• The Korean Journal of Financial Management
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• v.14 no.1
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• pp.51-73
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• 1997

본 연구는 거래비용이 최적 소비 및 투자결정에 미치는 영향을 다루고 있다. Constantinides (1986), Davis와 Norman(1990) 그리고 Shreve와 Soner(1994) 등은 위험이 없는 하나의 유동성 자산과 현금배당이 지급되지 않는 하나의 비유동성 자산이 존재하는 경우에 있어서 소비와 포트폴리오 선택문제를 연구한 바 있다. 본 연구는 이러한 기존연구들을 확장하여 다수의 유동자산과 현금배당이 지급되는 하나의 비유동성 자산이 존재하는 경우의 최적 소비 및 투자결정 문제를 다루고 있다. 투자자의 비유동성 자산에 대한 잠재가치(implicit value)평가와 소비 및 투자결정간의 관계식을 구하여 이를 적용해 본 결과, 투자자의 최적 소비 및 위험부담(risk taking) 수준은 일반적으로 그들의 포트폴리오상에 유동성 자산의 비율이 증가할수록 증가한다는 사실을 확인할 수 있었다. 또한 거래비용이 존재하는 경우에는 기업의 배당정책이 투자자의 최적 소비 및 투자결정에 중요한 영향을 미치는 것으로 확인되었다.

• Proceedings of the KSEEG Conference
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• 2002.04a
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• pp.243-245
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• 2002

• Management & Information Systems Review
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• v.33 no.1
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• pp.83-97
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• 2014

This study examined the effects institutional block ownership on the stock market liquidity in Korean Stock Market. The two measures of institutional block ownership are used. They are the percentage of a stock owned by institutional blockholder and the number of institutional blockholder that own the stock. This study used the Amihud(2002) illiquidity measure to measure stock market liquidity. The results are as fellows. First, this study showed that the number of institutional blockholder is significantly negatively correlated with the Amihud(2002) illiquidity measure in the analysis which is used the whole data. But we found no a consistent results between the number of institutional blockholder and the Amihud(2002) illiquidity measure in the grouped institutional blockholder's number analysis. This indicates that the effects institutional blockholder on market liquidity is not simple. Second, this study showed that the percentage of a stock owned by institutional blockholder are negatively related with Amihud(2002) illiquidity measure, especially revealed statistically significant in the group 3(11.71%~17.38%) and group 4(7.45%~11.65%). This results suggest that the institutional blockholder have positive effect on the market liquidity in the group 3 and 4. Third, the significance of the percentage of institutional block ownership and the number of institutional block ownership in explaining illiquidity are more showed in the term of the global financial crisis(2008) than the before and the after of the global financial crisis.

• Journal of Cadastre & Land InformatiX
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• v.49 no.1
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• pp.45-63
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• 2019

Until recently, most people have invested in a traditional portfolio consisting of stocks, bonds and real estates based on the three-division method of properties in Korea. However, this study analyzed the impact of the composition of a portfolio combining representative real estate indirect investment products such as Reits and real estate funds on the investment performance. For this purpose, the empirical analysis using the mean variance model, which is the most appropriate method for the portfolio composition, was used. For variables used in this study, mixed asset portfolios were classified into Portfolio A through Portfolio G depending on the composition of assets, and the price indices selected as Kospi, Krx bond, Reits Trus Y7, Hanwha-Lasal fund, and Office (Seoul). The results are as follows; first Portfolio D, which combined bonds, stocks, Reits and Real Estate funds, and Portfolio G, which added the office, the actual real estate, were shown to have the lowest risk. second, Portfolio B composed of bonds, stocks and Reits and Portfolio D with added real estate funds had the lowest risk while Portfolio F composed of bonds, stocks, offices and real estate funds, and Portfolio G with added Reits were the most profitable. As a result, it has been analyzed that it was more effective to compose a portfolio including Reits and real estate funds, which were real estate indirect investment products that eliminated the illiquidity limitation of real estates than real estates, the traditional three-division method of properties. Therefore, it is possible to minimize the risk of investors and reduce the cost of ownership of the real estate by solving the illiquidity problem that is the biggest disadvantage of the direct investment, In addition, it is considered that it is more necessary to reinvigorate the real estate indirect investment market where small amounts can be invested.

• Proceedings of the Mineralogical Society of Korea Conference
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• 2001.06a
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• pp.132-132
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• 2001

옥천변성대의 충주-황강리 지역내 앰피볼라이트의 기원암은 염기성 화성암으로 쏠레이아이트 계열의 변이질암에 속한다. Fe $O^{*}$/MgO값의 변화에 대하여 분별작용에 의해 영향을 받는 주성분 원소와 미량원소들의 변화를 보게되면 Ti $O_2$, Fe $O^{*}$와 불호정성 원소(incompatible element)인 Zr, Nb, Hf, Ta, Th 등은 분별작용동안 증가하는 반면 호정성 원소(compatible element)인 MgO, $Al_2$ $O_3$, Ni, Cr 등은 감소하는 경향을 보여주고 있다. Fe $O^{*}$/MgO, Ti $O_2$ 그리고 Fe $O^{*}$는 심해성 쏠레이아이트 영역으로부터 분화된 경향을 나타내 주고 있다. Ni, Cr은 Fe $O^{*}$/MgO값의 증가에 따라 급속히 감소하며 안정한 대륙과 해저화산의 영역에 도시되고 있으며 칼크-알칼리(CA)와는 관계가 없고 쏠레이아이트의 영역에서 변화 패턴을 보여주어 앰피볼라이트가 활동적인 대륙연변부의 지구조 환경보다는 안정한 대륙이나 해저화산과 관계가 더 있음을 시사한다. 경휘토류 원소(LREE)는 중휘토류 원소(HREE)에 비해 더욱 부화된 특성을 띠고 원자번호가 증가하면서 표준화된 휘토류 원소패턴의 경사가 점차 감소하는 경향을 보여주고 있다. 대부분의 시료들은 큰 Eu이상치를 갖고 있지 않아 마그마 정출 과정동안 사장석의 분별작용이 거의 수반되지 않았음을 지시하고 전체적인 휘토류 원소의 패턴은 거의 평행하게 나타나므로 기원 마그마가 유사함을 의미하고 있다. 비유동성 원소를 이용한 여러 판별도표들을 통해서 본암은 대륙성 현무암질암으로서 판내부 환경에서 유래되었으며 대륙내부 열곡의 알칼리 현무암과 대륙성 현무암 영역에 속하는 것으로 보아서 대륙지각내 열곡작용과 같은 장력운동에 수반되어 생성된 것임을 시사해 주고 있다. 앰피볼라이트의 지각혼성화를 평가하기 위해 이에 필요한 몇 개의 지화학적 매개변수를 계산한 결과 La/Ta, La/Nb, Nb/Th들의 값이 오염 안된 마그마의 값을 지시해 주어 본암이 지각혼성화 작용을 받지 않은 것으로 나타났다. 대부분의 시료들은 P-타입 MORB의 영역에 속하며 소수의 시료가 T-타입 MORB의 영역에 도시되고 있어 본 앰피볼라이트의 생성에는 양적으로 다른 두 가지의 유사한 마그마가 수반된 것으로 추정된다. 것으로 추정된다.

• Journal of the Korean earth science society
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• v.38 no.1
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• pp.49-63
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• 2017

The geochemical results of the Chunyang granites located in the northeastern part of the Yeongnam Massif, indicate that these rocks have characteristics of calc-alkaline series in the sub-alkaline field, I-type and peraluminous. Most of the geochemical features in major and trace elements show systematic trends, which are similar to differentiation trends of the general Jurassic granitoids in South Korea. The Chunyang granite is largely enriched in mobile LILE (Sr, K, Rb and Ba) relatively immobile HFSE. They show LREE enriched patterns [$(La/Lu)_{CN}=41.8-73.2$] with a slightly negative Eu anomaly [$(Eu/Eu^*)_{CN}=0.89-1.10$]. There are no meaningful correlations in major and trace elements between the Chunyang granites and the Buseok plutonic rock which is the main unit of the Yeongju batholith. This result may suggest that these two plutonic rocks be not derived from the same parent magma. Tectonic discrimination diagrams indicate that the Chunyang granite was formed in volcanic arc environments. These geochemical characteristics results suggest that the Chunyang granite must have been generated at the active continental margin during the subduction of the Jurassic proto-Pacific plate.

• Smart Media Journal
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• v.10 no.3
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• pp.39-47
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• 2021

Enhanced index tracking is a problem of optimizing the objective function to generate returns above the index based on the index tracking that follows the market return. In order to avoid problems such as large transaction costs and illiquidity, we used a method of constructing a portfolio by selecting only some of the stocks included in the index. Commonly used enhanced index tracking methods tried to find the optimal portfolio with only one objective function in all tested periods, but it is almost impossible to find the ultimate strategy that always works well in the volatile financial market. In addition, it is important to improve generalization performance beyond optimizing the objective function for training data due to the nature of the financial market, where statistical characteristics change significantly over time, but existing methods have a limitation in that there is no direct discussion for this. In order to solve these problems, this paper proposes ensemble learning that composes a portfolio by combining several objective functions and a 3-stage portfolio selection algorithm that can select a portfolio by applying criteria other than the objective function to the training data. The proposed method in an experiment using the S&P500 index shows Sharpe ratio that is 27% higher than the index and the existing methods, showing that the 3-stage portfolio selection algorithm and ensemble learning are effective in selecting an enhanced index portfolio.

• Journal of the korean academy of Pediatric Dentistry
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• v.43 no.4
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• pp.365-373
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• 2016

Composites are the most useful restorative material. However, composites have some disadvantages such as polymerization shrinkage, long working time, and susceptibility to water and contamination, which are stood out more especially when treating children. To solve these problems, bulk-fill composites have been developed. The aim of this study is to compare mechanical properties of bulk-fill and conventional composites. Bulk-fill composites (SureFil SDR flow (SDR), Tetric N-Ceram bulk fill (TBF)) and conventional composites (Filtek Z-350 (Z-350), Unifil Flow (UF), Unifil Loflo Plus (UL)) were used. The Vickers hardness tester was used to measure the microhardness of materials, and Fourier transform infrared spectroscopy was used to measure the degree of conversion. Polymerization shrinkage was measured by using a linometer. Flexural and compressive properties were measured by using the universal testing machine. Data were statistically analyzed by ANOVA and Scheffe's post hoc test. The level of significance was set to p < 0.05. Most conventional composites showed higher microhardness than bulk-fill composites. However, bulk-fill composites showed a higher top/bottom microhardness ratio than conventional composites. Bulk-fill composites showed a higher top/bottom degree of conversion ratio than conventional composites. The polymerization shrinkage was highest in UL and lowest in Z-350. The polymerization shrinkage of flowable composites was higher than that of non flowable composites. The compressive properties were highest in Z-350 and lowest in SDR and UL. In terms of flexural properties, Z-350 was the highest. However, none of the bulk-fill composites exhibited mechanical properties as good as those of conventional composites. Nonetheless, the ratio of microhardness and degree of conversion, which are important properties of bulk filling, were higher in bulk-fill composites. Therefore, the bulk-fill composites might be considered suitable restorative materials in pediatric dentistry.

• Proceedings of the Korean Society of Soil and Groundwater Environment Conference
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• 2003.10a
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• pp.111-124
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• 2003

Processes that cause immobilization of contaminants in soil are of great environmental importance because they may lead to a considerable reduction in the bioavailability of contaminants and they may restrict their leaching into groundwater. Previous investigations demonstrated that pollutants can be bound to soil constituents by either chemical or physical interactions. From an environmental point of view, chemical interactions are preferred, because they frequently lead to the formation of strong covalent bonds that are difficult to disrupt by microbial activity or chemical treatments. Humic substances resulting from lignin decomposition appear to be the major binding ligands involved in the incorporation of contaminants into the soil matrix through stable chemical linkages. Chemical bonds may be formed through oxidative coupling reactions catalyzed either biologically by polyphenol oxidases and peroxidases, or abiotically by certain clays and metal oxides. These naturally occurring processes are believed to result in the detoxification of contaminants. While indigenous enzymes are usually not likely to provide satisfactory decontamination of polluted sites, amending soil with enzymes derived from specific microbial cultures or plant materials may enhance incorporation processes. The catalytic effect of enzymes was evaluated by determining the extent of contaminants binding to humic material, and - whenever possible - by structural analyses of the resulting complexes. Previous research on xenobiotic immobilization was mostly based on the application of $^{14}$ C-labeled contaminants and radiocounting. Several recent studies demonstrated, however, that the evaluation of binding can be better achieved by applying $^{13}$ C-, $^{15}$ N- or $^{19}$ F-labeled xenobiotics in combination with $^{13}$ C-, $^{15}$ N- or $^{19}$ F-NMR spectroscopy. The rationale behind the NMR approach was that any binding-related modification in the initial arrangement of the labeled atoms automatically induced changes in the position of the corresponding signals in the NMR spectra. The delocalization of the signals exhibited a high degree of specificity, indicating whether or not covalent binding had occurred and, if so, what type of covalent bond had been formed. The results obtained confirmed the view that binding of contaminants to soil organic matter has important environmental consequences. In particular, now it is more evident than ever that as a result of binding, (a) the amount of contaminants available to interact with the biota is reduced; (b) the complexed products are less toxic than their parent compounds; and (c) groundwater pollution is reduced because of restricted contaminant mobility.

• The Journal of the Petrological Society of Korea
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• v.20 no.3
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• pp.161-172
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• 2011

Open beaker digestion method is routinely used as the sample preparation technique for trace element determination of rock samples by inductively coupled plasma mass spectrometry, With this method, however, dissolution of Zr and Hf is not always guaranteed especially when the samples contain refractory minerals. In this study, glass bead digestion technique was compared with conventional open beaker digestion technique for the sample preparation of three USGS rock standards such as AGV-2, BHVO-2, and G-3. Thirty trace elements including rare earth elements were analysed by ICP-MS and ICP-AES. There were no clear differences in analytical results for the AGV-2 and BHVO-2 standards between the two techniques, but Zr, Hf, Y, and middle- to heavy- rare earth element concentrations of the G-3 standard prepared by open beaker digestion technique were significantly lower than the recommended values. This can be attributed to the presence of refractory mineral zircon. On the contrary, all the analytical results of the G-3 standard prepared by glass bead digestion technique were in good agreement with the recommended values, indicating complete dissolution of zircon. The analytical results show that the volatile elements such as Pb and Zn were not lost during the preparation of glass bead. Low dilution glass bead digestion technique described here will be very helpful to enhance precision and accuracy of trace element analysis for geological samples containing refractory minerals.