• Journal of Distribution Science
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• v.12 no.5
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• pp.61-69
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• 2014

Purpose - Many studies report that returns on hedge portfolios that eliminate particular risk types are abnormal from traditional asset pricing models' perspectives. This study examines the pervasiveness of anomalous returns conditioned on business cycle and group size. Research design, data, and methodology - Using KOSPI and KOSDAQ market data from July 1991 to December 2013, we categorize stocks into appropriately sized groups, and dichotomize our sample periods into expansion and recession periods then, we construct hedge portfolios by sorting stocks by anomaly variables and calculate their returns. Results - Four anomalies, including earnings yield, net stock issue, total asset growth, and liquidity appear pervasive across all groups for the entire sample period. However, only the hedge returns of net stock issues are significant across all group sizes during both expansion and recession. Conclusions - A net stock issue can be an appropriate proxy for expected growth of book equity for all group sizes in recessions. This finding could provide insights to investment industry participants and to researchers interested in the relationship between expected growth of book equity and business cycle risk.

• Journal of Korean language education
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• v.25 no.1
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• pp.1-27
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• 2014

This study investigates how common English hedge expressions such as 'I think' and 'I guess' appear in Korean, with the aim of providing explicit explanation for English-speaking leaners of Korean. Based on a contrastive analysis of spoken English and Korean corpus, this study argues three points: Firstly, 'I guess' appears with a wider variety of modalities in Korean than 'I think'. Secondly, this study has found that Korean textbooks contain inappropriate use of registers regarding the English translations of '-geot -gat-': although these markers are used in spoken Korean, they were translated into written English. Therefore, this study suggests that '-geot -gat-' be translated into 'I think' in spoken English, and into 'it seems' in the case of written English and narratives. Lastly, the contrastive analysis has shown that when 'I think' is used with deontic modalities such as 'I think I have to', Korean use '-a-ya-get-': the use of hedge marker 'I think' with 'I have to', which shows obligation or speaker's volition turns the deontic modalities into expressions of speaker's opinion.

• The Journal of Society for e-Business Studies
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• v.23 no.3
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• pp.13-32
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• 2018

Btcoin has made a big progress through anonymity, decentralized authority, sharing economy, multi-ledger book-keeping, block-technology and the convenient financial vehicle. Bitcoin has the characteristics of mining and supply by decentralized suppliers, limited supply quantity and the partial money-like function as well as gold. The paper studies the hedge and safe-haven of Bitcoin and gold on daily frequency data over the period of July 20, 2010-Dec. 27, 2017 employing Asymmetric Vector GARCH. It finds that gold has the hedge and safe-haven against inflation and capital markets while Bitcoin has the weak hedge and the weak safe-haven. It shows insignificant effects of inflations of US and Korea on the volatilities of Bitcoin and gold. It also suggests the necessity of clearing of vagueness behind the anonymity for fair and transparent trade through the law application in the absence or fault in law (Lucken im Recht). following the spirit of the living constitution (lebendige gutes Recht oder Vorschrift). The relevant institutions are hoped to be given some of obligations such as registration, minimum required capital. report, disclosure, explanation, compliance and governance with autonomous corresponding rights. The study also suggests the reestablishment of the relevant financial law and taxation law. The hedge would not be successfully accomplished without the vigilant cautions of investors.

• Landscaping Tree
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• s.105
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• pp.21-23
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• 2008

• Journal of the Korean Data Analysis Society
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• v.20 no.6
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• pp.2771-2779
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• 2018

The recent financial crises cause the co-movement and transmit the risk across different markets and assets. It is well known that market fear affects the quality of credit in the financial markets. In this context, this study examines the co-movement between the volatility index (VIX) of the Chicago Board Options Exchange (CBOE), or VIX, and six emerging countries' credit default swaps (CDSs), by implementing wavelet coherence. Our research aims at revealing whether the VIX can be used to hedge against the bubble behavior of the CDS market in different investment holding periods (short-run, medium-run, and long-run), as well as whether either market can be used to manage and hedge overall market downside risks. The wavelet coherence results show a high degree of co-movement between the VIX and CDS during the 2007-2009 global financial crisis, across the 16-64 weeks' frequency band. In addition, we observe that the positive correlation between the VIX and the CDS markets, implying that the market turmoil intensifies the co-movement between the VIX and CDS markets.

• Communications of the Korean Mathematical Society
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• v.13 no.2
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• pp.367-375
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• 1998

In this paper, we present the close solution for minimal hedging portofolis $II^*$ when payment f for American option admits the integral option.

• The Journal of the Korea Contents Association
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• v.14 no.11
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• pp.905-914
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• 2014

In this study, we examine hedging effectiveness of KODEX200 ETF and KOSPI200 futures with respect to KOSPI200 spot or KODEX200 ETF using naive, the risk-minimization models and the VECM. The sample period covers from January 5. 2010 to October 31. 2013. Daily prices of the KOSPI200 spot, KOSPI200 futures and KODEX200 were used in this study. The results are summarized ans follows. First, this study show that there is cointegration relationship among KOSPI200 spot, futures and KODEX200 ETF market. Second, there is no significant difference in hedging performance among the models. Finally, hedged position of KOSPI200 cash(unhedged position)-KODEX200 ETF(hedge vehicle) or KODEX200 ETF-KOSPI200 futures seems to improve hedging performance compared to KOSPI200 cash-KOSPI200 futures. This implies that the portfolio managers may be encouraged to use the former than the latter.

• Journal of Broadcast Engineering
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• v.17 no.2
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• pp.223-236
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• 2012

We develop a video processing method that allows the more advanced human perception oriented video coding. The proposed method necessarily reflects all influences by the rate-distortion based optimization and the human visual perception that is affected by the visual saliency, the limited space-time resolution and the regional moving history. For reflecting the human perceptual effects, we devise an online moving pattern classifier using the Hedge algorithm. Then, we embed the existing visual saliency into the proposed moving patterns so as to establish a human visual perception model. In order to realize the proposed human visual perception model, we extend the conventional foveation filtering method. Compared to the conventional foveation filter only smoothing less stimulus video signals, the developed foveation filter can locally smooth and enhance signals according to the human visual perception without causing any artifacts. Due to signal enhancement, the developed foveation filter more efficiently transfers the bandwidth saved at smoothed signals to the enhanced signals. Performance evaluation verifies that the proposed video processing method satisfies the overall video quality, while improving the perceptual quality by 12%~44%.

• Journal of Korean Academy of Nursing
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• v.45 no.5
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• pp.627-640
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• 2015

Purpose: The objective of this systematic review was to assess the effects of family support programs on caregiving burden, depression, and stress in family caregivers of people with dementia. Methods: A literature search was conducted of electronic databases to identify randomized controlled studies with family support programs done between 2000 and 2014. Studies published in English and/or Korean were included for the analysis with search strategies adapted from the Cochrane Dementia and Cognitive Improvement Group. Studies were rated for quality assessment by two independent reviewers using the appraisal checklist developed by Cochrane Reviews and Dissemination. Of 8,334 articles identified in the literature search, full texts of 76 articles that met the inclusion criteria were reviewed and 38 were found to include relevant outcomes. Results: Results from selected studies were pooled in statistical meta-analysis using Review Manager Software and heterogeneity between combined studies was assessed using the Chi-square test. Meta-analysis showed that the effect sizes of family caregiver support programs were small to medium for categories of caregiving burden (Hedge's g= - 0.17, 95% CI= - 0.30~ - 0.04), depression (Hedge's g= - 0.30, 95% CI= - 0.40~ - 0.20), and stress (Hedge's g= - 0.39, 95% CI= - 0.52~ - 0.25). Conclusion: The review results indicate that a support programs can assist family caregivers in reducing their psycho-emotional distress.

• Korean System Dynamics Review
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• v.15 no.4
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• pp.5-28
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• 2014

Derivatives can be easily bought by those companies that need to hedge foreign currency debt or foreign currency assets through the financial market, considering their exchange rate exposure from international trade. The derivatives market has been growing rapidly due to the needs for investment and hedging. To manage foreign exchange risk, companies hedge risks through financial derivatives. According to our study, hedging is an effective way to mitigate the impact of exposure to exchange risk, as long as companies are only hedging underlying assets. Yet, covetous attitude toward the profit from derivatives and unexpected changes in exchange rate can cause problems for companies. This study analyzed the structural risks of derivatives with analysis of system dynamics. In particular, many companies suffered substantial loss due to KIKO during the economic crisis. We explained the problem therein through dynamic analysis. In addition, we revealed the structural problem that could cause a sudden spike in losses through simulations.