• East Asian Economic Review
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• v.16 no.3
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• pp.291-314
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• 2012

This paper attempts to investigate to what extent English proficiency can boost international trade in services. To achieve this purpose, this paper estimates the determinants of services trade including language variables with the aggregated and disaggregated data for nine different subsectors of OECD countries. The empirical tests are based on a theory-based gravity model derived from Anderson and von Wincoop. The findings show that English proficiency has a significant influence on services trade, while other languages such as French and German have only weak and mixed effects. In particular, communication, financial, commercial, insurance, and business services are revealed to be the most impacted by the level of English proficiency. The results imply that governments can use their English policies to promote international trade in services.

• Proceedings of the KSRS Conference
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• v.2
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• pp.676-679
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• 2006

Mangrove crowns were delineated using active sensor LIDAR (LIght Detection And Ranging) data by a crown delineating model developed in this study. LIDAR data were acquired from airborne survey by a helicopter for the estuary of Macouria in the northeast coast of French Guiana. The canopy height image was derived from LIDAR vector data by calculating the difference between ground and non-ground data. The mangrove site in the study area was classified to three sectors by the time of mangrove settlement; Mangrove 1986, 2002 and 2003. The estimated crown of Mangrove 1986 was reliable defined for their size, number and volume because of larger crown size and bigger variation of crown height. The tree crown size of Mangrove 2002 and 2003 by the model was overestimated and the number of trees was much underestimated. The estimated crown was not for single crown but a crown group due to homogenous crown height and spatial resolution of LIDAR data. However the canopy height image derived from LIDAR data provided three-dimensional information of mangroves.

• Journal of the Korea Convergence Society
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• v.6 no.4
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• pp.127-132
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• 2015

This study attempts to empirically investigate if relative momentum strategy is effective in the Korean stock market. The sample of the study is comprised of companies which are traded in both Kospi and Kosdaq stock markets in Korea for the period between 2001~2014. The study observes that the momentum strategy buying past winner stocks and selling past loser stocks is negatively correlated with the value strategy buying value stocks with high book to market ratio and selling glamour stocks with low book to market ratio. And each strategy is alternatively effective from period to period. The study demonstrates that the momentum strategy is effective when both strategies which are negatively correlated are treated as one system by estimating Fama and French's[1] 3 factor regression model.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.16 no.10
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• pp.6511-6516
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• 2015

This paper examines the relationship between idiosyncratic volatility(IVOL) puzzle and trading volumes by trader types in the Korean stock market. The data set includes all stock in both KRX and KOSDAQ for the period from January 1999 through December 2013. Idiosyncratic volatility is measured by using the Fama-French's three-factor model. Traders are classified into individual, institution, and foreign trader. We construct (5X5) portfolios based on each trader's net buying and idiosyncratic volatility. We find that there are some special portfolios that show the idiosyncratic volatility puzzle. For individual investors, top net buying portfolios show clear the idiosyncratic volatility puzzle. However, for institution and foreign investors, lowest net buying portfolio show the idiosyncratic volatility puzzle. This results imply that the idiosyncratic volatility puzzle in the Korean stock market is mainly caused by individual investors.

• Journal of Distribution Science
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• v.13 no.9
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• pp.37-45
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• 2015

Purpose - This paper's aim is to investigate whether or not gross profitability explains the cross-sectional variation of the stock returns in the Korean stock market. Gross profitability is an alternative profitability measure proposed by Novy-Marx in 2013 to predict cross-sectional variation of stock returns in the US. He shows that the gross profitability adds explanatory power to the Fama-French 3 factor model. Interestingly, gross profitability is negatively correlated with the book-to-market ratio. By confirming the gross profitability premium in the Korean stock market, we may provide some implications regarding the well-known value premium. In addition, our empirical results may provide opportunities for the fund distribution industry to promote brand new styles of funds. Research design, data, and methodology - For our empirical analysis, we collect monthly market prices of all the companies listed on the Korea Composite Stock Price Index (KOSPI) of the Korea Exchanges (KRX). Our sample period covers July1994 to December2014. The data from the company financial statementsare provided by the financial information company WISEfn. First, using Fama-Macbeth cross-sectional regression, we investigate the relation between gross profitability and stock return performance. For robustness in analyzing the performance of the gross profitability strategy, we consider value weighted portfolio returns as well as equally weighted portfolio returns. Next, using Fama-French 3 factor models, we examine whether or not the gross profitability strategy generates excess returns when firmsize and the book-to-market ratio are controlled. Finally, we analyze the effect of firm size and the book-to-market ratio on the gross profitability strategy. Results - First, through the Fama-MacBeth cross-sectional regression, we show that gross profitability has almost the same explanatory power as the book-to-market ratio in explaining the cross-sectional variation of the Korean stock market. Second, we find evidence that gross profitability is a statistically significant variable for explaining cross-sectional stock returns when the size and the value effect are controlled. Third, we show that gross profitability, which is positively correlated with stock returns and firm size, is negatively correlated with the book-to-market ratio. From the perspective of portfolio management, our results imply that since the gross profitability strategy is a distinctive growth strategy, value strategies can be improved by hedging with the gross profitability strategy. Conclusions - Our empirical results confirm the existence of a gross profitability premium in the Korean stock market. From the perspective of the fund distribution industry, the gross profitability portfolio is worthy of attention. Since the value strategy portfolio returns are negatively correlated with the gross profitability strategy portfolio returns, by mixing both portfolios, investors could be better off without additional risk. However, the profitable firms are dissimilar from the value firms (high book-to-market ratio firms); therefore, an alternative factor model including gross profitability may help us understand the economic implications of the well-known anomalies such as value premium, momentum, and low volatility. We reserve these topics for future research.

• Nuclear Engineering and Technology
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• v.16 no.2
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• pp.70-79
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• 1984

With the help of the nuclear computational system for a large LMFBR (KAERI-26 group cross section library/1DX/2DB), the reactivity coefficients for the diagrid expansion and the pad expansion at the beginning of cycle of the equilibrium core of SUPER-PHENIX I are calculated and reviewed. the core is described using R-Z geometry model, and a two-dimensional multigroup diffusion theory is used. For reference cases, reactivity calculations for radial and axial uniform expansion are performed, and also calculated are reactivity variations due to changes in material density and core volume. The reactivity coefficient for the diagrid expansion is calculated to be -0.553pcm/mil. The temperature coefficient corresponding to the above value is -1.0766pcm/$^{\circ}C$ and is well in accord with the French datum of -1.09pcm/$^{\circ}C$ within 1.2% difference. With the use of 4he calculational method for the diagrid expansion effect, reactivity calculations for the pad expansion bringing about nonuniform expansion are performed, which show that the calculational method is very useful in the analysis of the pad expansion effect. The reactivity coefficients for the pad expansion are calculated to be -0.2743 pcm/mil and -0.2786pcm1mi1 for the averaged expansion model and for the integrated pancake model, respectively. Under the assumption of the free expanding core the temperature reactivity coefficients for each model are obtained to be -0.5766pcm/$^{\circ}C$ and -0.5858pcm/$^{\circ}C$, both of which agree with the French datum of -0.574pcm/$^{\circ}C$ within 2% difference.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2006.11a
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• pp.173-179
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• 2006

In order to explain a U-shape pattern of stock returns, Fama and French(1988) suggested the state-space model consisting of I(1) permanent component and AR(1) stationary component. They concluded the autoregression coefficient induced from the state-space model follow the U-shape pattern and the U-shape pattern of stock returns was due to both negative autocorrelation in returns beyond a year and substantial mean-reversion in stock market prices. However, we found negative autocorrelation is induced under the assumption that permanent and stationary noise component are independent in the state-space model. In this paper, we derive the autoregression coefficient based on ARIMA process equivalent to the state-space model without the assumption of independency. Based on the estimated parameters, we investigate the pattern of the time-varying autoregression coefficient and conclude the autoregression coefficient from the state-space model of ARIMA(1,1,1) process does not follow a U-shape pattern, but has always positive sign. We applied this result on the data of 1 month retums for all NYSE stocks for the 1926-85 period from the Center for Research in Security Prices.

• Steel and Composite Structures
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• v.17 no.2
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• pp.185-198
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• 2014

Carbon-manganese steel A42 (French standards) is used in steam generator pipes of nuclear center and subject to low cycle fatigue (LCF) loads. In order to obtain the material LCF behavior, the tests are implemented in a hydraulic fatigue machine. The LCF plastic deformation and cyclic stress in macroscope have been influenced by the accumulated low cycle fatigue damage. The constitutive kinematic and isotropic hardening modeling is modified with coupling fatigue damage to describe the fatigue behavior. The improved model seems to be good agreement with the test results.

• Journal of Korean Society of Water and Wastewater
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• v.24 no.1
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• pp.103-108
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• 2010

Until now, research reports that it is difficult for brokenup floc after coagulation to reaggregate and settling efficiency of reaggregated floc is relatively low have dominated in water treatment process. In contrast, from recent study conducted by the French researcher, because the density of the reaggregated floc was higher than the previous floc, the settling efficiency of reaggregated floc increased. In this study, 15 times wet test were carried out and the removal efficiency of reagrregated floc was considerably increased. Moreover, this result was explained using the turbulent model for the flow occurred around the floc. Consequently, in the case of suitable hydrodynamic condition for the reaggregation, the characteristics of the reaggregated floc was changed into the favorable condition for improvement of settling efficiency. Also, the most important factor for reaggregation of floc was governed by hydrodynamic shear stress.

• Geomechanics and Engineering
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• v.28 no.1
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• pp.65-75
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• 2022

Time and cost of construction are key factors in decision-making during a tunnel project's planning and design phase. Estimations of time and cost of tunnel construction projects are subject to significant uncertainties caused by uncertain geotechnical and geological conditions. The Gaussian Process Regression (GPR) technique for predicting ground condition and construction time and cost of mountain tunnel projects is used in this work. The GPR model is trained with data from past mountain tunnel projects. The model is applied to a case study in which the predicted time and cost of tunnel construction using the GPR model are compared with the actual construction time and cost for model validation and reducing the uncertainty for the future projects. In addition, the results obtained from the GPR have been compared with to other models of artificial neural network (ANN) and support vector regression (SVR) that the GPR model provides more accurate results.