• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.711-724
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• 2021

The purpose of this paper is to investigate the profitability of the momentum effects on the Oman Stock Market (OSM). This study uses the monthly returns of all stocks listed on the OSM, with a total of 107 companies used in the study for the period from 2005 to 2018. According to the methodology developed by Jegadeesh and Titman (1993), this study builds momentum portfolios based on various sizes. Moreover, the January effect is also examined to recognize if this effect is related to the momentum effect. The results find that there is evidence of momentum returns and these returns are statistically and economically significant. The sub-periods confirmed the profitability of the momentum strategy. This paper shows that momentum returns are evident at different sizes; big, medium, and small-sized portfolios. Besides, the result shows that the classic January effect does not play an important role in the momentum returns. Thus, the implication is that the momentum should not take into account the annual, seasonal, and size returns. The capital asset pricing model (CAPM) or the three-factor model cannot explain momentum returns generated by individual stocks in the Oman Stock Market. These results are useful to academia and investors alike.

• Nuclear Engineering and Technology
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• 제33권4호
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• pp.409-422
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• 2001

The dynamic character of a system of the governing differential equations for the one- dimensional two-fluid model, where the momentum flux parameters are employed to consider the velocity and void fraction distribution in a flow channel, is investigated. In response to a perturbation in the form of a＇traveling wave, a linear stability analysis is peformed for the governing differential equations. The expression for the growth factor as a function of wave number and various flow parameters is analytically derived. It provides the necessary and sufficient conditions for the stability of the one-dimensional two-fluid model in terms of momentum flux parameters. It is demonstrated that the one-dimensional two-fluid model employing the physical momentum flux parameters for the whole range of dispersed flow regime, which are determined from the simplified velocity and void fraction profiles constructed from the available experimental data and $C_{o}$ correlation, is stable to the linear perturbations in all wave-lengths. As the basic form of the governing differential equations for the conventional one-dimensional two-fluid model is mathematically ill posed, it is suggested that the velocity and void distributions should be properly accounted for in the one-dimensional two-fluid model by use of momentum flux parameters.s.

• Nuclear Engineering and Technology
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• 제54권4호
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• pp.1495-1507
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• 2022

The improvement of thermal-hydraulic analysis techniques is essential to ensure the safety and reliability of nuclear power plants. The one-dimensional two-fluid model has been adopted in state-of-the-art thermal-hydraulic system codes. Current constitutive equations used in the system codes reach a mature level. Some exceptions are the partition method of wall friction in the momentum equation of the two-fluid model and the interfacial drag force model for a horizontal two-phase flow. This study is focused on deriving the partition method of wall friction in the momentum equation of the two-fluid model and modeling the interfacial drag force model for a horizontal bubbly flow. The one-dimensional momentum equation in the two-fluid model is derived from the local momentum equation. The derived one-dimensional momentum equation demonstrates that total wall friction should be apportioned to gas and liquid phases based on the phasic volume fraction, which is the same as that used in the SPACE code. The constitutive equations for the interfacial drag force are also identified. Based on the assessments, the Rassame-Hibiki correlation, Hibiki-Ishii correlation, Ishii-Zuber correlation, and Rassame-Hibiki correlation are recommended for computing the distribution parameter, interfacial area concentration, drag coefficient, and relative velocity covariance of a horizontal bubbly flow, respectively.

• 한국원자력학회:학술대회논문집
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• 한국원자력학회 1996년도 춘계학술발표회논문집(2)
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• pp.108-113
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• 1996

Several analytical models for the departure from nucleate boiling (DNB) phenomenon have been developed during the last decade. Among these, Chang & Lee's model based on a bubble crowding mechanism is remarkable in the fundamental features characterized as the formulation of mass, energy, and momentum balance equation at thermal-hydraulic conditions leading to the DNB. However, Bricard and Souyri remarked that the assumption of stagnant bubbly layer at the DNB condition is questionable and the signs on the axial projections of the momentum fluxes at the core/bubbly layer interface in the momentum balance equations are erroneous. From this remark, Chang & Lee's model has been re-examined and modified by correcting the erroneous treatments in the momentum balance equations and removing the spurious assumptions. The revised model predicts well the extensive DNB data of water in uniformly heated tubes at low qualities and shows more accurate prediction compared with the original model.

• 대한기계학회논문집
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• 제18권2호
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• pp.405-413
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• 1994

This paper presents the experimental results of aerodynamic drags of model cars. The effects of cooling air on total drag were introduced by using momentum theorem. Vehicle-liked Ahmed body and 1/5 model car were used to evaluate the increments of drags due to the internal flow. The results were compared with momentum theorem and other's experiments and showed good agreements. In the case of Ahmed body, drags were increased by 22% due to the internal flow and decreased linealy by reducing internal air flow rates and inlet areas. The experiments on 1/5 model car with ill-defined air flow passage showed 10% increment of drag. The results of present study showed that cooling drag could be predicted by momentum theorem within small errors.

• International Journal of Aeronautical and Space Sciences
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• 제10권2호
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• pp.125-133
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• 2009

To numerically simulate aerodynamics of rotor-airframe interaction in a rigorous manner, we need to solve the Navier-Stokes system for a rotor-airframe combination as a whole. This often imposes a serious computational burden since rotating blades and a stationary body have to be simultaneously dealt with. An efficient alternative is to adopt a momentum source method in which the action of rotor is approximated as momentum source over a rotor disc plane in a stationary computational domain. This makes the simulation much simpler. For unsteady simulation, the instantaneous momentum sources are assigned only to a portion of disk plane corresponding to blade passage. The momentum source is obtained by using blade element theory with dynamic inflow model. Computations are carried out for the simple rotor-airframe model (the Georgia Tech model) and the results of the simulation are compared with those of the full Navier-Stokes simulation with moving mesh system for rotor and with experimental data. It is shown that the present simulation yields results as good as those of the full Navier-Stokes simulation.

• Journal of Welding and Joining
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• 제26권4호
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• pp.61-65
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• 2008

The static force balance model (SFBM) has been used to analyze drop transfer in gas metal arc welding. Although the SFBM is capable of predicting the detaching drop size in the globular mode with reasonable accuracy, discrepancy between the calculated and experimental results increases with current. In order to reduce discrepancy, the SFBM is modified by considering the momentum of the molten metal flow, which is generated by the pinch pressure. The momentum increases with smaller drop size and becomes compatible to the electromagnetic force. The modified force balance model (MFBM) predicts the experimental results more accurately, and extends its application to the projected mode.

• 산업융합연구
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• 제20권11호
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• pp.75-83
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• 2022

본 연구는 투자자 심리와 유동성이 우리나라 주식시장에서 모멘텀현상을 설명하는지와 자산가격결정모형에 대한 위험 요소인지를 분석하는 것이다. 실증분석은 2000~2021년 기간 동안 유가증권시장에 상장된 비금융기업의 월별 수익률을 사용하였다. 분석 결과 첫째, 우리나라의 경우 모멘텀 효과가 존재하는 것으로 나타났다. 이는 기존 연구와 같은 결과로 2000년 이후 우리나라 주식시장에서 모멘텀효과가 일반적인 현상으로 받아들여지고 있다. 둘째, 투자자 심리를 기준으로 구성된 포트폴리오를 보면 투자자의 심리가 모멘텀에 영향을 미치고 있다. 특히 투자자 심리가 부정적일 때 승자포트폴리오의 수익률이 높게 나타나고 있다. 셋째, 유동성을 바탕으로 분석한 결과 모멘텀효과는 사라지고 반전효과가 나타난다. 넷째, 투자자 심리와 유동성이 모멘텀효과에 영향을 주는 것으로 나타났다. 투자자 심리가 부정적이고, 비유동적인 주식집단에서 모멘텀효과가 강하게 보이는 결과이다. 다섯째, 주식수익률에 각 요인이 주는 영향을 분석해 본 결과, 투자자의 심리와 유동성 요인 모두가 수익률에 상당한 영향을 미치는 것으로 나타났다. 추정된 결과는 Carhart 4요인 모형에 이 두 요소를 포함하면 모형의 예측력이 상당히 증가한다는 증거를 제공한다. 따라서 투자자 심리요인과 유동성 요인이 주식수익률결정에 중요한 요인이라 할 수 있다.

• 대한기계학회:학술대회논문집
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• 대한기계학회 2005년도 창립60주년 기념 추계 학술대회
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• pp.60.2-60.2
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• 2005

• 천문학회보
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• 제45권1호
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• pp.52.1-52.1
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• 2020

We propose semi-analytic models for the electron momentum distribution in weak shocks that accounts for both in situ acceleration and reacceleration through diffusive shock acceleration (DSA). In the former case, a small fraction of incoming electrons is assumed to be reflected at the shock ramp and pre-accelerated to the so-called injection momentum, pinj, above which particles can diffuse across the shock transition and participate in the DSA process. This leads to the DSA power-law distribution extending from the smallest momentum of reflected electrons, pref, all the way to the cutoff momentum, peq, constrained by radiative cooling. In the latter case, fossil electrons, specified by a power-law spectrum with a cutoff, are assumed to be re-accelerated from pref up to peq via DSA. We show that, in the in situ acceleration model, the amplitude of radio synchrotron emission depends strongly on the shock Mach number, whereas it varies rather weakly in the re-acceleration model.