• 건축사
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• 제3권7호통권7호
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• pp.42-50
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• 1968

The French government has adopted awideranging Social Housing policy. This architectural technical policy attempts to coordinate the efforts of building in the are asocial housing which are carried out by both government and privates organizations. This article examines the operations of the Social housing which are seen typified in several model projects.

• 아태비즈니스연구
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• 제12권3호
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• pp.379-396
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• 2021

Purpose - The purpose of this paper is to study the rational payoff from the standpoint of foreign investors and the government when the government issues GDP-linked bonds to foreign investors. Design/methodology/approach - In this paper, the prices of 12 types of GDP-linked bond structures, which are classified according to the calculation cycle of the rate of change of linked GDP, the currency issued, and whether options are embedded, were evaluated. The Fama-French 3-factor model and the GMM-SDF model are used in the asset pricing model, and domestic and overseas investors used different basis assets. Findings - The KRW premium for US investors is estimated to be 43bp on a quarterly basis and 30bp on an annual basis, respectively, meaning that when the government issues bonds in KRW, the interest rate paid to US investors will be reduced by 30bp to 160bp (annually converted). Using the Fama-French 3 factor model, the KRW premium is the risk premium for the US market beta, meaning that if US investors do not intend to invest in US market beta, it is advantageous to receive an additional interest rate by investing in USD-denominated GDP-linked bonds. Korea's GDP- linked bond give US investors diversified investment utility, so they are willing to incorporate Korean GDP-linked bonds even if -150bp of interest is deducted from the structure issued to Korean investors. And as a result of estimating the value of the option through the GDP-linked bond with options that provides a floor for guaranteeing the principal, the value of the option linked to the annual GDP issued in dollars was the lowest. Research implications or Originality - Issuing dollar-denominated GDP-linked bonds linked to annual GDP with the option of guaranteeing the principal by the government is a way to increase investment opportunities for US investors and achieve financial stability of the government.

• 산업융합연구
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• 제2권2호
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• pp.127-147
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• 2004

This paper examines the time-series relations among expected return, risk, and book-to-market(B/M) at the portfolio level. The time-series analysis is a natural alternative to cross-sectional regressions. An alternative feature of the time-series regressions is that they focus on changes in expected returns, not on average returns. Using the time-series analysis, we can directly test whether the three-factor model explains time-varying expected returns better than the characteristic-based model. These results should help distinguish between the risk and mispricing stories. We find that B/M is strongly associated with changes in risk, as measured by the Fama and French(1993) three-factor model. After controlling for changes in risk, B/M contains little additional information about expected returns. The evidence suggests that the three-factor model explains time-varying expected returns better than the characteristic-based model.

• 디지털융복합연구
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• 제15권3호
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• pp.55-64
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• 2017

본 연구는 프랑스의 품질인증 가이드라인과 한국의 품질인증 평가준거를 비교하고, 이러닝 품질관리에 대한 표준화된 이러닝 품질인증 평가준거를 적용한 품질인증 제도에서 품질인증에 성공한 사례와 실패한 사례를 비교분석함으로써 이러닝 품질인증 평가준거에 대한 주요 평가영역과 평가항목을 구별하였다. 이를 근거로 프랑스의 품질인증 평가항목에서 반영해야할 이러닝 품질인증 평가준거, 평가영역, 평가항목에 대한 일반화 모형을 개발하였다. 이는 우리나라는 물론 AUF와 관련이 있는 아프리카나 아시아 국가들에게 그들이 응용할 수 있는 평가준거를 제시한 것이다. 본 연구의 결과는 이러닝 품질인증 제도를 시행하려는 전 세계의 기관들이 활용할 수 있을 것이며, 동시에 이러닝 품질인증 평가를 받고자 하는 이러닝 관련 기업이나 기관들에게 중요한 활용자료가 될 것이다.

• International Journal of Railway
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• 제3권2호
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• pp.73-82
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• 2010

Global and local behaviors of a lightly RC shear walls are investigated in this paper. For the sake of cyclic behaviors, nominal ground accelerations of 0.15 g, 0.40 g and 0.55 g which associated with natural periods of the walls are applied as listed in French CAMUS-2000 shake table test. Modified Kent & Park model, Drucker-Prager model for concrete material and $Giufr\acute{e}$-Menegotto-Pinto model for rebar are used for time history analyses using fiber/solids elements respectively. Alternatively, Eulerian beam analysis are discussed by imposing inelastic hinges at the most possible plastic hinge location using modified Takeda's trilinear model with stiffness reduction. Relative displacements, base shears, bending moments of 5-story shear building with 36-tons of mass under bi-lateral seismic excitation are extracted and compared with EC-8, PS-92 and KBC-09 provisions. Multi-scaled degradation process; material damage, elemental fracture and structural failure in turn is discussed in the view of numerical accuracy, efficiency and limitation depending on three different model-based analyses.

• 산학경영연구
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• 제16권
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• pp.43-60
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• 2003

본 연구에서는 French, Schwert, & Stambaugh와 Schwert의 연구에 사용된 방법을 이용하여 한국 증권시장에서 주식수익률의 변동성의 특징을 분석하였다. 본 연구에 사용된 모형은 주식시장의 변동성의 시계열 특성에 대한 보다 조직적 분석을 제공한다. 간단히 말하면, 이 모형들은 일별 수익률로부터 자기회귀 및 계절적 영향을 제거함으로써 예기치 못한 수익률을 추정할 수 있게 한다. 그리고 나서 자기회귀 및 계절적 모형에 예기치 못한 수익률의 절대값을 이용하여 주가변동성을 예측하였다. 분석결과 첫째, 총체적 주식수익률의 움직임에 대한 지속성은 미약하고, 자기회귀모형에 비정상성이 있을 수 있음을 알 수 있었다. 또한, 일별 주가변동성의 움직임이 주식수익률의 움직임보다 훨씬 예측가능하다는 것을 발견하였다. 둘째, 변동성의 증가가 미래 기대수익률을 증가시킨다는 증거는 미약하고, 변동성이 시차 주식수익률과 관계가 있다는 사실을 알 수 있었다.

• The Journal of Asian Finance, Economics and Business
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• 제7권7호
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• pp.95-104
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• 2020

This study examines the effect of fintech on retail banks stock return listed in Indonesia Stock Exchange for the period of 2016-2018 as today's new technology lead to the emergence of fintech companies playing the same role as retail banks in the financial industry. This study is conducted quantitatively using monthly data from January 2016 to October 2018 and uses fintech as independent variable, proxied by fintech funding frequency and fintech funding value. Data transformation is conducted due to data volatility. The data of fintech funding, both frequency and value, is transformed into standardized fintech funding and growth of fintech funding. The data is obtained from Crunchbase, while the data of stock returns is obtained from Investing. This study further analyzes the data using Fama French Three-Factor Model and panel data regression. We found that fintech has no significant effect on retail banks' stock returns listed in Indonesia Stock Exchange for the period of 2016-2018. The findings of the study provide some useful insights in understanding fintech companies' current position to retail banks in Indonesia. This study also suggests banking institutions, fintech companies, policy-makers, and others to take advantageous steps in building inclusive financial sectors.

• Structural Engineering and Mechanics
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• 제31권4호
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• pp.439-451
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• 2009

The paper deals with the problem related to the modelling of riveted assemblies for crashworthiness analysis of full-scale complete aircraft structures. Comparisons between experiments and standard FE computations on high-energy accidental situations onto aluminium riveted panels show that macroscopic plastic strains are not sufficiently localised in the FE shells connected to rivet elements. The main reason is related to the structural embrittlement caused by holes, which are currently not modelled. Consequently, standard displacement FE models do not succeed in initialising and propagating the rupture in sheet metal plates and along rivet rows as observed in the experiments. However, the literature survey show that it is possible to formulate super-elements featuring defects that both give accurate singular strain fields and are compatible with standard displacement finite elements. These super-elements can be related to the displacement model of the hybrid-Trefftz principle of the finite element method, which is a kind of domain decomposition method. A feature of hybrid-Trefftz finite elements is that they are mainly used for elastic computations. It is thus proposed to investigate the possibility of formulating a hybrid displacement finite element, including the effects of a hole, dedicated to crashworthiness analysis of full-scale aeronautic structures.

• 한국전산구조공학회:학술대회논문집
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• 한국전산구조공학회 2004년도 가을 학술발표회 논문집
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• pp.68-75
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• 2004

In this paper a study on the reduction method of ground vibration by a french is carried out. The transmitted load into the ground which induces the ground vibration is computed through a study on the interaction between tilting car and the line. This load is applied into the numerical model which is one for a study on the reduction method of ground vibration by a trench. Then the numerical results is compared with the experimental results conducted in the previous study.

• 한국도서관정보학회지
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• 제40권2호
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• pp.87-110
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• 2009

본 연구의 목적은 이미 국가적으로 도서관 RFID 데이터 모델을 발표한 덴마크, 핀란드, 네덜란드, 프랑스, 미국, 호주, 우리나라의 도서관 RFID 데이터 모델을 분석하고, 비교하는 것이다. 유럽의 4개국 즉, 덴마크, 네덜란드, 핀란드, 프랑스와 우리나라는 고정길이 부호화 방식인 규정 데이터 모델을 채택하고 있고, 미국과 호주는 ISO 15962에 기반 하는 부호화 방식인 객체기반 데이터 모델을 따르고 있다. 본 연구는 앞으로 우리나라 도서관계에서 RFID 데이터 모델을 재정립할 때 토론의 중요한 발판이 될 것으로 기대한다.