• 경영과학
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• 제33권4호
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• pp.51-64
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• 2016

The maximum weight of single stock in mutual fund is limited by regulations to enforce diversification. Under incomplete information with added constraints on portfolio weights, enhanced performance had been reported in previous researches. We analyze a weight vector to examine the effects of additional constraints on the portfolio's performance by computing the Euclidean distance from the in-sample tangency portfolio, as opposed to previous researches which analyzed ex-post return only. Empirical experiment was performed on Mean-variance and Minimum-variance model with Fama French's 30 industry portfolio and 10 industry portfolio for the last 1,000 months from August 1932 to November 2015. We find that diversification-constrained portfolios have 7% to 26% smaller Euclidean distances with the benchmark portfolio compared to those of unconstrained portfolios and 3% to 11% greater Sharpe Ratio.

• 대한기계학회:학술대회논문집
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• 대한기계학회 2008년도 추계학술대회A
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• pp.264-268
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• 2008

An assessment of creep-fatigue crack behavior is required to ensure the structural integrity for high temperature components such as fast breeder reactor structures or thermal power plant components operating at an elevated temperature. In this study, an evaluation of creep-fatigue crack growth has been carried out according to the French assessment guide of the RCC-MR A16 for austenitic stainless steel structures. The assessment procedures for creep-fatigue crack growth in the recent version of the A16 (2007 edition) have been changed considerably from the previous version (2002 edition) and the material properties (RCC-MR Appendix A3) have been changed as well. The impacts of those changes on creep-fatigue crack growth behavior are quantified from the assessments with a structural model. Finally the assessment results were compared with the observed images obtained from the structural tests of the same structural specimen.

• 복식
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• 제61권10호
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• pp.119-134
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• 2011

The present study proposes and tests an integrative model for global consumers to examine the relation among fashion marketing mix, brand attitude, brand loyalty, and purchase intention in the jeans market. The questionnaire surveys 692 consumers in the United States, China, and France. The statistical analysis methods that are used are as follows: frequency analysis, factor analysis, SEM analysis, and multi-group analysis. The results show that fashionability, perceived quality, and advertising have a direct and also a positive effect on brand attitude; however, advertising didn't have a direct effect on purchase intention. In addition, the results of the SEM analysis show that brand attitude leads to brand loyalty, while also showing a direct and indirect positive effect on purchase intention. Furthermore, the multi-group analysis reveals significant differences in SEM among countries such as the United States, China, and France.

• International Journal of Advanced Culture Technology
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• 제8권2호
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• pp.28-33
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• 2020

The Chemist Antoine-Laurent Lavoisier and mathematician Pierre Simon Laplace, who conducted a collaborative research on heat phenomena, are two of the key figures that represent French scientific community in the late 18th century. They joined hands together to understand heat phenomena that had not been fully explained until that time. They studied heat phenomena based on a heat particle model called 'caloric' and this study further expanded into light, magnetism and electricity, laying groundwork for many other research achievements afterwards. This article goes through their individual researches and looks into the process of their joint research based on the analysis of their publications. Further to these, it emphasizes its continuity with the Laplacian Program, a large-scale research project conducted in the early 19th century. Lastly, this article presents how science can merge with history, and at the same time, introduces the prerequisites for successful convergence research through existing research cases.

• 대한조선학회논문집
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• 제47권3호
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• pp.328-341
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• 2010

The authors adopt the Unmanned Undersea Vehicle(UUV), which has taken the shape of manta(Sohn et al. 2006). They call here it Manta-type Unmanned Undersea Test Vehicle(MUUTV). MUUTV is designed with the similar concept of UUV called Manta Test Vehicle(MTV), which was originally built by the Naval Undersea Warfare Center, USA(Lisiewicz and French 2000, Sirmalis et al. 2001, U.S. Navy 2004). The present study deals with evaluation of extreme motion of MUUTV at large attack angles. Extreme motion contains, for example, rising and depth change due to operation of hovering thrusters attached to MUUTV, lateral motion due to ocean current applied to MUUTV at low advance velocity, and so on. Numerical simulation technique has been utilized. The previous mathematical model on manoeuvring motion of MUUTV(Bae et al. 2009a) is basically adopted. Based on the results of present model experiment on extreme motion, the mathematical model is revised and supplemented in order to describe extreme motion. The hydrodynamic derivatives related to extreme motion are obtained from present model experiment and the other derivatives are referred to previous work(Bae et al. 2009a).

• 한국콘크리트학회:학술대회논문집
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• 한국콘크리트학회 2008년도 추계 학술발표회 제20권2호
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• pp.361-364
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• 2008

UHPC를 이용한 구조물 설계가 이루어지기 위해서는 우선적으로 재료의 역학적 거동 특성을 명확히 규명하여야 하며, 일반 콘크리트와 비교할 때 가장 큰 특징은 구조적으로 유효한 인장강도 및 인장거동이다. 따라서 UHPC를 활용한 적절한 설계가 되기 위해서는 특히 UHPC의 인장거동의 특성을 나타내는 구성모델의 확립이 무엇보다 중요하다고 말할 수 있다. 본 연구에서는 UHPC의 인장거동을 실험 및 해석을 통해 규명하고자 하였다. 프랑스 SETRA/AFGC에서 제시한 설계기준(안)과 일본 JSCE에서 제시한 초고강도 섬유보강 콘크리트의 설계 s시공지침(안)과의 비교를 통해 UHPC의 인장 연화거동과 인장응력-변형률 관계에 대해 합리적인 거동모델을 제시하였다.

• 산경연구논집
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• 제9권1호
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• pp.9-23
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• 2018

Purpose - The purpose of this paper is to investigate the potential benefits or detriments of team management on fund performance in the mutual fund market. An additional purpose of this study is to examine the optimal number of managers in a fund industry for superior performance. Research design, data, and methodology - This paper investigates the effect of managerial structure on fund performance in the Korean active mutual fund market between 2001 and 2008. For this, we analyze two risk-adjusted performances measures- the capital asset pricing model (CAPM) and the three-factor model of Fama & French (1993). Results - First, we found that single-managed funds exhibited superior performance. Second major finding was that as the number of managers in a fund increases, the fund performance deteriorates. Finally, the results reveal that the sharpest performance drop occurs when team size increases from a 5-person team to a 6-person team. Conclusions - The results suggest that the management structure can be a source of competitive advantage for fund performance. As considering fund performance is the outcome of managers' decision-making, this study contributes to not only the financial literature but also the literature in other areas, such as management and general business.

• Geomechanics and Engineering
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• 제35권5호
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• pp.475-486
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• 2023

Ballast particles have an irregular shape and are discrete in nature. Due to the discrete nature of ballast, it exhibits complex mechanical behaviour under loading conditions. The discrete element method (DEM) can model the behaviour of discrete particles under a multitude of loading conditions. DEM is used in this paper to simulate a series of three-dimensional direct shear tests in order to investigate the shear behaviour of railway ballast and its interaction at the microscopic level. Particle flow code in three dimension (PFC3D) models the irregular shape of ballast particles as clump particles. To investigate the influence of particle size distribution (PSD), real PSD of Indian railway ballast specification IRS:GE:1:2004, China high-speed rail (HSR) and French rail specifications are generated. PFC3D built-in linear contact model is used to simulate the interaction of ballast particles under various normal stresses, shearing rate and shear box sizes. The results indicate how shear resistance and volumetric changes in ballast assembly are affected by normal stress, shearing rate, PSD and shear box size. In addition to macroscopic behaviour, DEM represents the microscopic behaviour of ballast particles in the form of particle displacement at different stages of the shearing process.

• 경영과정보연구
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• 제37권4호
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• pp.63-74
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• 2018

최근 자산운용업계에서는 패시브 전략과 액티브 전략의 중간 성격을 갖는 스마트 베타 전략이 관심을 받고 있다. 이러한 스마트 베타 전략에서는 가치, 모멘텀, 저변동성, 퀄리티 지수를 널리 사용한다. 본 연구에서는 다른 지수에 비해 그 개념이 불명확하고 지수산출방법이 복잡한 퀄리티 지수에 대해 분석하였다. MSCI 방법론을 따라 자기자본이익률, 부채비율, 이익변동성 3개의 변수로 퀄리티 지수를 산출하였다. 또한 퀄리티 지수에 대한 비교대상으로 자기자본이익률 변수만을 이용한 지수, 자기자본이익률과 부채비율 2개 변수만을 이용한 지수, KOSPI 지수를 사용하였다. 분석대상인 지수들의 성과를 평가하기 위해 산술평균 수익률, 변동계수, 기하평균 수익률을 사용하였다. 그리고 각 지수에서 비정상수익률이 나타나는지를 검증하기 위한 가격결정모형으로는, 관련 연구에서 폭넓게 사용되고 있는 Fama and French(1993) 모형을 사용하였다. 실증분석 결과는 다음과 같다. 첫째, 모든 기간의 분석에서 보유기간 수익률 관점에서 퀄리티 지수가 가장 우수하였다. 둘째, 외환위기와 글로벌 금융위기 기간에서도 퀄리티 지수의 성과가 가장 우수하였다. 셋째, 글로벌 금융위기 이전 기간에서는 모든 지수에서 비정상수익률을 발견할 수 없었다. 넷째, 글로벌 금융위기 이후 기간에서는 퀄리티 지수가 가장 높은 비정상수익률을 갖는 것으로 나타났다.

• 한국음향학회지
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• 제32권4호
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• pp.361-368
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• 2013

진동하는 현의 성질을 나타내는 방법으로 반대 방향으로 진행하는 파가 현과 전송선로에 존재한다는 사실에 기초하여 현은 전송선로에 비유되어왔다. 이러한 비유에서 현의 강역(rigid end)과 변위는 각각 전송선로의 개방회로와 전류로 나타내어졌다. 그러나, 본 연구에서 강역과 변위는 각각 단락회로와 전압에 해당됨이 전송선로의 이론으로부터 밝혀졌고 이를 회로시뮬레이션으로 확인하였다. 이러한 발견에 기초하여 전송선로, 구분적 선형 전류원, 스위치들로 구성된 전송선로 기반 탄현 모델을 제안하였다. 임의로 선택된 지점에서의 전압과 전송선로 끝 극소 부분 양단에서 계산된 전압이 현의 성질을 지배하는 파동방정식의 차분형식(difference form)으로 구한 해당 지점에서 변위와 강역에서의 힘과 일치함을 보임으로서 제안한 모델이 정당함을 증명하였다. 또한, 제안된 모델의 현악기 및 관악기 모델링의 적용성을 제시하였다.