• The Journal of Asian Finance, Economics and Business
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• 제7권7호
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• pp.139-147
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• 2020

This paper aims to explore the relationship between the quality of the audit and the level of stock return co-movement in the context of the Vietnamese emerging market. The empirical study is designed based on the quatitative method and deductive approach. The panel dataset includes 256 listed firms from different industries,with 1115 firm-year observations on Ho Chi Minh City Stock Exchange for the period from 2014 to 2018. In the research, we built the econometric regression model, using stock return synchronicity and audit quality as the dependent and independent variable, respectively. Some control variables are also added to the econometric regression models as they are well-documented in prior research to have an effect on stock price synchronicity. To improve the accuracy of the regression coefficients, beside the Ordinary Least Squares, we employ the Random Effects Model and the Fixed Effects Model for better statistical analysis of panel data set. The results show that the quality of the audit is positively correlated to stock price synchronicity. This finding suggests that stock returns of companies with higher quality of the audit are more synchronous with the market. Results for other control variables also support our reasoning for the main findings.

• 산업경영시스템학회지
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• 제38권3호
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• pp.95-99
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• 2015

The IRR(internal rate of return) is often used by investors for the evaluation of engineering projects. Unfortunately, it has serial flaws: (1) multiple real-valued IRRs may arise; (2) complex-valued IRRs may arise; (3) the IRR is, in special cases, incompatible with the net present value (NPV) in accept/reject decisions. The efforts of management scientists and economists in providing a reliable project rate of return have generated over the decades an immense amount of contributions aiming to solve these shortcomings. Especially, multiple internal rate of returns (IRRs) have a fatal flaw when we decide to accep it or not. To solve it, some researchers came up with external rate of returns (ERRs) such as ARR (Average Rate of Return) or MIRR (MIRR, Modified Internal Rate of Return). ARR or MIRR. will also always yield the same decision for a engineering project consistent with the NPV criterion. The ERRs are to modify the procedure for computing the rate of return by making explicit and consistent assumptions about the interest rate at which intermediate receipts from projects may be invested. This reinvestment could be either in other projects or in the outside market. However, when we use traditional ERRs, a volume of capital investment is still unclear. Alternatively, the productive rate of return (PRR) can settle these problems. Generally, a rate of return is a profit on an investment over a period of time, expressed as a proportion of the original investment. The time period is typically the life of a project. The PRR is based on the full life of the engineering project. but has been annualised to project one year. And the PRR uses the effective investment instead of the original investment. This method requires that the cash flow of an engineering project must be separated into 'investment' and 'loss' to calculate the PRR value. In this paper, we proposed a tabulated form for easy calculation of the PRR by modifing the profit and loss statement, and the cash flow statement.

• 한국수자원학회논문집
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• 제38권1호
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• pp.1-9
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• 2005

본 연구에서는 지표홍수 빈도곡선을 개발하여 미계측 지점에서의 확률 홍수량을 추정해 보았다. 홍수빈도 분석은 한강유역의 9개 지점에 대하여 연최대치 홍수량 자료를 이용하여 분석하였다. 홍수빈도 곡선을 작성한 후 각 지점별 연평균홍수량( $Q_{2.33}$)을 결정하였고, 각 지점별 재현기간에 따른 연평균 홍수량에 대한 비를 산정 후 평균하였다. 그 결과 재현기간별로 다른 홍수량비가 산정되었다. 연평균 홍수량과 유역의 지형인자와의 상관 분석을 통해 다중선형 회귀식을 도출하였다. 미계측 지점의 확률 홍수량은 그 지점의 유역면적과 하상경사를 이용하여 경험식에 의해 연평균 홍수량을 산정 한 후 재현기간에 따른 홍수량비를 곱하여 산정 할 수 있다. 본 연구의 검증을 위하여 하천정비 기본계획에 수록되어 있는 재현기간별 확률홍수량과 비교한 결과 유역면적 2,000k $m^2$ 이하의 유역에서는 유사한 값을 모의 할 수 있었다. 기존 강우-유출 해석을 기반으로 한 설계 홍수량 추정 방법에의 적용은 재평가되어야 한다. 왜냐하면, 수문자료와 강우-유출모형은 많은 불확실성이 내포하고 있기 때문이다.

• 대한토목학회논문집
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• 제42권3호
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• pp.299-309
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• 2022

신뢰도기반 교량설계기준에서 적용할 수 있는 새로운 종류의 차량활하중계수를 제시한다. 현재 사용하고 있는 차량활하중계수 1.8에 대한 적절성을 차량활하중의 재현주기와 교량설계수명에 기초하여 분석하였다. 중력방향하중 지배 한계상태에 대한 목표신뢰도지수 3.72는 적절한 논거 없이 너무 높게 설정된 값이며, 이에 상응하는 하중계수 1.8은 100년 설계수명 교량에서 재현주기 약 670만년 정도에 해당하는 활하중 파괴점을 나타내는 무의미한 값이라는 것을 보였다. 설계 풍속이나 지반가속도와 동일한 재현주기를 차량활하중에도 적용하면 차량활하중계수는 1.15 정도가 되고 목표신뢰도지수는 한계상태를 지배하는 하중에 따라서 2.0 혹은 2.5에 해당하게 된다. 제안한 목표신뢰도지수에 대한 전체 하중-저항계수 조합은 최적화에 의하여 산정하였다.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.107-115
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• 2020

This study is concerned with the relationship between firm's ownership structure and the co-movement of the stock return with the market return. Four different types of firm ownership, including managerial ownership, state ownership, foreign ownership, and concentrated ownership, are among the main features of the company's governance mechanism and have been separately documemented in the previous research to understand their impact on stock price synchronicity. We constructed the regression model, using stock price synchronicity as the dependent variable and the above four components of ownership structure as explanantory variables. The pooled OLS, the fixed effects model, and the random effects are employed to investigate the outcome of the study. Data used in the reserch are of public firms listed on the Ho Chi Minh City Stock Exchange (HOSE) during the five-year period term from 2015 to 2019. The data sample contains 235 companies from 10 industries with 1135 observations. The results revealed by the fixed effects model, the large ownership and the managerial ownership are found to have adverse effect on the stock price synchronicity, whereas the foreign ownership model is revealed to have positive influence on the stock return co-movement. The effect of the state ownership on the stock price synchronicity is not confirmed.

• 한국농공학회:학술대회논문집
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• 한국농공학회 1999년도 Proceedings of the 1999 Annual Conference The Korean Society of Agricutural Engineers
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• pp.93-98
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• 1999

This study is performed to select irrigation design year from 10-year return period 7-month(April to October) precipitation amount and compare reference crop evapotranspiration at 13 regions by REF-ET model. 1. Seven-month growing season average reference crop evapotranspiration values showed low values of 4.1 ∼4.2mm /day by FAO-24 Corrected Penman method, and 3.6 ∼3.7mm/day by FAP-24 Blaney Criddle method in Chinjin and Ulsan, high values of 4.9mm/day by FAO-24 Corrected Penman method , 4.1mm/day by FAO -24 Blaney Criddle method in Mokpo and Pohang. 2. Estimated seven-month growing season average reference crop evapotranspirations are 4.6mm/day by FAO-24 Corrected Penman method, 3.9,mm/day by FAO-24 Balney Criddle method, 4.0mm/day 1985 Hargreaves method, respectively.

• 한국수자원학회논문집
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• 제56권1호
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• pp.11-21
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• 2023

최근 발생하는 극한가뭄에 대비하고자 본 연구는 실제 운영에서 수자원 시설물의 가뭄 취약도 및 가뭄대책별 우선순위를 파악할 수 있는 가뭄대응력 지표로 S-day를 제안하였다. 여기서 가뭄대책이란 용수공급 조정, 시설간 연계운영, 비상용량 고려 등이 대표적이며, 각 댐별로 그 구성에 차이가 있다. 본 연구에서는 국내 15개 다목적댐 및 용수댐에 대하여 가뭄대응력을 산정하였으며, 그 결과 20년 빈도의 가뭄이 지속될 시 15개 댐 모두 전반적으로 용수공급 조정이라는 가뭄대책을 통해 안정적인 가뭄대응력을 보였다. 하지만 다른 대책에서는 2년 이상 지속되는 다년 가뭄을 대비하지 못하였으며, 횡성댐과 안동·임하댐은 100년 빈도 가뭄 발생 시 대부분의 대책에서 S-day가 1년을 넘기지 못하였다. 특히, 횡성댐, 안동·임하댐, 군위댐, 운문댐, 대청댐, 주암댐은 20년 빈도 가뭄 발생 시, 가뭄대책을 적용하지 않으면 1년 내로 정상적인 용수공급이 불가능할 것으로 나타났다. 이에 본 연구에서는 S-day를 통해 가뭄대책별 최적 공급 용량을 제안하고 대책별 가뭄단계에 따른 가동시기를 변경해 가뭄대응 효과를 평가하였다. 마지막으로 미래 사회·경제적 변동에 따른 수요변화를 반영하고자 현행 공급 계약량에 대해 10%씩 증감하여 전체 15개 댐의 가뭄대응력을 재평가하였다. 그 결과 공급계약량이 10% 감소할 경우, 대부분의 댐에서 용수공급 조정만으로도 심각한 가뭄에 대한 대비가 가능할 것으로 분석되었다.

• 한국콘텐츠학회논문지
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• 제13권2호
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• pp.431-439
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• 2013

본 연구의 목적은 위험을 반영하여 지역별 아파트 투자성과를 분석하고 지역별 특성의 존재유무를 검증하는 것이다. 분석을 위해 지역별 아파트 투자성과를 장단기로 나누어 분석하였다. 자료수집기간은 2002년부터 2012년의 10년간이며 대상지역은 서울의 강남 북과 6개 광역시이다. 성과평가를 위해 만기 5년의 국민주택1종 채권수익률을 무위험수익률로 사용하고 임대수익계산을 위해서는 만기1~2년 정기예금금리를 사용하였다. 분석결과, 장기투자성과 시에는 서울과 인천은 지역특성이 존재하지 않아 트레이너지표를 사용하여 평가하였으며 지방광역시는 지역특성이 존재하여 젠센지표로 평가하였다. 또 단기성과평가시에는 모든 지역에서 지역특성이 존재하는 것으로 나타나 젠센지표를 사용하여 평가하였다. 모든 지역에서 지역특성이 작용하는 단기 성과평가 결과는 단순수익률로 평가한 결과와 전혀 다른 것으로 나타났다. 따라서 단순 수익률로 성과평가를 할 경우에는 성과에 대한 인식을 왜곡할 수 있음이 드러났다.

• The Korean Journal of Pain
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• 제32권1호
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• pp.47-50
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• 2019

Background: It is uncommon for patients who have received a permanent implant to remove the spinal cord stimulator (SCS) after discontinuation of medication in complex regional pain syndrome (CRPS) due to their completely painless state. This study evaluated CRPS patients who successfully removed their SCSs. Methods: This 10-year retrospective study was performed on patients who had received the permanent implantation of an SCS and had removed it 6 months after discontinuation of stimulation, while halting all medications for neuropathic pain. Age, sex, duration of implantation, site and type of CRPS, and their return to work were compared between the removal and non-removal groups. Results: Five (12.5%, M/F = 4/1) of 40 patients (M/F = 33/7) successfully removed the permanent implant. The mean age was younger in the removal group ($27.2{\pm}6.4$ vs. $43.5{\pm}10.7$ years, P < 0.01). The mean duration of implantation in the removal group was $34.4{\pm}18.2$ months. Two of 15 patients (13.3%) and 3 of 25 patients (12%) who had upper and lower extremity pain, respectively, had removed the implant. The implants could be removed in 5 of 27 patients (18.5%) with CRPS type 1 (P < 0.01). All 5 patients (100%) who removed their SCS returned to work, while only 5 of 35 (14.3%) in the non-removal group did (P < 0.01). Conclusions: Even though this study had limited data, younger patients with CRPS type 1 could remove their SCSs within a 5-year period and return to work with complete pain relief.

• 대한치과교정학회지
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• 제42권5호
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• pp.255-262
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• 2012

Objective: We aimed to compare the retention characteristics of Essix and Hawley retainers. Methods: Adolescents undergoing fixed appliance treatment at 2 centers were recruited for this study. Twenty-two patients (16 women and 6 men) wore Essix retainers (Essix group) while 20 (14 women and 6 men) wore Hawley retainers (Hawley group). The mean retention time was 1 year, and the mean follow-up recall time for both groups was 2 years. Two qualified dental examiners evaluated the blind patient data. Maxillary and mandibular dental casts and lateral cephalograms were analyzed at 4 stages: pretreatment (T1), post-treatment (T2), post-retention (T3), and follow-up (T4). Results: The results revealed that Essix appliances were more efficient in retaining the anterior teeth in the mandible during a 1-year retention period. The irregularity index increased in both arches in both groups after a 2-year post-retention period. The mandibular arch lengths increased during treatment and tended to return to their original value after retention in both groups; however, these changes were statistically significant only in the Hawley group. Cephalometric variables did not show any significant differences. Conclusions: The retention characteristics of both Essix and Hawley retainers are similar.