• 경영과학
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• 제27권3호
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• pp.33-41
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• 2010

A lot of researches find negative volatility risk premium in options market. We can make a trading profit by exploiting the negative volatility premium. This study proposes negative volatility risk premium hypotheses in the KOSPI 200 stock price index options market and empirically test the proposed hypotheses with intra-day short straddle strategy. This strategy sells both at-the-money call option and at-the-money put option at market open and exits the position at market close. Using MySQL 5.1, we create our database with 1 minute option price data of the KOSPI 200 index options from 2004 to 2009. Empirical results show that negative volatility risk premium exists in the KOSPI 200 stock price index options market. Furthermore, intra-day short straddle strategy consistently produces annual profits except one year.

• 한국유기농업학회지
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• 제21권4호
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• pp.523-538
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• 2013

To help improve the current government practice of direct damage-compensation policies, resulting from the loss of profit, sustained by Hanwoo farmers, as a result of the recent Korea-U. S. Free Trade Agreement (FTA), this research aims to examine any problems or issues caused by said policies. To accomplish this task, we have established Hanwoo-SIMO model and estimated the damage of Hanwoo farmers, one without the implementation of the FTA and another with the FTA, to compare and contrast the two. We then analyzed the efficacy of the current government policies. According to our analysis, the current direct compensation policies for the loss of profit on the part of Hanwoo farmers are insufficient. To address this problem, we recommend the government enact a new direct damagecompensation law to address the following issues. First, as the base formula of damage-compensation, the government should use current price of the beef rather than the annually changing flexible price. Second, the flexible control index should remain fixed at 1.0 rate while the government prepares the adequate amount of the damage compensating direct payment resulting from the FTA. Third, the direct government compensation policy should extend beyond the current 15 years (2013-2026) as the profit loss is expected to increase after the midpoint of the FTA.

• 대한간호학회지
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• 제45권3호
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• pp.429-438
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• 2015

Purpose: This study was conducted to develop key performance indicators (KPIs) for home care nursing (HCN) based on a balanced scorecard, and to construct a performance prediction model of strategic objectives using the Bayesian Belief Network (BBN). Methods: This methodological study included four steps: establishment of KPIs, performance prediction modeling, development of a performance prediction model using BBN, and simulation of a suggested nursing management strategy. An HCN expert group and a staff group participated. The content validity index was analyzed using STATA 13.0, and BBN was analyzed using HUGIN 8.0. Results: We generated a list of KPIs composed of 4 perspectives, 10 strategic objectives, and 31 KPIs. In the validity test of the performance prediction model, the factor with the greatest variance for increasing profit was maximum cost reduction of HCN services. The factor with the smallest variance for increasing profit was a minimum image improvement for HCN. During sensitivity analysis, the probability of the expert group did not affect the sensitivity. Furthermore, simulation of a 10% image improvement predicted the most effective way to increase profit. Conclusion: KPIs of HCN can estimate financial and non-financial performance. The performance prediction model for HCN will be useful to improve performance.

• 한국운동역학회지
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• 제27권1호
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• pp.59-66
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• 2017

Objective: This study investigated the effect of a 16-week upright body exercise program on body balance and plantar pressure balance in elderly women. Method: The subjects included elderly women in B Metropolitan city who participated in an upright body exercise program twice weekly for 16 weeks. The subjects' physical characteristics (height, weight, body mass index [BMI]), posture balance, and foot plantar pressure were measured before and after the experiment. Results: The upright body exercise program showed positive changes in posture balance and foot plantar pressure balance in seven elderly women. Conclusion: The second version of the upright body exercise program improved and may prevent postural imbalance in elderly women. This program could be utilized to improve posture and foot balance in elderly persons.

• 한국항해학회지
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• 제7권2호
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• pp.65-113
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• 1983

A lot of studies of ship's economy are on the traditional fields such asreducing propulsion resistance, raising cargo handling rates and lessening building consts, but there are few researches on the merchant ship's economy concerning their deadweights and speeds according to shipping companies managerial cercumstances. Contrary to the contemporary trend that "the bigger, the better, if the cargo handling rate could increased sufficiently to hold down port time to that rate of smmaler vessels", this paper demonstrates the existence of certain limits in ship's size and speed according to the coditions of the freight rates, voyage distances, cargo handing rates, prices of fuel oil, interst rates etc. Fom the curves of criteria contour for various ship's deadweights and speeds which are depicted from the gird search method, one can get the costs and the yearly profit rates under the conditiions of large volume with long term contracts for the transportation of bulk cargoes. In estimating ship's transportation economy, the auther takes the position that the profit rate method is properer than the cost method, and introduces the calculation table of the voyage profit rate index. The use of the criteria contours will be of help to ship owners in determining the size and speed of the ship which will be built or purchased and serve in a certain trade route.

• 기술경영경제학회:학술대회논문집
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• 기술경영경제학회 1996년도 제10회 동계학술발표회 논문집
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• pp.265-295
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• 1996

This paper investigates empirically the relationship between various business portfolio properties (particularly technological properties) and chaebol′s performance using data on the 50 largest chaebols in Korea. In addition to the traditional indexes to measure diversification such as entropy index we calculated inter-industry technological similarity using R&D expenditure data by industry and 1990 Input-output Table in Korea, and obtained chaebol-level technological relatedness and internal transaction proportion from chaebols′business profile, inter-industry technological similarity and 1990 input-output table. We applied factor analysis on 13 business portfolio property indexes and showed that they could be grouped into 3 dimensions, diversification scope, inter-business relatedness and degree of vertical integration. In this paper, using 50 largest chaebols′financial data (1989-1994), we analyzed empirically the effect of business portfolio properties on ROS (Return On Sales) which is conventional index for firm performance and on TFP(Total Factor Productivity) growth which is a pure measure of firm performance. To utilize the advantage of panel data, FEM(Fixed Effect Model) and REM(Random Effect Model) were used. The empirical result shows that the entropy index as a measurement of inter-business relatedness is not significant but technological relatedness index is significant. OLS estimates on pooled data were considerably different from FEM or REM estimates on panel data. By introducing interaction effect among the three variables for business portfolio properties, we obtained three findings. First, only VI (Vertical integration) has a significant positive correlation with ROS. Second, when using TFP growth as an dependent variable, both TR(Technological Relatedness) and f[ are significant and positively related to the deepened variable. Third, the interaction term between TR and VI is significant and negatively affects TFP growth, meaning that TR and VI are substitutes. These results suggest strategic directions on restructuring business portfolio. As VI is increased, chaebols will get more profit. A higher level of either TR or W will increase TFP growth rate. but increase in both TR and VI will have a negative effect on TFP growth. To summarize, certain business portfolio properties such as VI and TR can be considered "resources" themselves since they can affect profit rate and productivity growth. VI and TR have a synergy effect of change in profit rate and productivity growth. VI increases ROS and productivity growth, while TR increases productivity growth representing a technological synergy effect.

• 경영과정보연구
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• 제17권
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• pp.107-133
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• 2005

The purpose of this study was to analyze a trend of profitability classified by characteristics of hospitals and to analyze related factors. The data for this study were derived from survey material conducted by the Korean Hospital Association on 33 hospitals in Korea between 1993 and 2002. Profitability was measured in the aspect of investment profit rate and operation profit rate with net profit to total assets, normal profit to total assets and operating margin to gross revenue as dependent variables. Independent variables were classified by general factors (ownership, number of beds, period of establishment, region), financial factors (total asset turnover, liabilities to total assets, current ratio, fixed ratio, inventories turnover, personnel costs per operation profit, material costs per operation profits), composition of manpower and facilities(personnel and area per beds), productivity index(the number of daily patients per medical doctor, the number of daily patients per nurse), the score of quality assurance activities. First, Concerning the specialists per beds or area per beds and profitability of hospitals there was not statistically significant. Second, Those hospitals having the most daily patients per nurse had significantly higher profitability than the others, but the number of daily patients per medical doctor had little effect on the profitability. Thirds, Those hospitals having a higher proportion total asset turnover tended to show significantly higher profitability compared to other hospitals, but the liabilities to total assets and liquidity ratio had a little difference to the profitability. Those hospitals having a higher proportion personnel costs per operation profit and material costs per operation profits tended to show significantly lower hospital profitability compared to other hospitals. Fourth, In regression analysis, hospital profitability had negative relationship with personnel costs per operation profit or material costs per operation profits. While it had positive relationship with total asset turnover, the number of daily patients per nurse. In conclusion, private hospitals had higher profitability than that of public hospitals. Though factors related to profitability of hospital were different according to ownership, it is important for securing appropriate profitability by operating appropriate number of nurse, raising total asset turnover, and reducing personnel costs, material costs per operation profits. This study can be used as a baseline data for planning of hospital management. But the study may be limited in that the results cannot be generalized due to its small sample size. However, this longitudinal observation of 33 hospitals over ten year period has significant merit alone.

• Journal of the Korean Data and Information Science Society
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• 제20권6호
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• pp.1061-1073
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• 2009

주가지수 옵션투자는 과학적인 투자기법이며 다양한 지표 및 투자전략이 개발되어 있다. 본 연구의 목적은 현재 까지 시장에 소개된 다양한 옵션투자 기법들을 적용하여 과거 옵션 데이터를 통해 사후 검증하는데 있다. 옵션 데이터는 2001년 9월부터 2007년 1월까지 실제 증권거래소에서 거래되었던 틱 데이터를 기반으로 하고 있으며 비주얼 베이직을 활용하여 옵션 백 테스팅 모델을 제안하였다. 사후 검증은 틱 데이트를 10분봉으로 변형하여 실증분석 하였으며 옵션에 관한 모든 전략을 모델에 적용시킨 만큼 전략의 유용성을 쉽게 알아 볼 수 있다. 옵션투자는 레버리지가 높아 높은 위험, 높은 이익 구조를 가치는 만큼 시장상황에 맞게 옵션전략을 구사한다면 낮은 위험으로 안정적 수익을 추구할 수 있다.

• 한국콘텐츠학회논문지
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• 제9권7호
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• pp.304-314
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• 2009

우리나라 대부분 호텔기업의 가치평가는 자산가치에 초점을 두어 임시 단편적으로 결정되고 주로 거래당시의 부동산 시장환경에 큰 영향을 받아왔다. 그러나 호텔기업도 다른 업종의 기업과 마찬가지로 수익창출을 통한 기업가치의 극대화를 목적으로 하기 때문에 호텔기업의 가치평가는 수익가치로 계산하는 것이 타당할 것이다. 이에 본 연구는 호텔기업의 회계적 지표와 기업가치 간의 관련성 및 기업가치에 미치는 영향을 분석하여 기업의 외부정보이용자에게 호텔기업에 투자할 경우 합리적인 판단을 할 수 있도록 정보를 제공함을 목적으로 하였다. 연구결과는 다음과 같다. 첫째, 호텔기업들은 변수들간 상하위 25%의 차이가 많이 발생하고 있다. 특히 신규투자증가율과 매출액증가율 그리고 자기자본순이익은 하위 25%의 호텔기업이 음(-)의 부호를 보이고 있다는 것이다. 둘째, 특1급 호텔의 경우 자산규모와 부채비율간에는 99% 수준에서 음(-)의 유의함을 보여주고 있다. 이는 자산규모가 클수록 부채비율이 낮음을 나타내는 것 이다. 신규투자증가율과 부채비율도 99% 수준에서 음(-)의 유의함을 보여주고 있어 부채비율이 높을수록 투자율이 낮음을 알 수 있다. 셋째, 특1급 호텔과 특2급 호텔의 총자산규모 기업가치에 99% 수준에서 유의한 영향을 미치는 것으로 나타났다. 또한 특2급 호텔의 경우에는 유보율도 90% 수준에서 양(+)의 차이가 나타났다.

• 한국병원경영학회지
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• 제12권2호
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• pp.43-68
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• 2007

The administration of a regional public hospitals are expending from profit preference to publicity preference. The weight rate for a profitability and publicity of performance assessment has changed from 84:16 which was resulted by the assessment executed firstly in 1989 to 39:61 as resulted in 2004, the final assessment execution in 2005. Regional public hospitals are exerting and promoting a magnification in public sector to raise up the public-score. With comparison between publicity scores and profitability scores in original scores basis excluding weight rate, the publicity scores ranked higher than profitability scores although the latter was higher by 2002. However, for the administration performance of the regional public hospitals, the deficits increased 11 times from \92.6billion deficits with \460.3billion cost increased by 457% although income as \367.7billion increased by 394% comparing the last 2004 year to the first 1989 year for profit & loss statement of a regional public hospitals. There was analysis for the relation in yearly basis partitioning publicity and profitability for the assessment scores of the to regional public hospitals confirm the accumulated deficits of the hospitals like this attribute to the extension of public sector. The result showed that there was distinct plus relationship from 1999 although a minus relationship in general until 1997 except 1992 and there is a more plus relationship as approaching 2004. That is, it is hard to tell that the accumulated deficits increase of regional government medical center attributed to extension of public sector. On the contrary, the analysis showed the extension of public sector has a mutual relationship with uplift of profitability Meanwhile, it showed that operation cost rate and labor cost are the factors which influence a revenue & expenditure rate among the profitability index according to the results of relation analysis for the representative index of profitability and that of publicity.