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대용시장(代用市場)포트폴리오의 효율성(效率性)에 대한 다변량(多變量) 검증(檢證) - 무위험자산(無危險資産)이 존재(存在)하지않을 경우 -

  • Gu, Bon-Yeol
    • The Korean Journal of Financial Management
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    • v.12 no.2
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    • pp.43-71
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    • 1995
  • 본(本) 연구(硏究)는 한국증권시장(韓國證券市場)에서 무위험자산이 존재하지 않을 경우에 대용시장(代用市場)포트폴리오의 효율성(效率性) 검증(檢證)을 다변량(多變量)의 검증방법(檢證方法)에 의해 실시하고자 하였다. 검증을 위하여는 첫째로 제로베타수익률을 구하고자 하였으며 이는 Kandel(1984)과 Shanken(1985)의 연구에 기초하여 추정하는 방법을 제시하였다. 둘째로 Jobson-Korkie(1982,1989), Handel(1984,1986)과 Shanken(1985,1986)의 논문(論文)에 의거 대용시장포트폴리오의 효율성을 검증하는 과정을 유도하고 이의 검증(檢證) 통계량(統計量)을 유도하였다. 효율성 검증에 사용된 대용시장포트폴리오들은 한국종합주가지수(韓國綜合株價指數), 한경(韓經)다우지수(指數)와 2개의 동일가중지수(同一加重指數)이었다. 실증적 연구결과, 전기간(全期間)의 경우에 한국종합주가지수(韓國綜合株價指數)와 한경(韓經)다우지수(指數)의 평균수익률은 GMVP의 수익률보다 낮을 뿐만아니라 평균-분산(平均-分散)프론티어의 외부(外部)에 위치하여 이 대용시장지수(代用市場指數)들이 효율적(效率的)프론터어상에 있는가에 대한 검증(檢證)은 불가능하였다. 그리고 하위기간별분석(下位期間別分析)에서도 이 대용시장지수(代用市場指數)(후반기(後半期)의 한경(韓經)다우지수(指數) 제외)들은 평균-분산프론티어의 내부(內部)에 있어 효율성 검증은 가능하였다. 그러나 이는 대용시장지수(代用市場指數)가 효율적 프론티어상에 있는가에 대한 효율성 검증이 아니라 단순히 평균-분산프론티어상에 있는가에 대한 검증에 불과하였으며 이러한 검증 결과는 효율적(效率的)인 것으로 나타났다. 한편 한국증권거래소(韓國證券去來所)에 상장(上場)된 전 종목(種目)을 대상으로한 동일가중지수(同一加重指數)와 본 연구의 기준시점인 1980년도에 한국증권거래소에 상장된 종목을 대상으로 구성한 동일가중지수(同一加重指數)는 이들의 평균수익(平均收益)이 GMVP의 수익률보다 높을 뿐만 아니라 대용시장지수(代用市場指數)가 효율적(效率的) 프론티어 상에 있는가에 대한 효율성 검증에서 모두효율적(效率的)인 것으로 나타났다. 이러한 사실은 한국종합주가지수(韓國綜合株價指數)를 근거로 기관투자자들이 투자수익율(投資收益率)의 관점에서 포트폴리오를 구성하거나 CAPM의 실증적(實證的) 연구시에 대용시장지수(代用市場指數)로 사용하는 것은 문제점이 있는 것으로 판단되며 따라서 동일가중지수(同一加重指數)를 선택함이 바람직할 것으로 사료된다.

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Hovering System for Autonomous Flight of Multi-copter (멀티콥터의 자율비행을 위한 호버링 시스템)

  • Kim, Hyung-Su;Park, Byeong-Ho;Han, Young-Hwan
    • The Journal of Korean Institute of Information Technology
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    • v.16 no.12
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    • pp.49-56
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    • 2018
  • As the era of the 4th industrial revolution comes, there is a growing interest in the use of UAVs. While various technologies are being developed using drones, controlling flight of drones is the most basic. Hovering control is essential in order to enable autonomous flight, especially during flight control of drones. In this paper, we design drones based on ATmega2560, Sonar, Optical Flow, and acceleration / gyro 6 axis sensor for drones hovering control, and developed horizontal control, altitude control, position tracking and fixed algorithm based on PID control. In this research, in order to measure the objective result of the drone, keeping the altitude immediately after the drone takes off according to the time, measure the movement value until the position is fixed and stable hovering is maintained and compared analyzed. Experimental results show that the drones can stably hover within 4cm horizontal and 2cm vertical from 50cm above the reference coordinates.

Analysis of Discriminant Accuracy of Estimated Load Carrying Capacity in Bridges (교량 추정 내하율 판별 정확도 분석)

  • Kyu San Jung;Dong Woo Seo;Byeong Cheol Kim;Gun Soo Kim;Ki Tae Park;Woo Jong Kim
    • Journal of Korean Society of Disaster and Security
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    • v.16 no.4
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    • pp.123-128
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    • 2023
  • This paper presents the results of an analysis of the discrimination accuracy of a bridge load carrying capacity estimation model based on data from inspection reports. The load carrying rate estimation model was derived using statistical methods through the collection of 2,161 inspection reports. By entering the bridge specifications and maintenance information, you can check the estimated load carrying capacity of the bridge. In order to verify the discrimination accuracy of the estimated load carrying rate model, the estimated load carrying rate was compared with the load carrying rate in the inspection and diagnosis report for 164 public bridges for which data was available. Although there are differences depending on the bridge type, the results were obtained with an accuracy of over 80% in determining the estimated load carrying capacity.

Electro-fatigue Characteristic of Shape Memory Alloy Applied to the Electrosurgical Knee Wand of Variation of Wand Head Angle in Electrosurgical Knee Surgeries (헤드각이 변화하는 Electrosurgical Knee Wand에 적용된 형상기억합금 스프링의 전기적 피로특성)

  • An, Jae-Uk;Kim, Cheol-Woong;Lee, Ho-Sang;Wang, Joon-Ho;Oh, Dong-Joon
    • Proceedings of the KSME Conference
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    • 2008.11a
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    • pp.1547-1552
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    • 2008
  • The tip of these catheter with straight needles is not able to reach in the vicinity of the disc bulging, which are the cause of the low back pain and because the far indirect radio-frequency treatment results in the decompression, the nucleoplasty has the limit. Many incurable diseases has not been solved due to the unexistence of the advanced technique for the MIS human body catheter device. To increase the possibility of nucleoplasty, the needle tip should be located at the closest area of the lesion. For this reason, the best way to increase the success rate of the operation is that the needle tip should access 3-dimensionally to the operating field as soon as possible. To achieve this aim, our studies are restricted as follows: 1) the SMA catheter design to control the 3-dimensional direction, 2) the security of the immediate response by the positive control of the SMA element thermal distribution using Peltier thermoelectric elements, 3) the aquisition of the control data by monitoring the relationship between the temperature of SMA element and the displacement, and 4) the design of the controller to guarantee the accurate location.

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Design and Implementation of Wearable Device using Lithium Polymer consist of Peltier (열전소자로 구성된 리듐 폴리머 베터리를 이용한 웨어러블 장치 설계 및 구현)

  • Li, YongZhen;Choi, Young_Soon
    • Journal of Convergence Society for SMB
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    • v.5 no.2
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    • pp.15-20
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    • 2015
  • Recently, as smart phone technology is developing, wearable devices is also accelerating. But, the wearable device is necessary to operated for a long time with a small electric power because werable device is made compact. In this paper, we design and implement efficient lithium polymer battery model suitable to miniaturized wearable device in oder to maximize ease of use. The proposed model is characterized by a compact size of the battery by applying a thermal element and a light-weight battery. Also, proposed model gives greatly improve the life of wearable devices because it uses a method using the characteristics of the Peltier device using the temperature difference between the room temperature and body temperature of a person to generate power for charging. In particular, the proposed model can be used for the wearable device, as well as auxiliary charging of the smart phone.

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Investigation on the Preparation Method of TiO2-mayenite for NOx Removal (질소산화물 제거를 위한 TiO2-mayenite 제조 방법에 관한 연구)

  • Park, Ji Hye;Park, Jung Jun;Park, Hee Ju;Yi, Kwang Bok
    • Clean Technology
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    • v.26 no.4
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    • pp.304-310
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    • 2020
  • In order to apply a photocatalyst (TiO2) to various building materials, TiO2-mayenite was prepared in this study. The TiO2 was synthesized using the sol-gel method by fixing titanium isopropoxide (TTIP) and urea at a ratio of 1 : 1. Later, they were calcined in a temperature range of 400-700 ℃ to analyze the properties according to temperature. BET, TGA, and XRD were used to analyze the physical and chemical properties of TiO2. The nitrogen oxide removal test was confirmed by measuring the change in the concentration of NO for 1 h according to KS L ISO 22197-1. The prepared TiO2 samples exhibited an anatase crystal structure below 600 ℃, and TiO2 (urea)-400 showed the highest nitrogen oxide removal rate at 2.35 µmol h-1. TiO2-mayenite was prepared using two methods: spraying TiO2 dispersion solution (s/s) and sol-gel solution (g/s). Through BET and XRD analysis, it was found that 5-TiO2 (g/s) prepared by spraying a sol-gel solution has maintained its crystallinity even after heat treatment. Also, 5-TiO2 (g/s)-500 showed the highest removal rate of 0.55 µmol h-1 in the nitrogen oxide removal test. To prepare TiO2-mayenite, it was confirmed that mayenite should be blended with TiO2 in a sol-gel state to maintain the crystal structure and exhibit a high nitrogen oxide removal rate.

A study on Property and CO2 Emission Factor of Domestic Transportation Fuel (국내 수송용 연료의 물성 및 CO2 배출계수 산정연구)

  • Kang, Hyungkyu;Doe, Jinwoo;Ha, Jonghan;Na, Byungki
    • Journal of Energy Engineering
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    • v.23 no.3
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    • pp.72-81
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    • 2014
  • Intergovernmental Panel on Climate Change(IPCC) suggested the three methodology, Tier 1/2/3, considering with the accuracy and difficulty of greenhouse gas emission statistics according to the report determined as the international criterion. In Korea, the existing inventory building was made by the Top-down approach applying with the emission factors for transportation in the entire energy consumption, the emission factors were investigated under the domestic traffic situation which did not reflect by the continuing increase of vehicle and the change of road section. From the suggestion of IPCC, which it is estimated that the emission estimation of $CO_2$ in greenhouse gas emission could be calculated more accurate by the carbon content according to the fuel, the establishment of measures to respond to climate change from the latest greenhouse gas emissions statistics will be able to improve the accuracy of national statistics using monthly or seasonally the analysis of carbon content about the transportation fuels.

Web 2.0 and Web novels -Focusing on Web-based Romance Novels (웹 2.0 시대와 웹소설 -웹 로맨스 서사를 중심으로)

  • Ryu, Su-Yun
    • Journal of Popular Narrative
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    • v.25 no.4
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    • pp.9-43
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    • 2019
  • Web novels are one of the most actively adapted genre novels under a new medium called the Internet. Research on cultural content implemented on top of digital media is naturally closely related to environmental changes in digital media. The same goes for Web novels sparked by the identity of Web platforms. Especially in the case of web novels, the platform itself that provides them has triggered direct changes in genre code and reading patterns. From this perspective, this thesis wanted to examine the formation process and strategic features of web novels, which became content and products on the web platform environment. First of all, through the formation process ranging from communication novels to Internet novels and web novels, I arranged the transition to digital media and the change of genre novel market. This was an attempt to extract that Web novels not only have continuity as genre novels, but also have a turning point as digital content. Web novels are digital content that internalizes the values of the Web 2.0 era. It should also be a core product that grows the pie in the market in its own right. This paper noted that web novels are content that embodies these consumption values. So this thesis considered about what is the visualization and commercialization strategy of the web-based novels that is currently formed, and what is the current status of the web-based romance novels as the content and the product that is driving OSMU most actively in the process of commercialization. Through this process, I found that the greatest characteristic of web novels as genre novels that have evolved into digital content is their division and crack of genre.

Economic Impact Analysis of Hydrogen Energy Deployment Applying Dynamic CGE Model (동태 CGE 모형을 활용한 수소에너지 보급의 경제적 영향 추정)

  • Bae, Jeong-Hwan;Cho, Gyeong-Lyeob
    • Environmental and Resource Economics Review
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    • v.16 no.2
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    • pp.275-311
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    • 2007
  • Hydrogen energy is emphasized as a substitutable energy of carbon-based energy system in the future, since it is non-depletable and clean energy. Long term vision of Korean government on the national energy system is to promote hydrogen energy by 15% of final energy demand until 2040. This study analyzes economic impacts of hydrogen energy development employing a dynamic CGE model for Korea. Frontier technology such as hydrogen energy is featured as slow diffusion at the initial stage due to the learning effect and energy complementarity. Without government intervention, hydrogen energy would be produced upto 6.5% of final energy demand until 2040. However, if government subsidizes sales price of hydrogen energy by 10%, 20%, and 30%, share of hydrogen energy would increase 9.2%, 15.2%, and 37.7% of final energy demand. This result shows that the slow diffusion problem of hydrogen energy as frontier technology could be figured out by market incentive policy. On the other hand, production levels of transportation sector would increase while growth rate of oil and electricity sectors would decline. Household consumption would be affected negatively since increase of consumption due to the price decrease would be overwhelmed by income reduction owing to the increase of tax. Overall, GDP would not decrease or increase significantly since total production, investment, and export would increase even if household consumption declines.

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Calculation of Greenhouse Gas and Air Pollutant Emission on Inter-regional Road Network Using ITS Information (지능형교통체계(ITS) 정보를 이용한 지역 간 도로의 온실가스 및 대기오염물질 배출량 산정)

  • Wu, Seung Kook;Kim, Youngkook;Park, Sangjo
    • Journal of Korean Society of Transportation
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    • v.31 no.3
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    • pp.55-64
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    • 2013
  • Conventionally, greenhouse gas (GHG) emissions in the transport sector have been estimated using the fuel consumption (i.e. Tier 1 method). However, the GHG emissions on road networks may not be practically estimated using the Tier 1 method because it is not practical to monitor fuel consumption on a road segment. Further, air pollutant emissions on a road may not be estimated efficiently by the Tier 1 method either due to the diverse characteristics of vehicles, such as travel speed, vehicle type, model year, fuel type, etc. Given these conditions, the goal of this study is to propose a Tier 3 level methodology to calculate $CO_2$ and $NO_X$ emissions on inter-regional roads using the information from ITS infrastructure. The methodology may avoid the under-estimation issue caused by the concavity of emission factor curves because the ITS speed or volume information is aggregated by a short time interval. The proposed methodology was applied to 4 road segments as a case study. The results show that the management of heavy vehicles' speed is important to control the $CO_2$ and $NO_X$ emissions on road networks.