• 아태비즈니스연구
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• 제12권1호
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• pp.121-134
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• 2021

Purpose - This study examines whether flight-to-liquidity (FTL) explains the dynamic liquidity risk on stock returns, and whether it has a significant influence on determinants the cross-section of stock returns. Design/methodology/approach - This study suggests a new risk factor, dynamic liquidity hedge portfolio (DLP), to reflect the dynamic impact of liquidity risk on stock returns and the Fama-MacBeth 2 stage regression analysis is employed in order to analyze the data. Findings - First, the DLP factor shows more positive and significant beta for the small or illiquidity stocks. Second, the DLP shows a different influence than SMB (size risk factor), HML (value risk factor), NMP (liquidity risk factor), FTVOL (total volatility factor) in determining the cross-section of stock returns. In addition, the DLP has a statistically significant risk premium of around 5%, which is relatively larger than other risk factors. Research implications or Originality - This study has academic value in terms of newly confirming that the DLP factor has a more significant impact on cross-sectional determination of stock returns than other risk factors by proposing a conditional liquidity factor that can explain the FTL phenomenon.

• KSII Transactions on Internet and Information Systems (TIIS)
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• 제16권6호
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• pp.1849-1876
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• 2022

Wireless Sensor Network (WSN) is considered as an integral part of the Internet of Things (IoT) for collecting real-time data from the site having many applications in industry 4.0 and smart cities. The task of nodes is to sense the environment and send the relevant information over the internet. Though this task seems very straightforward but it is vulnerable to certain issues like energy consumption, delay, throughput, etc. To efficiently address these issues, this work develops a cross-layer model for the optimization between MAC and the Network layer of the OSI model for WSN. A high value of duty cycle for nodes is selected to control the delay and further enhances data transmission reliability. A node measurement prediction system based on the Kalman filter has been introduced, which uses the constraint based on covariance value to decide the scheduling scheme of the nodes. The concept of duty cycle for node scheduling is employed with a greedy data forwarding scheme. The proposed Duty Cycle-based Greedy Routing (DCGR) scheme aims to minimize the hop count, thereby mitigating the energy consumption rate. The proposed algorithm is tested using a real-world wastewater treatment dataset. The proposed method marks an 87.5% increase in the energy efficiency and reduction in the network latency by 61% when validated with other similar pre-existing schemes.

• 국제학술발표논문집
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• The 9th International Conference on Construction Engineering and Project Management
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• pp.3-10
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• 2022

An estimated investment gap of $176 billion needs to be filled over the next ten years to improve America's inland waterway transportation systems. Many of these infrastructure systems are now beyond their original 50-year design life and are often behind in maintenance due to funding constraints. Therefore, long-term maintenance strategies (i.e., asset management (AM) strategies) are needed to optimize investments across these waterway systems to improve their condition. Two common AM strategies include policy-driven maintenance and performance-driven maintenance. Currently, limited research exists on selecting the optimal AM approach for managing inland waterway transportation assets. Therefore, the goal of this study is to provide a decision model that can be used to select the optimal alternative between the two AM approaches by considering key uncertainties such as asset condition, asset test results, and asset failure. We achieve this goal by addressing the decision problem as a single-criterion problem, which calculates each alternative's expected value and certain equivalence using allocated monetary values to determine the recommended alternative for optimally maintaining navigable waterways. The decision model considers estimated and predicted values based on the current state of the infrastructure. This research concludes that the performance-based approach is the optimal alternative based on the expected value obtained from the analysis. This research sets the stage for further studies on fiscal constraints that will effectively optimize these assets condition.

• 예술경영연구
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• 제59호
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• pp.73-99
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• 2021

국민들이 무료로 이용할 수 있도록 점진적 확대된 무료관람정책은 문화시설 이용의 장벽을 낮추고 관람객 수요도 크게 증진시키는 효과를 가져왔다. 하지만 각 시설들이 공개하고 있는 연간 관람인원은 집계 대상에 대한 기준이 상이하고, 측정된 값이 정확하지 않으며, 관람객 '수' 라기 보다 '빈도'에 가까운 수준에 그치고 있는 실정이다. 특히 인원을 계수하는 기존의 기기들은(피플카운터) 모두 중복으로 집계되어 관람인원이 과대추정되고 있다. 따라서 본 연구의 목적은 문화기반시설의 이용객을 정확하게 파악하고 집계하는 방안을 마련하는 것이라고 할 수 있다. 첫 번째로, 모호하게 측정되고 있는 관람객에 대한 정의를 명확하게 함으로써 비교 가능한 관람객 수를 측정하여야 한다. 두 번째로, 현재 가장 문제점으로 대두되고 있는 '중복 집계'의 문제 해결이 필요하다. 세 번째로, 양질의 서비스제공을 위해서는 '관람객 행태 분석'이 선행되어야 하는데, 이를 위해서는 무엇보다 이용자들의 이동동선이나 체류시간과 같은 다양한 행태를 파악하여야 한다. 이러한 문제를 해결하기 위해 새로운 측정 방안을 제시하고자 한다. 이를 위해 최신의 기술을 활용한 무선신호기반 측정방식(해당 방식은 스마트기기의 고유신호값인 MAC address를 수집함으로써, 중복을 제거한 측정이 가능하며, 또한 관람객의 이동동선, 체류시간, 재방문율 등의 파악이 가능하여 다각적인 관람객 행태 분석도 가능)을 제안하며, 이를 활용한 측정 실험을 통해, 해당 측정방식의 가능성과 실효성을 진단하고자 한다.

• 한국소음진동공학회:학술대회논문집
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• 한국소음진동공학회 2001년도 추계학술대회논문집 II
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• pp.1032-1039
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• 2001

In this paper, modal analysis of wind-power generator rotor system was performed by using finite element method. Experimental modal analysis of generator rotor system was performed and the result were compared with analytical ones. Sensitivity method and localized modification method were used to update finite element model. As a result of updating finite element model, errors of natural freguency were reduced within 0.5％ and MAC value was improved near by l. Stability characteristics of wind-power generator rotor-bearing system through harmonic analysis about several external force will be analyzed using finite element model.

• 한국콘텐츠학회논문지
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• 제21권11호
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• pp.320-332
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• 2021

본 연구는 국내 주식시장에서 개별종목의 주가급락위험을 과거 1년간 일별수익률의 VaR(Value-at-Risk) 통계량으로 정의하고, 주가급락위험이 기대수익률에 미치는 영향을 분석하였다. 결과는 다음과 같이 요약된다. 첫째, 전체 종목을 전월의 주가급락위험의 크기 순으로 10개의 포트폴리오로 나눈 후, 주가급락위험이 가장 높은 포트폴리오를 매수하고 가장 낮은 포트폴리오를 공매도하여 매월 구성한 무비용 포트폴리오는 월평균 -2.29%의 수익률(주가급락위험 프리미엄)을 나타낸다. 둘째, Fama-MacBeth 횡단면 회귀분석에서 기업규모, 장부가대시장가비율, 시장베타, 유동성, 최대수익률, 고유변동성, 왜도 등의 다양한 기업특성변수를 통제한 후에도 전월의 주가급락위험은 금월 수익률에 대해 유의한 음(-)의 설명력을 갖는다. 셋째, 최근 1개월 이내에 주가급락폭이 큰 종목일수록 다음 달 수익률이 더 낮다. 넷째, 전월 시장수익률의 변동성과 주가급락위험 프리미엄의 크기는 음(-)의 상관관계를 갖는다. 이러한 결과는 주가급락위험에 대해 투자자들이 과소반응하는 경향으로 인해 주가급락위험이 높은 종목일수록 주가가 고평가된다는 행태재무학적 관점에서의 가설을 지지한다.

• Restorative Dentistry and Endodontics
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• 제26권2호
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• pp.153-161
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• 2001

The purpose of this study was to evaluate microleakage of six current dentin bonding systems. In this in vitro study, class V cavities were prepared on buccal and lingual surfaces of thirty extracted human molars. Each margin was on enamel and dentin/cementum. Experimental teeth were randomly divided into six groups of 5 each. Group 1 : Scotchbond Multi-Purpose; Group 2 : Single Bond; Group 3 : Prime&Bond NT ; Group 4 : Clearfil Liner Bond 2 ; Group 5 : MAC Bond II ; Group 6 : One-up Bond F. The bonding agent and composite resin were applied to class V cavities according to manufacturer's directions. After thermocycling, the specimens were immersed in 0.5% basic fuchsin dye solution for 6 hours and sectioned longitudinally through the center of the restoration with a low speed diamond saw. The degree of microleakage was measured as the extent of dye penetration under the stereomicroscope at $\times$20. The data were analyzed using one way ANOVA. When significant differences found. multiple comparisons were made using Duncan's Multiple Range Test. The results of this study were as follows: 1. In all groups, leakage value seen at the enamel margin was significantly lower than that seen at the dentin margin(P<0.001). 2. At the enamel margin, none of the dentin bonding systems used in this study showed statistically significant difference in leakage values(P<0.05). 3. At the cementum margin, group 3 showed the highest leakage value, and others were decreased as group 5, 6, 4 in that order, and group 1, 2 showed the lowest leakage value. There was statistically significant difference between group 3 and the other groups except for group 5(P<0.05).

• 유통과학연구
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• 제13권9호
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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.

• 한국정보전자통신기술학회논문지
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• 제4권3호
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• pp.217-224
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• 2011

본 논문에서는 동적 데이터베이스 환경에서 발생할 수 있는 개인 정보 노출 문제를 해결할 수 있는 동적 데이터 보호 기법(Dynamic Data Protection Technique)을 제안하였다. 본 논문에서 제안한 DDPT은 다중 속성 일반화 알고리즘을 이용해 MAG(Multi-Attribute Generalization) 규칙을 생성하고, 그 MAG 규칙에 따라 k-anonymity를 만족하는 EC(Equivalence Class)를 생성한다. 그리고 데이터 변경 시 MAG 규칙에 따라 EC를 재구성 하도록 하여, EC의 변경으로 인한 식별 노출을 방지할 수 있다. 또한, ${\ell}$-diversity를 만족하는 EC의 정보손실 정도를 측정하고, 임계치 이하의 EC를 선정해서 데이터의 정확성을 유지함으로써 개인 정보 보호를 향상시켰다.

• Asian-Australasian Journal of Animal Sciences
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• 제14권6호
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• pp.885-893
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• 2001

This review summarizes some recent research into ways of improving the productivity of ruminal fermentation by increasing protein flow from the rumen and decreasing the breakdown of protein that results from the action of ruminal microorganisms. Proteinases derived from the plant seem to be of importance to the overall process of proteolysis in grazing animals. Thus, altering the expression of proteinases in grasses may be a way of improving their nutritive value for ruminants. Inhibiting rumen microbial activity in ammonia formation remains an important objective: new ways of inhibiting peptide and amino acid breakdown are described. Rumen protozoa cause much of the bacterial protein turnover which occurs in the rumen. The major impact of defaunation on N recycling in the sheep rumen is described. Alternatively, if the efficiency of microbial protein synthesis can be increased by judicious addition of certain individual amino acids, protein flow from ruminal fermentation may be increased. Proline may be a key amino acid for non-cellulolytic bacteria, while phenylalanine is important for cellulolytic species. Inhibiting rumen wall tissue breakdown appears to be an important mechanism by which the antibiotic, flavomycin, improves N retention in ruminants. A role for Fusobacterium necrophorum seems likely, and alternative methods for its regulation are required, since growth-promoting antibiotics will soon be banned in many countries.