• The Korean Chronic Disease News
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• no.312
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• pp.1-18
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• 2007

서울 마포구 보건소 하현성 소장/65세 이상 서울시민 무료 치매 검진/‘건강투자’보건의료전략 제시/국산약 해외진출,“ 현지화가 급선무”/‘의약품정책협의회’공식 출범/서방형 성장호르몬 상품화 성공/“다 함께 건강증진, 안전한 마포 건설”/지역자원역량강화 통합적 서비스 체계 구축/전립선비대증‘녹차’예방 효과 커/건강검진 수검자 비만율 30.64%/“식품첨가물, 아토피피부염과 상관없다”/허리둘레 크면 당뇨위험 2.2배 증가/발의 구조가 무너지면 인체의 구조가 무너진다/고령친화 모델지역 기본구상/

• The Korean Journal of Financial Studies
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• v.6 no.1
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• pp.1-22
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• 2000

본 연구는 기업의 자본조달행태를 가장 잘 설명할 수 있는 이론을 자본조달순서 이론으로 대별하고 한국기업의 자본조달행동에 대한 설명력을 실증분석하였다. 실증분석결과는 첫째, 투자안에 소요되는 충분한 여유자금의 유무는 외부자본조달결정에 정(+)의 영향을 미치고 있으며, 보통주보다 회사채를 선호하는 것으로 나타났다. 그러나 현금과잉이 외부금융가능성에 음(-)의 영향을 미친다고 단정지을 수는 없다. 둘째, 기업의 위험이 증가할수록 부채사용의 증가를 예측하고 있으며, 정보비대칭에 관한 대용변수가 POT에서 주장하는 자본조달 신호로 작용하고 있지 않다. 이러한 결과는 투자안에 소요되는 내부자본이 부족하여 외부자본을 조달할 경우에 기업의 능력보다도 자본시장의 환경과 시장여건이 더욱 중요하다는 것을 시사하고 있다.

• The Korean Journal of Financial Management
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• v.15 no.1
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• pp.183-205
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• 1998

공매(short sale)에 대한 제약이 없는 투자환경에 비해 공매에 대한 제약이 있는 투자환경에서는 주식과 같은 위험자산의 가격은 한동안 과대 평가된다. Figlewski & Webb (1993)는 공매에 대한 제약으로 인해 악재(bad news)가 주가에 과소 반영된다고 하였으며, Diamond & Verrecchia(1987)는 공매에 대한 여러 제약(short-sale constraints)으로 인해 주식시장에 호재로 작용하는 정보(favourable information)와 악재로 작용하는 정보(unfavourable information)가 주식시장에 비대칭적으로 반응하며, 악재가 주가에 더 늦게 반영된다는 것을 보였다. 그러나, 주가지수옵션의 거래는 여러 제약이 많은 공매제도로 인해 악재가 주식시장에 일시적으로 과소반영되는 비효율성을 해결해준다. 그래서 본 연구는 주가지수옵션이라는 파생금융상품의 도입으로 인해 악재의 주가 반응 속도에 어떠한 영향을 미치는 지에 대해 살펴보았다. 전환(switchig) GJR-MA(1) 모델을 이용한 실증분석 결과에 의하면, 주가지수옵션의 거래는 여러 제약이 많은 공매제도로 인해 악재가 주식시장에 늦게 반영되는 비효율성을 제거하게 되어, 옵션 도입 이후로 주식시장의 악재로 인한 변동성 충격(volatility shock)이 그 시장에 더욱 더 빨리 흡수되어 정보적 시장효율성(informational market efficiency)을 증대시키는 결과를 보였다.

• Journal of the KSME
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• v.33 no.4
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• pp.343-355
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• 1993

각종 기기 구조물이나 인간은 세월이 흐를수록 원래 그들이 가지고 있는 최적의 상태에서 점차로 열화 및 노화되어 간다. 이와 더불어 가혹한 주변환경이나 무리한 작동 및 활동으로 인한 피로, 관리 및 유지의 소홀함등과 같은 이유가 열화 및 노화현상을 더욱 가속화시키고 있다. 그림 8에 서로간의 연관성을 정리하여 나타내고 있다. 특히 막대한 자금으로 여러 가지 목적으로 설비된 기계구조물이 노후화되어감에 따라 유지, 검사 및 보수의 허로 인한 대형사고의 결과는 국가경 제뿐만 아니라 수많은 인명의 위험이 뒤따르므로 그것들의 방지책으로는 정확한 수명예측을 위한 기술적 터득과 더불어 데이터의 축적, 신뢰성 있는 평가방법들의 개발에 관한 투자와 연구가 시급한 실정이며, 인체의 노화에 대해서도 인적자원의 관리면에서 투자와 연구가 긴요하다는 것은 설명의 여지가 없다. 이러한 목적을 위해서는 각 전문분야의 학술적 교류와 더불어 산 . 학. 연의 공동연구를 통한 지속적 연구노력이 계속되어야 할 것이다.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.4 no.3
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• pp.189-192
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• 2003

This Study attempts to explore the Concept, Necessity, and Applicability of the Catastrophe Bond (Cat Bond) in Korea. Cat Bond is a new financing product, which is not introduced in Korea yet. It is a new trend in world market to cooperate the insurance and capital market through the Cat Bond. Cat Bond has to be introduced in Korea as in a world market.

• Korean Journal of Construction Engineering and Management
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• v.19 no.2
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• pp.96-106
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• 2018

The government adopted activation policy of real estate to overcome low economic growth rate. Real estate activation plan adopted by the government raised credit limit by lowering the regulation, and reduced real estate investment cost by reducing the base rate. Also, delayed transfer tax on multi-house owner to activate real estate investment and resolved purchase right resale. Relief of real estate regulate caused increase of housing sales and price increase, and the real estate market changed to overheating aspect such as premium upon completion of lot sale in a short time. Such market atmosphere greatly increased household debs as owners own houses based on 'financial debt' instead of their income. Since 2017, real estate policy was reinforced to reduce household debts and lending rate was raised due to rise of base rate, accordingly, burden of household debt is expected to increase. This research suggested a plan for the Financial Supervisory Service to efficiently manage the financial world by analyzing the cause and problem of household debs.

• The Korean Journal of Financial Management
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• v.22 no.2
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• pp.165-187
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• 2005

This paper tries to investigate the relationships among stock return volatility, time-varying risk premium and Korea Discount. Using Korean Composite Stock Price Index (KOSPI) return from January 4, 1980 to August 31, 2005, this study finds possible links between time-varying risk premium and Korea Discount. First of all, this study classifies Korean stock returns during the sample period by three regime-switching volatility period that is to say, low-volatile period medium-volatile period and highly-volatile period by estimating Markov-Switching ARCH model. During the highly volatile period of Korean stock return (09/01/1997-05/31/2001), the estimated time-varying unit risk premium from the jump-diffusion GARCH model was 0.3625, where as during the low volatile period (01/04/1980-l1/30/1985), the time-varying unit risk premium was estimated 0.0284 from the jump diffusion GARCH model, which was about thirteen times less than that. This study seems to find the evidence that highly volatile Korean stock market may induce large time-varying risk premium from the investors and this may lead to Korea discount.

• Journal of Korean Society of Transportation
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• v.25 no.5
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• pp.161-172
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• 2007

Vehicles transporting hazardous materials can make huge damage to people, properties and environment by traffic accidents. Therefore, transporting hazardous materials is a big issue with the cutting edge technology of communications in these days. However, despite this situation, Korean government gives limited efforts for systematic management, research and investment about hazardous materials. Accordingly, this research suggests the key path finding algorithm about management of real-time schedule and routes for vehicles transporting hazardous materials. Besides, the case study is progressed in transportation networks of Seoul in order to evaluate the reality of algorithm. Specifically, time-space network transformation is performed for time window attributes. In addition, this study proposes the techniques searching for non-dominated paths considering schedule by the multiobjective shortest path algorithm based on dynamic programming in dynamic transportation networks including multiobjective attributes.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.14 no.11
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• pp.5964-5970
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• 2013

The recent budget planning for highway infrastructure implied that the investments for Operation & Maintenance(O&M) became greater than that for new construction. This circumstance made many stakeholders pay attention to the O&M of road infrastructure and adopt other countries' policies and system for effective management. In other countries, most O&M for road infrastructure have been done by private entities using long-term contract and Korea is about to shift from one year contract to long-term contract. The most important parts for the expansion of the long-term O&M contract for road infrastructure are valuation of the O&M contract based on accurate prediction of O&M costs and instrument for proper risk sharing between contracting parties. Thus, this study provides a methodology to estimate a reasonable O&M contract price and a framework to share contract risk between contracting parties using real option. The analysis results showed that the contract price and ceiling and floor conditions for the 20 year-contract of 20 km-highway project were 45.7, 60 and 42.3 billion won, respectively.

• Korean Journal of Construction Engineering and Management
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• v.23 no.1
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• pp.83-88
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• 2022

Companies make decisions with risks such as choosing an investment plan in order to pursue profits. This study explained the decision making of the management of construction companies in South Korea using the tendency to avoid losses in the Prospect Theory. To this end, 20-year financial data of 2,881 companies engaged in real estate development, which have to bear the greatest risk among the construction industry, were collected. The collected companies were roughly classified based on the reference point, and the causal relationship between average return on equity and risk preference by group was empirically analyzed through regression analysis. As a result, it was confirmed that if the average return on equity of a company decreases for the group above the reference point, it tends to select an investment plan with low uncertainty in order not to lose additional money. In addition, it was confirmed that if the average return on equity of a company decreases for the group below the reference point, it tends to select an investment plan with high uncertainty to move to the profit area. This result is exactly consistent with the loss aversion tendency of the Prospect Theory.