• The Korean Journal of Financial Management
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• v.12 no.2
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• pp.73-93
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• 1995

본 연구는 주식시장에서의 체결가격을 균형가격으로 가정하여 계산된 수익률에 관한 통계추정치의 편의에 관하여 분석하고 있다. 주식수익률의 통계적모멘트를 추정하는 것은 주식가격의 행태를 분석하는 연구 및 사건연구등에서 많은 학자들에 의하여 수행되어 왔다. 기존의 대부분의 연구들은 시장에서 체결된 가격이 그 시점의 진정한 균형가격이라는 가정하에 수익률을 계산하고 이 수익률 자료로부터 수익률의 평균, 표준편차, 외도(skewness), 침도(kurtosis) 등의 통계적모멘트를 추정하였다. 그러나 체결가격은 시장의 규칙에 의해 일정한 호가단위로만 거래될 뿐 아니라 매도 또는 매수호가에 거래됨으로써 진정한 균형가격과의 괴리가 있을 수 있게 된다. 본 연구는 주식호가단위의 불연속성과 매도매수호가의 차이로 연한 통계추정치의 편의에 관한 모형을 도출하여 편의의 크기와 특징을 분석하고, 이를 수정하는 간편식을 도출하여 그 유효성을 검증하고 있다. Gottlieb and Kalay(1985), Ball(1988), Cho and frees(1988)등은 1/8 달러의 최소호가단위로 인하여 발생하는 기존의 분산추정치의 편의를 계산하고 이를 수정하는 간편식을 제시하였다. French and Roll(1986)은 휴일이 포함된 기간의 수익률 분산과 평일 분산추정치의 비율이 기간과 비례하지 않는 원인중 하나는 매도매수호가차이로 인한 분산추정치의 편의라는 점을 설명한 바 있다. Choi and Shastri(1989)는 Black and Scholes 옵션가격 결정모형 이 주식 분산값의 크기에 따라 일정한 편의를 보이는 주요한 원인은 퍼센티지 매도매수호가차이와 옵션가격이 모두 진정한 분산치의 정의 함수이기 때문이라는 점을 보였다. Harris(1988)와 최종연(1994)는 주가의 불연속성 및 매도매수호가차이를 동시에 고려하여 기존의 분산추정치가 어떠한 편의를 보이는지에 관하여 분석한 바 있다. 본 연구에서는 최종연(1994)의 연구에서 도출된 모형을 연장하여 국내 주식시장과 같이 주가 수준에 따라 최소호가단위가 변화할 때의 변형모형을 도출하였다. 또한 이 모형에 따라 통계추정치의 편의를 수익률의 표준편차를 중심으로 계산하여 그 정도를 미국시장의 경우와 비교하였고, 그 추정치의 수정 방법에 대하여 호가단위가 변화하는 주가금액이 10,000원 주변일 경우를 중심으로 분석하였다.

• The Journal of Engineering Geology
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• v.31 no.2
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• pp.149-163
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• 2021

Damage characteristics of granite, marble and sandstone whose properties were different were investigated by uniaxial compression test and cyclic loading-unloading test. Strength, elastic constants and damage threshold stresses were measured by uniaxial compression test and were compared with those measured by cyclic loading-unloading test. Average rock strengths measured by cyclic loading-unloading test were either lower than or similar with those measured by uniaxial compression test. Rocks with high strength and low porosity were more sensitive to fatigue than that with low strength and high porosity. Although permanent strains caused by cyclic loading-unloading were different according to rock types, they could be good indicators representing damage characteristics of rock. Damage threshold stress of granite and marble might be measured from stress-permanent strain curves. Acoustic emissions were measured during both tests and felicity ratios which represented damage characteristics of rocks were calculated. Felicity ratio of sandstone which was weak in strength and highly porous could not be calculated because of very few measurements of acoustic emissions. On the other hand, damage threshold could be predicted from felicity ratios of granite and marble which were brittle and low in porosity. The deformation behaviors and damage characteristics of rock mass could be investigated if additional tests for various rock types were performed.

• Archives of Hand and Microsurgery
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• v.23 no.4
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• pp.248-253
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• 2018

Purpose: The purpose of this study was to evaluate the clinical results of anatomic reduction of bony mallet finger using modified-intrafocal pinning technique. Methods: From March 2014 to October 2017, 18 patients with bony mallet finger were treated with modified-intrafocal pinning technique. Kirschner-wire was used to directly reduction the bony fragment, and extension block pinning and distal interphalangeal joint fixation were additionally performed to minimize the loss of reduction. Postoperative pain, range of motion, and radiological evaluation were performed. Duration of bone healing, functional recovery and complication rate were evaluated and Crawford's criteria was used to determine functional outcome after surgery. Results: Bone union was achieved in all cases after a postoperative mean of 6 weeks (5-7 weeks). An average of $2.8^{\circ}$ ($0^{\circ}-10^{\circ}$) extension loss occurred in all patients. All patients showed satisfactory joint congruency and reformation of the joint surface, the mean flexion angle of the distal interphalangeal joint at the final follow-up was $72.2^{\circ}$ ($70^{\circ}-75^{\circ}$). According to Crawford's classification, 12 patients (66.7%) were excellent and 6 patients (33.3%) were good. Conclusion: Modified-intrafocal pinning technique is a method of obtaining anatomical bone healing by directly reduction and fixation of the bony fragment. Combined with other conventional percutaneous pinning procedures, it is expected that good results can be obtained if applied to appropriate indications.

• Journal of the Korean GEO-environmental Society
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• v.13 no.1
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• pp.21-29
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• 2012

Ground failure by liquefaction can occur not only during shaking but also as the result of the post-liquefaction process after an earthquake. During the process of ground deformation and failure, excess pore water pressure in soil is redistributed, which can then lead to changes in the effective stress of soils. Therefore, in order to provide a further understanding of the phenomenon, we have to estimate the properties of effective stress during the recompression process in post-liquefaction as well, not only the total amount of pore water drained. The primary objectives of this study are to determine and compare the recompression properties in the post-liquefaction process in terms of the relationship between volumetric strains and mean effective stresses under the various conditions of relative density and shear stress history. In all experimental cases, the volumetric strains increase greatly in the low effective stress level, almost to the zero zone, and granite soil, which has fine grains, undergoes gradual changes in the relationship between volumetric strains and mean effective stresses compared with fine sand. And, we can also find that recompression properties in the post-liquefaction process by cyclic loading depend highly on the dissipation energy and maximum shear strain, and this fact can be obtained in all cases regardless of the existence of fine content, relative density, and loading history. Especially, granite soil having fine grains can be defined uniformly in the relationship between dissipation energy and maximum volumetric strain, while fine sand cannot be so uniformly defined.

• Journal of the Korean earth science society
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• v.42 no.2
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• pp.164-174
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• 2021

The study examines the shearing and crushing characteristics of land-derived subaqueous granular materials in a gravel-bed river. A series of large-sized ring shear tests were performed to examine the effect of shear time and shear velocity on the shear stress characteristics of aquarium gravels with a 6-mm mean grain size. Three different shear velocities (i.e., 0.01, 0.1, and 1 mm/sec) were applied to measure the shear stress under the drained (long-term shearing) and undrained (short-term shearing) conditions. Different initial shear velocities, i.e., 0.01→0.1→1 mm/sec and 0.1→0.01→1 mm/sec, were considered in this study. The test results show that the grain crushing effect is significant regardless of drainage conditions. The shear stress of coarse-grained materials is influenced by initial shear velocities, regardless of the drainage conditions. In particular, particle breakage increases as grain size increases. The shearing time and initial shear velocity are the primary influencing factors determining the shear stress of gravels. The granular materials may be broken easily into particles through frictional resistance, such as abrasion, interlocking and fracture due to the particle-particle interaction, resulting in the high mobility of granular materials in a subaqueous environment.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.29 no.2C
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• pp.71-79
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• 2009

This study is to develope the resilient modulus prediction model, which is the function of mean effective principal stress and axial strain, for three types of railroad trackbed materials such as crushed stone, weathered granite soil, and crushed-rock soil mixture. The model consists of the maximum Young's modulus and nonlinear values for higher strain, analogous to dynamic shear modulus. The maximum value is modeled by model parameters, $A_E$ and the power of mean effective principal stress, $n_E$. The nonlinear portion is represented by modified hyperbolic model, with the model parameters of reference strain, ${\varepsilon}_r$ and curvature coefficient, a. To assess the performance of the prediction models proposed herein, the elastic response of a test trackbed near PyeongTaek, Korea, was evaluated using a 3-D elastic multilayer computer program (GEOTRACK). The results were compared with measured elastic vertical displacement during the passages of freight and passenger trains at two locations, whose sub-ballasts were crushed stone and weathered granite soil, respectively. The calculated vertical displacements of the sub-ballasts are within the order of 0.6mm, and agree well with measured values. The prediction models are thus concluded to work properly in the preliminary investigation.

• Journal of Chest Surgery
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• v.36 no.12
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• pp.937-942
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• 2003

Morbidity, the use of analgesics, the amount of postoperative drainage and the postoperative hospital stay were reduced in VATS for pneumothorax. However, some authors preferred minithoracotomy to VATS because the rate of recurrence after VATS were between 5% and 10%. Therefore, we present a modified thoracoscopic bullectomy (MTB) which we believe has the advantages of conventional VATS and minithoracotomy. Material and Method: Sixty-six patients who received the operation from January 2002 to December 2002 were divided into 3 groups. Twenty-six patients were treated by axillary minithoracotomy and thirteen by conventional VATS and 18 by modified thoracoscopic bullectomy, The mean age was 21.9 years (range, 16∼35 years) for minithoracotomy group, 20.6 years (range, 17∼28 years) for conventional VATS group and 22.6 years (range, 16∼39 years) for MTB group. The mean follow-ups were 11.4 months for minithoracotomy group, 9.5 months for conventional VATS group and 4.7 months for MTB group. Result: The mean duration of operation was 55.79$\pm$23.35 minutes in MTB and 44.23$\pm$19.24 minutes in conventional VATS (p=0.333). The number of staplers being used was 1.63 $\pm$0.76 in MTB, 1.41$\pm$0.64 in minithoracotomy (p=0.663), and 2.92$\pm$1.19 in conventional VATS (p<0.001). The duration of indwelling chest tube was 1.63$\pm$0.76 day in MTB, 4.07$\pm$ 1.41 day in minithoracotomy (p<0.001) and 4.46$\pm$2.33day in conventional VATS (p<0.001). Hospital length of stay was 3.26$\pm$0.81 day in MTB, 6.04$\pm$2.21 day in minithoracotomy (p<0.001) and 6.69$\pm$3.33 day in conventional VATS (p<0.001). The number of postoperative complication and recurrence were 2 in minithoracotomy (7.4%), 5 in conventional VATS (38.5%) and 1 in MTB (5.6%). Conclusion: Modified thoracoscopic bullectomy is an effective procedure in the treatment of spontaneous pneumothorax.

• Journal of the Korea Concrete Institute
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• v.24 no.2
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• pp.205-214
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• 2012

Crack widths play an important role in the serviceability limit state. When crack widths are controlled sufficiently, the reinforcement corrosion can be reduced using only existing concrete cover thickness due to low permeability in the region of finely distributed hair-cracks. Thus, the knowledge about the tensile crack opening is essential in designing more durable concrete structures. Therefore, numerous researches related to the topic have been performed. Nevertheless accurate measurement of a crack width is not a simple task due to several reasons such as unknown potential crack formation location and crack opening damaging strain gages. In order to overcome these difficulties and measure precise crack widths, a displacement measurement system was developed using digital image correlation. Accuracy calibration tests gave an average measurement error of 0.069 pixels and a standard deviation of 0.050 pixels. Direct tensile test was performed using ultra high performance concrete specimens. Crack widths at both notched and unnotched locations were measured and compared with clip-in gages at various loading steps to obtain crack opening profile. Tensile deformation characteristics of concrete were well visualized using displacement vectors and full-field displacement contour maps. The proposed technique made it possible to measure crack widths at arbitrary locations, which is difficult with conventional gages such as clip-in gages or displacement transducers.

• Journal of the Korean Orthopaedic Association
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• v.55 no.2
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• pp.154-161
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• 2020

Purpose: To describe the clinical and radiology results of a surgical treatment for clinodactyly due to a longitudinal epiphyseal bracket. Materials and Methods: This study analyzed the records of 11 patients (27 case) with clinodactyly due to a longitudinal epiphyseal bracket who underwent an osteotomy or physiolysis between March 1999 and April 2017. The preoperative range of motion of the proximal and distal interphalangeal joints, the subjective satisfaction of the patient, and the degree of angulation to the ulnar side were examined. The patients were classified into two groups: osteotomy and physiolysis. The results were reviewed retrospectively and compared according to the surgical method. Results: The mean age of the patients who underwent osteotomy was 10.3 years. The average preoperative angle was 25.7° and the average postoperative angle was 13.5° the mean correction rate was 47.4%. The mean age of the patients who underwent physiolysis was 6.0 years the mean preoperative angle was 24.5° and the postoperative angle was 10.7°. The average correction rate was 59.4%. No significant difference in the correction angles was observed between the group who underwent the correction osteotomy and the group who underwent the osteotomy. In each group, the postoperative correction was statistically significant. The range of motion at the last follow-up was not significantly different from the preoperative range of motion. Conclusion: In patients with clinodactyly due to longitudinal epiphyseal bracket, osteotomy or physiolysis may be performed selectively according to age, bone age, and radiological progression. Both surgical methods showed good clinical results and deformity correction.

• International Journal of Highway Engineering
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• v.2 no.2
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• pp.149-161
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• 2000

The stiffness of the subbase materials is represented by the resilient modulus, $M_R$, which are very important properties in the mechanistic design of flexible pavement system. However, the cyclic $M_R$ testing method is too complex, expensive, and time consuming to be applicable on a production basis. In this study, the alternative $M_R$ testing technique for subbase materials was developed using a free-free resonant column (FF-RC) test considering deformational characteristics of subbase materials. To estimate the deformational characteristics of subbase materials, effects of strain amplitude and mean effective stress on modulus of subbase materials were investigated. The $M_R$ values determined by alternative testing procedures matched well with those determined by standard $M_R$ test, showing the capability of the proposed methods being used in determining $M_R$ values.