion loss deviation over 6∼18 GHz wide frequency range and beam steering accuracy less than 1$^{\circ}$over ${\pm}$53$^{\circ}$angle and agrees well with the analysis results.

• Korean Journal of Construction Engineering and Management
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• v.11 no.2
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• pp.54-63
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• 2010

Domestic construction companies suffer from the difficulty in financing in the wake of economic slump at home and abroad. In the periods of this economic slump, which hit the nation REITs, the facilitator of fluid financing and the stimulating of construction economic, has increasingly been expanded since its introduction in 2001. But, REITs relatively falls behinds any other nations, in terms of its growth speed and marketing volume. The purpose of this research thesis is to suggest the method for composing a portfolio using Markowitz portfolio selection models for stimulating REITs. Main contents are as follows. First, the thesis made the comparative analysis on profit increase in REITs investment in application of models by Markowitz and REITs derivatives from 2007/07/03 to 2008/07/21 during investment analysis periods. The result showed that total profits by Markowitz model amounted to about 10 percent higher than average profits of REITs derivatives. Second, this thesis made the analysis on sensitivity of data-gathering and portfolio change periods of the existing profits, in order to measure the both periods and yield optimum profits. The six month data-collecting periods of profits accounted for some 16% higher profits than profits of REITs derivatives. In case when the two week periods of portfolio change accounted for some 11% higher profits than profits of REITs derivatives.

• The Journal of Korea Institute of Information, Electronics, and Communication Technology
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• v.3 no.3
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• pp.3-7
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• 2010

As the distance between signal lines in memories of high density ICs like SoCs decreases rapidly, failure occurs more frequently and effective memory test techniques are needed. In this paper, a new SRAM structure is proposed to decrease test complexity and test time for embedded DRAMs. In the presented technique, because memory test can be handled as a single port testing and read-write operation is possible at dual port without high complexity, test time can be much reduced.

• Journal of the Korean Institute of Landscape Architecture
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• v.45 no.5
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• pp.42-59
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• 2017

To investigate rooting and community forming ability, sod strips of Gramineae such as Miscanthus sacchariflorus (Maxim.) Benth., Miscanthus sinensis var. purpurascens(Andersson) Rendle, Imperata cylindrica var. koenigii(Retz.) Pilg., and Arundinella hirta(Thunb.) Tanaka were planted horizontally at a width of 10~15cm in October 2010 on the bank slope of Kwangju Stream in Korea. Seeds of each species were sown in April 2010 in plastic seedbeds(60cm length ${\times}$ 30cm width ${\times}$ 5cm depth) filled with 4cm of garden soil and grew until October 2010 to form rectangular sod, which then was cut into multiple strips(20cm length ${\times}$ 6cm width ${\times}$ 4cm root depth). Weeds growing on the experiment sites were removed twice a year until those four species had formed a community by 2013. Weeds were not eradicated during 2014 and 2015 to observe whether the community formation can be maintained without weed removal. t-tests on stem numbers and heights in May, July, and September were conducted between 2013 and 2014, and between 2014 and 2015. Stem numbers and heights of the four species in 2014 were significantly decreased(p<0.001) compared with those in 2013 due to weed damage to their growth in 2014. Stem numbers and heights of Miscanthus sacchariflorus(Maxim.) Benth., Miscanthus sinensis var. purpurascens(Andersson) Rendle, Imperata cylindrica var. koenigii(Retz.) Pilg. in 2015 were similar to those in 2014(p>0.05). Stem numbers and heights of Arundinella hirta(Thunb.) Tanaka in 2015, however, were significantly reduced compared with those in 2014(p<0.001) due to weed impact on its growth. After three years of weed removal, a community of each species was formed. Miscanthus sacchariflorus(Maxim.) Benth., Miscanthus sinensis var. purpurascens(Andersson) Rendle, Imperata cylindrica var. koenigii(Retz.) Pilg. were able to establish communities without any further weed removal. Arundinella hirta(Thunb.) Tanaka, however, was not able to maintain its community due to considerable damage to its growth caused by weeds even after three years of weed removal. Miscanthus sacchariflorus(Maxim.) Benth., Miscanthus sinensis var. purpurascens(Andersson) Rendle, Imperata cylindrica var. koenigii(Retz.) Pilg. are more suitable to sod strip plantings on stream bank slopes in terms of the maintenance of community formation without weed eradication. t-test on stem numbers and heights each September during the five year experiment period between sod strip planting and potted plants of the four species were conducted. Stem numbers of strip sod plantings were significantly higher(p<0.001) than those of potted one. Heights of strip sod plantings, however, were significantly lower(p<0.05) than those of the potted samples. Therefore, strip sod planting is more advantageous regarding bank slope erosion protection due to the higher number of stems.

• The Korean Journal of Financial Management
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• v.16 no.2
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• pp.215-241
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• 1999

본 연구는 우리나라 상장기업중 금융 보험업을 제외하고 비교적 상장기업수가 많은 9개 산업에서 임의로 선정한 180개 표본기업을 분석대상으로 하였다. 1989년 1월부터 1996년 12월까지를 분석대상기간으로 설정하여 베타계수 예측능력을 향상시키기 위한 회계위험변수모형의 예측능력을 평가하고 위험수준별 예측능력에 차이가 있는지도 분석하였다. 아울러 베타계수 추정시 사용된 수익률 측정간격에 빠른 베타계수의 안정성과 회계위험변수모형의 예측능력을 분식하였다. 본 연구의 중요한 결과를 요약하면 다음과 같다. 첫째, 포트폴리오를 구성한 경우 수익률 측정기간에 관계없이 일관되게 예측오차가 유의적으로 적게 나타나 회계위험변수모형의 베타계수 예측능력이 우수하였으며 베타계수예측에 회계 변수의 유용성이 확인되었다. 둘째, 위험수준에 따른 베타계수의 안정성 분석에서는 중위험집단의 베타가 안정성이 높았으며 고위험집단에서 예측오차가 가장 크게 나타나 불안정하였다. 회계위험변수모형의 예측능력은 위험수준에 관계없이 단순모형보다 우수하여 베타예측에 회계정보의 유용성을 일반화시킬 수 있을 것이다. 셋째, 수익률 측정간격에 따른 베타계수의 안정성과 예측능력 분석에서는 월별수익률을 이용하는 경우보다 주별수익률을 이용하는 경우 추정베타의 안정성이 높고 베타계수 예측모형의 예측능력이 향상되는 것으로 나타났다. 넷째, OLS베타를 수정하지 않고 이용하는 경우보다 Bayesian 기법으로 수정한 Bayesian수정 베타를 이용할 경우 예측오차가 감소하여 Bayesian 수정기법의 유용성이 확인되었다.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.24 no.12A
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• pp.1910-1916
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• 1999

This paper suggested to solve ATM switch performance and service rate which was input buffer managed scheme in ATM network with burst traffic characteristics, For this purpose, ATM multiplexer is prepared before sending for handling burst random input traffic to multiplex and then sort based on cell inter-arrival time and cell processing due time which had been marked after that. The server looks for cell header with the most shortest due time and sends it, thus it is satisfied that real time traffic for instance CBR and rt-VBR was guaranteed cell processing time to send fast than non real time traffic. For analysis of ATM switch performance with cell processing due time and priority, each output port has divided into four different virtual buffer and each buffer has assigned different cell inter-arrival time and processing due time according to ATM Forum for example CBT/rt-VBR, nrt-VBR, ABR and UBR and showed it’s optimal service parameters then analyzed service rate behaviors according to each traffic characteristics.