• The Korean Journal of Financial Management
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• v.8 no.1
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• pp.179-197
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• 1991

선도환의 가격을 결정하는 접근방법에는 2차자산(derivative assets)이라는 선도계약의 기본특성에 기초한 재정거래(arbitrage)에 의한 방법이 가장 많이 이용되고 있다. 재정거래방식에는 선도환과 현물외환가격간의 상호관련성에 의하여 선도환가격을 이자율평가설(covered interest rate parity : CIRP), 즉 현물가격과 양국간의 이자율차이의 합으로 표시하고 있다. 특히 현물가격과 이자율은 모두 현재시점에서 의사결정자에게 알려져 있기때문에 선도환가격은 확실성하에서 결정되어 미래에 대한 예측이나 투자자의 위험회피도와는 관계없이 결정된다는 것이 특징이다. 이자율평가설에 관한 많은 실증연구는 거래 비용을 고려한 경우 현실적으로 적절하다고 보고 있다(Frenkel and Levich ; 1975, 1977). 다른 방법으로는 선도환의 미래예측기능에만 촛점을 맞추어 가격결정을 하는 투기, 예측접근방법(speculative efficiency approach : 이하에서는 SEA라 함)이 있다. 이 방법 중에서 가장 단순한 형태로 표시된 가설, 즉 '선도환가격은 미래기대현물가격과 같다'는 가설은 대부분의 실증분석에서 기각되고 있다. 이에 따라 SEA에서는 선도환가격이 미래에 대한 기대치뿐만 아니라 위험프리미엄까지 함께 포함하고 있다는 새로운 가설을 설정하고 이에 대한 실증분석을 진행한다. 이 가설은 이론적 모형에서 출발한 것이 아니기 때문에, 특히 기대치와 위험프레미엄 모두가 측정 불가능하다는 점으로 인하여 실증분석상 많은 어려움을 겪게 된다. 이러한 어려움을 피하기 위하여 많은 연구에서는 이자율평가설을 이용하여 선도환가격에 포함된 위험프레미엄에 대해 추론 내지 그 행태를 설명하려고 한다. 이자율평가설을 이용하여 분석모형을 설정하고 실증분석을 하는 것은 몇가지 근본적인 문제점을 내포하고 있다. 먼저, 앞서 지적한 바와 같이 이자율평가설을 가정한다는 것은 SEA에서 주된 관심이 되는 미래예측이나 위험프레미엄과는 관계없이 선도가격이 결정 된다는 것을 의미한다. 따라서 이자율평가설을 가정하여 설정된 분석모형은 선도환시장의 효율성이나 균형가격결정에 대한 시사점을 제공할 수 없다는 것을 의미한다. 즉, 가정한 시장효율성을 실증분석을 통하여 다시 검증하려는 것과 같다. 이러한 개념적 차원에서의 문제점 이외에도 실증분석에서의 추정상의 문제점 또한 존재한다. 대부분의 연구들이 현물자산의 균형가격결정모형에 이자율평가설을 추가로 결합하기 때문에 이러한 방법으로 설정한 분석모형은 그 기초가 되는 현물가격모형과는 달리 자의적 조작이 가능한 형태로 나타나며 이를 이용한 모수의 추정은 불필요한 편기(bias)를 가지게 된다. 본 연구에서는 이러한 실증분석상의 편기에 관한 문제점이 명확하고 구체적으로 나타나는 Mark(1985)의 실증연구를 재분석하고 실증자료를 통하여 위험회피도의 추정치에 편기가 발생하는 근본원인이 이자율평가설을 부적절하게 사용하는데 있다는 것을 확인 하고자 한다. 실증분석결과는 본문의 <표 1>에 제시되어 있으며 그 내용을 간략하게 요약하면 다음과 같다. (A) 실증분석모형 : 본 연구에서는 다기간 자산가격결정모형중에서 대표적인 Lucas (1978)모형을 직접 사용한다. $$1={\beta}\;E_t[\frac{U'(C_{t+1})\;P_t\;s_{t+1}}{U'(C_t)\;P_{t+1}\;s_t}]$$ (2) $U'(c_t)$와 $P_t$는 t시점에서의 소비에 대한 한계효용과 소비재의 가격을, $s_t$와 $f_t$는 외환의 현물과 선도가격을, $E_t$와 ${\beta}$는 조건부 기대치와 시간할인계수를 나타낸다. Mark는 위의 식 (2)를 이자율평가설과 결합한 다음의 모형 (4)를 사용한다. $$0=E_t[\frac{U'(C_{t+1})\;P_t\;(s_{t+1}-f_t)}{U'(C_t)\;P_{t+1}\;s_t}]$$ (4) (B) 실증분석의 결과 위험회피계수 ${\gamma}$의 추정치 : Mark의 경우에는 ${\gamma}$의 추정치의 값이 0에서 50.38까지 매우 큰 폭의 변화를 보이고 있다. 특히 비내구성제품의 소비량과 선도프레미엄을 사용한 경우 ${\gamma}$의 추정치의 값은 17.51로 비정상적으로 높게 나타난다. 반면에 본 연구에서는 추정치가 1.3으로 주식시장자료를 사용한 다른 연구결과와 비슷한 수준이다. ${\gamma}$추정치의 정확도 : Mark에서는 추정치의 표준오차가 최소 15.65에서 최대 42.43으로 매우 높은 반면 본 연구에서는 0.3에서 0.5수준으로 상대적으로 매우 정확한 추정 결과를 보여주고 있다. 모형의 정확도 : 모형 (4)에 대한 적합도 검증은 시용된 도구변수(instrumental variables)의 종류에 따라 크게 차이가 난다. 시차변수(lagged variables)를 사용하지 않고 현재소비와 선도프레미엄만을 사용할 경우 모형 (4)는 2.8% 또는 2.3% 유의수준에서 기각되는 반면 모형 (2)는 5% 유의수준에서 기각되지 않는다. 위와같은 실증분석의 결과는 앞서 논의한 바와 같이 이자율평가설을 사용하여 균형자산가격 결정모형을 변형시킴으로써 불필요한 편기를 발생시킨다는 것을 명확하게 보여주는 것이다.

• Journal of Technology Innovation
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• v.26 no.3
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• pp.37-68
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• 2018

Since the 20th century, automobiles, which are the most common means of transportation, have been evolving as the use of electronic control devices and automotive semiconductors increases dramatically. Automotive semiconductors are a key component in automotive electronic control devices and are used to provide stability, efficiency of fuel use, and stability of operation to consumers. For example, automotive semiconductors include engines control, technologies for managing electric motors, transmission control units, hybrid vehicle control, start/stop systems, electronic motor control, automotive radar and LIDAR, smart head lamps, head-up displays, lane keeping systems. As such, semiconductors are being applied to almost all electronic control devices that make up an automobile, and they are creating more effects than simply combining mechanical devices. Since automotive semiconductors have a high data rate basically, a microprocessor unit is being used instead of a micro control unit. For example, semiconductors based on ARM processors are being used in telematics, audio/video multi-medias and navigation. Automotive semiconductors require characteristics such as high reliability, durability and long-term supply, considering the period of use of the automobile for more than 10 years. The reliability of automotive semiconductors is directly linked to the safety of automobiles. The semiconductor industry uses JEDEC and AEC standards to evaluate the reliability of automotive semiconductors. In addition, the life expectancy of the product is estimated at the early stage of development and at the early stage of mass production by using the reliability test method and results that are presented as standard in the automobile industry. However, there are limitations in predicting the failure rate caused by various parameters such as customer's various conditions of use and usage time. To overcome these limitations, much research has been done in academia and industry. Among them, researches using data mining techniques have been carried out in many semiconductor fields, but application and research on automotive semiconductors have not yet been studied. In this regard, this study investigates the relationship between data generated during semiconductor assembly and package test process by using data mining technique, and uses data mining technique suitable for predicting potential failure rate using customer bad data.

• Journal of Korean Society of Environmental Engineers
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• v.29 no.7
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• pp.820-825
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• 2007

Earthworm casting was the natural fertilizer that contained high concentrations of nutrients such as nitrogen, phosphate and potassium and of over $10^8$ CFU/ml of microorganisms. Greater than 80% of feed was excreted through the fermentation by the intestinal enzyme, after worm had eaten feeds such as fallen leaves and rotten roots under the ground. Also, the soil structure of casting was known to be very efficient in the aspects of the porosity, the water permeability, and deodorizing activities. In this research, the biofilter packed with a biomedia made of casting and waste polyurethane foam, a binder, which helped to improve the durability and perpetuity of casting, was investigated to degrade malodorous hydrogen sulfide gas. The biomedia had no need of extra supply of nutrients and of microbial inoculations. On the beginning of the operations, it showed 100% removal of hydrogen sulfide gas without lag phase. At SV of 50 $h^{-1}$, hydrogen sulfide gas from the outlet of the biofilter was not detected, when inlet concentration increased to 450 ppmv. After that, removal efficiency decreased as increasing inlet hydrogen sulfide concentration. Hydrogen sulfide removal was maintained at almost 93% until inlet concentration was increased up to 950 ppmv, at which the elimination capacity of $H_2S$ was 61.2 g $S{\cdot}m^{-3}{\cdot}h^{-1}$. Maximum elimination capacity guaranteing 90% removal was 61.2, 65.9, 84.7, 89.4 g $S{\cdot}m^{-3}{\cdot}h^{-1}$ at SV ranging from 50 $h^{-1}$ to 300 $h^{-1}$, but was 59.3 g $S{\cdot}m^{-3}{\cdot}h^{-1}$ at SV of 400 $h^{-1}$. The results calculated from Michaelis-Menten equation revealed that $V_m$ increased from 66.04, 88.96, 117.35, 224.15, to 227.54 g $S{\cdot}m^{-3}{\cdot}h^{-1}$ with increasing space velocity in the range of 50 $h^{-1}$ to 400 $h^{-1}$. However, saturation constant$(K_s)$ decreased from 79.97 ppmv to 64.95 and 65.37 ppmv, and then increased to 127.72 and 157.43 ppmv.

• Journal of Nuclear Fuel Cycle and Waste Technology(JNFCWT)
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• v.10 no.1
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• pp.27-36
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• 2012

Metal chloride waste is generated as a main waste streams in a series of electrolytic processes of a pyrochemical process. Different from carbonate or nitrate salt, metal chloride is not decomposed into oxide and chlorine but it is just vaporized. Also, it has low compatibility with conventional silicate glasses. Our research group adapted the dechlorination approach for the immobilization of waste salt. In this study, the composition of SAP ($SiO_2-Al_2O_3-P_2O_5$) was adjusted to enhance the reactivity and to simplify the solidification process as a subsequent research. The addition of $Fe_2O_3$ into the basic SAP decreased the SAP/Salt ratio in weight from 3 for SAP 1071 to 2.25 for M-SAP( Fe=0.1). The experimental results indicated that the addition of $Fe_2O_3$ increased the reactivity of M-SAP with LiCl-KCl but the reactivity gradually decreased above Fe=0.1. Also, introducing $B_2O_3$ into M-SAP requires no glass binder for the consolidation of reaction products. U-SAP ($SiO_2-Al_2O_3-Fe_2O_3-P_2O_5-B_2O_3$) could effectively dechlorinate the LiCl-KCl waste and its reaction product could be consolidated as a monolithic form without a glass binder. The leaching test result indicated that U-SAP 1071 was more durable than other SAPs wasteform. By using U-SAP, 1 g of waste salt could generated 3~4 g of wasteform for final disposal. The final volume would be about 3~4 times lower than the glass-bonded sodalite. From these results, it could be concluded that the dechlorination approach using U-SAP would be one of prospective methods to manage the volatile waste salt.

• Journal of the korean academy of Pediatric Dentistry
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• v.31 no.1
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• pp.98-107
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• 2004

Proper finishing/polishing of dental restorations are critical clinical procedures that enhance both esthetics and longevity of restored teeth. This study was to compare the effects of immediate and delayed finishing/polishing procedures on the surface roughness and surface hardness of tooth-colored restoratives including two microfilled composite resins, such as Filtek A110 and Silux Plus, two hybrid composite resins, such as Revolution formular2 and Palfique Estelite. A total of 48 specimens were made for each material. The first 16 specimens served as the control group and the remaining 32 specimens were randomly divided into two equal groups. The control group was stored in distilled water at $37^{\circ}C$ for 1 week after light polymerization against the Mylar sheet. The first experimental group was finished/polished immediately after light polymerization and stored for 1 week in distilled water at $37^{\circ}C$, whereas the while the second group was finished/polished 1 week after light polymerization and stored in distilled water at $37^{\circ}C$. The results were as follows: 1. The smoothest surface was produced by Mylar sheet and finishing/polishing procedure increased the surface roughness. However, the surface roughness of composite resins were not influenced by the finishing/polishing timing. 2. There were significant differences about surface roughness between Revolution formular 2 and Silux Plus, regarding immediate finishing/polishing, and between Palfique Estelite and Silux Plus regarding delayed finishing/polishing(p<0.05). 3. The sequence of the surface hardness was ascending order by Revolution formular 2, Silux Plus, Filtek A110 and Palfique Estelite. However there were no significant differences about hardness among the control group and two finishing/polishing timing groups. 4. The effects of finishing/polishing time on surface roughness and hardness appeared to be material-dependent.

• Journal of the korean academy of Pediatric Dentistry
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• v.35 no.3
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• pp.418-426
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• 2008

The objectives of this study were to examine the properties of fluoride-releasing resin composite restorative materials. Four commercially available compomer materials (Compoglass F: CF, $Dyract^{(R)}$ AP: DA, $Dyract^{(R)}$ flow: DF, F2000: FT) and one fluoride-releasing composite resin ($Tetric^{(R)}$ Ceram: TC) were selected as experimental materials. Rectangular-shaped tensile test specimens were fabricated in a teflon mold giving 5mm in gauge length and 2mm in thickness. Disk-shaped specimens were fabricated in the split teflon mold with diameter of 15mm and thickness of 1mm. After curing for an hour, specimens were immersed in deionized water at $37^{\circ}C{\pm}1^{\circ}C$ for 30 days. All specimens were thermocycled for 10,000 cycles with 15 seconds of dwelling time in each $5^{\circ}C$ and $55^{\circ}C$ water baths. Toothbrush abrasion test was conducted under a load of 1.5 N and the abraded surfaces were examined with surface roughness tester (SV-3000, Mitutoyo Co, Japan) and SEM (JSM-5800, JEOL, Japan). Fluoride recharging was done by toothbrushing for 3 min. using a fluoride toothpaste (Perio Alpine Herb, LG Household & Health Care, Korea). The results obtained were summarized as follows; 1. The highest tensile strength value of 32.3 MPa was observed in TC group and the lowest value of 16.8 MPa was observed in CF group. The tensile strength of TC group was significantly higher than those of CF and DF groups (P<0.05). 2. The lowest Ra value of 0.287 was observed in TC group and the highest value of 1.516 was observed in FT group. The Ra value of FT group was significantly higher than other groups (P<0.05). 3. The abraded surfaces revealed the increase of surface roughness due to the protrusion and missing of filler particles. 4. The release of fluoride of compomers after tooth brushing by Perio Alpine Herb was initially large and then followed by small and continuously. But it remains small and constant in fluoride-releasing composite resin of TC. 5. The highest value of fluoride release after toothbrushing by Perio Alpine Herb was $2.064{\mu}g/cm^2$ in CF group and the lowest value was $0.1119{\mu}g/cm^2$ in TC group. The amount of fluoride release of CF group was significantly higher than other groups (P<0.05).

• Journal of Bio-Environment Control
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• v.24 no.4
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• pp.333-340
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• 2015

Because soils in reclaimed lands nearby coastal areas have much higher salinity and moisture content than soils in inland area, parts of greenhouses embedded in such soils are exposed to highly corrosive environments. Owing to the accelerated corrosion of galvanized steel pipes for substrucrture and structure of greenhouses in saline environments, repair and reinforcement technologies and efficient maintenance and management for the construction materials in such facilities are required. In this study, we measured the corrosion rates of the parts used for greenhouse construction that are exposed to the saline environment to obtain a basic database for the establishment of maintenance and reinforcement standards for greenhouse construction in reclaimed lands with soils with high salinity. All the test pipes were exposed to soil and water environments with 0, 0.1, 0.3, and 0.5% salinity during the observation period of 480 days. At the end of the observation period, salinity-dependent differences of corrosion rate between black-surface corrosion and relatively regular corrosion were clearly manifested in a visual assessment. For the soils in rice paddies, the corrosion growth rate increased with salinity (0.008, 0.027, 0.036, and $0.043mm{\cdot}yr^{-1}$ at 0, 0.1, 0.3, and 0.5% salinity, respectively). The results for the soils in agricultural fields are 0.0002, 0.039, 0.040, and $0.039mm{\cdot}yr^{-1}$ at 0, 0.1, 0.3, and 0.5% salinity, respectively. The higher corrosion rate of rice-paddy soil was associated with the relatively high proportion of fine particles in it, reflecting the general tendency of soils with evenly distributed fine particles. Hence, it was concluded that thorough measures should be taken to counteract pipe corrosion, given that besides high salinity, the soils in reclaimed lands are expected to have a higher proportion of fine particles than those in inland rice paddies and agricultural fields.

• Magazine of the Korean Society of Agricultural Engineers
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• v.15 no.2
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• pp.3018-3030
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• 1973

This study was carried out to investigate the effects of various mix designs of concrete on the compressive strengths and corrosive rates when the concretes were immersed in sea water of the West Sea, as the part of study related to durated to durability of concrete by action of the sea water. Concrete mix designs used in this study were ordinary Concrete mix, Concrete mixes with different admixtures such as fly ash, pozzolith and vinsol resin, and pozzolan concrete mix. The concrete specimens were made and cured for 7 days and 28 days in the fresh water in accordance with the Korean Standard specification for concrete. Compressive strengths of the specimens were measured after immersing the specimens for one year in fresh water and sea water which were placed indoors. The sea water used in this test was taken from the Bay of Ahsan. Corrosive rate was also tested after immersing the specimens in the same sea water and placed indoors for one year. The results obtained from the tests are summarized as follows; 1. Compressive strength of an ordinary concrete was the lowest of the various mix desings of concrete immersed both in the fresh water and the sea water. Therefore, the uses of pozzolan cement, fly ash, pozoolith and vinsol resin in mix design of concrete had and effect on increasing compressive strength. 2. Pozzolan concrete was the most effective on compressive strength in the fresh water, but it had less effect than concrete with fly ash admixture immersed in the sea water. 3. The use of fly ash admixture in mix design of concrete showed higher strength as the immersing age is longer both in fresh water and sea water than the other concretes besides pozzolan concrete, but the concretewith fly ash admixture had lower strength than pozzolan concrete in the sea water. Therefore, concrete with fly ash admixture might be better than the pozzolan concrete as far as durability of concrete to sea water was concerned. 4. The use of pozzolith admixture in mix design of concrete had less compressive strength than the use of pozzolan cement for fly ash admixture both in fresh water and sea water. However, the concrete with pozzolith admixture was much stronger than one with vinsol resin admixture in fresh water, but somewhat stronger in the sea water. 5. Though the use of vinsol resin admixture was more effective than ordinary concrete on compressive strength both in fresh water and sea water, it was the least compressive strength among the other concretes. 6. Relation between compressive strengths and absorption rates of every kind of concrete besides concrete with fly ash admixture showed a linear regression line and the compressive strength is highee as the absorption rate is lower. Concrete with fly ash admixture had extremely high strength in comparison with corresponding adsorption rates of the other concretes. 7. Corrosive appearance on the surface of concretes was not occured significantly when exposed to the sea water for one year, However, the specimens of concretes besides ordinary concrete were a little heavier than those cured in fresh water for 28 days.

• Economic and Environmental Geology
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• v.47 no.6
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• pp.563-569
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• 2014

Ruby is one of the most favor colored gem, for beautiful red tone, be high in scarcity value. However, rubies with high quality are produced in restricted regions, such as in Thailand, Sri Lanka, Myanmar, and Tanzania etc., and they have been gradually exhausted by mining for a long period. Therefore, improving qualities of low level rubies with various treatments is arising an alternative way to obtain better rubies. Gemological and mineralogical properties of the natural ruby from Tanzanian were studied with heat treatments. Those characteristics were compared between only heat and adding flux materials under heating. Tanzanian raw rubies were applied a heat treatment ($1,600^{\circ}C$ for 6 hours). However, chromameter and UV-Vis analyses found that a simple heat treatment is inappropriated for the Tanzanian ruby. Although $Cr^{3+}$ containing for red color in the ruby increased with heat treatment, the ruby displays dark medium red because of Fe in the ruby as a form of $Fe_2O_3$. The low transparency after heat treatment is attributed to the recrystallization of $SiO_2$ which has a low melting point. Chromameter confirmed adding Pb-containing flux under heating greatly improves the clarity and color of Tanzanian rubies with micro-fractures and cavities on the surface. EMPA results show that Pb as an additive fills the cavities and cracks on raw Tanzanian rubies during the heat treatment. As a rewult of it, the quality of the Tanzanian ruby raw dramatically improved. These results indicate that the heat treatment with an additive (Pb in this study) is an effective way to obtain better quality of the Tanzanian ruby. Consequently, this study suggests a suitable method to improve the properties of the Tanzanina ruby. The result of this study would provide useful information to upgrade the qualities of similar gem stones such as corundum and sapphire.

• Korean Journal of Ecology and Environment
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• v.40 no.3
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• pp.379-386
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• 2007

Nonylphenol (NP) has been well known as a major substance of surfactant and/or estrogenic environmental hormone. We tested toxic effects of nonylphenol on the population growth and development of aquatic organism such as algae (Microcystis aeruginosa), heterotrophic nanoflagellate (Diphylleia rotans), micro- (Brachionus calyciflorus) and macro-zooplankton (Daphnia magna) among eutrophic water food-web constituents. Dosage of NP treatment were 4 to 5 grades, according to each organism's tolerance based on pre-experiments; algae (0.01, 0.05, 0.10, 1.00 mg $L^{-1}$) Diphylleia rotans (0.5, 1,2. 5,6, 10 ${\mu}g\;L^{-1})$, Brachionus calyciflorus (0.1, 0.5, 1, 2.5, 5 ${\mu}g\;L^{-1}$), and Daphnia magna (0.5, 1, 5, 10, 50 ${\mu}g\;L^{-1}$), respectively. Toxic effects were measured by the changes of biomass of each organism after NP treatment. All experiments were triplication. As suggested, the higher concentration of NP treatment, the stronger inhibited the population growth of all organisms tested. In view of toxicity, a variety of concentration of NP showed a significant growth inhibition to organism; algae to 0.05 $mg\;L^{-1}$, D. rotans and B. calyciflorus to 1.0 ${\mu}g\;L^{-1}$, and D. magna to 5.0 ${\mu}g\;L^{-1}$, respectively. The $EC_{50}$ of each organism to the nonylphenol are as follows; 3. calyciflorus (2.49 ${\mu}g\;L^{-1}$), D. rotans (3.49 ${\mu}g\;L^{-1}$), D. magna (7.61 ${\mu}g\;L^{-1})$, and M. aeruginosa (47 ${\mu}g\;L^{-1})$. NP toxic effects on the development of zooplankton like egg production showed some differences in treatment concentration between Brachionus calyciflorus ${0.1{\sim}1NP{\mu}g\;L^{-1})$ and Daphnia magna $(0.5{\sim}5NP\;{\mu}g\;L^{-1})$. These results suggest that a strong growth inhibition of predator or grazer by the nonylphenol can stimulate the algal growth, or can play important role in evoking the nuisance algal bloom in eutrophic water with enough nutrients.