• Journal of the Korean Regional Science Association
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• v.31 no.4
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• pp.91-105
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• 2015

Mortgage-Backed Securities (MBS) was introduced in 1999 in order to stabilize housing market and prevent potential speculation. However, research on MBS is limited, so this paper try to narrow the gap by focusing on the factors relating the pre-payment risk of MBS. We used Granger Causality Validation, Vector Auto Regressive, and HP-filtering with time-series data from 2004 to 2014. This paper shows that the prepayment rate of MBS increases as Mortgage rate decreases because borrowers tend to refinance existing MBS with new lower-rate MBS. In addition, it reveals that the rate increases as housing price increases. This outcome support the hypothesis that introduction of low-rate MBS invites more investment or speculation, and hence the housing price rises. The relationship between the MBS pre-payment rate and housing price is yet a peculiar characteristic of the MBS in Korea.

• Journal of Service Research and Studies
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• v.8 no.1
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• pp.103-122
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• 2018

The purpose of this study is to present the direction of ELS investment by analyzing the actual investment return of the ELS commodities and analyzing the investment effect of ELS that investors have felt unsatisfactory at financial marketing service. The research method is based on the step-down type ELS. We calculated the probability of achieving early redemption condition and maturity repayment condition, early redemption estimated yield, and maturity repayment estimated yield. As the study result, the probability of achieving 100% of the early redemption condition was 74.5%, and the probability of the early redemption condition 95% was 83.0%, 90% was 89.5%, 85% was 92.5%, and 80% was 96.5% respectively. In the case of the lowest 75%, the probability of holding to maturity is analyzed to be 2.5%, and the probability of early redemption is high. The probability of the stock price growth within 65% of the maturity repayment condition was 98.5% and the probability of the stock price growth within 60%~45% of the maturity repayment condition was 100%. 65% of maturity repayment condition was analyzed as 1.5% risk of principal loss, and the probability of achieving the committed yield of maturity was high. As a key measure of ELS investment, it is advantageous to select a commodity with a low rate of maturity repayment and a high rate of early redemption.

• 한국상하수도협회지
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• s.13
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• pp.112-115
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• 2006

• The Korean Journal of Applied Statistics
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• v.24 no.6
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• pp.1021-1031
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• 2011

Equity linked securities are indirect investments where the return of investment depends on the performance of the underlying equities. In this paper, we review the profit structure of typical equity linked securities through a profit diagram and investigate which characteristics of time series at the investment affect the early repayment of the stepdown ELS based on KOSPI 200 and HSI. We also compare VaRs using the empirical distribution function for risk management.

• The Korean Journal of Financial Management
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• v.23 no.1
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• pp.165-191
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• 2006

I examine the relationship between values and security designs of MBS(mortgage-backed securities), using four different types of them. To this end I consider a pass-through and three different kinds of CMOs(collateralized mortgage obligations). It turns out that the pass-through has the lowest value and that, among CMOs, that of a senior-mezzanine-subordinate design has the highest value. This implies that CMOs of a simple and extreme design, like that of a senior-subordinate design, are not likely to be the best CMOs for risk averse buyers. Another critical finding is that the optimal security design of CMOs or MBS does exist in the form of an interior solution. This indicates that MBS issuers could charge higher prices of MBS given their underlying mortgages by tailoring MBS security designs to the needs or utilities of MBS buyers, usually by removing and combining risks of component tranches of MBS. Accordingly a thorough study of realistic utility functions of MBA buyers could enhance the values or prices of MBS to be issued.

• 대한예방의학회:학술대회논문집
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• 1995.10a
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• pp.331-332
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• 1995

• KSCE Journal of Civil and Environmental Engineering Research
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• v.31 no.1D
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• pp.51-63
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• 2011

This study suggests that prior to construction of the 2nd Changwon tunnel and implementation of the demanded free of charge on Changwon tunnel, it is recommended to improve the traffic facilities and management of the traffic condition in order to create an efficient road that will keep traffic flow to a minimum and maintain the facilities proper working order. It has been generally accepted that the 2nd Changwon tunnel is necessary to construct and open as soon as possible. This is due to the service level of current traffic volume in the Changwon tunnel pay toll road which have been so congested that the fees have increased causing a public complaint to be filed, demanding a early free of charge be implemented for the Changwon tunnel. Furthermore, the objective and impartial analysis of the traffic situation based on a simulation of the alternative and traffic congestion fees has been provided to make the early free of charge on toll road as soon as possible. Finally, careful attention should be paid to seek to make the early free of charge on toll road in order to minimize the damages both specified and unspecified that may arise the prompt settlement of construction repayments and security of minimum management fees should be given priority over other alternatives.

• The Korean Journal of Financial Management
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• v.22 no.1
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• pp.147-179
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• 2005

It is frequently said that mortgage-backed securities (MBS) of different security designs are issued in an attempt to meet the varying needs and expectations of investors. If this is true indeed, MBS of complicated risk-return characteristics are likely to be priced higher than MBS of simple risk-return characteristics we. We test this implication by establishing a recombining binomial interest rate prepayment model with a burnout effect embedded. More specifically, we compare the relative values (utilities) of a pass-through and a PAC- Support collateralized mortgage obligation(CMO), and theoretically show why and how the CMO is more highly valued than is the pass-through. The model is established such that mortgage prepayment is a function of the current value of, and the past path of, the mort-gage market rate. Since we work on not the total value of the two MBS but the value of each tranche of either MBS, the test results could be robust to slightly different versions of similar tests, which may be done in the future.

• Journal of Nutrition and Health
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• v.16 no.3
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• pp.185-192
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• 1983

한국인과 한국산 가축의 selenium 영양상태를 파악하기 위하여 남한의 selenium 분포조사를 실시한 결과 전국 45개 지역 토양중 selenium 함량은 0.03 내지 0.24 ppm이였으며 중앙 동북 고산지대는 0.14-0.24 ppm으로 높았고 서해안 그리고 남해안은 0.03-0.06 ppm으로 비교적 낮았다. 전국 42개 지역에서 채취한 목초 (억새, 크로바 )는 0.036 ppm (0.02-0.13ppm )을 함유하고 있으며 콩, 보리, 쌀은 0.047, 0.033 그리고 0.033 ppm selenium을 각각 함유하고 있었다. 전국 23개 도시에 거주하는 204명의 사람에서 채취한 혈액에는 평균 $0.16\;{\pm}\;0.06{\mu}g/m1$ $(0.05-0.35{\mu}g/ml)$ selenium 함량을 갖었고 glutathione peroxidase 활성도는 평균 $13.0\;{\pm}\;1.7\;EU/mg$ homoglobin이었다. 남한에서 생산되는 곡류와 채소류에는 0.02 내지 0.04 ppm의 selenium을 함유하고 육류인 쇠고기, 돼지고기에는 $0.11\;{\pm}\;0.05$와 $0.14\;{\pm}\;0.03\;ppm$을 그리고 참치, 조기, 숭어, 마른멸치등에는 $0.50\;{\pm}\;0.02,\;0.42\;{\pm}\;0.09,\;0.20\;{\pm}\;0.02$ 그리고 $0.55\;{\pm}\;0.04\;ppm$ selenium을 각각 함유하고 있었다. 국민 1인당 하루 selenium 섭취량은 $42.3\;{\mu}g$이며 이중 71 %는 주로 곡류와 채소에서 충당하고 있다.

• Disaster and Security
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• v.5 no.1
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• pp.38-46
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• 2015

최근 들어 전국의 곳곳에서 화재가 발생하여 귀중한 인명과 재산을 잃는 대형 참사(慘事)로 이어지고 있다. 화재가 발생했을 때에 초기진화(初期鎭火) 및 인명(人命)의 대피시간(待避時間)인 소위 골든타임은 대략 5분정도이다. 또한 화재사고를 직접체험하게 되면 패닉(panic)현상을 초래하여 우왕좌왕, 혼란의 블랙홀(Black hole)에 함몰(陷沒)되게 마련이다. 의정부 아파트 화재에서처럼 대부분의 골목길은 많은 차량들이 주차되어 소방차 긴급출동에 장애가 되고 있는 실정이다. 보편적으로 화재발생 시 소방대는 5분 내에 출동을 목표로 훈련을 한다. 하지만 화재현장에서 소방대에 화재신고가 신속히 이루지지 못하는 지체시간(遲滯時間)을 감안하면 소방대가 현장에 도착하여 진압작업을 개시하는 시점에는 이미 골든타임을 벗어나 화재가 확산되어 있는 상황인 것이다. 그러므로 골든타임을 감안(勘案)하여 소방대의 출동이전에 자체적으로 초기진압을 할 수 있는 방재시스템을 구축(構築)하여야 하는 것이다. 이에 소방대의 도착이전의 골든타임 이내에 자체적으로 조기진압 및 피난을 할 수 있어야 할 것이며, 다만 출동한 소방대는 인접한 건물이나, 주유소 등으로의 연소 확산(延燒 擴散)을 방지하는 역할로 개념(槪念)을 정리할 필요가 있는 것이다. 소방관련 법령 및 화재안전기준 등은 수시로 개정 발전 되어 오늘날에 이르렀다, 하지만 아직까지도 불합리하고 모순된 규정 등이 곳곳에 산재해 있다. 이에 틀에 박힌 고정관념에서 벗어나 보다 논리적이고 합리적이며 현장여건에 부합하는 선진화된 소방제도를 구축하여 화재참사로부터 국민의 생명과 재산보호는 물론 그 손실을 최소화하기 위한 선진화된 소방관련 제도로 정착시켜야 할 것이다.