• 재무관리연구
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• 제26권4호
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• pp.191-234
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• 2009

주식시장에서의 수익률과 변동성 간의 역의 상관관계에 대하여는 이미 1980년대 이후부터 선진국 주식시장을 통해 많이 분석되어 왔다. 이는 예기치 않은 수익률의 음(-) 또는 양(+)의 충격이 변동성에 비대칭적으로 영향을 미치고 특히 음(-)의 충격 국면에서 변동성이 급격히 증가되어 과잉반응이 형성된다는 것으로 귀결된다. 그런데 이렇게 증가된 변동성이 거꾸로 수익률에 지속적인 음(-)의 영향력을 나타낸다고 하는 변동성 반응가설(Volatility Feedback Hypothesis)에 대하여는 아직까지 학계에서 일치된 검정결과를 보이지 못하고 있는 실정이다. 본 연구에서는 이제까지 총체적인 연구가 되지 못하였던 14개 신흥국 주식시장을 대상으로 이러한 변동성반응가설 즉, 변동성의 수익률에 대한 지속적인 음(-)의 영향력 효과가 발견되는지에 대하여 세계공통의 위험요인(Global Risk Factors)과 개별국가 고유의 위험요인(Country-specific Risk Factors)으로 설명변수를 구분한 GJR-GARCH in Mean 모형을 사용하여 심층적인 검정을 시도하였다. 그 결과 신흥국 주식시장에서는 개별국가 고유의 위험요인보다는 세계공통의 위험요인이 보다 중요한 체계적인 설명요인으로 작용한다는 것이 입증되었고 나아가 이러한 위험요인들을 통제한 이후의 시변적 변동성도 수익률에 지속적으로 음(-)의 영향력을 미친다는 변동성 반응가설이 대상 14개국 중 12개국에서 지지되는 것으로 밝혀졌다. 즉, 신흥주식시장의 수익률 하락충격에서 형성된 변동성 증가는 투자자들의 위험 프리미엄 증가로 연결되고 이후 지속적인 수익률 하락압력으로 작용한다는 것이 입증되었다.

• 유통과학연구
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• 제11권10호
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• pp.55-62
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• 2013

Purpose - The purpose of this study is to suggest a risk factor that significantly explains foreign currency risk premia. In recent years, some studies have found that the performance of the simultaneous consumption risk model improves considerably when tested on foreign currency portfolios, which are constructed based on the international interest rates differentials. However, this paper focuses on the long-run consumption risk factor. In our empirical research, we found that the real excess returns of high interest rate currency portfolios depreciate on average, when the future American long-run consumption growth rate appears low. This makes the high interest rate currency portfolios have relatively high risk premia. Meanwhile, the real excess returns of low interest rate currency portfolios appreciate on average, under the same conditions, which results in relatively low risk premia for these portfolios. Therefore, this long-run consumption risk factor might explain why low interest rate currencies do not appreciate as much as the interest rate differential, and why high interest rate currencies do not depreciate as much as the interest rate differential. Research design, data, methodology - In our explanation, we provide new evidence on the success of long-run consumption risks in currency risk premia by focusing on the long-run consumption risks borne by American representative investors. To uncover the hidden link between exchange rates and long-run consumption growth, we set the eight currency portfolios as our basic assets, which have been built based on the foreign interest rates of eighty countries. As these eight currency portfolios are rebalanced every year, the first group always contains the lowest interest rate currencies, and the last group contains the highest interest rate currencies. Against these basic eight currency portfolios, we estimate the long-run consumption risk model. We use recursive utility framework and the stochastic discount factor that depends on the present value of expected future consumption growth rates. We find that our model is optimized in the two-year period of constructing the durable consumption expectation factor. Our main results surprisingly surpass the performance of the existing benchmark simultaneous consumption model in terms of R², relatively risk aversion coefficient γ, and p-value of J-test. Results - The performance of our model is superior. R², relatively risk aversion coefficient γ, and p-value of J-test of our long-run durable consumption model are 90%, 93%, and 65.5%, respectively, while those of EZ-DCAPM are 87%, 113%, and 62.8%, respectively. Thus, we can speculate that the risk premia in foreign currency markets have been determined by the long-run consumption risk. Conclusions - The aggregate long-run consumption growth risk explains a large part of the average change in the real excess returns of foreign currency portfolios. The real excess returns of high interest rate currency portfolios depreciate on average when American long-run consumption growth rate is low, and the real excess returns of low interest rate currency portfolios appreciate under the same conditions. Thus, the low interest rate currency portfolios allow investors to hedge against aggregate long-run consumption growth risk.

• 자원ㆍ환경경제연구
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• 제27권1호
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• pp.139-160
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• 2018

리스크에 대한 개인의 태도와 원자력발전 수용성의 관계에 대한 기존의 연구가 다수 존재함에도 불구하고 최근 경주 지역을 중심으로 하여 빈번하게 발생하는 지진과 같은 자연재해의 경험이 원자력 수용성에 미치는 영향에 대해 분석한 국내 연구는 많지 않다. 본 연구는 2017년 3월 1,349명을 대상으로 실시된 설문조사 데이터를 기초로 하여 지진의 경험 및 정부의 보상조건(10년간 전기료 '10% 인하', '30% 인하', '50% 인하', '100% 인하')을 주요 변수로 하여 원전 유치 태도의 결정요인을 분석하였다. 프로빗 모형을 이용한 분석 결과에 따르면, 인근 원전의 존재 자체가 원전에 대한 위협감을 높이는 요인으로 작용하지는 않지만, 지진의 경험이 더해지면 원전 유치를 반대할 확률이 높아졌다. 물론, 정부의 보상 수준이 높아지면 원전 유치를 반대할 확률은 낮아진다. 그러나 10년간 전기료 무상지원이라는 보상이 주어진다고 해도 원전 유치에 찬성할 확률은 50%를 밑돈다. 특히 최근 지진이 빈번하게 발생하며 시민들의 지진 경험이 높아진다는 점을 고려할 때 원전 건설에 대한 국민의 동의를 얻어내기 위한 경제적 비용은 더욱 커질 것으로 예상된다.

• 한국건설관리학회논문집
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• 제23권1호
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• pp.83-88
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• 2022

기업은 이윤을 추구하는 과정에서 투자안의 선택과 같은 위험이 따르는 의사결정을 해야 한다. 본 연구는 우리나라 건설기업 경영진의 의사결정을 프로스펙트 이론의 손실 회피 경향을 이용하여 설명하였다. 이를 위하여 건설업 중에서 가장 큰 위험을 부담해야 하는 부동산 개발 및 공급업에 종사하는 2,881개 기업의 20년치 재무 데이터를 수집하였다. 수집된 기업들을 준거점을 기준으로 대별하였고 회귀분석을 통하여 기업별 평균 수익률과 위험 선호도의 인과 관계를 실증적으로 분석하였다. 그 결과 준거점 상회 그룹에 대하여 기업의 자기자본이익률 평균이 줄어들면 추가적인 손실을 보지 않기 위하여 불확실성이 낮은 투자안을 선택하는 경향을 확인할 수 있었다. 또한, 준거점 하회 그룹에 대하여 기업의 자기자본이익률 평균이 작아지면 이익 영역으로 이동하기 위하여 불확실성이 큰 투자안을 선택하게 되는 경향도 확인하였다. 이 결과는 프로스펙트 이론의 손실 회피 경향에 정확하게 부합하는 결과이다.

• 한방안이비인후피부과학회지
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• 제13권2호
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• pp.1-19
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• 2000

1. The furuncle is nail shaped, whitch tip is sharp and root is deep, very dangerous. It's progress is so rapid and it corresponds to the acute suppurative infection of western medicine. 2. The cause and pathology of the furuncle were divided into three parts, inappropriate care (improper diet and excessive sex), surgical trauma (epidernic infection by domestic animal as like cattle, hoarses, pigs, sheep etc), external evil. 3. The early syndrome of the furuncle is swollen pain, various change of color, fidgetiness, restlessness, aversion to cold, headache, nausea and vomitting etc. Though apply acupuncture, there is no pain and bleeding. There may be streak of blood, curdy of muscles and widen swolling. If it is progressed, its sphere becomes diffuse. This is called as the serious case of furuncle(정독주황). 4. The maim treatment of the furuncle is clear away heat and toxic materials. The method was moxibustion, sticking-plaster, purge blood, oral taking the medicine of detoxication and fire extinguishing etc. 5. The main prescriptionst are omisodokyum(五味消毒飮), hwangyeonheadoktang(黃連解毒湯), ohyangyeongyotang(五香連翹湯), hyeongbangpaedoksan(荊防敗毒散) and so on. The main external prescriptionst are okrhosan(玉露散), cheonchugo(千 膏), guildao(九一丹), palyidan(八二丹), taeyulgo(太乙膏), hongyugo(紅油膏) and so on.

• Food Science and Biotechnology
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• 제16권3호
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• pp.404-408
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• 2007

In this study, we investigated the effects by age of long-tenn supplementation of Epimedium koreanum Nakai (EKN)-containing water on the in vivo antioxidant capacities of rats. All rats were reared in a conventional system, and none of the rats showed any signs of aversion to the EKN solution. Neither the mean nor maximum life spans of the rats were extended by long-tenn administration of the solution. The EKN extract caused decreases in the levels of serum thiobarbituric acid reactive substances in the rats. The activities of superoxide dismutase, catalase, and glutathione (GSH) peroxidase within the liver cytosol decreased with age in both the control and EKN-supplemented groups. GSH peroxidase activity, however, was higher at old age in the EKN-supplemented group. The activities of GSH reductase and GSH-S-transferase, and the levels of free-sulfhydryl (SH) and total-SH group gradually decreased with age in both groups. However, there was some tendency for higher levels in the EKN supplemented group at a corresponding age. These results indicate that long-tenn supplementation of EKN water extracts alone does not exhibit discernible adverse effects in rats, and has some enhancing effects on the antioxidant capacities of the blood and liver, but it does not have life-prolonging effects.

• 한국경영과학회지
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• 제22권3호
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• pp.113-143
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• 1997

Most of the conflict problems between 2 persons can be represented as a bi-matrix game, because player's utilities, in general, are non-zero sum and change according to the progress of game. In the bi-matrix game the equilibrium point set which satisfies the Pareto optimality can be a good bargaining or coordination solution. Under the condition of incomplete information about the risk attitudes of the players, the bargaining or coordination solution depends on additional elements, namely, the players' methods of making inferences when they reach a node in the extensive form of the game that is off the equilibrium path. So the investigation about the players' inference type and its effects on the solution is essential. In addition to that, the effect of an individual's aversion to risk on various solutions in conflict problems, as expressed in his (her) utility function, must be considered. Those kinds of incomplete information make decision maker Bayesian, since it is often impossible to get correct information for building a decision making model. In Baysian point of view, this paper represents an analytic frame for guessing and learning opponent's attitude to risk for getting better reward. As an example for that analytic frame. 2 persons'bi-matrix game is considered. This example explains that a bi-matrix game can be transformed into a kind of matrix game through the players' implicitly cooperative attitude and the need of arbitration.

• 동의생리병리학회지
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• 제26권4호
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• pp.409-417
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• 2012

External pathogens such as wind, cold can easily invade the external parts of the body when host's external defense ability is not secure. Herein, we consider the underlying mechanisms against the external contraction at the body surface. During the early period after primary invasion, external defense mechanisms are gradually activated. The classic clinical manifestations are aversion to cold, fever, headache, generalized pain, and nasal congestion. This condition is called by invasion of external pathogen into the body surface. As the disease progress, lung qi is stagnated and thereby up-outward and downward movement action of lung become disturbed. Therefore, when doctor administrate formula to treat the exterior syndrome, doctor must keep in mind not only materia medica, but also underlying mechanisms through which many clinical symptoms appear.

• 동의생리병리학회지
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• 제32권1호
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• pp.80-87
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• 2018

This report describes the effectiveness of mahaenggamseog-tang(麻杏甘石湯) on the patients who suffered from atopic dermatitis and psoriasis. We administered mahaenggamseog-tang with heat-clearing and lung-dispersing(淸熱宣肺) effect to two dermatitis patients who showed sweating with panting(汗出而喘), vexation and thirst(煩渴), aversion to heat(惡熱), agitation(煩燥), swelling of the face and eyes(面目浮腫). The severity of dermatitis was evaluated by visual analogue scale(VAS), pictures, SCORAD index(case 1), PASI(case 2). After the treatment, VAS/SCORAD index of case 1 changed from 9/71.5 to 0/6.1; VAS/PASI of case 2 from 8/36.8 to 1/6.8. Mahaenggamseog-tang could improved the symptoms of atopic dermatitis and psoriasis in this study. This study offers an approach to managing chronic dermatitis more effectively using Mahaenggamseog-tang which used mainly for bronchial diseases and obesity.

• 기술경영경제학회:학술대회논문집
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• 기술경영경제학회 2004년도 제24회 동계학술대회 논문집
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• pp.264-287
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• 2004

The minimum royalty should have two objectives. One is to guarantee the minimum license payment and the other is to screen the eligible licensee to prevent the licensee`s strategic behavior. In the licensing contract for public-to-private technology transfer, the latter plays more important role than the former in viewpoint of the successful technology transfer and commercialization. However, the minimum royalty falls into a dilemma to increasing the risk on the part of licensee in case of failure in technology transfer and commercialization. In our study, ex-post option contract will be suggested as a risk sharing mechanism to overcome above dilemma. The ex-post option contract means the contract which the licensee has the option whether to go or not at the time of manufacturing stage. To proof the usefulness of ex-post option contract, it is shown in the study that expected utility of a licensor and a licensee can increase with a certain constraint, which depends on degree of uncertainty and licensee`s risk aversion, after introducing the ex-post option contract. In spite of this constraint, the usefulness of ex-post option contract may be highly appreciated because its constraint is quite normal case in the real world.