• Asia-Pacific Journal of Business
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• v.11 no.3
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• pp.199-215
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• 2020

Purpose - This article tries to test if the conditional consumption capital asset pricing model (CCAPM) with bank credit for household as a conditional variable can explain the cross-sectional variation of stock returns in Korea. The performance of conditional CCAPM is compared to that of multifactor asset pricing models based on Arbitrage Pricing Theory. Design/methodology/approach - This paper extends the simple CCAPM to the conditional version of CCAPM by using bank credit for household as conditioning information. By employing KOSPI and KOSDAQ stocks as test assets from the second quarter of 2003 to the first quarter of 2018, this paper estimates risk premiums of conditional CCAPM and a variety of multifactor linear models such as Fama-French three and five-factor models. The significance of risk factors and the adjusted coefficient of determination are the basis for the comparison in models' performances. Findings - First, the paper finds that conditional CCAPM with bank credit performs as well as the multifactor linear models from Arbitrage Pricing theory on 25 test assets sorted by size and book-to-market. When using long-term consumption growth, the conditional CCAPM explains the cross-sectional variation of stock returns far better than multifactor models. Not only that, although the performances of multifactor models decrease on 75 test assets, conditional CCAPM's performance is well maintained. Research implications or Originality - This paper proposes bank credit for household as a conditional variable for CCAPM. This enables CCAPM, one of the most famous economic asset pricing models, to conform with the empirical data. In light of this, we can now explain the cross-sectional variation of stock returns from an economic perspective: Asset's riskiness is determined by its correlation with consumption growth conditional on bank credit for household.

• Journal of the Korea Convergence Society
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• v.12 no.4
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• pp.249-258
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• 2021

Bitcoin prices have been soaring recently as investors flock to cryptocurrency exchanges. The purpose of this study is to predict the Bitcoin price using a deep learning model and analyze whether Bitcoin is profitable through investment strategy. LSTM is utilized as Bitcoin prediction model with nonlinearity and long-term memory and the profitability of MA cross-over strategy with predicted prices as input variables is analyzed. Investment performance of Bitcoin strategy using LSTM forecast prices from 2013 to 2021 showed return improvement of 5.5% and 46% more than market price MA cross-over strategy and benchmark Buy & Hold strategy, respectively. The results of this study, which expanded to recent data, supported the inefficiency of the cryptocurrency market, as did previous studies, and showed the feasibility of using the deep learning model for Bitcoin investors. In future research, it is necessary to develop optimal prediction models and improve the profitability of Bitcoin investment strategies through performance comparison of various deep learning models.

• Steel and Composite Structures
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• v.41 no.5
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• pp.697-711
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• 2021

In this work, a simple quasi 3-D parabolic shear deformation theory is developed to examine the bending response of antisymmetric cross-ply laminated composite plates under different types of mechanical loading. The main feature of this theory is that, in addition to including the transverse shear deformation and thickness stretching effects, it has only five-unknown variables in the displacement field modeling like Mindlin's theory (FSDT), yet satisfies the zero shear stress conditions on the top and bottom surfaces of the plate without requiring a shear correction factor. The static version of principle of virtual work was employed to derive the governing equations, while the bending problem for simply supported antisymmetric cross-ply laminated plates was solved by a Navier-type closed-form solution procedure. The adequacy of the proposed model is handled by considering the impact of side-to-thickness ratio on bending response of plate through several illustrative examples. Comparison of the obtained numerical results with the other shear deformation theories leads to the conclusion that the present model is more accurate and efficient in predicting the displacements and stresses of laminated composite plates.

• Korean Journal of Legislative Studies
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• v.25 no.2
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• pp.141-177
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• 2019

This paper explains cross-national variation of CPI(corruption perception index) centering on legal culture. By critically reviewing previous researches on effects of British common law system on corruption, we define legal culture as citizens' perception of their legal system. Specifically, measuring legal culture with respect to courts fairness and courts accessibility, we test two hypotheses on effects of legal culture on corruption. A cross-national comparison of 78 countries with OLS regression analyses reveals that courts fairness tends to lower the level of corruption while courts accessibility does not have a significant effect on corruption. Based on this result, we suggest policy implications for judicial reform as well as anti-corruption measure, which puts more emphasis on reforming legal practice that hinders courts fairness than increasing legal service supply. In addition, as the essence of legal culture lies in citizens' shared perception of the legal system, we argue that a broad and solid citizens' consciousness of fair and equitable legal procedures is indispensable in preventing corruption.

• Journal of the Korean GEO-environmental Society
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• v.15 no.9
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• pp.47-58
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• 2014

This study explores methods for modeling the foundation-seabed interaction needed for the load analysis of an offshore wind energy system. It comprises the comparison study of foundation design load analyses for NREL 5 MW turbine according to various soil-foundation interaction models by conducting the load analysis with GH-Bladed, analysis software for offshore wind energy systems. Furthermore, the results of the aforementioned load analysis were applied to foundation analysis software called L-Pile to conduct a safety review of the foundation cross-section design. Differences in the cross-section of a monopile foundation were observed based on the results of the fixed model, winkler spring and coupled spring models, and the analysis of design load cases, including DLC 1.3, DLC 6.1a, and DLC 6.2a. Consequently, under all design load conditions, the diameter and thickness of the monopile foundation cross-section were found to be 7 m and 80 mm, respectively, using the fixed and coupled spring models; the results of the analysis conducted using the winkler spring model showed that the diameter and thickness of the monopile foundation cross-section were 5 m and 60 mm, respectively. The study found that the soil-foundation interaction modeling method had a significant impact on the load analysis results, which determined the cross-section of a foundation. Based on this study, it is anticipated that designing an offshore wind energy system foundation taking the above impact into account would reduce the possibility of a conservative or unconservative design of the foundation.

• KSBB Journal
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• v.23 no.1
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• pp.37-43
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• 2008

The use of antihemophilic factor IX complex has been associated with a variety of thrombotic complications, the major cause of which was the contamination of thrombogenic proteins such as vitamin K-dependent clotting factors II, VII, and X. In order to produce a commercial factor IX (GreenNine VF) free from thrombogenic potential, industrial-scale production process for high-purity factor IX from human plasma has been developed. The purification process contains cryo-precipitation, DEAE-sephadex A-50 anion-exchange chromatography, DEAE-toyopearl 650M anion-exchange column chromatography, heparin-sepharose 6FF affinity column chromatography, and CM-sepharose FF cation-exchange column chromatography. Also the process includes two viral inactivation and removal procedures, solvent/detergent treatment and nanofiltration using Viresolve NFP filter. The purification yield was 35.4%. The specific activity in the purified concentrate was 190.8 IU/mg which exceeded that in the factor IX complex (FacNine) by a factor of 48. The activities of factor II, VII, and X were not detected in GreenNine VF. SDS-PAGE analysis showed that GreenNine VF had the highest purity in comparison with commercially available high purity factor IX concentrates, Mononine, Octanyne, Berinin HS, and Immunine STIM plus 600. One batch size of the production was 2,400 vials of 250 IU product or 1,200 vials of 500 IU product from 1,600 L cryo-poor plasma.

• Journal of the Korean Association of Geographic Information Studies
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• v.7 no.4
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• pp.77-87
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• 2004

It is important for hydrographers to extract the accurate cross section of a river for the hydrographical analysis of the topography. Aerial photographs were used to extract the cross section of a river for the advantages of the accuracy and economical efficiency in this study, while the direct measurement has been used in existing studies. An ortho-rectified photo map using imageries taken by the PKNU 2 (High-resolution, multi-spectral, aerial photographic system developed by our laboratory) was generated using the surveyed data and a digital map. The cross section of a river that was obtained from the ortho-rectified by the surveyed Kinematic data of GPS was compared with the result using ImageStation stereo-plotter of corp. Z/I Imaging. As a result of this study, the RMSE in the ortho-rect process using the surveyed GPS data was lowered as from 5.5788 pixels (about 2m) to 2.84 (about 1m) in comparison with it in the process using a digital map. The surveyed kinematic GPS in extraction of the cross section of a river was excellent as 6.6cm of the planimetric and precision in the confidence level of 95%. The correlation coefficient between the result from the using stereo-plotter and the extraction of cross section of a river using aerial photos was 0.8 hydrographical acquisition of it using PKNU 2 imagery will be possible.

• Journal of Korea Water Resources Association
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• v.51 no.7
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• pp.543-554
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• 2018

A methodology has been presented for evaluating the partial safety factors on the sliding failure mode of vertical caissons of composite breakwaters and for determining the cross sections of those by Level I reliability-based design method. Especially, a mathematical model has been suggested for the sake of a consistency of code format as well as convenience of application in practical design, for which the uncertainties associated with buoyancy and its own weight can be taken into account straightforwardly. Furthermore, design criteria equation has been derived by considering accurately the effect of uplift pressure, so that the cross sections of caissons can be assessed which must be safe against the sliding failure. It has been found that cross sections estimated from partial safety factors proposed in this paper are in very good agreement with the results of Level II AFDA and Level III MCS under the same target probability of failure. However, partial safety factors of the Technical Standards and Commentaries for Port and Harbour Facilities in Japan and Coastal Engineering Manual in USA tend to estimate much bigger or smaller cross sections in comparison to the present results. Finally, many reliability re-analyses have been performed in order to conform whether the stability level of cross section estimated by Level I reliability-based design method is satisfied with the target probability of failure of partial safety factors or not.

• Korean Journal of Remote Sensing
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• v.34 no.6_1
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• pp.1143-1153
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• 2018

For TOPS InSAR processing, high-precision image co-registration is required. We propose an image co-registration method suitable for the TOPS mode by comparing the performance of cross correlation method, the geometric co-registration and the enhanced spectral diversity (ESD) matching algorithm based on the spectral diversity (SD) on the Sentinel-1 TOPS mode image. Using 23 pairs of interferometric pairs generated from 25 Sentinel-1 TOPS images, we applied the cross correlation (CC), geometric correction with only orbit information (GC1), geometric correction combined with iterative cross-correlation (GC2, GC3, GC4), and ESD iteration (ESD_GC, ESD_1, ESD_2). The mean of co-registration errors in azimuth direction by cross correlation and geometric matching are 0.0041 pixels and 0.0016 pixels, respectively. Although the ESD method shows the most accurate result with the error of less than 0.0005 pixels, the error of geometric co-registration is reduced to 0.001 pixels by repetition through additional cross correlation matching between the reference and resampled slave image. The ESD method is not applicable when the coherence of the burst overlap areas is low. Therefore, the geometric co-registration method through iterative processing is a suitable alternative for time series analysis using multiple SAR data or generating interferogram with long time intervals.

• Journal of the Korean Association of Geographic Information Studies
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• v.23 no.3
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• pp.85-99
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• 2020

Reservoir is an important infrastructure of our society because it can store immense amount of water for various usages - manufacturing, agriculture, drinking, power generation, tourism etc. For maintenance of reservoir, various efforts in administrative and technological aspects are periodically conducted and monitoring the conditions of reservoir bed is the first priority for maintenance of reservoir. To check the conditions of reservoir bed, we measured depth of reservoir by using echo sounder, which is relatively reliable, prior to discharging of stored water and surveyed topography of reservoir by using UAV after discharging of water. Then, we conducted interpolation of measured depth of water by means of inverse distance weighting interpolation, Kriging interpolation, minimum curvature interpolation and radial basis function interpolation and calculated the volume of reservoir for each interpolation method. We compared the calculated volume of reservoir with the volume of water calculated by UAV after discharging of water and found the following results: First, as results of the above processes, we found that the Kriging interpolation was 97% correct in measurement of the volume of reservoir. Second, as results of comparison of differences between topographical areas and interpolated areas after selection of cross section for comparison, Kriging interpolation was found to have the most similar configuration with the topographical configuration by showing the least difference in the area of cross section. Therefore, it is determined that the optimal modeling of reservoir bed with the water depth data measured by echo sounder shall provide basic information for efficient maintenance of reservoir.