• Title/Summary/Keyword: Return Function

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A Study on Oil Price Risk Affecting the Korean Stock Market (한국주식시장에 파급되는 국제유가의 위험에 관한 연구)

  • Seo, Ji-Yong
    • The Korean Journal of Financial Management
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    • v.24 no.4
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    • pp.75-106
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    • 2007
  • In this study, it is analyzed whether oil price plays a major role in the pricing return on Koran stock market and examined why the covariance risk between oil and return on stock is different in each industry. Firstly, this study explores whether the expected rate of return on stock is pricing due to global oil price factors as a function of risk premium by using a two-factor APT. Also, it is examined whether spill-over effects of oil price volatility affect the beta risk to oil price. Considering the asymmetry of oil price volatility, we use the GJR model. As a result, it shows that oil price is an independent pricing factor and oil price volatility transmits to stock return in only electricity and electrical equipment. Secondly, the two step-analyzing process is introduced to find why the covariance between oil price factor and stock return is different in each industry. The first step is to study whether beta risk exists in each industry by using two proxy variables like size and liquidity as control variables. The second step is to grasp the systematic relationship between the difference of liquidity and size and beta to oil price factor by using the panel-data model which can be analyzed efficiently using the cross-sectional data formed with time series. Through the analysis, we can argue that oil price factor is an independent pricing factor in only electricity and electrical equipment having the greatest market capitalization, and know that beta risk to oil price factor is a proxy of size in the other industries. According to the result of panel-data model, it is argued that the beta to oil price factor augments when market capitalization increases and this fact supports the first assertion. In conclusion, the expected rate of return of electricity and electrical equipment works as a function of risk premium to market portfolio and oil price, and the reason to make beta risk power differentiated in each industry attributes to the size.

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A Study on a Runoff Coefficient of Block Paved Area with Considering Regional Rainfall Distribution (지역별 강우분포를 고려한 블록포장지역의 유출계수 산정에 관한 연구)

  • Kang, Shin-Kweon;Kim, Tae-Gyun
    • Journal of the Korean Institute of Landscape Architecture
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    • v.36 no.4
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    • pp.111-119
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    • 2008
  • The runoff coefficient for a block paved area is determined with regional rainfall distribution. The Rational Method is a basic equation of a drainage system design and is a function of runoff coefficient, rainfall intensity and area. A runoff coefficient is the ratio of rainfall intensity and runoff. The rainfall intensity which is a function of the return period and rainfall duration differs by region. Therefore the runoff coefficient varies regionally even though there is the same return period and rainfall duration. The ratio of rainfall intensity and rainfall duration is decided by the loss of rainfall. The constant infiltration capacity of Horton's equation is adopted to determine the loss of rainfall. As time passed, the joint of the block paved area through which the infiltration occurs is covered by pollution material, sandy dust, pollen and is hardened by foot pressure, so the constant infiltration capacity may decrease. Six different sites were selected to verify the assumption of the constant infiltration capacity decrease and 10 year return period. 10, 20, and 30 minute rainfall duration were applied to calculate rainfall intensity. The results indicate that the Horton's constant infiltration capacity decreases over time and the minimum constant infiltration capacity is selected to compute runoff coefficients. The runoff coefficients varied by region ranging from $0.94{\sim}0.84$ for 10 minute of rainfall duration.

Human Capital, Agglomeration Economies and Regional Economic Growth

  • Kim, Hong-Bae
    • Journal of the Korean Regional Science Association
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    • v.14 no.2
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    • pp.65-75
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    • 1998
  • Education is widely recognized one of main sources for growth. This paper attempts to incorporate the general recognition into formal regional growth model. The model structure is largely neoclassical. It produces a single good with the two factors, educated labor and non-educated labor, via a constant return production migrating to the region with the higher real wage. The educated labor in a region is accumulated by two sources, migration and physical education capital, while the non-educated labor is by only migration. The paper shows that regional growth equilibrium is characterized as a saddle point. This indicates the presence of the minimum threshold size that must be overcome before a region may grow. It contrasts sharply with results obtained in regional growth models. The paper suggests that regional growth is determined less by the technical characteristics of regional production function characteristics of regional production function but by the stock combination of educated function but by the stock combination of education labor and non-educated labor. Based on this result, the impact of agglomeration economies on regional growth is explored. It is by phase diagram demonstrated that the presence of agglomeration economies do not always lead a region to growth since there still exists the minimum threshold even in the presence of agglomeration economies.

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Physical Function and Psychological Status in the Elderly those who Experienced a Fall or not (재가 노인의 낙상 경험 유무에 따른 신체적 기능과 정서 상태)

  • Chang, Chong-Mi;Kang, Hyun-Sook
    • The Korean Journal of Rehabilitation Nursing
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    • v.7 no.1
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    • pp.48-57
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    • 2004
  • Introduction : The purposes of this study was to examine physical function and psychological status in the elderly caused by a fall. Method : The study was designed as a descriptive survey. Its subjects consisted of the 299 elderly over 65 years. Collected data were analyzed by the SPSS 10.0 program package. Results : The result of this study are as follows : 1) The score for ADL was significantly lower in the fall group. 2) Grip strength was significantly lower in the fall group. 3) Lapse of the motion sitting and standing was significantly longer in the fall group. 4) One-leg-standing time with the eyes open and closed was significantly shorter in the fall group. 5) Return time of 3m walk was significantly longer in the fall group. 6) The score for dizziness was significantly higher in the fall group. 7) The score for fear for a fall and depression were significantly higher in the fall group. 8) The score for falls efficacy was significantly lower in the fall group. Conclusion: ADL, muscle strength, balance, dizziness, fear for a fall, falls efficacy and depression turned out to be closely related to the fall of the elderly. Therefore, it would be required to develop and applicate the fall prevention program regarding these above risk factors.

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Coronoidectomy for reduction of superolateral dislocation of mandible condyle

  • Seok, Hyun;Ko, Seung-O;Baek, Jin-A;Leem, Dae-Ho
    • Journal of the Korean Association of Oral and Maxillofacial Surgeons
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    • v.48 no.3
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    • pp.182-187
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    • 2022
  • Superolateral dislocation of the condyle is a rare mandibular fracture. The treatment goal is to return the dislocated condyle to its original position to recover normal function. This study reports on superolateral dislocation of the condyle with mandibular body fracture. The mandibular body was completely separated, and the medial pole of the condyle head was fractured. The condyle segment was unstable and easily dislocated after reduction. The temporalis muscle on the condyle segment might have affected the dislocation of the condyle. A coronoidectomy was performed to disrupt the function of the temporalis muscle on the condyle segment in order to successfully reduce the dislocated condyle. Coronoidectomy is a simple procedure with minimal complications. We successfully performed a coronoidectomy to reduce the superolateral displaced condyle to its original position to achieve normal function. Coronoidectomy can be effectively used for reduction of superolaterally displaced condyles combined with severe maxilla-mandibular fractures.

Dynamic Reconstruction of Anal Sphincter with Camera Shutter Style Double-Opposing Gracilis Flaps

  • Allen Wei-Jiat Wong;Grace Hui-Min Tan;Frederick Hong-Xiang Koh;Min Hoe Chew
    • Archives of Plastic Surgery
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    • v.50 no.5
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    • pp.496-500
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    • 2023
  • Fournier's gangrene is a life-threatening infection which requires prompt recognition, early surgical debridement of unhealthy tissue, and initiation of broad-spectrum antibiotics. Relook debridement are usually performed until all the devitalized tissue has been removed. Involvement of the anal sphincter may result in significant morbidity such as permanent incontinence. Dynamic reconstruction of the anal sphincter has always been one of the holy grails in the field of pelvic reconstruction. We demonstrate a new method of camera shutter style double-opposing gracilis muscle flaps that allows dynamic sphincteric function without the need for electrostimulation. The bilateral gracilis muscles are inset in a fashion that allows orthograde contraction of the muscle to narrow and collapse the neoanal opening. With biofeedback training, the patient is able to regain dynamic continence and return to function without a stoma. There was also no need for neurotization or microsurgery techniques to restore sphincteric function to the anus. The patient was able to reverse his stoma 14 months after the initial insult and reconstruction with biofeedback training without the use of electrostimulation.

Large Scale SWAT Watershed Modeling Considering Multi-purpose Dams and Multi-function Weirs Operation - For Namhan River Basin - (다목적 댐 및 다기능 보 운영을 고려한 대유역 SWAT 모형 구축기법 연구 - 남한강 유역을 대상으로 -)

  • Ahn, So Ra;Lee, Ji Wan;Jang, Sun Sook;Kim, Seong Joon
    • Journal of The Korean Society of Agricultural Engineers
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    • v.58 no.4
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    • pp.21-35
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    • 2016
  • This study is to evaluate the applicability of SWAT (Soil and Water Assessment Tool) model for multi-purpose dams and multi-function weirs operation in Namhan river basin ($12,577km^2$) of South Korea. The SWAT was calibrated (2005 ~ 2009) and validated (2010 ~ 2014) considering of 4 multi-purpose dams and 3 multi-function weirs using daily observed dam inflow and storage, evapotranspiration, soil moisture, and groundwater level data. Firstly, the dam inflow was calibrated by the five steps; (step 1) the physical rate between total runoff and evapotranspiration was controlled by ESCO, (step 2) the peak runoff was calibrated by CN, OV_N, and CH_N, (step 3) the baseflow was calibrated by GW_DELAY, (step 4) the recession curve of baseflow was calibrated by ALPHA_BF, (step 5) the flux between lateral flow and return flow was controlled by SOL_AWC and SOL_K, and (step 6) the flux between reevaporation and return flow was controlled by REVAPMN and GW_REVAP. Secondly, for the storage water level calibration, the SWAT emergency and principle spillway were applied for water level from design flood level to restricted water level for dam and from maximum to management water level for weir respectively. Finally, the parameters for evapotranspiration (ESCO), soil water (SOL_AWC) and groundwater level fluctuation (GWQMN, ALPHA_BF) were repeatedly adjusted by trial error method. For the dam inflow, the determination coefficient $R^2$ was above 0.80. The average Nash-Sutcliffe efficiency (NSE) was from 0.59 to 0.88 and the RMSE was from 3.3 mm/day to 8.6 mm/day respectively. For the water balance performance, the PBIAS was between 9.4 and 21.4 %. For the dam storage volume, the $R^2$ was above 0.63 and the PBIAS was between 6.3 and 13.5 % respectively. The average $R^2$ for evapotranspiration and soil moisture at CM (Cheongmicheon) site was 0.72 and 0.78, and the average $R^2$ for groundwater level was 0.59 and 0.60 at 2 YP (Yangpyeong) sites.

The Design of Elliptic Function Bandpass Filter using Ceramic Coaxial Resonators (유전체 동축 공진기를 이용한 타원 함수 대역 통과 여파기의 설계)

  • 김정제;윤상원
    • The Journal of Korean Institute of Electromagnetic Engineering and Science
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    • v.10 no.6
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    • pp.805-814
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    • 1999
  • In this paper, elliptic function bandpass filters using ceramic coaxial resonators are designed. Since elliptic function filters have better performance of frequency selectivity than those based on Butterworth or Chebyshev, therefore it is possible to make better use of limited frequency resources. Elliptic function bandpass filters using ceramic coaxial resonators are designed for reducing it's size, weight, cost and for easy manufacturing and tuning. From measurements, an accurate resonator model is obtained and the coupling coefficient values are extracted. Based on these results, elliptic function bandpass filters are designed. The experimental results have shown that the 8th order elliptic function filter of 959 MHz center frequency with 28 MHz bandwidth using coaxial ceramic resonators have about more tan 17 dB return loss, 5 dB insertion loss, more than 20 dB attenuation at $f_c\pm$5 MHz.

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A Study of Attacks to Bypass CFI on Android Application Environment (안드로이드 애플리케이션 환경에서 CFI 우회 공격기법 연구)

  • Lee, Ju-yeop;Choi, Hyoung-kee
    • Journal of the Korea Institute of Information Security & Cryptology
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    • v.30 no.5
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    • pp.881-893
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    • 2020
  • CFI(Control Flow Integrity) is a mitigation mechanism that protects programs by verifying control flows. IFCC(Indirect Function Call Checks) and SCS(Shadow Call Stack), CFI supported by LLVM Clang compiler, were introduced to protect applications in Android. IFCC protects function calls and SCS protects function returns. In this paper, we propose attacks to bypass CFI on the application environment with IFCC and SCS. Even if IFCC and SCS were applied to user applications, it was confirmed that there were many code segments not protected by IFCC and SCS in the application memory. We execute code in CFI unprotected segments to construct 1) bypassing IFCC to call a protected function, 2) modulating return address via SCS bypass. We identify code segments not protected by IFCC and SCS in Android10 QP1A. 191005.007.A3. We also implement proof-of-concept exploits to demonstrate that modulation of control flow is possible in an environment where IFCC and SCS are applied.

Flood Frequency Analysis Considering Probability Distribution and Return Period under Non-stationary Condition (비정상성 확률분포 및 재현기간을 고려한 홍수빈도분석)

  • Kim, Sang Ug;Lee, Yeong Seob
    • Journal of Korea Water Resources Association
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    • v.48 no.7
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    • pp.567-579
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    • 2015
  • This study performed the non-stationary flood frequency analysis considering time-varying parameters of a probability density function. Also, return period and risk under non-stationary condition were estimated. A stationary model and three non-stationary models using Generalized Extreme Value(GEV) were developed. The only location parameter was assumed as time-varying parameter in the first model. In second model, the only scale parameter was assumed as time-varying parameter. Finally, the both parameters were assumed as time varying parameter in the last model. Relative likelihood ratio test and Akaike information criterion were used to select appropriate model. The suggested procedure in this study was applied to eight multipurpose dams in South Korea. Using relative likelihood ratio test and Akaike information criterion it is shown that the inflow into the Hapcheon dam and the Seomjingang dam were suitable for non-stationary GEV model but the other six dams were suitable for stationary GEV model. Also, it is shown that the estimated return period under non-stationary condition was shorter than those estimated under stationary condition.