A Study on Determinants of Asset Price : Focused on USA (자산가격의 결정요인에 대한 실증분석 : 미국사례를 중심으로)
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- The Journal of Industrial Distribution & Business
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- v.9 no.5
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- pp.63-72
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- 2018
Purpose - This work analyzes, in detail, the specification of vector error correction model (VECM) and thus examines the relationships and impact among seven economic variables for USA - balance on current account (BCA), index of stock (STOCK), gross domestic product (GDP), housing price indices (HOUSING), a measure of the money supply that includes total currency as well as large time deposits, institutional money market funds, short-term repurchase agreements and other larger liquid assets (M3), real rate of interest (IR_REAL) and household credits (LOAN). In particular, we search for the main explanatory variables that have an effect on stock and real estate market, respectively and investigate the causal and dynamic associations between them. Research design, data, and methodology - We perform the time series vector error correction model to infer the dynamic relationships among seven variables above. This work employs the conventional augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) unit root techniques to test for stationarity among seven variables under consideration, and Johansen cointegration test to specify the order or the number of cointegration relationship. Granger causality test is exploited to inspect for causal relationship and, at the same time, impulse response function and variance decomposition analysis are checked for both short-run and long-run association among the seven variables by EViews 9.0. The underlying model was analyzed by using 108 realizations from Q1 1990 to Q4 2016 for USA. Results - The results show that all the seven variables for USA have one unit root and they are cointegrated with at most five and three cointegrating equation for USA. The vector error correction model expresses a long-run relationship among variables. Both IR_REAL and M3 may influence real estate market, and GDP does stock market in USA. On the other hand, GDP, IR_REAL, M3, STOCK and LOAN may be considered as causal factors to affect real estate market. Conclusions - The findings indicate that both stock market and real estate market can be modelled as vector error correction specification for USA. In addition, we can detect causal relationships among variables and compare dynamic differences between countries in terms of stock market and real estate market.
Today, the consumer is more careful in buying goods, invests more time in collecting relevant information to avoid any potential danger, and restricts from potential impulse buying. To react this consumer's carefulness, the seafood brands provide much information including the origin labeling system, the traceability, the food's safety & hygiene. Also the branding by region or company is pursued. Like that, a seafood brand's importance is increased, but there lack few researches dealing how current consumer's attitude influences on real purchase behavior, and how the attitude works consumer purchase decision. Therefore, this study researched the brand's influence on the consumer's attitude and purchase intention. For this purpose, this study targeted the salty mackerel and the dried yellow corvina because they are already branded and sold in some popularity, and researched how a brand's popularity, its image, and its recognized quality could effect on the consumer's attitude and purchase intention. As the result, it was appeared that a seafood brand's popularity didn't directly effect on the consumer's purchase intention, but indirectly influenced through the consumer's attitude as a parameter. From this result, improving a seafood brand's popularity needs some time to form the consumer's positive attitude and to lead to consumer purchase intention of seafood brand. So, it is thought that various promotion activities for seafood consumption must be continually performed rather than some temporary special events. Consumers showed more positive attitude on familiar seafood based on a product's original place and the freshness. Also they had better feeling about some seafood with their speciality images rather than the same kinds of products produced in other regions. This attitude temporarily led to purchase intention. Therefore, it is important that the branding strategy development should start from some seafood familiar to us in traditional food culture and food habit, but should delivery the reliance and the freshness in accurately indicating their origins, and should emphasize their differences as specialities. Consumers showed some positive attitudes on the seafood featuring the hygiene, the safety, continual good quality, and their attitudes led to their purchase intentions in temporary. The seafood product reflecting these results the best is the marketing activities on some Andong salty mackerel products acquired HACCP certification. it is thought that a seafood's branding strategy should be established on distinctive branding strategies using reliable certification mark like HACCP based on the hygiene, the safety, and the quality.
Nanoparticles-coated and impact-damaged carbon-fiber reinforced plastics(CFRP) laminates were tested under compression-after-impact(CAI) mode and the propagation of damage due to compressive loading has been monitored by acoustic emission(AE). The impact damage was induced not by mechanical loading but by a simulated lightning strike. CFRP laminates were made of carbon prepregs prepared by coating of conductive nano-particles directly on the fibers and the coupons were subjected to simulated lightning strikes with a high voltage/current impulse of 10~40 kA within a few microseconds. The effects of nano-particles coating and the degree of damage induced by the simulated lightning strikes on the AE activities were examined, and the relationship between the compressive residual strength and AE behavior has been evaluated in terms of AE event counts and the onset of AE activity with the compressive loading. The degree of impact damage was also measured in terms of damage area by using ultrasonic C-scan images. From the results assessed during the CAI tests of damaged CFRP showed that AE monitoring appeared to be very useful to differentiate the degree of damage hence the mechanical integrity of composite structures damaged by lightning strikes.
In nitride and oxide film deposition, sputtered metals react with nitrogen or oxygen gas in a vacuum chamber to form metal nitride or oxide films on a substrate. The physical properties of sputtered films (metals, oxides, and nitrides) are strongly influenced by magnetron plasma density during the deposition process. Typical target power densities on the magnetron during the deposition process are ~ (5-30) W/cm2, which gives a relatively low plasma density. The main challenge in reactive sputtering is the ability to generate a stable, arc free discharge at high plasma densities. Arcs occur due to formation of an insulating layer on the target surface caused by the re-deposition effect. One current method of generating an arc free discharge is to use the commercially available Pinnacle Plus+ Pulsed DC plasma generator manufactured by Advanced Energy Inc. This plasma generator uses a positive voltage pulse between negative pulses to attract electrons and discharge the target surface, thus preventing arc formation. However, this method can only generate low density plasma and therefore cannot allow full control of film properties. Also, after long runs ~ (1-3) hours, depends on duty cycle the stability of the reactive process is reduced due to increased probability of arc formation. Between 1995 and 1999, a new way of magnetron sputtering called HIPIMS (highly ionized pulse impulse magnetron sputtering) was developed. The main idea of this approach is to apply short
본 연구에서는 직류 전원(direct current; DC)을 이용한 스퍼터링과 고전력펄스 마그네트론 스퍼터링(high-power impulse magentron sputtering; HIPIMS)의 두 가지 방법과 빗각 증착을 적용하여 제조한 티타늄 질화물(TiN) 박막의 미세구조 변화가 물성에 미치는 영향을 확인하였다. TiN 박막은 99.5%의 Ti 타겟을 사용하고, Ar가스와
This study is about the selection and noise test of electronic sensor which is preceded by electric Operating Cell(EOC) development using electronic sensor technology to solve the structural weakness of Mechanism Operated Cell(MOC) in VCB, and has a final target in product development minimizing contact malfunction of the chattering or rebounce states caused by existing MOC. In this test results, when opening and closing VCB, rising velocity of surge voltage in opening time was measured 4.2 times faster than closing time and noise decibel value was measured respectively 120dB and 110dB. When supplying 60kV power frequency overvoltage, we found that sensor output graph in VCB opening and closing times operated stably without distortion. When supplying 150kV
This study stems from a question, "How should we understand the pattern of the Korean economy after the 1990s?" Among various analytic methods applicable, this study chooses a Structural Vector Autoregression (SVAR) with long-run restrictions, identifies diverse impacts that gave rise to the current status of the Korean economy, and differentiates relative contributions of those impacts. To that end, SVAR is applied to four economic models; Blanchard and Quah (1989)'s 2-variable model, its 3-variable extensions, and the two other New Keynesian type linear models modified from Stock and Watson (2002). Especially, the latter two models are devised to reflect the recent transitions in the determination of foreign exchange rate (from a fixed rate regime to a flexible rate one) as well as the monetary policy rule (from aggregate targeting to inflation targeting). When organizing the assumed results in the form of impulse response and forecasting error variance decomposition, two common denominators are found as follows. First, changes in the rate of economic growth are mainly attributable to the impact on productivity, and such trend has grown strong since the 2000s, which indicates that Korea's economic growth since the 2000s has been closely associated with its potential growth rate. Second, the magnitude or consistency of impact responses tends to have subsided since the 2000s. Given Korea's high dependence on trade, it is possible that low interest rates, low inflation, steady growth, and the economic emergence of China as a world player have helped secure capital and demand for export and import, which therefore might reduced the impact of each sector on overall economic status. Despite the fact that a diverse mixture of models and impacts has been used for analysis, always two common findings are observed in the result. Therefore, it can be concluded that the decreased rate of economic growth of Korea since 2000 appears to be on the same track as the decrease in Korea's potential growth rate. The contents of this paper are constructed as follows: The second section observes the recent trend of the economic development of Korea and related Korean articles, which might help in clearly defining the scope and analytic methodology of this study. The third section provides an analysis model to be used in this study, which is Structural VAR as mentioned above. Variables used, estimation equations, and identification conditions of impacts are explained. The fourth section reports estimation results derived by the previously introduced model, and the fifth section concludes.
The wall shear stress in the vicinity of end-to end anastomoses under steady flow conditions was measured using a flush-mounted hot-film anemometer(FMHFA) probe. The experimental measurements were in good agreement with numerical results except in flow with low Reynolds numbers. The wall shear stress increased proximal to the anastomosis in flow from the Penrose tubing (simulating an artery) to the PTFE: graft. In flow from the PTFE graft to the Penrose tubing, low wall shear stress was observed distal to the anastomosis. Abnormal distributions of wall shear stress in the vicinity of the anastomosis, resulting from the compliance mismatch between the graft and the host artery, might be an important factor of ANFH formation and the graft failure. The present study suggests a correlation between regions of the low wall shear stress and the development of anastomotic neointimal fibrous hyperplasia(ANPH) in end-to-end anastomoses. 30523 T00401030523 ^x Air pressure decay(APD) rate and ultrafiltration rate(UFR) tests were performed on new and saline rinsed dialyzers as well as those roused in patients several times. C-DAK 4000 (Cordis Dow) and CF IS-11 (Baxter Travenol) reused dialyzers obtained from the dialysis clinic were used in the present study. The new dialyzers exhibited a relatively flat APD, whereas saline rinsed and reused dialyzers showed considerable amount of decay. C-DAH dialyzers had a larger APD(11.70
The wall shear stress in the vicinity of end-to end anastomoses under steady flow conditions was measured using a flush-mounted hot-film anemometer(FMHFA) probe. The experimental measurements were in good agreement with numerical results except in flow with low Reynolds numbers. The wall shear stress increased proximal to the anastomosis in flow from the Penrose tubing (simulating an artery) to the PTFE: graft. In flow from the PTFE graft to the Penrose tubing, low wall shear stress was observed distal to the anastomosis. Abnormal distributions of wall shear stress in the vicinity of the anastomosis, resulting from the compliance mismatch between the graft and the host artery, might be an important factor of ANFH formation and the graft failure. The present study suggests a correlation between regions of the low wall shear stress and the development of anastomotic neointimal fibrous hyperplasia(ANPH) in end-to-end anastomoses. 30523 T00401030523 ^x Air pressure decay(APD) rate and ultrafiltration rate(UFR) tests were performed on new and saline rinsed dialyzers as well as those roused in patients several times. C-DAK 4000 (Cordis Dow) and CF IS-11 (Baxter Travenol) reused dialyzers obtained from the dialysis clinic were used in the present study. The new dialyzers exhibited a relatively flat APD, whereas saline rinsed and reused dialyzers showed considerable amount of decay. C-DAH dialyzers had a larger APD(11.70