• 재무관리연구
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• 제25권2호
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• pp.69-101
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• 2008

본 연구는 결정적변동성 옵션가격결정모형보다 더 일반적인 조건에서도 성립되는 옵션의 레버리지효과와 기초자산을 일차원확산과정으로 제약할 경우에만 성립되는 여분가정의 성립여부를 실증적으로 검증하였다. 다음으로 여분가정이 기각될 경우 해당원인을 규명하기 위해, 기초자산과의 선형적인 관계하에서의 레버리지 이외에 KOSPI 200 지수옵션의 가격동학에 내재된 추가적인 체계적 위험요인들을 규명하였다. 분석결과 이론과 일치하는 레버리지패턴이 존재하였지만 여분 자산가정은 기각되었다. 여분가정이 기각되는 원인을 분석한 결과, 선형적인 레버리지하에서의 기초자산의 불확실성에 대한 프리미엄 이외에, 비선형적인 수익구조하에서의 체계적 고차적률에 대한 선호와 체계적 확률변동성위험에 대한 음의 프리미엄이 옵션의 시장가격에 반영되어 있는 것으로 나타났다. 그러나 점프위험에 대한 선호여부는 명확하지 않으며 이에 대한 추가적인 연구가 요구되었다.

• 한국시스템다이내믹스연구
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• 제8권2호
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• pp.5-23
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• 2007

According to the system dynamics model of this study, if there is a significant network effect on vehicle operating costs, it is difficult to achieve the shift to AFV even in the long term without a policy intervention because the car market is locked in to the current structure. Network effect can be caused by an increasing return to scale in fuel supply sector as well as in maintenance service sector. It is also related to the fact that the reliability and awareness of consumers on new products increases with the growth of the market share of the new products. There are several possible policy options to break the 'locked in' structure of car market, such as subsidy on vehicle price (capital cost), subsidy on fuel (operating cost) and niche management policy. Combined policy options would be more effective than relying on a single policy option to increase the market share of AFV.

• 대한설비공학회:학술대회논문집
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• 대한설비공학회 2006년도 하계학술발표대회 논문집
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• pp.927-932
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• 2006

A simulation and experimental study for energy flow dynamics of floor radiant heating system were performed. The study was done under both environmental chamber and a house with several rooms. The unsteady energy analysis method using equivalent R-C circuit and radiation heat transfer analysis of enclosure analysis method with simple structured rooms were used for computer simulation. Also, first order dynamics with time delay in analyzing the return water was considered. The results of temperature changes of the simulation study are good fit with the ones of experimental one.

• 한국산학기술학회논문지
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• 제21권5호
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• pp.679-686
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• 2020

본 연구에서는 공용 중인 하천 제방을 대상으로 포항지진파를 재현주기 200년, 500년, 1000년 그리고 2400년으로 생성하여 지진취약성을 정량적으로 분석하였다. 재현주기에 따른 지진취약성 분석을 위해 하천 제방에 측점을 설정하여 제방의 거동을 분석하였다. 연구결과, 지진 발생 시의 변위는 입력지진파와 유사한 경향성을 보였으며 재현주기 2400년에서 가장 크게 산정되었다. 활동 안정성 검토 결과, 지진 발생전의 안전율을 기준으로 재현주기 2400년일 때 제내지는 약 31.5% 감소하였고 제외지는 약 26.7% 감소하는 것으로 나타났다. 모든 재현주기에서 최소 기준 안전율을 만족하는 것으로 나타났다. 하지만, 유효응력경로상 q/p' 비율에 따른 액상화를 검토한 결과, 지진으로 인한 제채 내부의 침윤면이 상승하여 재현주기 2400년일 때는 제채 대부분에서 액상화가 발생하는 것으로 나타나 지진에 상당히 취약한 것으로 나타났다. 본 연구를 통해 국내 내진 설계 기준의 재정립이 필요함이 입증되었다고 판단되며, 동역학적 방법을 통한 검토 결과에 대한 명확한 기준 성립이 필요하다고 판단된다.

• The Journal of Asian Finance, Economics and Business
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• 제1권3호
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• pp.5-16
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• 2014

This study aims to examine the dynamics of price changes and trading volume of Kuala Lumpur Options and Financial Futures Exchange (KLOFFE) from 2000 to 2008. With augmented analysis, our results support two hypotheses. First, under information spillover, our findings support noise traders' hypothesis as the time span for variance of past trading volume to cause variance of current return is found to be asymmetric under bull and bear markets. Second, looking at the dynamic relation between volume and volatility of price changes, our findings support Liquidity-Driven Trade hypothesis as past trading volume and subsequent volatility of return exhibit positive correlation. In terms of investors' behavior in response to the news, we find that investors are more risk taking in bull market and more risk reverse in bear market. Our study suggests that investors should adjust their strategy in the futures market in a dynamic manner as the time span of new information arrival is not consistent. Also, uninformed investors with information asymmetry should expect noninformational trading from informed investors to establish their desired positions for better liquid position.

• 한국초전도ㆍ저온공학회논문지
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• 제26권1호
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• pp.25-30
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• 2024

High-temperature superconducting rotors offer advantages in terms of output-to-weight ratio and efficiency compared to conventional phase conduction motors or generators. The rotor can be cooled by conduction cooling, which attaches a cryocooler, and by refrigerant circulation, which uses circulating liquid or gas neon, helium and hydrogen. Recent work has focused on environmental issues and on high-temperature superconducting motors cooled with liquid hydrogen that can be combined with fuel cells. However, to ensure smooth supply and return of the cryogenic cooling fluid, a cryogenic rotational coupling between the rotating and stationary parts is necessary. Additionally, the development of a sealing structure to minimize fluid leakage applicable to the coupling is essential. This study describes the design and performance evaluation of a non-contact sealing method, specifically a labyrinth seal, which avoids power loss and heat load caused by friction in contact sealing structures. The seal design incorporates a spiral flow path to reduce leakage using centrifugal force, and computational fluid dynamics (CFD) simulations were conducted to analyze the flow path and rotational speed. A performance evaluation device was configured and employed to evaluate the designed seal. The results of this study will be used to develop a cryogenic rotational coupling with supply and return flow paths for cryogenic applications.

• 한국시스템다이내믹스연구
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• 제9권2호
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• pp.27-43
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• 2008

This study investigates market barriers in increasing the market share of Alternative Fuel Vehicles (AFVs). In particular, this study first conceptualizes the AFVs market model with the aid of generic system archetypes suggested by Wolstenholme. Among four generic system archetypes suggested by Wolstenholme, the market structure of AFVs can be explained by the 'relative achievement' archetype. Starting from the generic system archetype, this study extends the model boundary step by step to take account of various model assumptions necessary to simulate the model numerically. If there is a significant network effect on vehicle operating costs, it is difficult to achieve the shift to AFVs even in the long term without a policy intervention because the car market is locked into the current structure. There are several possible policy options to break the 'locked-in' structure of the car market, such as subsidies on vehicles, subsidies on fuels, and a niche management policy.

• 한국산학기술학회논문지
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• 제20권12호
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• pp.125-130
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• 2019

가스스프링은 그 사용 목적에 따라 다양한 설계가 가능하여 많은 분야에서 사용되고 있고 그 사용량도 계속하여 증가하고 있다. 본 연구에서는 가스스프링을 압축할 경우 반발력을 감소시키고 피스톤이 복귀할 때 저속으로 복귀할 수 있도록 설계된, 오리피스 홀을 갖는 피스톤의 가스스프링 실린더 내부에서의 거동을 전산유체해석을 이용하여 예측해 보았다. 해석결과 가스스프링 내의 초기 가스압을 일정 수준 이상으로 증가시키면 피스톤의 복귀속도가 시간에 따라 감소하지 않고 일정하게 유지됨을 알 수 있었다. 오리피스 홀 사이즈가 피스톤 복귀속도에 미치는 영향을 해석을 통해 알아보았다. 오리피스 홀 사이즈를 줄이게 되면 피스톤 양단의 압력 차가 증가하여 피스톤 전진속도가 감소하게 되고 보다 등속으로 운동하게 됨을 알 수 있었다. 마지막으로 피스톤의 속도가 일정하다는 가정에서 초기 가스압에 따른 피스톤의 복귀속도를 이론적인 방법으로 도출하였고, 여러 초기 가스압에 대한 해석 결과와 비교하였다. 비교결과 이론적으로 도출한 해와 해석결과로부터 얻어진 결과 값이 거의 일치함을 알 수 있었다.

• The Journal of Asian Finance, Economics and Business
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• 제3권3호
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• pp.79-91
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• 2016

This paper is the first of its kind using a non-linear approach based on cross-correlation function (CCF) to investigate the information arrival hypothesis in crude palm oil (CPO) futures market. Based on daily data from 1986 to 2010, our empirical results reveal that: First, the volume of volatility is not a proxy of information flow. Second, dependence causality running from current return to future volume in conditional variance exhibit an asymmetric pattern of time span with different signs of correlation between price and volume series. This finding indicates the presence of noise traders' hypothesis of price-volume interaction in CPO futures market. Both findings suggest that this futures market is weak-form inefficiency. In terms of investors' behavior, they tend to change their expectations on current return based on errors made in previous trade in generating abnormal volume in the subsequent period. As implied, it is advisable for the investors devise their future trading strategies according to time span and changes of return.

• Industrial Engineering and Management Systems
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• 제7권1호
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• pp.78-89
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• 2008

The need for holistic modeling efforts for returns that capture the extended closed loop supply chain (CLSC) system at strategic as well as operational level has been clearly recognized by the industry and academia. Strategic decision-makers need comprehensive models that can guide them in efficient decision-making to increase the profitability of the entire forward and return chain. Therefore, determination of a near optimal design configuration, which includes the environmental, economical and technological capability factors, is important in strategic decision-making effort that affect the profitability of the closed loop supply chain. In this paper, we adopted an improved system dynamics methodology to tackle strategic issues that affect various performance measures, like market, time/cost, environment etc., for closed loop supply chains. After studying real life implementation issues in CLSC design, we presented guidelines for the PBM (Participative Business Modeling) methodology and presented its extension for the strategic dynamic system modeling of return chains. Finally, we demonstrated the measurement of operational performance by extending SD (system dynamic) application to closed loop supply chain management.