• 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.

• 한국수학교육학회지시리즈A:수학교육
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• 제62권2호
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• pp.195-209
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• 2023

본 연구는 TIMSS 2019 국내 중학교 2학년 학생들의 자료를 다층구조방정식모형에 적용하여 학생수준과 교사수준에서 수학교사의 교수능력과 수업활동유형이 학습자의 수학가치인식과 수학자신감, 그리고 수학흥미에 미치는 영향 및 구조적 관계를 분석하였다. 분석결과, 학생수준과 교사수준에서 수학교사의 교수능력은 수학가치인식과 수학자신감, 수학흥미에 정적인 영향을 미쳤으며, 수학가치인식과 수학자신감 역시 수학흥미에 정적인 영향을 미쳤다. 또한, 수학교사의 교수능력은 수학가치인식과 수학자신감을 매개하여 수학흥미에 간접적인 정적 영향을 미쳤다. 그리고 수업활동유형 중 학습내용을 새로운 문제상황에 스스로 적용하기는 수학가치인식에 정적인 영향을 미쳤지만, 수학흥미에는 부적 영향을 미쳤으며, 동질 능력 그룹활동은 수학자신감과 수학흥미에 정적인 영향을 미치는 것으로 나타났다. 본 연구는 학생수준과 교사수준의 다층적 분석을 통해 학교현장의 수학수업에 의미있는 시사점을 제시한다.

• 대한수학회지
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• 제43권4호
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• pp.845-858
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• 2006

We present two approaches of the stochastic interest rate European option pricing model. One is a bond numeraire approach which is applicable to a nonzero value asset. In this approach, we assume log-normality of returns of the asset normalized by a bond whose maturity is the same as the expiration date of an option instead that of an asset itself. Another one is the expectation hypothesis approach for value zero asset which has futures-style margining. Bond numeraire approach allows us to calculate volatilities implied in options even though stochastic interest rate is considered.

• 한국측량학회지
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• 제13권2호
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• pp.299-307
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• 1995

본 논문은 수치영상으로부터 Digital Photogrammetry와 Computer Vision 분야에서 위치결정 및 3차원 정보의 자동추출을 위한 기본단계인 Distinct Point 추출기법중 F rsner interest operate에 관한 연구이다. Gradien에 기초한 Forstner interest operator는 Orientation-invariant의 특징을 가지고 있으며 소정의 Subpixel정확도를 얻을 수 있다. 본 연구에서는 Fostner interest operator에서 얻어진 Comer Points와 Circular Features를 구분하기 위한 방법으로 F-test를 적용하였으며 Nosie가 Forstner interest operator에 미치는 영향을 고찰하였고 실제 사진영상에 Forstner interest operator를 도입하여 실효성에 바탕을 둔 적용 여부를 검증하였다.

• 지역사회간호학회지
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• 제10권1호
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• pp.204-226
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• 1999

This study attempted to compare the social interest, motivation, and attitude of nursing college students who participated in a voluntary program and the students who didn't participate in a voluntary program. The purpose of this study can be summarized as to find the effect of a voluntary program and to offer fundamental data for institutionalizing a voluntary program in college. The subjects were composed of two groups, one group attend the voluntary program and the other group doesn't. The subjects were 390 nursing students: 179 in the experimental group and 211 in the control group. The results of this study are as follows : 1. Before voluntary activities, the mean value of the control group was higher than that of the experimental group in social interest and altruistic motivation. The difference is statistically meaningful(t= -2.2.53, p=.25, t= -2.509, p= .013). 2. After voluntary activities, selfish motivation and altruistic motivation in the experimental group was higher than before. The difference is statistically meaningful(t= 2.404, p=.0l7, t=-2.751, p=.007). 3. The social interest, selfish motivation, altruistic motivation toward voluntary activities and selfish attitude, altruistic attitude toward voluntary activities will not have changed in the control group before or after voluntary program. However, the altruistic attitude lowered after voluntary activity. It is statistically meaningful(t=2.694, p=.008). 4. After the voluntary activities, there was a significant difference between the experimental and control groups in altruistic attitude. In the experimental group, the mean value of altruistic attitude increased significantly, but in the control group the mean value of altruistic attitude decreased ( t = 2.15, p = .032). The results of this study showed that voluntary activities not only increase social interest and altruistic attitude, but also the subject's understanding toward the community. 3. The social interest, selfish motivation, altruistic motivation toward voluntary activities and selfish attitude, altruistic attitude toward voluntary activities will not have changed in the control group before or after voluntary program. However, the altruistic attitude lowered after voluntary activity. It is statistically meaningful (t=2.694. p=.008). 4. After the voluntary activities, there was a significant difference between the experimental and control groups in altruistic attitude. In the experimental group, the mean value of altruistic attitude increased significantly, but in the control group the mean value of altruistic attitude decreased (t = 2.15, p =.032). The results of this study showed that voluntary activities not only increase social interest and altruistic attitude, but also the subject's understanding toward the community.

• 대한건축학회논문집:구조계
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• 제35권1호
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• pp.47-56
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• 2019

As the zero interest rate era was over with the end of quantitative easing, the economy of several global markets observed the fluctuations of the base interest rate. Interest rate, which is the change of money value with respect to time, is negatively correlated with construction investment. Considering the characteristics of interest rates and construction investment as economic variables, the necessity of cross-border analysis between base interest rate and construction investment was suggested in this paper. Cross-correlation analysis between base interest rates and construction investment crossing the border was performed. The effective correlations were confirmed with values varying by countries. Similar characteristics were also observed among countries with similar economy, which were then divided into three groups. Additionally, identifying the base interest rate that affects the construction investment of a particular country was made possible by reflecting a self-cycle of base interest rates. Lastly, from the result of examining the influence of each rise and fall of the interest rate, it was verified that the difference was more than twice as large in some countries. These results are expected to contribute to construction-related policy makers or investors to make decisions in response to the economic status of the construction market.

• 한국정보컨버전스학회:학술대회논문집
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• 한국정보컨버전스학회 2008년도 International conference on information convergence
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• pp.121-124
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• 2008

One field that the information society has recently taken much interest in and has continuously implemented is medical services. Health tourism services which emphasize today's patient-oriented management rather than the past hospital-oriented management are highly value-added. As interest in physical fitness increases in keeping with such trends of the society at large as the declining birth rate and increasing life expectancy, and the medical market is opened, the added value of medical services that attract and manage domestic and foreign patients from the global market and satisfy their diverse desires with domestic medical competitiveness such as excellent medical staff and technology is on the spotlight. Hereupon, this study intends to suggest the possibility of developing competitive domestic medical services into a highly value-added industry in keeping with changing environment.

• 한국언론정보학보
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• 제36권
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• pp.109-132
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• 2006

방송과 통신의 융합으로 매체와 서비스의 구분이 모호해지면서 공익성의 개념을 새롭게 정립해야 할 필요성이 증가하고 있다. 이에 따라 본 연구에서는 방송통신 융합시대에 산업의 변화에 따라 모든 매체와 서비스에 적용가능한 공익성 개념의 정립을 시도하였다. 방송과 통신의 융합으로 미디어 산업은 콘텐츠, 플랫폼, 네트워크, 단말이라는 가치사슬로 변화하고 있다. 디지털기술의 발전으로 향후 방송과 통신은 이러한 가치사슬에 따라 산업구조 개편이 불가피해지고 있다. 산업구조의 변화는 이념과 규제정책, 그리고 규제체계의 변화를 수반하고 있다. 그렇지만 융합시대에도 미디어 서비스는 기본적으로 공익성 구현의 의무가 있으며, 이러한 공익성 구현의 궁극적인 목표는 수용자 복지의 증진에 있다. 수용자 복지증진을 위해 콘텐츠 측면에서는 내용의 다양성, 공정성, 객관성, 사회적 가치보존, 플랫폼 측면에서는 개인정보 보호, 소비자 보호, 유해정보 차단, 네트워크 측면에서는 안정적 망 유지, 공정경쟁, 단말기 측면에서는 호환성 유지, 디지털 격차해소 등이 필요하다. 그리고 이러한 공익적 가치를 구현하기 위한 법, 제도적 측면의 규제정책 추진이 요구된다.

• 전자공학회논문지
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• 제54권8호
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• pp.99-106
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• 2017

전기 임피던스 단층촬영법은 주입 전류와 측정 전압을 기반으로 관심 도메인 내부의 도전율/저항률 분포를 복원하는 비파괴 영상 복원 기법이다. 본 논문에서는 역문제 계산시간을 줄이고 더불어 공간 해상도도 향상시키기 위해, 적응 문턱치 기반의 ROI(region of interest) 방법을 제안하였다. INTERMODES 방법에 의해 적응 문턱치가 계산이 되고 이 값을 기반으로 전체 도메인으로부터 ROI가 결정된다. 그리고 영상 복원의 계산 도메인을 ROI 내로 국한시켜 반복적 가우스-뉴턴 방법을 적용하여 저항률 분포를 추정하였다. 제안한 방법의 성능을 평가하기 위해 수치실험을 수행하고 그 결과를 비교분석하였다.

• Communications for Statistical Applications and Methods
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• 제29권1호
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• pp.85-101
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• 2022

Derivative-linked securities (DLS) is a type of derivatives that offer an agreed return when the underlying asset price moves within a specified range by the maturity date. The underlying assets of DLS are diverse such as interest rates, exchange rates, crude oil, or gold. A German 10-year bond rate-linked DLS and a USD-GBP CMS rate-linked DLS have recently become a social issue in Korea due to a huge loss to investors. In this regard, this paper accounts for the payoff structure of these products and evaluates their prices and fair coupon rates as well as risk measures such as Value-at-Risk (VaR) and Tail-Value-at-Risk (TVaR). We would like to examine how risky these products were and whether or not their coupon rates were appropriate. We use Hull-White Model as the stochastic model for the underlying assets and Monte Carlo (MC) methods to obtain numerical results. The no-arbitrage prices of the German 10-year bond rate-linked DLS and the USD-GBP CMS rate-linked DLS at the center of the social issue turned out to be 0.9662% and 0.9355% of the original investment, respectively. Considering that Korea government bond rate for 2018 is about 2%, these values are quite low. The fair coupon rates that make the prices of DLS equal to the original investment are computed as 4.76% for the German 10-year bond rate-linked DLS and 7% for the USD-GBP CMS rate-linked DLS. Their actual coupon rates were 1.4% and 3.5%. The 95% VaR and TVaR of the loss for German 10-year bond rate-linked DLS are 37.30% and 64.45%, and those of the loss for USD-GBP CMS rate-linked DLS are 73.98% and 87.43% of the initial investment. Summing up the numerical results obtained, we could see that the DLS products of our interest were indeed quite unfavorable to individual investors.