• 아태비즈니스연구
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• 제9권4호
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• pp.85-97
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• 2018

This paper investigates factors underlying a decrease in trading values in KOSPI 200 futures/options market on the basis of the current state of the markets. Among the factors that could affect trading values in KOSPI 200 derivatives market, we focus on the market activity of underlying assets as it has an impact on the trading of financial derivatives. Trading value and volatility are designated as market activity and the empirical results confirm that the market activity of the underlying assets is significant in explaining the decrease in trading values in KOSPI 200 futures/options market. To figure out fundamental reasons of the decrease in trading values in this market, we examine mitigation of home bias and decrease in leverage incentives as they are presumed to have influence on KOSPI 200 index market. As the global and local financial environment is time-varying, the degree of home bias and the leverage demand also changes. It implies that institutional change and/or policy effort to promote the trading of KOSPI 200 financial derivatives should be made taking into account the fact that considerable portion of the change in trading values in financial derivatives market depends on the state of the market.

• 재무관리연구
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• 제22권1호
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• pp.71-91
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• 2005

본 논문은 KOSPI 200 지수옵션 시장을 대상으로 각 월별 옵션 만기시 원월물에서 근월물로 바뀌는 옵션의 이월현상 효과를 분석하였다. KOSPI 200 지수옵션 시장은 외국의 제반 옵션 시장과는 달리 거래가 근월물에만 집중되고, 근월물에 대한 거래가 근월물의 만기일에도 매우 활발하게 이루어지는 특색을 갖고 있다. 따라서 원월물에서 근월물로 이전되는 과정에서 만기이월에 따라 옵션 가격이 영향을 받는다면, 이는 학술적으로는 옵션시장의 효율성에 대하여, 실무적으로는 옵션 거래전략에 대하여 함의를 갖는다고 말할 수 있다. 본 연구는 1999년부터 2001년까지의 KOSPI 200 지수옵션의 내재변동성을 활용하여 이루어줬으며 다음과 같은 결과를 얻었다. 첫째, 만기일을 포함한 주의 월요일부터 다음 월요일까지, 그리고 만기일 주간의 수요일에서 금요일까지 각 기간 동안의 콜옵션 가격은 전반적으로 하락하는 현상이 발생하였다. 둘째, 기간을 세분화하여 분석하였을 때, 콜옵션은 근월물의 만기일인 목요일에는 가격상승 현상이 나타났으나 해당옵션이 근월물이 된 금요일에는 더 큰 폭의 가격하락 현상이 나타났다. 반대로 풋 옵션은 목요일에는 가격하락 현상이, 금요일에는 가격상승 현상이 나타났다. 이러한 만기 이월현상은 처음으로 밝혀졌으며 그 방향성이 근월물의 만기일에는 옵션을 활용한 복제선물에의 매수포지션, 만기 익일에는 반대로 매도포지션으로 나타난 점은 KOSPI 200 지수 선물의 전반적인 저평가 현상에 대한 차익거래의 수단으로 투자자들이 옵션 시장을 활용한다는 개연성에 대한 증거가 된다. 이러한 결과는 옵션의 가격이 완전시장 가정 하에서 옵션의 가격에 영향을 미친다고 간주되는 변수들뿐만 아니라 옵션의 근월물 여부에도 영향 받고 있음을 의미하며, 이는 효율적 시장가설이나 완전시장 가설에 배치된다고 할 수 있다. 또한 위와 같은 결과를 바탕으로 투자전략을 수립할 때, 시장거래자중 콜옵션을 매수하려고 하는 투자자는 만기일 이후에, 반대로 콜옵션을 매도하려고 하는 투자자는 만기가 포함된 주 초반에 하는 것이 더 효과적임을 의미한다.

• 재무관리연구
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• 제21권1호
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• pp.205-229
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• 2004

풋-콜 패리티에 괴리가 생길 경우 각종 차익거래 및 스프레드 전략이 가능하게 되고 이로 인해 현물, 선물 및 옵션시장 가격의 움직임이 발생하게 되므로 이 관계식의 성립여부는 실제로 시장가격에 영향을 미칠 수 있다. 본 연구에서는 10분 간격으로 측정된 현물, 선물, 콜 옵션, 그리고 풋 옵션 가격 및 가격의 변화가 풋-콜 패리티 조건으로부터의 괴리율과 어떤 관계를 가지고 있는지 GARCH(1,1)모형을 이용하여 분석하였다. 우선 풋-콜 패리티 조건에 괴리가 발생했을 때 다시 균형상태로 회귀하려는 경향을 발견할 수 있었다. 즉, 괴리율이 (+)의 값을 가질 때 현물가격과 풋 옵션의 가격은 하락하고, 콜 옵션의 가격은 상승함으로써 향후 괴리율의 크기가 줄어드는 모습을 보여주었다. 시장에 따라 다소 차이가 있지만 전반적으로 괴리율의 변화는 각 시장에서 가격의 향후 변동에 약 60분가량 영향을 주고 있었으며, 시차항 변수에 대한 회귀계수의 크기를 비교해볼 때 시간이 지날수록 괴리율이 각 시장가격에 미치는 영향도 점차 줄어들고 있었다. 그러나 KOSPI 200 주가지수 선물가격의 움직임에서는 풋-콜 패리티 괴리율과의 뚜렷한 연관성을 보이지 않았다. 교차상관분석에 따르면 주가지수선물의 가격이 새로운 정보에 가장 신속하게 반응함으로써 기타 시장에서의 가격을 일정기간 선도하고 있는 것으로 여겨진다.

• Journal of Nutrition and Health
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• 제56권1호
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• pp.112-121
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• 2023

Purpose: Eating behaviors are influenced by food environments, such as availability and/or accessibility of healthy food options. In this study, we examined the relationship between healthy eating-out options and the intention to eat healthily in adults residing in Daqing, China, using an extended theory of planned behavior (TPB). Methods: Data were collected via an online survey conducted from April to May 2021 using a previously validated questionnaire in Daqing. A total number of 308 subjects aged 18-64, either Daqing oilfield workers or their family members were eligible and finally included in the analysis. The relationships among the attributes and the quality of healthy eating-out options, the three major constructs of TPB, and the intentions of healthy eating were examined using multiple linear regression analyses. Results: Subjective norms (p = 0.049) and perceived behavioral control (PBC) (p = 0.000) were significantly related to the healthy eating intention. The quality and attributes of the food served statistically significantly explained the intention to eat healthily. After controlling for age, sex, and body mass index, not the quality but the attributes of food served (p = 0.037), subjective norms (p = 0.016), and PBC (p = 0.000) had a significant relationship with the intention to eat healthily. The model explained 83.7% of the variance. Conclusion: The healthy eating-out choices, along with subjective norms and PBC of TPB, may be a potential determinant of healthy eating intention among Chinese adults living in Daqing, China. Policy implications have highlighted that not only the personal intention to eat healthy foods, but also the available healthy food environment may be important for the choice of healthy options by the population of interest. Therefore, building an environment for healthy eating choices and campaigns aimed at increasing consumer awareness of healthy eating are equally important for a smart eating choice.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.95-100
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• 2020

Nifty Bank Index has started trading in futures and options (F&O) segment from 13^th June 2005 in National Stock Exchange. The purpose of the study is to enhance the literature by examining expiration effect on the price volatility and price reversal of Underlying Index in India. Historical data used for the current study primarily comprise of daily close prices of Nifty Bank which is the only equity sectoral index in India which is traded in derivatives market and its Future contract value is derived from the underlying CNX Bank Index during the period 1^st January 2010 till 31^st March 2020. To check stationarity of the data, Augmented Dicky Fuller test was used. The study employed ARMA- EGARCH model for analysing the data. The empirical results revealed that there is no effect on the mean returns of underlying Index and EGARCH (1,1) model furthermore shows there is existence of leverage effect in the Bank Index i.e., negative shocks causes more fluctuations in the Index than positive news of similar magnitude. The outcome of the study specifies that there is no effect on volatility on the underlying sectoral index due to expiration days and also observed no price reversal effect once the expiration days are over.

• 한국항해항만학회지
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• 제41권5호
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• pp.287-296
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• 2017

The Formal Safety Assessment (FSA) is a structured and systematic methodology developed by the IMO, aimed at assessing the risk of vessels and recommending the method to control intolerable risks, thereby enhancing maritime safety, including protection of life, health, the marine environment and property, by using risk analysis and cost-benefit assessment. While the FSA has mostly been applied to merchant vessels, it has rarely been applied to a DP vessel, which is one of the special purpose vessels in the offshore industry. Furthermore, most of the FSA has been conducted so far by using the Fault Tree Analysis tool, even though there are many other risk analysis tools. This study carried out the FSA for safe operation of DP vessels by using the Bayesian network, under which conditional probability was examined. This study determined the frequency and severity of DP LOP incidents reported to the IMCA from 2001 to 2010, and obtained the Risk Index by applying the Bayesian network. Then, the Risk Control Options (RCOs) were identified through an expert brainstorming and DP vessel simulations. This study recommends duplication of PRS, regardless of the DP class and PRS type and DP system specific training. Finally, this study verified that the Bayesian network and DP simulator can also serve as an effective tool for FSA implementation.

• Journal of Chest Surgery
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• 제54권6호
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• pp.439-448
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• 2021

Remodeling is a commonly encountered term in the field of cardiothoracic surgery that is often used to describe various pathophysiological changes in the dimension, structure, and function of various cardiac chambers, including the aorta. Stanford type A or DeBakey type 1 aortic dissection (TAAD) is a perplexing pathologic condition that can present surgical teams with the need to navigate a maze of complex decision-making. Ascending or hemi-arch replacement leaves behind a significant amount of distal diseased aortic tissue, which might have a persistent false lumen or primary or secondary intimal tears (or communications between lumina), which can lead to dilatation of the aortic arch. Unfavorable aortic remodeling is a major cause of distal aortic deterioration after the index surgery. Cardiac surgeons are aware of post-surgical cardiac chamber remodeling, but the concept of distal aortic remodeling is still idealized. The contemporary literature from established aortic centers supports aggressive management of the residual aortic pathology during the index surgery, and with continuing technical advancements, endovascular stenting options are readily available for patients with TAAD or for complicated type B aortic dissection cases. This review discusses the pathophysiology and treatment options for favorable distal aortic remodeling, as well as its impact on mid- to long-term outcomes following TAAD repair.

• 한국수자원학회논문집
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• 제41권1호
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• pp.87-100
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• 2008

본 연구는 유역통합관리를 위한 대안들의 우선순위를 다양한 요소를 객관적으로 고려하여 산정하기 위해 대안평가지수(alternative evaluation index, AEI)를 개발하였고 이를 적용하였다. 이를 위해 물순환 건전화를 위한 다양한 대안들에 대한 연속유출 모의모형의 효과분석 결과, 다기준 의사결정 기법과 지속가능성 평가모형인 DPSIR(Drivers-Pressure-State-Impact-Response)을 이용하여 대안의 평가지수 및 순위를 산정하였다.

• 전기학회논문지
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• 제56권4호
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• pp.790-794
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• 2007

This paper presents a new index mapping method for DFT (Discrete Fourier Transform) and its application to multidimensional DFT. Unlike conventional index mapping methods such as DIT (Decimation in Time) or DIF (Decimation in Frequency) algorithms, the proposed method is based on two levels of decomposition and it can be very efficiently used for implementing multidimensional DFT as well as 1-dimensional DFT. The proposed pipelined architecture for multidimensional DFT is very flexible so that it can lead to the best tradeoff between performance and hardware requirements. Also, it can be easily extended to higher dimensional DFTs since the number of CEs (Computational Elements) and DCs (Delay Commutators) increase only linearly with the dimension. Various implementation options based on different radices and different pipelining depths will be presented.

• Journal of Forest and Environmental Science
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• 제30권4호
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• pp.315-321
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• 2014

Forest timber production potential of any site is oftentimes measured quantitatively by site index, which is defined as dominant height of a particular stand at a specified age. A site index was developed for estimating site quality of monoculture Pinus caribaea plantations in southwestern Nigeria using a base age of 25 years. Dominant height data were collected from 60 Temporary Sample Plots (TSPs) of $20{\times}20m$ in plantations of 15 to 37 years. Linear and non-linear models as been widely applied in quantitative forest measurements were fitted to dominant height-age data and the best site index equation is : $SI=Exp^{(InHd-23.495(A^{-2}-0.04)}$. The site index curves constructed for the three sites (Omo Forest Reserve - OFR (J4), Oluwa Forest Reserve - OLFR and Shasha Forest Reserve - SFR) across the southwestern Nigeria using the chosen equation revealed that a 15 year old Pinus caribaea in the study area attained average dominant heights of 25, 22 and 21 m in OFR (J4), OLFR and SFR respectively. The site index equation and curves proffer veritable insight into better silvicultural options and management practices for the future plantations suitable sites.