• Title/Summary/Keyword: 비대칭성 계수

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Volatility of Export Volume and Export Value of Gwangyang Port (광양항의 수출물동량과 수출액의 변동성)

  • Mo, Soo-Won;Lee, Kwang-Bae
    • Journal of Korea Port Economic Association
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    • v.31 no.1
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    • pp.1-14
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    • 2015
  • The standard GARCH model imposing symmetry on the conditional variance, tends to fail in capturing some important features of the data. This paper, hence, introduces the models capturing asymmetric effect. They are the EGARCH model and the GJR model. We provide the systematic comparison of volatility models focusing on the asymmetric effect of news on volatility. Specifically, three diagnostic tests are provided: the sign bias test, the negative size bias test, and the positive size bias test. This paper shows that there is significant evidence of GARCH-type process in the data, as shown by the test for the Ljung-Box Q statistic on the squared residual data. The estimated unconditional density function for squared residual is clearly skewed to the left and markedly leptokurtic when compared with the standard normal distribution. The observation of volatility clustering is also clearly reinforced by the plot of the squared value of residuals of export volume and values. The unconditional variance of both export volumes and export value indicates that large shocks of either sign tend to be followed by large shocks, and small shocks of either sign tend to follow small shocks. The estimated export volume news impact curve for the GARCH also suggests that $h_t$ is overestimated for large negative and positive shocks. The conditional variance equation of the GARCH model for export volumes contains two parameters ${\alpha}$ and ${\beta}$ that are insignificant, indicating that the GARCH model is a poor characterization of the conditional variance of export volumes. The conditional variance equation of the EGARCH model for export value, however, shows a positive sign of parameter ${\delta}$, which is contrary to our expectation, while the GJR model exhibits that parameters ${\alpha}$ and ${\beta}$ are insignificant, and ${\delta}$ is marginally significant. That indicates that the asymmetric volatility models are poor characterization of the conditional variance of export value. It is concluded that the asymmetric EGARCH and GJR model are appropriate in explaining the volatility of export volume, while the symmetric standard GARCH model is good for capturing the volatility.

모재/중간층/박막의 H/E ratio 구배에 따른 Cr계 경질 박막의 기계적 특성에 관한 연구

  • Kim, Hoe-Geun;Song, Myeon-Gyu;Lee, Sang-Yul
    • Proceedings of the Korean Institute of Surface Engineering Conference
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    • 2018.06a
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    • pp.135-135
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    • 2018
  • 천이금속 질화물 코팅은 우수한 기계적 특성들로 인해 공구 코팅으로 많이 사용 되어왔다. 그 중에서도 특히 Cr계 경질 코팅은 높은 경도와 낮은 표면조도, 우수한 마찰특성 등 뛰어난 기계적 특성을 나타내므로 공구 코팅으로의 적용 가능성이 크다. 그러나 최근 공구산업의 발전으로 인해 공구가 더욱 가혹한 환경에서 사용됨에 따라, 공구의 수명을 향상시키고 보호하기 위해 코팅의 높은 밀착력이 요구되고 있으며, 모재와 코팅 사이에 중간층을 합성함으로써 공구의 밀착력을 향상시키는 연구가 활발히 진행되고 있다. 이전 연구에서 모재/중간층/코팅간의 경도와 탄성계수 비율(H/E ratio)의 구배가 코팅의 밀착력에 큰 영향을 미치는 것으로 확인되었다. 그러므로, WC 모재와 Cr계 코팅의 중간값의 H/E ratio를 갖는 중간층의 합성을 통해 코팅의 밀착력을 향상시킬 수 있을 것으로 판단된다. 본 연구에서는, 코팅의 밀착력을 향상시키기 위해 다양한 중간층을 증착한 CrZrN, CrAlN 코팅을 비대칭 마그네트론 스퍼터링 장비를 이용하여 합성하였다. 모재로는 디스크 형상의 WC-6wt.%Co 시편을 사용하였고 Cr, Zr, Si, Al single 타겟을 이용하여 Cr, CrN, CrZrN, CrZrSiN 등의 중간층이 증착된 코팅을 합성했다. 코팅의 합금상, 경도 및 탄성계수, 미세조직 및 조성, 표면 조도을 확인하기 위해 X-ray diffractometer (XRD), Fischer scope, field-emission scanning electron microscopy (FE-SEM), energy dispersive X-ray spectroscopy (EDS), atomic force microscopy를 사용하였고, 코팅의 밀착 특성을 분석하기 위해 scratch tester와 optical microscopy (OM)를 이용하였다. 코팅의 내열성을 확인하기 위해 코팅을 furnace에 넣어 공기중에서 500, 600, 700, 800, 900, $1,000^{\circ}C$로 30분 동안 annealing 한 후에 nano-indentation을 사용하여 경도를 측정하였다. CrZrN 및 CrAlN 코팅을 나노 인덴테이션으로 분석한 결과, 모든 코팅의 경도(33.4-35.8 GPa)와 탄성계수(384.1-391.4 GPa)는 중간층의 종류에 상관없이 비슷한 값을 보인 것으로 확인됐다. 그러나, 코팅의 마찰계수는 중간층의 종류에 따라 다른 값을 보였다. CrZrN 코팅의 경우 CrN 합금상 중간층을 갖을 때 가장 낮은 값을 보였으며, CrAlN 코팅의 경우 CrN/CrZrSiN 중간층을 증착하였을때 마찰계수는 0.34로 CrZrN 중간층을 증착하였을 때(0.41)에 비해 낮은 값을 보였다. 또한, 코팅의 마모율 및 마모폭도 비슷한 경향을 보인 것으로 보아, CrN/CrZrSiN 중간층을 합성한 CrAlN 코팅의 내마모성이 상대적으로 우수한 것으로 판단된다. 코팅의 밀착력의 경우도 마찰계수와 비슷한 경향을 보였다. 이것은 중간층의 H/E ratio가 코팅의 내마모성에 미치는 영향에 의한 결과로 사료된다. H/E ratio는 파단시의 최대 탄성 변형율로써, 모재/중간층/코팅의 H/E ratio 구배에 따라 코팅 내의 응력의 완화 정도가 변하게 된다. WC 모재 (H/E=0.040)와 CrAlN 코팅(H/E=0.089) 사이에서 CrN, CrZrSiN 중간층의 H/E ratio는 각각 0.076, 0.083으로 모재/중간층/코팅의 H/E ratio 구배가 점차 증가함을 확인 할 수 있었고, 일정 응력이 지속적으로 가해지면서 진행되는 마모시험중에 CrN과 CrZrSiN 중간층이 WC와 CrAlN 코팅 사이에서 코팅 내부의 응력구배를 완화시키는 역할을 함으로써 CrAlN 코팅의 내마모성이 향상된 것으로 판단된다. 모든 코팅을 열처리 후 경도 분석 결과, CrN/CrZrSiN 중간층을 증착한 CrAlN 코팅은 $1,000^{\circ}C$까지 약 28GPa의 높은 경도를 유지한 것으로 확인 되었고, 이는 CrZrSiN 중간층 내에 존재하는 SiNx 비정질상의 우수한 내산화성에 의한 결과로 판단된다.

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A Meta-Analysis on the Effect of Entrepreneurship on the Entrepreneurial Intention: Mediating Effect of Entrepreneur Education (기업가정신이 창업의지에 미치는 영향에 관한 메타분석: 창업교육의 매개효과)

  • Yoon, Byeong seon;Kim, Chun Kyu
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.15 no.3
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    • pp.207-221
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    • 2020
  • This study conducted a meta-analysis on the effects of innovation, risk-taking, and enterprising on entrepreneurship. From 2013 to 2020, 392 papers, which were judged as quantitative research from doctoral and master thesis, and academic journals published in Korea were selected as research subjects. 28 duplicates of thesis and thesis are excluded. A total of 52 papers were finally selected, excluding 312 papers that were insufficient to be used as research data because there were no statistical values such as correlation coefficients. For the 52 selected papers, the homogeneity of the variables was first verified. As a result of the homogeneity test, the innovativeness, risk-taking, initiative, and entrepreneurship education all showed great effects on heterogeneity, and the average effect size was analyzed by random effect model. The average effect size analyzed was 0.38 ~ 0.49, and all four variables showed moderate average effect size. As a result of analyzing the average effect size by forest plot, all showed proper results. From the results of funnel plot analysis of entrepreneurship education, published errors were confirmed asymmetric. Research data on entrepreneurship education shows that it cannot represent the whole. It is a structural equation model with entrepreneurship and entrepreneurial intention as a parameter. Iinnovation and risk-taking have an impact on entrepreneurship by taking entrepreneurship education as a parameter. Initiative had an effect on the entrepreneurial intention a business, regardless of entrepreneurship education. In a number of studies, university entrepreneurship education has had an impact on the entrepreneurial intention. It should be changed to entrepreneurship education that combines theory and practice. Entrepreneurship education should be transformed into continuous and field-oriented education.

Moderating effects of Income Smoothing on the relationship between managerial ability and manager compensation (경영자 능력과 경영자 보상의 관련성에 이익유연화가 미치는 조절효과)

  • Lee, Eun-Ju;Hwang, Sung-Jun
    • Journal of Digital Convergence
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    • v.19 no.12
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    • pp.321-329
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    • 2021
  • A measure of managerial ability was derived using DEA, a measure of management efficiency, and the correlation coefficient between discretionary accrual and non-discretionary accrual, net income and operating cash flow standard deviation was used as a proxy for income smoothing. verified. In addition, the manager's compensation was used by taking the natural logarithm of the cash compensation per manager. The analysis results are summarized as follows. The analysis period for hypothesis testing is from 2004 to 2017, as a result of the hypothesis analysis of the correlation with the level of manager's compensation, it was suggested that the income smoothing behavior decreased the performance-based compensation and increased the performance-controlled compensation. This can be said to be the result of indirectly confirming that additional compensation is differentially paid for income smoothing. This study has a contribution to the study by empirically analyzing whether income smoothing affects the relationship between managerial ability and managerial compensation. However, although a number of previous studies empirically analyzed that there are upper and lower bounds for manager compensation, there is limitations that could not be analyzed for asymmetric compensation due to income smoothing is expected to expand.

The Discriminating Nature of Dopamine Transporter Image in Parkinsonism: The Competency of Dopaminergic Transporter Imaging in Differential Diagnosis of Parkinsonism: $^{123}I-FP-CIT$ SPECT Study (도파민운반체 영상의 파킨슨증 감별진단 성능: $^{123}I-FP-CIT$ SPECT 연구)

  • Kim, Bom-Sahn;Jang, Sung-June;Eo, Jae-Seon;Park, Eun-Kyung;Kim, Yu-Kyeong;Kim, Jong-Min;Lee, Won-Woo;Kim, Sang-Eun
    • Nuclear Medicine and Molecular Imaging
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    • v.41 no.4
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    • pp.272-279
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    • 2007
  • Purpose: The aim of this study was to evaluate the discriminating nature of $^{123}I-FP-CIT$ SPECT in patients with parkinsonism. Methods: $^{123}I-FP-CIT$ SPECT images acquired from the 18 normal controls; NC ($60.4{\pm}10.0$ yr) and 237 patients with parkinsonism ($65.9{\pm}9.2$ yr) were analyzed. From spatialIy normalized images, regional counts of the caudate, putamen, and occipital lobe were obtained using region of interest method. Binding potential (BP) was calculated with the ratio of specific to nonspecific binding activity at equilibrium. Additionally, the BP ratio of putamen to caudate (PCR) and asymmetric Index (ASI) were measured. Results: BPs of NC $3.37{\pm}0.57,\; 3.10{\pm}0.41,\; 3.23{\pm}0.48$ for caudate, putamen, whole striatum, respectively) had no significant difference with those of essential tremor; ET ($3.31{\pm}0.64,\; 3.06{\pm}0.61,\; 3.14{\pm}0.63$) and Alzheimer's disease; AD (3.33 $\pm$0.60, 3.29$\pm$0.79, 3.31$\pm$0.70), but were higher than those of Parkinson's disease; PD (1.92$\pm$0.74, 1.39$\pm$0.68, 1.64$\pm$0.68), multiple system atrophy; MSA (2.36$\pm$1.07, 2.16$\pm$0.91, 2.26$\pm$0.96), and dementia with Lewy body; DLB (1.95$\pm$0.72, 1.64$\pm$0.65, 1.79$\pm$0.66)(p<0.005). PD had statisticalIy lower values of PER and higher values of ASI than those of NC (p<0.005). And PD had significantIy lower value of PCR, higher ASI and lower BP in the putamen and whole striatum than MSA (p<0.05). Conclusion: Dopamine transporter image of $^{123}I-FP-CIT$ SPECT was a good value in differential diagnosis of parkinsonism.

Option Pricing and Sensitivity Evaluation Methodology: Improvement of Speed and Accuracy (옵션 가치 및 민감도 평가 방법: 속도와 정확도 개선에 대한 고찰)

  • Choi, Young-Soo;Oh, Se-Jin;Lee, Won-Chang
    • Communications for Statistical Applications and Methods
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    • v.15 no.4
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    • pp.563-585
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    • 2008
  • This paper presents how to improve the efficiency and accuracy in the pricing and sensitivity evaluation for derivatives, since the need for the evaluation of complicated derivatives is increased. The Monte Carlo(MC) simulation using the quasi random number instead of pseudo random number can improve the elapsed time and accuracy for the valuation of European-type derivatives. However, the quasi MC simulation method has its limit for applying it in the multi-dimensional case such as American-type and path-dependent options due to the increased correlation between dimensions as the dimension of random numbers is increased. In order to complement this problem, we develop a modified method in which correlation values are controlled to be below a pre-specified value. Thus, this method is applicable for the pricing of either derivatives ill which underlying assets or risk factors are several or derivatives having path-dependent or early redemption property. Furthermore, we illustrate that it is important to take an appropriate grid interval for the use of finite difference method(FDM) by applying the FDM to one example of non-symmetrical butterfly spreads.

Market Discipline by Depositors : the Case of Mutual Savings Banks in Korea (상호저축은행과 예금자에 의한 시장규율)

  • Park, Jung-Hee
    • The Korean Journal of Financial Management
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    • v.26 no.1
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    • pp.95-125
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    • 2009
  • This paper examines the disciplinary effect of deposits using the semiannual accounting data of mutual savings banks(henceforth 'MSBs') in Korea for the period of 2003 through 2007. I find overall strong evidence in favor of the existence of market discipline in the industry. MSBs with higher BIS ratio and lower NPL ratio turn out to have higher increase rate of deposits than MSBs with lower such ratios. The coefficient of NPL ratio becomes greater with time, suggesting that the effect is cumulative. It turns out that depositors respond more sensitively to NPL ratio than BIS ratio in a period of MSB failure. On the other hand, MSBs turn out to act very positively responding to the depositors' discipline. They increase BIS ratio or decrease NPL ratio following the previous decrease in deposits. Government authorities need to make more efforts to develop a suitable incentive system (e.g. penalties on a false disclosure) to improve the efficiency of disclosure by MSBs. Moreover, they need to acknowledge the importance of NPL ratio as a market disciplinary tool which has been becoming more important, especially in times of MSB failure.

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Detection of Irradiated Milk Formulas using Electron Spin Resonance (전자스핀공명법(ESR)을 이용한 방사선조사 조제유류의 판별)

  • Woon, Jae-Ho;Park, Byeong-Ryong;Choi, Byung-Kook;Kim, Na-Young;Jeong, Hong-Jeom;Cheong, Ki-Soo;Kim, Hee-Sun;Kim, Chang-Seob
    • Journal of Dairy Science and Biotechnology
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    • v.28 no.2
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    • pp.13-18
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    • 2010
  • Electron Spin Resonance (ESR) spectroscopy has been used to detect the presence of radiation-induced free radicals in biological samples since the mid 1950s and to irradiate foods containing cellulose, crystalline sugar, and bone. Therefore, we analyzed the ESR spectrum of irradiated infant formula and its ingredients in this study. Samples were irradiated with 2 different radiation sources of $^{60}Co$ gamma rays and electron beams (EBs), and the absorbed doses were 0, 1, 3, 5, and 7 kGy. ESR measurements were performed under normal atmospheric conditions using a JEOL JES-FA100 spectrometer equipped with an X-band bridge. Irradiated infant formula showed anunsymmetrical spectrum ($g_1$=2.0050, $g_2$=2.0006); in contrast, non-irradiated samples showed asymmetrical spectrum. The ingredients of irradiated samples showed a multi-component ESR signal in glucose and lactose and a singlet-type spectrum in milk powder (g=2.0050). $R^2$ of the dose-response curve showed a fine linearity of over 0.95 across the entire sample. We also compared the spectra of identical samples irradiated with $^{60}Co$ gamma rays and EBs, because EBs can be used for food irradiation in foreign countries, although this is not permitted in Korea. However, we could not find any significant differences according to the types of radiation source. Thus, ESR spectroscopy can be used to detect irradiated infant formula and several types of primary ingredients in this formula.

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A Study on Effects of Corporate Governance Information on Credit Financial Ratings (기업지배구조정보가 신용재무평점에 미치는 영향)

  • Kim, Dong-Young;Kim, Dong-Il;Seo, Byoung-Woo
    • Journal of Digital Convergence
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    • v.13 no.2
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    • pp.105-113
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    • 2015
  • If the watchdog role of good corporate governance, corporate executives and reduce agency costs and information asymmetries. Corporate governance score higher because enterprise internal control systems and financial reporting system is well equipped with the company management is enabled and corporate performance is higher because the high financial credit rating. Under these assumptions and hypotheses set up this study corporate governance (CGI) has been studied demonstrated how the financial impact on the credit rating (CFR). Findings,

    relevant corporate governance (CGI) and financial credit rating was found to significantly affect the positive (+), Regression coefficient code is expected code of positive (+), the value

    indicated by the value of all positive. The results of corporate governance (CGI) has showed excellent results, such as the more predictable will increase the credit score financial rating. The results of this study will have more CGI-credit financial rating the greater good. This study might be expected to provide a useful guide that corporate social responsibility, the company with a good governance and oversight systems enable to to get a higher credit rating in practice and research.