• Journal of Distribution Science
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• v.11 no.10
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• pp.55-62
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• 2013

Purpose - The purpose of this study is to suggest a risk factor that significantly explains foreign currency risk premia. In recent years, some studies have found that the performance of the simultaneous consumption risk model improves considerably when tested on foreign currency portfolios, which are constructed based on the international interest rates differentials. However, this paper focuses on the long-run consumption risk factor. In our empirical research, we found that the real excess returns of high interest rate currency portfolios depreciate on average, when the future American long-run consumption growth rate appears low. This makes the high interest rate currency portfolios have relatively high risk premia. Meanwhile, the real excess returns of low interest rate currency portfolios appreciate on average, under the same conditions, which results in relatively low risk premia for these portfolios. Therefore, this long-run consumption risk factor might explain why low interest rate currencies do not appreciate as much as the interest rate differential, and why high interest rate currencies do not depreciate as much as the interest rate differential. Research design, data, methodology - In our explanation, we provide new evidence on the success of long-run consumption risks in currency risk premia by focusing on the long-run consumption risks borne by American representative investors. To uncover the hidden link between exchange rates and long-run consumption growth, we set the eight currency portfolios as our basic assets, which have been built based on the foreign interest rates of eighty countries. As these eight currency portfolios are rebalanced every year, the first group always contains the lowest interest rate currencies, and the last group contains the highest interest rate currencies. Against these basic eight currency portfolios, we estimate the long-run consumption risk model. We use recursive utility framework and the stochastic discount factor that depends on the present value of expected future consumption growth rates. We find that our model is optimized in the two-year period of constructing the durable consumption expectation factor. Our main results surprisingly surpass the performance of the existing benchmark simultaneous consumption model in terms of R², relatively risk aversion coefficient γ, and p-value of J-test. Results - The performance of our model is superior. R², relatively risk aversion coefficient γ, and p-value of J-test of our long-run durable consumption model are 90%, 93%, and 65.5%, respectively, while those of EZ-DCAPM are 87%, 113%, and 62.8%, respectively. Thus, we can speculate that the risk premia in foreign currency markets have been determined by the long-run consumption risk. Conclusions - The aggregate long-run consumption growth risk explains a large part of the average change in the real excess returns of foreign currency portfolios. The real excess returns of high interest rate currency portfolios depreciate on average when American long-run consumption growth rate is low, and the real excess returns of low interest rate currency portfolios appreciate under the same conditions. Thus, the low interest rate currency portfolios allow investors to hedge against aggregate long-run consumption growth risk.

• The Mathematical Education
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• v.62 no.2
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• pp.195-209
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• 2023

This study examined the effect and structural relationship of math teachers' teaching ability and class activity types on learners' value perception, confidence, and interest of mathematics at the student level and teacher level. To this end, data from 2nd graders of korea middle school in TIMSS 2019 were applied to the multilevel structural equation model. As a result of the analysis, the teaching ability of math teachers had a positive effect on value perception, confidence, and interest of mathematics at the student level and teacher level. Also, math value perception and math confidence had a positive effect on math interest. and it was confirmed that the teaching ability of math teachers indirectly had a positive effect on math interest by mediating math value perception and math confidence. In addition, the math class activity of applying what was learned to problems had a positive effect on math value perception, but it had a negative effect on math interest. and the class activity of the same ability group had a positive effect on math confidence and math interest. This study presents meaningful implications for math classes in the school field through a multilevel analysis of the student level and the teacher level.

• Journal of the Korean Mathematical Society
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• v.43 no.4
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• pp.845-858
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• 2006

We present two approaches of the stochastic interest rate European option pricing model. One is a bond numeraire approach which is applicable to a nonzero value asset. In this approach, we assume log-normality of returns of the asset normalized by a bond whose maturity is the same as the expiration date of an option instead that of an asset itself. Another one is the expectation hypothesis approach for value zero asset which has futures-style margining. Bond numeraire approach allows us to calculate volatilities implied in options even though stochastic interest rate is considered.

• Journal of the Korean Society of Surveying, Geodesy, Photogrammetry and Cartography
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• v.13 no.2
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• pp.299-307
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• 1995

The extraction of distinct points such as corner points and circular features is a basic procedure in digital photogrammetry and computer vision. This paper describes the extraction of image features from the raw images (gray value images), especially Forstner interest corner points. The mathematical model of the Forstner interest operator as well as the behavior in the presence of noise are investigated. Experiments with real images prove the feasibility of the Forstner interest operator in the field of Digital Photogrammetry.

• Research in Community and Public Health Nursing
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• v.10 no.1
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• pp.204-226
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• 1999

This study attempted to compare the social interest, motivation, and attitude of nursing college students who participated in a voluntary program and the students who didn't participate in a voluntary program. The purpose of this study can be summarized as to find the effect of a voluntary program and to offer fundamental data for institutionalizing a voluntary program in college. The subjects were composed of two groups, one group attend the voluntary program and the other group doesn't. The subjects were 390 nursing students: 179 in the experimental group and 211 in the control group. The results of this study are as follows : 1. Before voluntary activities, the mean value of the control group was higher than that of the experimental group in social interest and altruistic motivation. The difference is statistically meaningful(t= -2.2.53, p=.25, t= -2.509, p= .013). 2. After voluntary activities, selfish motivation and altruistic motivation in the experimental group was higher than before. The difference is statistically meaningful(t= 2.404, p=.0l7, t=-2.751, p=.007). 3. The social interest, selfish motivation, altruistic motivation toward voluntary activities and selfish attitude, altruistic attitude toward voluntary activities will not have changed in the control group before or after voluntary program. However, the altruistic attitude lowered after voluntary activity. It is statistically meaningful(t=2.694, p=.008). 4. After the voluntary activities, there was a significant difference between the experimental and control groups in altruistic attitude. In the experimental group, the mean value of altruistic attitude increased significantly, but in the control group the mean value of altruistic attitude decreased ( t = 2.15, p = .032). The results of this study showed that voluntary activities not only increase social interest and altruistic attitude, but also the subject's understanding toward the community. 3. The social interest, selfish motivation, altruistic motivation toward voluntary activities and selfish attitude, altruistic attitude toward voluntary activities will not have changed in the control group before or after voluntary program. However, the altruistic attitude lowered after voluntary activity. It is statistically meaningful (t=2.694. p=.008). 4. After the voluntary activities, there was a significant difference between the experimental and control groups in altruistic attitude. In the experimental group, the mean value of altruistic attitude increased significantly, but in the control group the mean value of altruistic attitude decreased (t = 2.15, p =.032). The results of this study showed that voluntary activities not only increase social interest and altruistic attitude, but also the subject's understanding toward the community.

• Journal of the Architectural Institute of Korea Structure & Construction
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• v.35 no.1
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• pp.47-56
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• 2019

As the zero interest rate era was over with the end of quantitative easing, the economy of several global markets observed the fluctuations of the base interest rate. Interest rate, which is the change of money value with respect to time, is negatively correlated with construction investment. Considering the characteristics of interest rates and construction investment as economic variables, the necessity of cross-border analysis between base interest rate and construction investment was suggested in this paper. Cross-correlation analysis between base interest rates and construction investment crossing the border was performed. The effective correlations were confirmed with values varying by countries. Similar characteristics were also observed among countries with similar economy, which were then divided into three groups. Additionally, identifying the base interest rate that affects the construction investment of a particular country was made possible by reflecting a self-cycle of base interest rates. Lastly, from the result of examining the influence of each rise and fall of the interest rate, it was verified that the difference was more than twice as large in some countries. These results are expected to contribute to construction-related policy makers or investors to make decisions in response to the economic status of the construction market.

• 한국정보컨버전스학회:학술대회논문집
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• 2008.06a
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• pp.121-124
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• 2008

One field that the information society has recently taken much interest in and has continuously implemented is medical services. Health tourism services which emphasize today's patient-oriented management rather than the past hospital-oriented management are highly value-added. As interest in physical fitness increases in keeping with such trends of the society at large as the declining birth rate and increasing life expectancy, and the medical market is opened, the added value of medical services that attract and manage domestic and foreign patients from the global market and satisfy their diverse desires with domestic medical competitiveness such as excellent medical staff and technology is on the spotlight. Hereupon, this study intends to suggest the possibility of developing competitive domestic medical services into a highly value-added industry in keeping with changing environment.

• Korean journal of communication and information
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• v.36
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• pp.109-132
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• 2006

It is difficult to found the concept of public interest properly, being ambiguous to distinguish media and service as to the convergence of broadcasting and telecommunications. Accordingly, it is necessary to found the concept of public interest not related to the character of media and service in the age of digital convergence. Therefore this study intended to re-found the concept of public interest, as to industrial changes in the age of convergence of broadcasting and telecommunications. The convergence of broadcasting and telecommunications causes the changes of value chain, which includes contents, platform, network, terminal. It could not help avoiding modifying the industrial structure of broadcasting and telecommunications, because of the changes of value chain. The changes of industrial structure needs the changes of ideology, regulatory policy, regulatory system, and it creates the foundation of new regulatory idea. The purpose of regulatory idea in the age of digital convergence is to practice public interest, and it is an ultimate purpose to increase consumers' welfare. Consequently, for increasing comsumer' welfare, it is necessary to achieve diversity, fairness, objectivity, the preservation of social value in the aspect of contents. Also in the aspect of platform, it is necessary to achieve the protection of privacy, consumer protection, harmful information blocking, and in the aspect of network, it is necessary to achieve the maintenance of secure network, fair competition. Finally, in the aspect of terminal, it is necessary to achieve the maintenance of compatibility, the solution for digital divide. Then regulatory policy of each value chain from a legal and institutional perspective, should be promoted to provide public interest, step by step.

• Journal of the Institute of Electronics and Information Engineers
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• v.54 no.8
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• pp.99-106
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• 2017

Electrical impedance tomography is a nondestructive imaging modality in which the internal resistivity distribution is reconstructed based on the injected currents and measured voltages inside a domain of interest. In this paper, an adaptive threshold value based region of interest (ROI) method is proposed to improve the spatial resolution of reconstructed images as well as to reduce the computational time of the inverse problem. Adaptive threshold value is calculated by INTERMODES method and ROI is determined from the domain based on this value. Moreover, the computational domain of image reconstruction is restricted within a ROI and iterative Gauss-Newton method is employed to estimate the resistivity distribution. To evaluate the performance of the proposed method, numerical experiments have been performed and the results are analyzed.

• Communications for Statistical Applications and Methods
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• v.29 no.1
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• pp.85-101
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• 2022

Derivative-linked securities (DLS) is a type of derivatives that offer an agreed return when the underlying asset price moves within a specified range by the maturity date. The underlying assets of DLS are diverse such as interest rates, exchange rates, crude oil, or gold. A German 10-year bond rate-linked DLS and a USD-GBP CMS rate-linked DLS have recently become a social issue in Korea due to a huge loss to investors. In this regard, this paper accounts for the payoff structure of these products and evaluates their prices and fair coupon rates as well as risk measures such as Value-at-Risk (VaR) and Tail-Value-at-Risk (TVaR). We would like to examine how risky these products were and whether or not their coupon rates were appropriate. We use Hull-White Model as the stochastic model for the underlying assets and Monte Carlo (MC) methods to obtain numerical results. The no-arbitrage prices of the German 10-year bond rate-linked DLS and the USD-GBP CMS rate-linked DLS at the center of the social issue turned out to be 0.9662% and 0.9355% of the original investment, respectively. Considering that Korea government bond rate for 2018 is about 2%, these values are quite low. The fair coupon rates that make the prices of DLS equal to the original investment are computed as 4.76% for the German 10-year bond rate-linked DLS and 7% for the USD-GBP CMS rate-linked DLS. Their actual coupon rates were 1.4% and 3.5%. The 95% VaR and TVaR of the loss for German 10-year bond rate-linked DLS are 37.30% and 64.45%, and those of the loss for USD-GBP CMS rate-linked DLS are 73.98% and 87.43% of the initial investment. Summing up the numerical results obtained, we could see that the DLS products of our interest were indeed quite unfavorable to individual investors.