• The Korean Journal of Financial Management
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• v.10 no.2
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• pp.303-317
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• 1993

Banz(1981)와 Reinganum(1981)에 의한 실증연구에 의한 소기업과 대기업간의 수익률차이는 자본자산가격결정모형(CAPM)에 의하여 설명될 수가 없는 결과 즉, 과거의 체계적 위험과 기업규모를 기준으로 보면 도구변수(instrumental variable)인 기업규모는 추정된 CAPM의 베타에 대하여 통제한 연후에도 포트플리오간의 평균수익률에 대하여 통계적으로 유의적인 설명력을 가진다는 것이다 이것은 주식의 위험조정후수익률(risk-adjusted return)이 기업규모와 부(負)의 관계에 있다는 것으로서, CAPM으로서는 설명되지 않는 이상(異常)수익률 현상이다. Banz와 Reinganum 이후 미국학계에서 그동안 수많은 연구들이 규모효과에 대한 설명을 시도하였으나 아직도 완전한 설명은 존재하지 않고 있다. 본 연구는 우리나라 주식시장에서의 규모효과 존재여부에 관한 기존의 몇몇 연구들이 갖고 있는 방법론상의 문제점들을 제거함으로써 규모효과의 존재여부를 새로이 검증하였다. 특히, 동일가중지수수익률(equal-weighted index return)은 효율적 포트폴리오수익률이 나 종합주가지수수익률은 비효율적 포트폴리오수익률이라는 황선웅 이일균(1991)의 연구 결과를 고려하여, 시장수익률 대용치로서 종합주가지수수익률을 사용할 경우 규모효과의 검증결과가 어떠한 영향을 받는지도 아울러 분석하였다. 1980-90년의 기간을 대상으로 하여 실증분석한 결과, 먼저 동일가중지수수익률을 시장수익률로 사용할 경우 체계적위험 추정치와 기업규모간에는 부(負)의 관계가 존재하고 있음이 관측되고 있으며, 기업규모포트폴리오의 초과수익률 추정치도 대형주는 물론 소형주의 경우에도 통계적으로 유의하게 영(零)과 다르지 않다. 그 결과 최소한 1980-90년의 경우 우리나라 주식시장에는 규모효과가 존재하였다는 실증적 증거가 발견되지 않는다. 그러나 종합주가 지수수익률을 시장수익률로 사용하면 소형주에 대한 체계적위험이 대형주의 경우보다 오히려 작게 나타나고 있으며, 그에 따라 통제적으로 유의한 규모효과가 존재하는 것처럼 나타나고 있어 종합주가지수수익률은 시장수익률 대용치로 적절하지 않음을 제안하고 있다.

• KSBB Journal
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• v.18 no.5
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• pp.352-355
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• 2003

${\beta}$-(1,6)-Branched ${\beta}$-(1,3)-D-glucans are known to enhance the immune system in human body, and in most cases have higher molecular weights over 1 MDa. In order to enhance the efficacy of glucans by decreasing their molecular weights, sonication, acid treatment, and enzymatic hydrolysis were tested and compared in this work. Treatment of sonication was effective to decrease the molecular weight to the extent of several dozens of kilo-daltons, but have a risk to disorder the triple helical structure of the glucans. Acid treatment was also an effective method to degrade polysaccharides, but ${\beta}$-(1,6)-branched of the glucan molecules was found to be also hydrolyzed. Treatment of ${\beta}$-(1,3)-glucanase was an effective method to decrease the molecular weight in mild conditions, but could not hydrolyse the highly ${\beta}$-(1,6)-branched ${\beta}$-(1,3)-glucans efficiently.

• Journal of Korea Water Resources Association
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• v.53 no.3
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• pp.167-179
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• 2020

Recently, new levee material has been developed to enhance natural soil strength and vegetation growth using biopolymer. In the study, critical tractive force of vegetated mats mixed with biopolymer mixed soil has been evaluated to apply the mixed soil to levee construction material. The mixed soil has been produced by mixing beta-glucan, clay, and sand. Full scale test bodies have been constructed with 3 cm thick of the mixed soil. Total 4 test bodies have been constructed and experimented. Critical tractive forces have been evaluated by observation and measurement of failure conditions and soil loss. Although performance of the vegetated revetments are affected by vegetation coverage conditions, the critical tractive forces are shown about 40 N/㎡ and the critical velocities are shown about 4 m/sec by full scale experiment. Erosion resistance is also enhanced by combination of root and net with mat materials.

• Korean Journal of Microbiology
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• v.42 no.2
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• pp.125-130
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• 2006

The emergence of extended spectrum ${\beta}$-lactamase producing bacteria is causing very serious problems in Korea. Although there have been many reports about these bacteria Isolated from patients and clinical specimens, there is no report of extended spectrum ${\beta}$-lactamase producing organisms isolated from natural environment in Korea. This study was conducted to investigate the biological characteristics and extended spectrum ${\beta}$-lactamase types of eighteen strains of extended spectrum ${\beta}$-lactamase producing Klebsiella pneumoniae and Escherichia coli isolated from a slaughterhouse in Pusan in Korea during 2002 to 2004. Extended spectrum ${\beta}$-lactamases were identified by double-disk synergy test, conjugation, isoelectric focusing values and gene sequencing. Eight strains of Klebsiella pneumoniae and two strains of Eschericha coli were isolated kom pigs and transferred extended spectrum ${\beta}$-lactamase genes to recipient Escherichia coli J53 (sodium azide resistant and ceftazidime senstive) strain by conjugation. The conjugants of extended spectrum ${\beta}$-lactamase genes were alignments and translated to amino acids by BCM and NCBI blast. Eight conjugants of Klebsiella pneumonae were typed TEM-52, and two strains of Escherichia coli, SHV-12, but CMY-1 type were not detected in this study.

• Transactions of the Korean Society of Mechanical Engineers A
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• v.37 no.12
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• pp.1567-1572
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• 2013

To supply electric power in certain extreme environments such as a spacecraft or in military applications, a radioisotope thermoelectric generator has been highlighted as a useful energy source owing to its high energy density, long lifetime, and high reliability. A radioisotope thermoelectric generator generates electric power by using the heat energy converted from the radioactive energy of a radioisotope. In this study, FE analyses such as radiation shield analysis, heat transfer analysis, and power recovery rate analysis have been carried out to achieve an optimal design for a radioisotope thermoelectric generator using $SrTiO_2$.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.14 no.1
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• pp.179-193
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• 1994

In the development of engineering designs, decisions are required irrespective of the state of completeness and quality of information, and are formulated under conditions of uncertainty. Furthermore, under conditions of uncertainty the design invokes risks. Thus, in the design of the structures, the currently used deterministic design method does not provide a realistic assessment of the actual safety or the reliability of the structures. It is desirable that decisions required in The process of the design invariably must be made based on the reliability analysis. Properties of soil material are subject to more uncertainty than those of other structural material. In the field of soil mechanics and foundation engineering, it needed to develop reliability-based design methods. In order to simplify the reliability analysis or the reliability-based design process of the structures associated with the active earth pressure, it is necessary to find the variation and the distribution type of the active earth pressure calculated from the basic properties of soils. Monte Carlo simulation is performed to obtain the relationship between the variation of the active earth pressure for cohessionless soils calculated by using Rankine formula and the basic soil properties and the distribution type of the earth pressure. A series of regression equations obtained by utilizing the multi-linear regression analysis is suggested in this paper and the sensitivity of the basic soil properties to the variation of The earth pressure is investigated. The type of distribution of the active earth pressure was found to be the beta distribution in most cases or to be very similar to the beta distribution, if the basic soil variables are normally distributed.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.13 no.5
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• pp.2096-2109
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• 2012

This study investigates empirical issues that have received little attention in the previous research in the Korean capital market. It is to find any financial determinants on the capital structure for the firms listed in the KOSDAQ(Korea Securities Dealers Automated Quotation). Another test is performed to find any possible discriminating factors by utilizing a robust methodology, which may distinguish between the firms belonging the 'prime section' and the 'venture section' in terms of their financial aspects. Moreover, the null hypothesis that the changing trend or movement of a firm's capital structure with respect to its industry mean (or median) may be random, is also tested. For the book-value based debt ratios, size(INSIZE), growth(GROWTH), Market to book value of equity(MVBV), volatility(VOLATILITY), market value of equity (MVE) and section dummy (SECTION) showed their statistically significant effects on the book-value based leverage ratios, respectively, while size(INSIZE), growth(GROWTH), market value of equity(MVE), beta(BETA) and section dummy (SECTION) showed their statistically significant effects on the market-value based leverage ratios. This study also found an interesting result that a firm belonging to each corresponding industry has a tendency for reversion toward its mean and median leverage ratios over the five-year tested period.

• Journal of Radiation Protection and Research
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• v.37 no.3
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• pp.149-158
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• 2012

In this paper, we measured the variations of radon concentrations in groundwater using low-level Liquid Scintillation Counter (LSC), an instrument for analyzing the alpha and beta radionuclides at its 10 sites around the Kumjung-Gu, north-western of Busan. Optimization of Pulse Shape Analyzer (PSA) to determinate the highest value of figure of merit (FM) was decided using Quantulus 1200 LSC with radium-226 source, the optimal PSA level was shown in the range of 100 to 110. The results show that the Minimum Detectable Activity (MDA) of radon concentrations is 0.61 $Bq{\cdot}L^{-1}$ for 20 minutes in PSA level. We find that the average radon concentration in groundwater is high in granitic rock area and low in volcanic rock area. (Biotite granite : 191.39 $Bq{\cdot}L^{-1}$, Micro graphic granite : 141.88 $Bq{\cdot}L^{-1}$, Adamellite : 92.94 $Bq{\cdot}L^{-1}$, Andesite (volcanic) : 35.35 $Bq{\cdot}L^{-1}$). No significant seasonal variation pattern is observed from the long-term variation analysis from 10 selected sites. We have not seen the significant correlation of radon concentration to groundwater temperature, atmospheric temperature, atmospheric pressure and rainfall. The concentration variation is probably caused by more complex factors and processes.

• Journal of the Economic Geographical Society of Korea
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• v.12 no.4
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• pp.665-680
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• 2009

This study aims at analyzing the performance of Real Estate Investment Trusts(REITs) by Risk Adjustment Model. The main results are as follows. Firstly, most property types of REITs gain positive(+) excess overall returns at first and second period. On the contrary, most property types of REITs gain negative(-) excess overall returns and their standard deviations are larger at financial crisis period. Secondly, lodging, regional mall and commercial mortgage show lower risk-lower return, and freestanding, apartment and specialty show higher risk-higher return than average REITs, according to the CAPM results of . Moreover CAPM results of show the characteristics of REITs as investment commodities changes into higher risk-higher return for financial crisis period. Lastly, risk adjusted demanded returns of REITs are affected positively(+) by systemic risks and negatively(-) by unsystemic risks, according to the Risk Adjustment Model results of both and . Comparing risk adjusted demanded returns of REITs with their realized returns, healthcare reveals the largest outperformance.

• Journal of Korea Water Resources Association
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• v.37 no.7
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• pp.527-540
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• 2004

In order to investigate characteristics of the primary flow and the secondary currents in the meandering channel, laboratory experiments were conducted in the meandering channel made up of alterative bends haying 120。 arc angle. Experiments were performed in two types of cross-sections, a rectangular cross-section and a curved cross-section which was made to adopt a beta probability function. Three-dimensional velocity fields were measured using a micro-ADV. As the result of experiments, in case of the rectangular cross-section, the primary flow occurred taking the shortest course, which is similar to the result of previous researches. In case of the curved cross-section, the primary flow was expected to occur along the thalweg. but it occurred almost along the shortest way. This is considered due to effects of bottom roughness and sinuosity Not only a main cell but also a secondary cell of secondary currents were clearly shown by mean of the stream function. The secondary current intensity has the maximum value near the apex of the second bend for cases of both rectangular and curved cross-sections. However, the value of the secondary current intensity for the curved section is slightly larger than that for the rectangular cross-section. Also, in case of the rectangular cross-section, the higher the ratio of width to depth is, the larger the secondary current intensity is.