• The Journal of Asian Finance, Economics and Business
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• 제5권4호
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• pp.21-34
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• 2018

The study tests the Fama and French three-factor model by using the newly created Islamic equity style indices. Based on a dataset from May 2006 to April 2011, the three-factor model is tested based on returns of Islamic unit trust funds using the Generalized Method of Moments (GMM) methodology. The sample period is also divided between periods before and after the Global Financial Crisis in August 2008 to test for robustness, and the Bai and Perron (2003) multiple structural break test was used to determine the structural break in the series. The analysis shows that the Fama and French model is valid for Islamic unit trust funds before and after the collapse of Lehman Brothers. The result further indicates the reversal of size effect. As for trading strategies, value funds outperform growth funds by annualized 3.13 percent for the full period. During pre-crisis period, value funds perform better than growth funds while in post-crisis, size factor yields better return than other strategies. As policy suggestion, fund managers need to be aware of the reversal of size effect, and they need to ensure a more transparent stock selection process so that investors can make an informed decision in their asset allocation.

• Journal of the Korean Data and Information Science Society
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• 제28권4호
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• pp.843-851
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• 2017

로보어드바이저 서비스 제공업체가 금융시장에서 거래되는 ETF를 주력 투자대상으로 집중하고 있다. 이처럼 ETF가 활성화되고 있지만 ETF 위험관리에 관한 연구들은 이뤄지지 않고 있는 상태이다. 본 연구는 변동성의 구조적 변화를 반영한 ETF 손실추정과 ETF 위험관리모형을 평가하였다. 결합 검증통계량 분석결과, GARCH와 마르코프 국면전환 GARCH모형이 시장위험을 적절하게 나타내 주었다. 특히 마르코프 국면전환 GARCH모형이 GARCH모형에 비해 낮은 위반율을 보일뿐 아니라 초과발생들이 독립적이기 때문에 마르코프 국면전환 GARCH모형이 GARCH모형에 비해 좀 더 ETF VaR에 권고될 수 있다.

• The Journal of Asian Finance, Economics and Business
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• 제9권1호
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• pp.43-51
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• 2022

Platform lending or online lending, sometimes called peer-to-peer (P2P) lending, arose due to the digital revolution to meet people's requirements for simple fund borrowing. It quickly became an alternative to other traditional lending techniques, for example, loans banks. Along with the growth of P2P lending, several academics have investigated how information technology is used in financial services, emphasizing extended application methods. This study proposes an enhanced technology acceptance model (TAM) that investigates how consumers embrace P2P lending platforms by using quality of service and perceived risk as drivers of trust, relative advantage and compatibility as drivers of perceived usefulness. For the purpose of this study, we created a questionnaire, distributed it to clients of P2P lending platforms and fintech services in general in cities in Java, Indonesia. We received 290 replies to our questionnaire. The data was analyzed to test the hypotheses using structural equation modeling (SEM). The findings show that consumers' trust, relative advantage, perceived usefulness, and perceived ease of use in P2P lending platforms substantially affect their views toward adoption. The research's findings are useful for fine-tuning platform marketing strategies and putting strategic goals into action.

• Steel and Composite Structures
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• 제8권3호
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• pp.201-216
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• 2008

The Eurocode system provides limited information regarding the structural fire design of external steel structures. Eurocode 1 provides thermal action for external member but only in steady-state conditions. On the other hand, Eurocode 3 provides a methodology to determine heat transfer to external steelwork, but there is no distinction in cross section shapes and, in addition, the calculated temperature distribution is assumed to be uniform in the cross section. This paper presents the results of a research carried out to develop a new transient heat transfer model for external steel elements to improve the current approach of the Eurocodes. This research was carried out as part of the project EXFIRE "Development of design rules for the fire behaviour of external steel structures", funded by the European Research Programme of the Research Fund for Coal and Steel (RFCS).

• Structural Engineering and Mechanics
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• 제32권6호
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• pp.725-740
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• 2009

A new simple relation for the estimation of modal correlation coefficients is presented. It is obtained from the decomposition of covariances of modal responses into background and resonant contributions, as it is commonly done for the variances. Thanks to appropriate assumptions, the modal correlation coefficients are estimated as weighted sums of two limit values, corresponding to the background and resonant responses respectively. The weighting coefficients are expressed as functions of the background-to-resonant ratios, which makes the proposed formulation convenient and easily accessible. The simplicity of the mathematical formulation facilitates the physical interpretation. It is for example proved that modal correlation coefficients can be non negligable even in case of well separated natural frequencies, which is sometimes unclear in the litterature. The new relation is mainly efficient in case of large finite element models. It is applied and validated on a finite element buffeting analysis of the Viaduct of Millau, the highest bridge deck ever built so far.

• 한국식물학회:학술대회논문집
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• 한국식물학회 1987년도 식물생명공학 심포지움 논문집 Proceedings of Symposia on Plant Biotechnology
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• pp.241-260
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• 1987

The regulatory mechanisms of gene expression in higher plant were not ascertained in detail because the genome size is very large and complex. However, the above-mentioned study is remarkably progressed in parallel with development of DNA recombinant technology and plant vector system. Some research results connected with the mechanisms could be summarized as follows. 1. Many plant genes including chloroplast genes are cloned. 2. The structures of some regulatory regions of gene expression are determined, and it is confirmed that new regulatory units are made by transposable elements. 3. Plant gene expression is regulated not only at transcriptional level but also at translational level. 4. The factors that regulate plant gene expression could be divided as two categorys. One is endogenous elements including the structural change of chromatin during development stage and tissue differentiation. The other is environmental stimulations such as air, water, heat, salts and light. However, some sufficient research-aid fund is essential in order to study the regulatory mechanisms of gene expression more systematically.

• 보건행정학회지
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• 제18권2호
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• pp.19-38
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• 2008

Financial ratios are key indicators of an organization's financial and business conditions. Among various financial indicators, profitability, financial structure, financial activity and liquidity ratios are frequently used and analyzed. Using the structural equation modeling(SEM) technique, this study examines the structural causal relationships among key financial indicators. Data for this study are taken from complete financial statements from 142 hospitals that passed the standardization audit undertaken by the Korean Hospital Association from 1998 to 2001 for the purpose of accrediting teaching hospitals. In order to improve comparability, ratio values are standardized using the Blom's normal distribution. The final model of the SEM has four latent constructs: financial activity(total asset turnover, fixed asset turnover), liquidity(current ratio, quick ratio, collection period), financial structure(total debt to equity, long-term debt to equity, fixed assets to fund balance), and profitability(return on assets, normal profit to total assets, operating margin to gross revenue, normal profit to gross revenue). While examining several model fit indices(Chi-square (df) = 178.661 (40), likelihood ratio=4.467, RMR=.11, GFI=.849, RMSEA=.157), the final SEM we employed shows a relatively good fit. After examining the path coefficient of the constructs, the financial structure of the hospital affects the hospital's profitability in a statistically significant way. A hospital which utilizes its liabilities, more specifically fixed liabilities, and makes a stable investment decision for fixed assets was found to have a higher profitability than other hospitals. Then, the standard path coefficients were examined to directly compare the influence of variables. It was found that there were no statistically significant path coefficients among constructs. When it comes to variables, however, statistically significant relationships were found. between. financial activity and. fixed. asset turnover, and between profitability and normal profit to gross revenue. These results show that the observed variables of fixed asset turnover and normal profit to gross revenue can be used as indicators representing financial activity and profitability.

• 한국디지털정책학회:학술대회논문집
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• 한국디지털정책학회 2005년도 춘계학술대회
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• pp.145-175
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• 2005

In 2001, e-Credit guarantee system was introduced by the Korea Credit Guarantee Fund(KCGF) to extends the credit guarantee services for the purchasing amount on credit in the B2B e-Marketplace. It combines both the merits of bill of exchange and credit card and eliminates the uneasiness related to the unpaid accounts due to the non-facial e-Marketplace. The purpose of this paper is to empirically analyze both the causal relationship and influences among theoretical variables by the structural equation model(SEM). e-Credit guarantee system can be a good strategy for promoting B2R e-Marketplace. The level of application of e-Credit guarantee system is attributable to both the characteristics of B2B e-Marketplace and products. The cost reduction or saving in purchasing procedures, production and stockpiling will be possible through e-Credit guarantee system. The close linkage of financial institutions with the enterprises based on e-Credit guarantee system will further promote B2B e-Marketplace in Korea.

• 디지털융복합연구
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• 제3권1호
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• pp.45-73
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• 2005

In 2001, e-Credit guarantee system was introduced by the Korea Credit Guarantee Fund(KCGF) to extends the credit guarantee services for the purchasing amount on credit in the B2B e-Marketplace. It combines both the merits of bill of exchange and credit card and eliminates the uneasiness related to the unpaid accounts due to the non-facial e - Marketplace. The purpose of this paper is to empirically analyze both the causal relationship and influences among theoretical variables by the structural equation model(SEM). e-Credit guarantee system can be a good strategy for promoting B2B e-Marketplace. The level of application of e-Credit guarantee system is attributable to both the characteristics of B2B e-Marketplace and products. The cost reduction or saving in purchasing procedures, production and stockpiling will be possible through e-Credit guarantee system. The close linkage of financial institutions with the enterprises based on e-Credit guarantee system will further promote B2B e-Marketplace in Korea.

• 기술혁신연구
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• 제25권1호
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• pp.35-60
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• 2017

본 연구는 벤처창업기업의 대표자 기술혁신역량과 경영진의 전문화, 기술사업 투자계획의 타당성 등이 기업의 경영성과인 재무건전도와 나아가 부실화가능성에 미치는 영향에 대하여 구조방정식 모델(SEM)을 이용한 실증분석을 실시하였다. 본 연구는 2011년~2012년 2년 동안 1,419개 표본기업에 대한 기술보증기금 기술평가 전문가들의 현장평가 데이터와 기업현황 조사정보 및 재무정보 등을 활용하였으며, 설립후 7년이내 기술력 기반의 벤처기업들 속성상 '고위험 고수익'으로써 여타기업보다 부실화가능성이 높은 기업군인 점을 감안하여 이들 기업을 연구대상으로 설정하였다. 분석 결과, 대표자의 풍부한 경험과 기술지식 등 기술혁신역량과 경영진의 분야별 전문화를 바탕으로 한 체계적 조직운영, 그리고 적정규모의 기술사업 투자 재무관리 계획수립 및 합리적 추진 등을 통하여 기업의 성장성과 수익성 등 기업의 전반적인 재무건전도를 향상시키고, 나아가 단기적 부실화리스크도 감축시키는 것으로 확인되었다.