• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.717-729
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• 2021

This paper examines the efficacy of the default risk factor in an emerging market context using the Fama-French five-factor model. Our aim is to test whether the Fama-French five-factor model augmented with a default risk factor improves the predictability of returns of portfolios sorted on the firm's characteristics as well as on industry. The default risk factor is constructed by estimating the probability of default using a hybrid version of dynamic panel probit and artificial neural network (ANN) to proxy default risk. This study also provides evidence on the temporal stability of risk premiums obtained using the Fama-MacBeth approach. Using a sample of 3,806 firm-year observations on non-financial listed companies of Pakistan over 2006-2015 we found that the augmented model performed better when tested across size-investment-default sorted portfolios. The investment factor contains some default-related information, but default risk is independently priced and bears a significantly positive risk premium. The risk premiums are also found temporally stable over the full sample and more recent sample period 2010-2015 as evidence by the Fama-MacBeth regressions. The finding suggests that the default risk factor is not a useless factor and due to mispricing, default risk anomaly prevails in the Pakistani equity market.

• The Transactions of the Korean Institute of Electrical Engineers A
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• v.52 no.5
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• pp.257-262
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• 2003

The voltage unbalance factor derived from symmetrical component analysis requires manipulation of complex quantities. To facilitate the calculation of the voltage unbalance factor in field applications, this paper proposes the method for calculating the voltage unbalance factor in terms of the line voltage magnitudes that are readily available in moat practical circumstances. It is shown that the line voltages appear as circular Phasor loci for given voltage unbalance factor, and a graphical chart is developed that can be used to determine the voltage unbalance factor in a straightforward manner avoiding calculation.

• Journal of the Korean Data and Information Science Society
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• v.18 no.3
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• pp.833-845
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• 2007

When X and Y have independent exponential distributions, we develop a Bayesian testing procedure for the ratio of two quantiles under reference prior. The noninformative prior such as reference prior is usually improper which yields a calibration problem that makes the Bayes factor to be defined up to a multiplicative constant. So we develop a Bayesian testing procedure based on fractional Bayes factor and intrinsic Bayes factor. We show that the posterior density under the reference prior is proper and propose the Bayesian testing procedure for the ratio of two quantiles using fractional Bayes factor and intrinsic Bayes factor. Simulation study and a real data example are provided.

• Journal of the Korean Society of Marine Environment & Safety
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• v.23 no.3
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• pp.217-223
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• 2017

In order to assess risk as a basic step for securing safety, it requires to select risk factors and determine the frequency and the severity of the consequence of each risk factor. This research adopted common risk factors among well-known maritime risk assessment models, and proposed objective criteria to gauge the risk level of each risk factor. The starting points of risk evolution were chosen for criteria according to related studies and seafarers' experience. The rate of risk appearance over the criteria is named as the incidence of risk factor. Therefore, the total risk level is expressed as the combination of incidence of each risk factor and severity. This quantitative method would be applied to measuring and comparing the risk level of target maritime zones, and it would also be useful to survey which risk factor be focused for reducing the total risk of a certain maritime zone.

• Journal of Korean Academy of Nursing
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• v.43 no.4
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• pp.568-578
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• 2013

Purpose: The purpose of this study was to evaluate the reliability and validity of the Korean version of the Successful Aging Inventory (SAI-K) to determine its suitability for use with older Korean adults. Methods: Exploratory and confirmatory factor analyses were utilized to assess the factor structure and the construct validity of the SAI-K. First- and second-order Confirmatory Factor Analysis (CFA) were conducted to identify the most adequate model. Cronbach's alpha was used to test the reliability. Results: Using a second-order CFA, a four-factor structure was validated (${\chi}^2$=122.82, p<.001, GFI=.92, AGFI=.88, SRMR=.06 RMSEA=.07, 90% CI=.05-.09, CFI=.93). The four-factor SAI-K showed reliable internal consistency with a Cronbach's alpha for the total scale of .86. Conclusion: The four-factor, 13-item SAI-K showed satisfactory reliability and validity and, thus, has the potential to be an appropriate instrument for measuring successful aging in older Korean adults.

• Asian Journal of Turfgrass Science
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• v.1 no.1
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• pp.37-41
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• 1987

Effect of Rolling factor on the growth and thatch accumulation in tall fescue was studied from the viewpoint of estimate the rolling factor to obtain the highest values of growth characters and analysis of thatch accumulation. Rolling factors were 1.82, 3.33, 4.29 and 4.85, respectively. The results are may he summarized as follows ; 1. Rolling factor was affected to obstructive on the growth of tall fescue. Thus, the rolling factor ( RF) had significant negative correlated with the dry weight of plant ( DW ), leaf weight (LW), stem weight (SW), dry weight of thatch (Th), number of tillers (NT) and C / F ratio. 2. Rolling factor of 1.82 was an adequate rolling factor for the growth. 3. The dry weight of thatch(Th) had significant positive correlated with DW, LW, and NT, but negative correlated with the dry weight of thatch per a tiller ( th / NT). 4. Thatch accumulation system can be shown in following diagram. yield compnents - DW ~ Th - Rf (LW, SW, NT, C/F) th/NT 5. The dry weight of thatch per a tiller(th / NT) was a concerning factor for the losses of thatch.

• Journal of Fashion Business
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• v.20 no.4
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• pp.36-49
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• 2016

The objective of this study was to examine the effects of appearance management behaviors on career decision level among female college students. Based on previous studies on appearance management behaviors and career decision level, the items for a questionnaire were developed. For the study, we conducted a questionnaire survey among 292 students from women's university in Seoul. Factor analysis, correlation analysis and multiple regression analysis were performed using SPSS statistics 23. Results of this study are as follows. First, the factor structure of appearance management behavior had three factors: 'fashion & hair,' 'skin & plastic surgery,' and 'body shape.' The reliability and validity of the factor structure were proved. Second, a significant correlation was found between sub-factors in appearance management behaviors. Career decision level showed a significant correlation only with body management factor. Third, the appearance management behavior of female college students was found to have a partially significant effect on career decision level. For higher grade students, fashion & hair factor and body shape factor had positive effects on career decision level. For lower grade students, body shape factor had a positive effect on career decision level while skin & plastic surgery factor had a negative effect on career decision level. Therefore, to increase career decision level, managing appearance through keeping fit body shape is crucial. This study also suggests that as one elevates to a higher grade, the importance of management and keeping interest toward fashion is important.

• Journal of the Korean Data and Information Science Society
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• v.18 no.4
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• pp.1123-1134
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• 2007

This article addresses the problem of testing whether the shape parameters in k independent Weibull populations are equal. We propose a Bayesian model selection procedure for equality of the shape parameters. The noninformative prior is usually improper which yields a calibration problem that makes the Bayes factor to be defined up to a multiplicative constant. So we propose the objective Bayesian model selection procedure based on the fractional Bayes factor and the intrinsic Bayes factor under the reference prior. Simulation study and a real example are provided.

• Journal of the Korean Mathematical Society
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• v.36 no.5
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• pp.833-846
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• 1999

In this paper, we will study the relationship between the controlling factor of the solution to a difference equation and the solution of the corresponding differential equation. Many times the controlling factors are the same. But even the controlling factor of the two solutions may be different, we will discover a way to compute, for first order non-linear equations, the controlling factor of the solution to the difference equation using the solution of the differential equation.

• Animal cells and systems
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• v.7 no.3
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• pp.255-259
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• 2003

Mutations in the factor Ⅴ gene are major risk markers for venous thrombosis. Several factors for blood coagulation have been related with cardiovascular disease. Ⅰ investigated genotype distribution for three mutations (G1691 A, A2379G and G2391 A) of the factor Ⅴ gene in the Korean population. Genotype frequencies were examined by polymerase chain reaction in 135 patients with coronary artery disease (CAD) and 116 healthy subjects. For the G1691A mutation (factor Ⅴ