• 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.

• 한국지능시스템학회논문지
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• 제10권5호
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• pp.487-496
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• 2000

본 논문에서는, HCM 클러스러팅 방법과 유전자 알고리즘을 이용하여 다중 FNN 모델을 동정하고 최적화 한다. 제안된 다중 FNN은 Yamakawa의 FNN을 기본으로 하며, 퍼지 추론 방법으로 간략 추론을, 학습으로는 오류 역전파 알고리즘을 사용한다. 다중 FNN 모델의 구조와 파라미터를 동정하기 위해 HCM 클러스터링과 유전자 알고리즘을 사용한다. 여기서, 시스템 모델링을 위해 데이터 전처리 기능을 수행하는 HCM클러스터링 방법은 I/O 프로세서 공정 데이터를 이용하여 입출력 공간분할에 의한 다중 FNN 구조를 결정하기 위해 사용된다. 또한 유전자 알고리즘을 사용하여 멤버쉽함수의 정점, 학습율, 모멘텀 계수와 같은 다중 FNN 모델의 파라미터들을 동조한다. 모델의 근사화와 일반화 능력 사이에 합히적 균형을 얻기 위해 하중계수를 가진 합성 성능지수를 사용한다. 이 합성 성능지수는 근사화 및 예측 능력사이의 상호 균형과 의존성을 고려한 하중계수를 가진 합성 목적함수를 의미한다. 데이터 개수, 비선형성의 정도에 의존하는 이 합성 목적함수의 하중계수의 선택, 조절을 통하여 최적의 다중 FNN 모델을 설계하는 것이 유용하고 효과적임을 보인다. 제안된 모델의 성능 평가를 위하여 가스로 공정의 시계열 데이터와 비선형 함수의 수치 데이터를 사용한다.

• Bulletin of the Korean Chemical Society
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• 제33권9호
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• pp.2873-2877
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• 2012

Quasi-classical trajectory (QCT) calculations of H+HLi reaction have been carried out on a new potential energy surface of the ground state reported by Prudente et al. [Chem. Phys. Lett. 2009, 474, 18]. The four polarization-dependent differential cross sections have been carried out in the center of mass (CM) frame at various collision energies. The reaction probability for the depletion channel has been studied over a wide collision energy range. It has been found that the collision energy decreases remarkably reaction probability, which shows the expected behavior of the title reaction belonging to an exothermic barrierless reaction. The results are in good agreement with previous RMP results. The P(${\theta}_r$), P(${\phi}_r$) and P(${\theta}_r,\;{\phi}_r$) distributions, the k-k'-j' correlation and the angular distribution of product rotational vectors are presented in the form of polar plots. The average rotational alignment factor <$P_2(j{\prime}{\cdot}k)$> as a function of collision energy is also calculated. The results indicate that the collision energy has a great influence on the polarization of the product rotational angular momentum vector j'.

• Journal of Radiation Protection and Research
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• 제23권1호
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• pp.1-6
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• 1998

영광 원전 지역에 적용될 수 있는 액체 방사성 물질의 확산 모델을 개발하였다. 영광에서의 해양 확산 조건은 매우 복잡하기 때문에 수치적 모델을 적용하는 것은 매우 어렵다. 따라서 비교적 단순하면서도 신뢰성 있는 미규제 지침 1.113에서 제시한 통계적 모델을 적용하였다. 이를 통해, 발전소 운전 조건이나, 피폭 경로에 따른 희석 인자를 계산할 수 있는 컴퓨터 코드를 개발하였다. 액체 방사성 물질의 확산에 대해서, 혼합 범위에 따라 근거리 혼합 모델과 원거리 혼합 모델로 구분하여 모델을 개발하였다. 근거리 혼합 현상은 부력과 초기 운동량 및 난류에 의해 결정된다. 원거리 혼합에서는 대기 중의 구름 확산과 유사하게 가우시안푸륨 모델을 적용할 수 있다. 서로 다른 피폭 경로에 대해 물리적으로 타당한 적분을 수행함으로서, 경로에 따른 희석 인자를 구할 수 있었다. 개발된 모델을 사용하여 계산한 결과에 의하면, 현행 영광 ODCM에 사용되는 희석 인자는 상당히 과평가되어 있음을 알 수 있다.

• International Journal of Control, Automation, and Systems
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• 제1권2호
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• pp.194-202
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• 2003

In this paper, we introduce a category of Multi-FNN (Fuzzy-Neural Networks) models, analyze the underlying architectures and propose a comprehensive identification framework. The proposed Multi-FNNs dwell on a concept of fuzzy rule-based FNNs based on HCM clustering and evolutionary fuzzy granulation, and exploit linear inference being treated as a generic inference mechanism. By this nature, this FNN model is geared toward capturing relationships between information granules known as fuzzy sets. The form of the information granules themselves (in particular their distribution and a type of membership function) becomes an important design feature of the FNN model contributing to its structural as well as parametric optimization. The identification environment uses clustering techniques (Hard C - Means, HCM) and exploits genetic optimization as a vehicle of global optimization. The global optimization is augmented by more refined gradient-based learning mechanisms such as standard back-propagation. The HCM algorithm, whose role is to carry out preprocessing of the process data for system modeling, is utilized to determine the structure of Multi-FNNs. The detailed parameters of the Multi-FNN (such as apexes of membership functions, learning rates and momentum coefficients) are adjusted using genetic algorithms. An aggregate performance index with a weighting factor is proposed in order to achieve a sound balance between approximation and generalization (predictive) abilities of the model. To evaluate the performance of the proposed model, two numeric data sets are experimented with. One is the numerical data coming from a description of a certain nonlinear function and the other is NOx emission process data from a gas turbine power plant.

• 마이크로전자및패키징학회지
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• 제23권4호
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• pp.31-34
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• 2016

System In Package (SiP) is getting popular and momentum for the recent wearable, IoT and connectivity application apart from mobile phone. This is driven by market demands of cost competitive, lighter and smaller/thinner and higher performance. As one of many semiconducting assembly products, Leadframe product has been widely used for low cost solution, light/ small and thin form factor. But It has not been applied for SiP although Leadframe product has many advantages in cost, size and reliability performance. SiP is mostly based on laminate substrate and technically difficult on Leadframe substrate because of a limitation in SMT performance. In this paper, Leadframe based SiP product has been evaluated about key technical challenges in SMT performance and electrical shield technology. Mostly Leadframe is considered not available to apply EMI shield because of tie-bar around package edge. In order to overcome two major challenges, connection bars were deployed properly for SMT pad to pad and additional back-side etching was implemented after molding process to achieve electrical isolation from outer shield coating. This product was confirmed assembly workability as well as reliability.

• 천문학회보
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• 제42권1호
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• pp.28.1-28.1
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• 2017

To investigate AGN outflows as a tracer of AGN feedback on the host galaxies, we perform integral-field spectroscopy of 20 type 2 AGNs at z<0.1 using the Magellan/IMACS and the VLT/VIMOS. The observed objects are luminous AGNs with the [O III] luminosity >$10^{41.5}erg/s$, and exhibit strong outflow signatures in the [O III] kinematics. We obtain the maps of the narrow and broad components of [O III] and $H{\alpha}$ lines by decomposing the emission-line profile. The broad components in both [O III] and $H{\alpha}$ represent the non-gravitational kinematics, (i.e., gas outflows), while the narrow components represent the gravitational kinematics (i.e., rotational disks), especially in $H{\alpha}$. By using the spatially integrated spectra within the flux-weighted size of the narrow-line region, we estimate the outflow energetics. The ionized gas mass is $(1.0-38.5){\times}10^5M_{\odot}$, and the mean mass outflow rate is $4.6{\pm}4.3M_{\odot}/yr$, which is a factor of ~260 higher than the mean mass accretion rate $0.02{\pm}0.01M_{\odot}/yr$. The mean energy injection rate is $0.8{\pm}0.6%$ of the AGN bolometric luminosity Lbol, while the mean momentum flux is $(5.4{\pm}3.6){\times}L_{bol}/c$, except for two most kinematically energetic AGNs. The estimated energetics are consistent with the expectations for energy-conserving outflows from AGNs, yet we do not find any supporting evidence of instantaneous star-formation quenching due to the outflows.

• 한국주조공학회지
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• 제12권3호
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• pp.220-229
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• 1992

The degree of purification and the macrostructure of high purity aluminium were studied through the alternate stirring method in order to improve the nonuniformity of solute concentration in the unidirectional stirring method. The $2^3$ factorial design was done to examine the effects of experimental factors more qualitatively. In the relatively low stirring speed of 1500 rpm with alternate stirring mode, the uniform solute profile and refined grain structure were obtained due to strong washing effect and turbulent fluid flow. It was induced by the transition of the momentum boundary layer by alternation of the stirrer. It was concluded from this study that the alternate stirring mode was more effective to obtain the uniformity of solute even in the stirring speed of 1500 rpm. But the degree of purification decreased below the critical alternating period. When 2N(99.8wt.%) aluminium was used as the starting material the morphology of solid-liquid showed the cellular shape and the columnar grains were inclined to the direction of rotation. This inclined grain growth resulted from the difference of relative velocities of solid and liquid. The inclined angle was increased as the stirring speed increased and solidification proceeded. In the case of 4N aluminium, there was no inclined grain growth and it was confirmed from the macrostructure and SEM work that the morphology of solid-liquid interface was planar. From the factorial design, it was found that the alternate stirring mode showed poorer purification effect than that of unidirectional stirring mode at low speed(500 rpm). In addition, the factor that had the most significant effect on the degree of purification was the stirring speed.

• 정보처리학회논문지:소프트웨어 및 데이터공학
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• 제3권6호
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• pp.231-236
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• 2014

의료 초음파 영상에서 조영제의 전이시간과 조영효과 변화 곡선 특성에 대한 파라미터는 각종 소화기 질환을 진단하는 중요한 인자가 된다. 이러한 진단인자들에 대한 육안판별의 어려움을 극복하기 위하여 파라미터 영상의 자동 생성 기법을 구현할 수 있는데 이 과정에서 마이크로 버블형태의 노이즈와 호흡에 의한 흔들림 현상은 추출된 영상의 신뢰도를 저하 시킨다. 이에 본 연구에서는 MRF(Markov Random Field) 모델을 기반으로 하는 최적화 기법을 적용하여 파라미터 영상을 개선하는 방법을 고찰하며, 호흡에 의한 영상의 흔들림을 보정하기 위한 영상추적 기법을 제시한다. 세부적으로 초음파 동영상 원시 데이터로부터 호흡주기 추출 기법을 구현하였으며, 추출된 주기를 기반으로 모멘텀 요소와 동적 가중치를 반영하는 ROI(Region of Interest) 추적 알고리즘을 적용하였다. 또한 영상 개선 기법에 적용되는 Gibbs 샘플러의 에너지 함수를 정의하고 실제 간질환 진단 데이터를 대상으로 영상 개선 효과를 실험적으로 평가하였다.

• 정보처리학회논문지:소프트웨어 및 데이터공학
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• 제9권2호
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• pp.69-76
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• 2020

본 연구에서는 조영증강 초음파 영상에서 조영효과 확산 패턴과 동적 혈류 패턴을 가시화 하는 방법론을 제시한다. 세부적으로 조영증강 초음파 데이터에서 조영제의 전이시간, 최대 명도변화, 조영효과의 감쇄 시간 등과 같은 진단 파라미터를 영상으로 생성하는 기법을 제안한다. 간병변 진단과 같은 의료 진단에서 조영제의 전이와 확산 속도는 매우 중요한 요소가 된다. 이에 본 연구에서는 조영효과의 확산 패턴을 하나의 영상으로 표현하는 방법을 제시하였다. 이 과정에서 호흡에 의한 흔들림으로 인하여 영상의 정확도가 저하시키는 현상을 개선하기 위하여 호흡주기에 따른 동적 가중치와 모멘텀 요소를 사용하는 영상추적 기법을 제안하였다. 총 72개의 조영증강 데이터를 사용한 실험을 통하여, 제안된 기법이 초음파진단에서 육안 판별의 한계를 극복할 수 있게 하고, 호흡에 의한 흔들림을 보정함으로써 진단 파라미터의 신뢰도를 향상시킬 수 있음을 보인다.