• 유통과학연구
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• 제13권9호
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• pp.37-45
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• 2015

Purpose - This paper's aim is to investigate whether or not gross profitability explains the cross-sectional variation of the stock returns in the Korean stock market. Gross profitability is an alternative profitability measure proposed by Novy-Marx in 2013 to predict cross-sectional variation of stock returns in the US. He shows that the gross profitability adds explanatory power to the Fama-French 3 factor model. Interestingly, gross profitability is negatively correlated with the book-to-market ratio. By confirming the gross profitability premium in the Korean stock market, we may provide some implications regarding the well-known value premium. In addition, our empirical results may provide opportunities for the fund distribution industry to promote brand new styles of funds. Research design, data, and methodology - For our empirical analysis, we collect monthly market prices of all the companies listed on the Korea Composite Stock Price Index (KOSPI) of the Korea Exchanges (KRX). Our sample period covers July1994 to December2014. The data from the company financial statementsare provided by the financial information company WISEfn. First, using Fama-Macbeth cross-sectional regression, we investigate the relation between gross profitability and stock return performance. For robustness in analyzing the performance of the gross profitability strategy, we consider value weighted portfolio returns as well as equally weighted portfolio returns. Next, using Fama-French 3 factor models, we examine whether or not the gross profitability strategy generates excess returns when firmsize and the book-to-market ratio are controlled. Finally, we analyze the effect of firm size and the book-to-market ratio on the gross profitability strategy. Results - First, through the Fama-MacBeth cross-sectional regression, we show that gross profitability has almost the same explanatory power as the book-to-market ratio in explaining the cross-sectional variation of the Korean stock market. Second, we find evidence that gross profitability is a statistically significant variable for explaining cross-sectional stock returns when the size and the value effect are controlled. Third, we show that gross profitability, which is positively correlated with stock returns and firm size, is negatively correlated with the book-to-market ratio. From the perspective of portfolio management, our results imply that since the gross profitability strategy is a distinctive growth strategy, value strategies can be improved by hedging with the gross profitability strategy. Conclusions - Our empirical results confirm the existence of a gross profitability premium in the Korean stock market. From the perspective of the fund distribution industry, the gross profitability portfolio is worthy of attention. Since the value strategy portfolio returns are negatively correlated with the gross profitability strategy portfolio returns, by mixing both portfolios, investors could be better off without additional risk. However, the profitable firms are dissimilar from the value firms (high book-to-market ratio firms); therefore, an alternative factor model including gross profitability may help us understand the economic implications of the well-known anomalies such as value premium, momentum, and low volatility. We reserve these topics for future research.

• Asian-Australasian Journal of Animal Sciences
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• 제30권9호
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• pp.1314-1322
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• 2017

Objective: This experiment investigated the effect of dietary net energy (NE) concentrations on growth performance and NE intake of growing gilts. Methods: Five diets were formulated to contain 9.6, 10.1, 10.6, 11.1, and 11.6 MJ NE/kg, respectively. A metabolism trial with 10 growing pigs (average body weight [BW] = $15.9{\pm}0.24kg$) was conducted to determine NE concentrations of 5 diets based on French and Dutch NE systems in a $5{\times}5$ replicated Latin square design. A growth trial also was performed with five dietary treatments and 12 replicates per treatment using 60 growing gilts (average BW = $15.9{\pm}0.55kg$) for 28 days. A regression analysis was performed to predict daily NE intake from the BW of growing gilts. Results: Increasing NE concentrations of diets did not influence average daily gain and average daily feed intake of growing gilts. There was a quadratic relationship (p = 0.01) between dietary NE concentrations and feed efficiency (G:F), although the difference in G:F among treatment means was relatively small. Regression analysis revealed that daily NE intake was linearly associated with the BW of growing gilts. The prediction equations for NE intake with the BW of growing gilts were: NE intake (MJ/d) = $1.442+(0.562{\times}BW,kg)$, $R^2=0.796$ when French NE system was used, whereas NE intake (MJ/d) = $1.533+(0.614{\times}BW,kg)$, $R^2=0.810$ when Dutch NE system was used. Conclusion: Increasing NE concentrations of diets from 9.6 to 11.6 MJ NE/kg have little impacts on growth performance of growing gilts. Daily NE intake can be predicted from the BW between 15 and 40 kg in growing gilts.

• 한국구조물진단유지관리공학회 논문집
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• 제23권7호
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• pp.152-163
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• 2019

본 연구에서는 강섬유의 혼입, 매트릭스의 압축강도, 전단철근과 전단경간비가 UHPFRC 휨재에 미치는 영향에 대해 총 10개의 실험체에 대한 실험을 통해 검토하였다. 실험결과 2%의 부피비로 강섬유가 혼입된 경우 파괴 패턴을 전단파괴에서 휨파괴로 바꿀 정도로 높은 전단강도 증진효과를 보유하고 있는 것으로 나타났다. 또한 강섬유는 낮은 전단경간비에서 압축스트럿의 파괴를 지연시키는 효과를 가진 것으로 나타났다. 실험 결과 강섬유의 혼입과 전단경간비의 변화에 따라 균열각이 45도보다 낮은 것으로 나타났다. 실험 결과를 UHPC 설계권고안들과 비교해 본 결과 프랑스의 설계권고안은 보수적으로 평가하였고 한국의 설계권고안은 휨 강도에 대해 다소 과대평가하는 것으로 나타났다. 전단강도에 대해서는 두 설계권고안 모두 보수적으로 평가하는 것으로 나타났다.

• 복식
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• 제66권5호
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• pp.99-112
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• 2016

The purpose of this study is to examine the higher value-added characteristics of tailored jacket designs, which are major items of French luxury brands, in an effort to raise the competitiveness of domestic fashion designs. The characteristics of the jacket designs from the 1940s to the 1970s, the golden age of Haute Couture, were examined. Based on this, the characteristics of the higher value-added expressions of the luxury brands were established by analyzing the tailored jacket designs that appeared in the Paris collection after 2010. The results are as follows: the characteristics were categorized into 'traditional value expression,' 'conceptual value expression,' 'retro value expression,' and 'creative value expression.' Traditional value was expressed as the representation of the styles inherent to the golden age of the Haute Couture houses, and the status of the luxury brands with history was represented by equally arranging the size and characteristics of the elements of the designs related to jacket silhouette. Conceptual value was reestablished as contemporary identity into which the traditional ideology of the houses and the present designers' sentiments were grafted by developing the designs with the theme containing the identity of the past Haute Couture houses. Retro value was utilized as the strategy to differentiate the luxury brands with long history from contemporary products. Creative value was expressed as tailored jackets with new concepts of shape variation and usage conversion by combining creative sentiments with the high quality techniques of Haute Couture and appears to be able to create a new consumption market of luxury brands in the global fashion market.

• 건축역사연구
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• 제21권4호
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• pp.93-106
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• 2012

Jean Renaudie was an French architect who designed many urban social housing in France, especially in the city of Ivry-sur-Seine, near Paris, with Renee Gailhoustet, co-responsible as the architect of this city, communist city from long time. He was formed as an architect by the influence of Auguste Perret and Marcel Lods, two french architects, great specialist of the structure of concrete. He formed the Atelier Montrouge with Pierre Riboulet, Gerard Thurnauer, Jean-Louis Verret, and proposed many innovative projects, based on geometrically pure forms and masses. After he joined Renee Gailhoustet, the architect of the City of Ivry-sur-Seine, as a co-responsible for the redevelopment of this ideologically communist city. His urban housing concept approached to take the function as a space to welcome the urban life of the resident, not to offer the physical provision of housing repeating the simple housing unity. He accentuated the social role of Housing project not only as the level of a personal home but also as that of an urbanism. He offered divers choice opportunity to the citizen by the urban functional complex through his efforts to make characteristic complex of urban housing, and by the consequence, the innovative result was done which ameliorated the quality of life for resident. This is an exceptional example, not only in France but even in whole over the world. But the maintenance of building against the oldness and the closing shop of inside commercial zone of Jeanne Hachette became a problem, not only that of physical amelioration but also that of spiritual conservation of the works of Jean Renaudie.

• 한국융합학회논문지
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• 제10권9호
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• pp.133-140
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• 2019

영화발전기금을 운용하는 영화진흥위원회는 영화제작지원, 영화산업 유통지원, 영화정책지원, 첨단영화 기술육성, 남양주종합촬영소 운영, 영화정보시스템 운영, 외국영상물 로케이션 인센티브지원 사업을 한다. 한국 영화산업의 지속적인 발전을 위해서는 지원 사업 중 가장 큰 규모와 비중을 차지하고 있는 영화제작지원 사업을 면밀히 검토할 필요가 있다. 본 연구는 프랑스의 영화기금을 운용하고 있는 국립영화/동영상센터 CNC(Centre National du $Cin{\acute{e}}ma$ et de l'image $anim{\acute{e}}e$)의 기금 조성 현황, 예산 및 지원 사업을 검토하고 CNC의 영화제작지원 정책을 분석하였으며, 이를 통해 한국 영화발전기금의 안정적인 재원 조성 및 재원 확충의 필요성과 영화음악창작지원 및 해외촬영지원의 필요성을 확인하고 공동제작 활성화 방안을 도출하였다.

• 아태비즈니스연구
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• 제12권3호
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• pp.379-396
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• 2021

Purpose - The purpose of this paper is to study the rational payoff from the standpoint of foreign investors and the government when the government issues GDP-linked bonds to foreign investors. Design/methodology/approach - In this paper, the prices of 12 types of GDP-linked bond structures, which are classified according to the calculation cycle of the rate of change of linked GDP, the currency issued, and whether options are embedded, were evaluated. The Fama-French 3-factor model and the GMM-SDF model are used in the asset pricing model, and domestic and overseas investors used different basis assets. Findings - The KRW premium for US investors is estimated to be 43bp on a quarterly basis and 30bp on an annual basis, respectively, meaning that when the government issues bonds in KRW, the interest rate paid to US investors will be reduced by 30bp to 160bp (annually converted). Using the Fama-French 3 factor model, the KRW premium is the risk premium for the US market beta, meaning that if US investors do not intend to invest in US market beta, it is advantageous to receive an additional interest rate by investing in USD-denominated GDP-linked bonds. Korea's GDP- linked bond give US investors diversified investment utility, so they are willing to incorporate Korean GDP-linked bonds even if -150bp of interest is deducted from the structure issued to Korean investors. And as a result of estimating the value of the option through the GDP-linked bond with options that provides a floor for guaranteeing the principal, the value of the option linked to the annual GDP issued in dollars was the lowest. Research implications or Originality - Issuing dollar-denominated GDP-linked bonds linked to annual GDP with the option of guaranteeing the principal by the government is a way to increase investment opportunities for US investors and achieve financial stability of the government.

• 복식
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• 제39권
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• pp.239-255
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• 1998

Art deco means decorative form on the base of cubism which has widely spread from 1910's to 1930's. Also it pursued the rational & functional design even than deecoration of art nouvear, and colorful combination of fauvism. The analytical study on design included occurrence, developing process and formative features expressed in the art deco fashion. The changes of the art deco style, it referred to the fashion illustration which was the Graphic-s of Ert in 19 century. Besides analysised activity designer in the art deco style, at the same time considered fashion design as comparable analysis. Paul Poiret, a representative french designer, contributed to the clothing culture which accepted oriental influence and it was all the fashion enough to call the originator of present fashion. He did away with the corset, relaxed the waistline, and freed the body from clothing constrictions of almost a hundred years. Since 1914, because of industry of woman clothing that art deco represent concern of one's Chanel's perennial rival in the firmanent of parisian high fashion was the Italian designers, Elsa Schiaparelli, Schiaparelli's originalily was profoundly influenced by the avant-garde art of the time ; Da da and Surealism were principal soures of new ideas. It apply the style to geometrical or abstract form impressed straight and smooth line on suitable technic. Such inflection of art deco heralded a close collaboration between the artist-jeweller and the fashion industry. Especially, jewelry designers were fond of juxtaposing transparent faceted stoned which reflected the light, with matt stones, which offered rare or unconventional contrasts through their opacity. Consequently, art deco will exert value of utility for the progressive fashion & jewel CAD through continuous research.

• 한국실내디자인학회논문집
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• 제16권2호
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• pp.209-216
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• 2007

Some may call Peter Marine as 'an ego-less architect', or 'palace maker' due to his designs or attitudes that appearantly please world's most well known clients. However, his eclectic taste and artistic expressions combined with his minimal and abstract architectural approaches are being recognized in many places globally, especially in many fashion brand stores such as Channel, Louis Vuitton, Christian Dior, and Fendi. Born and educated in U.S., Peter Marino designs are influenced by two most famous designers of our modern art history Andy Warhol and Jean-Micheal Franks, that are obvious in his traditionally modern French style designs and abstract expressions. The current study introduces Peter Marine designs through analyses of Channel and Louis Vuitton. The objectives are to understand the designer and find patterns in his brand store designs that has made him now one of the most famous fashion store designers. Educational, social, and personal interest were found to strongly form his design characteristics and four main characteristics were identified by the researcher that are use of LED lightings, emphasis on vortical circulations, graphical application of brand identities, and repetition of simple geometric forms.

• 한국의상디자인학회지
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• 제16권1호
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• pp.91-103
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• 2014

In this study, 70 national brands among men's wear brands were selected to examine linguistic characteristics of domestic national men's wear brand names. Linguistic factors which were used in national men's wear brand names were analyzed to understand their characteristics. Formative and semantic characteristics of each brand name were analyzed on the basis of the results from previous studies. It was found that long words with over four syllables are preferred than short words and single words in the form of noun are frequently used for domestic national men's wear brand names in terms of linguistic formality. English is most widely used in brand names, and European languages such as French, Spanish, and Italian are also used frequently under the influence of the country of origin. Next, the analysis result on the semantic characteristics of domestic national men's wear brand names showed that descriptive brand names are used to convey brand information directly and easily, or freestanding brand names which are absolutely irrelevant and newly coined words are chosen to create a characteristic image. In other words, brand names represent detailed business and product category of men's wear by forming a brand image of men's wear (ex. Man, Homme, Zio), and provide the information about properties and benefits related to the product such as dignity, masterpiece, and luxurious lifestyle to consumers by presenting the concept of the brand.