• The Journal of Asian Finance, Economics and Business
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• 제9권3호
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• pp.195-202
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• 2022

This study investigates whether institutional investors increase or decrease the volatility of stock returns in the Thai stock market. For the purpose we used the data from SETSMART, a database provided by the Stock Exchange of Thailand (SET). Our sample is a balanced panel data covering 3,160 firm-year observations from 316 nonfinancial firms listed on the SET from 2011 to 2020. We analyze the link between institutional holdings and the volatility of stock returns by the pooled Ordinary Least Squares (OLS) model, the fixed effects model, and the random-effects model. In particular, we regress the stock return volatility on institutional ownership while controlling for firm size, financial leverage, growth opportunities, and stock turnover and accounting for industry effects and year effects. Our results indicate institutional investors' positive and significant influence on the volatility of the stock returns. Additionally, we performed the dynamic Generalized Method of Moment (GMM) estimator to alleviate concerns of possible endogeneity. The result still shows a positive impact of institutional investors on the volatility in stock returns. Overall, the findings of this study suggest that an increase in the volatility of stock returns in the Thai stock market may stem from a higher proportion of equity held by the institutional investors.

• KDI Journal of Economic Policy
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• 제46권1호
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• pp.53-89
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• 2024

The effects of the betterment of enforced intellectual property rights (IPRs) provisions on services export diversification are investigated. The analysis used an unbalanced panel dataset of 76 developing countries over the period of 1970-2014. The empirical analysis is based on the feasible generalized least squares estimator. It suggests that the implementation of weaker IPR protection fosters services export diversification in less developed countries (i.e., those whose real per capita incomes are less than US$US$ 1458.60), including those with a low level of export product upgrading. Conversely, in relatively advanced developing countries (countries whose real per capita income exceeds US$ 3356.80), including those with high levels of export product upgrading, the implementation of stronger IPR laws induces greater services export diversification. Finally, the analysis revealed the existence of a non-linear relationship between IPR protection and services export diversification. The implementation of stronger intellectual property laws spurs services export diversification in countries with high degree of IPR protection, especially when IPR protection exceeds a certain level, recorded here as having a score of 1.197. In contrast, in countries with weaker IPR protection, in particular those with IPR protection levels that score less than 0.915, it is rather the implementation of weaker intellectual property laws that promotes services export diversification.

• ETRI Journal
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• 제46권3호
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• pp.392-403
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• 2024

Even though generalized frequency division multiplexing is an alternative waveform method expected to replace the orthogonal frequency division multiplexing in the future, its implementation must alleviate channel effects. Least-squares (LS), a low-complexity channel estimation technique, could be improved by using the discrete Fourier transform (DFT) without increasing complexity. Unlike the usage of the LS method, the DFT-based method requires the receiver to know the channel impulse response (CIR) length, which is unknown. This study introduces a simple, yet effective, CIR length estimator by utilizing LS estimation. As the cyclic prefix (CP) length is commonly set to be longer than the CIR length, it is possible to search through the first samples if CP is larger than a threshold set using the remaining samples. An adaptive scale is also designed to lower the error probability of the estimation, and a simple signal-to-interference-noise ratio estimation is also proposed by utilizing a sparse preamble to support the use of the scale. A software simulation is used to show the ability of the proposed system to estimate the CIR length. Due to shorter CIR length of rural area, the performance is slightly poorer compared to urban environment. Nevertheless, satisfactory performance is shown for both environments.

• Journal of the Korean Data and Information Science Society
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• 제21권6호
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• pp.1171-1180
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• 2010

회귀함수의 비모수적 적합에서 공변량의 차원이 증가함에 따라 추정량의 극한성질이 좋지 않음이 잘 알려져 있다. 이러한 문제점을 극복하기 위한 방법중의 하나는 단일지표모형의 추정을 이용하여 공변량의 차원을 1차원으로 줄이는 것이다. 단일지표모형에서 계수 추정 방법으로는 반복적으로 해를 계산하여 근사치를 구하는 방법인 준모수적 최소제곱법과 비반복적으로 계산하여 구하는 도함수 가중평균법이 있다. 두 추정 방법 모두 모수적인 방법과 같은 수렴비율로 정규근사한다고 알려져 있지만 실질적인 성능에 관한 비교는 이루어지지 않았다. 본 논문에서는 모의실험을 통해 두 방법에 의한 추정치의 분산을 비교하여 어떠한 방법이 좋은지를 파악하고자 한다.

• 응용통계연구
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• 제23권5호
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• pp.967-975
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• 2010

데이터마이닝 분야에서의 회귀모형에는 연관성이 높은 설명변수들이 포함되어 다중공선성을 유발하는 경우가 많은데, 다중공선성이 야기하는 문제를 해결하기 위하여 주성분회귀분석을 적용할 수 있다. 이 분석에서는 적절한 주성분을 선정하는 과정이 핵심인데, 기존의 선정방법들은 다중공선성을 잘 해결하지 못하거나 모형의 적합성을 저하시킨다는 지적을 받고 있다. 따라서 본 논문에서는 다중공선성 문제와 적합성 저하 현상을 동시에 해결할 수 있는 새로운 선정방법을 제안하였다. 다중공선성에 의해 최소제곱추정량의 분산이 팽창되는 문제를 주성분회귀에 의해 해결할 수 있지만, 주성분의 일부를 선정함에 따라 발생하는 편의도 동시에 통제해야 한다. 따라서 주성분회귀추정량의 평균제곱오차를 최소가 되게 하는 상태지수를 측정하고, 이 값에 영향을 미치는 주요 요인들을 컨조인트분석에 의해 파악하여 주성분 선정기준 모형을 구축하였다. 선정기준의 상한과 하한을 설정하고, 상태지수가 상한을 초과하면 해당 주성분을 제외시키고, 하한에 미달하면 해당 주성분을 포함시킨다. 그리고 상한과 하한 사이의 상태지수에 대응하는 주성분들에 대해서는 일반화선형검정을 순차적으로 적용하여 주성분을 선정하는 방법이다.

• 전기학회논문지
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• 제66권7호
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• pp.1131-1140
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• 2017

This study is concerned with a design methodology of optimized fuzzy clustering-based neural network classifier for classifying black plastic. Since the amount of waste plastic is increased every year, the technique for recycling waste plastic is getting more attention. The proposed classifier is on a basis of architecture of radial basis function neural network. The hidden layer of the proposed classifier is composed to FCM clustering instead of activation functions, while connection weights are formed as the linear functions and their coefficients are estimated by the local least squares estimator (LLSE)-based learning. Because the raw dataset collected from Raman spectroscopy include high-dimensional variables over about three thousands, principal component analysis(PCA) is applied for the dimensional reduction. In addition, artificial bee colony(ABC), which is one of the evolutionary algorithm, is used in order to identify the architecture and parameters of the proposed network. In experiment, the proposed classifier sorts the three kinds of plastics which is the most largely discharged in the real world. The effectiveness of the proposed classifier is proved through a comparison of performance between dataset obtained from chemical analysis and entire dataset extracted directly from Raman spectroscopy.

• Journal of Korea Trade
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• 제24권8호
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• pp.121-132
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• 2020

Purpose - The principle aim of this study is to further investigate the relationship between market diversity and export performance. We examine the benefits and costs of geographic market diversity regarding the number of countries exported to by firms on their export performance. Based on the financial risk reduction model and the entry costs model, we propose a way to incorporate the costs and benefits aspects of market diversity. Design/methodology - To empirically investigate our research question, the curvilinear relationship between market diversity and export performance, we built a secondary panel data set between 2015 and 2019, containing 17,863 observations of Korean exporting companies. A generalized least squares panel estimator with fixed effects was employed to test the hypothesis, and the statistical package, Stata 14, was used. Findings - Our main findings are as follows: As market diversity increases, export performance increases because exporters can diversify and reduce financial risks in export markets. However, the relationship between the two does not grow. As it peaks, the entry costs increase due to the high market diversity, thereby outweighing the benefits, leading, eventually to decrease in the export performance. Consequently, there is an inverted U-shaped relationship between market diversity and export performance. Originality/value - In the export and trade literature, the impact of market diversity on export performance has not been addressed yet, despite the importance of this subject. Many scholars have assumed a positive linear relationship between the two, considering only the decrease in market risks as the number of overseas markets increases, without examining the increase in the entry and management costs. Therefore, our study contributes by providing a new perspective for analyzing the characteristics and outcomes of market diversity.

• 수면정신생리
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• 제6권1호
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• pp.52-60
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• 1999

목 적 : 임상 뇌파의 비선형 분석시, 분석시간을 단축시킬 수 있는 방법과 보다 정확한 상관차원을 얻기 위한 새로운 알고리즘 고안을 시도하였다. 또 뇌파신호 분석을 위한 적절한 신호획득 조건을 결정하는 방법을 제시하기 위하여 여러 상이한 실험조건에서 상관차원을 계산하였으며, 여기서 얻은 결과를 이용하여 각 실험실마다 공통적으로 적용할 수 있는 표준화된 실험 조건을 결정하고자 하였다. 방 법 : 임의의 한 개인을 대상으로 13개의 두피전극에서 얻은 뇌파신호를 대상으로 하였다. 12비트 해상도에서 1000 헤르츠로 32초간 얻은 뇌파신호를 디지털화 하여 각 전극당 32000개의 시계열자료를 얻었다. 이 자료를 10, 20, 30초 간격의 시간단위로 나누고, 각각에 대해 1000, 500, 250, 125, 62.5 Hz 등 5가지 신호추출조건을 달리 하여 각 전극마다 총 15개의 시계열 자료를 만들었다. 여기에 상관차원 계산시간 단축을 위해 고안된 계산 알고리듬 및 상관차원 추정 정확도를 개선하기 위해 적용한 최소절단자승기법을 적용하여 상관 차원을 계산하였다. 이렇게 얻은 상관차원 결과를 신호획득시간과 신호추출빈도에 따라 비교하였다. 또 로그연산을 비트 연산으로 바꾸어 계산시간 단축의 효과를 평가하였으며, 최소 절단자승기법과 최소자승추정기법을 비교하였다. 결 과 : 신호추출시간이 증가함에 따라 상관차원의 값도 통계적으로 유의하게 증가하는 양상을 보였다. 신호추출빈도가 62.5Hz일때는 신호추출시간에 무관하게 높은 상관차원값을 나타냈으나 그밖의 빈도에서는 유사한 상관차원값을 보였다. 본 연구에서 고안된 계산 알고리듬은 종래 사용하던 알고리듬에 비해 통계적으로 유의한 계산시간 단축효과를 보였다. 또 종래의 방법인 최소자승추정에 의한 상관차원에 비하여 본 연구에 적용된 최소절단자승추정법은 보다 안정된상관차원 값을 추정하였다. 결 론 : 본 연구는 다량의 뇌파 시계열 자료를 분석하는데 신속하고 보다 정확한 상관차원 추정에 알맞는 분석방법을 제공하였다. 또한 뇌파 시계열 자료의 상관차원 계산시 12비트의 해상도에서 125Hz의 신호추출빈도로 20초간 뇌파신호를 획득하면 적정한 수준의 상관차원을 계산할 수 있음을 보였다.

• 전자공학회논문지CI
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• 제46권2호
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• pp.84-91
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• 2009

본 논문에서는 모바일 증강 현실 시스템 및 항공사진을 이용하여 건물의 부분적 3D 모델을 생성하고, 이를 비디오 영상과 비교하여 사용자의 위치를 실시간으로 추적하는 방법을 제안한다. 제안된 시스템은 미리 생성된 모델을 사용하는 대신, 시스템 동작 중에 사용자 뷰와 항공 뷰를 결합하여 3D 모델을 생성한다. 우선 GPS의 위치에 따라 데이터베이스로부터 검색된 항공사진과, 피치를 추정하는 관성 센서를 이용하여 사용자의 초기 자세를 계산한다. 그리고 그래프 컷을 이용하여 건물의 상단의 에지를 검출하고, 제안된 비용 함수를 최소화함으로써 하단의 에지와 모퉁이 위치를 찾는다. 실시간으로 사용자의 자세를 추적하기 위해, 사용자가 관촬 중인 건물의 에지 및 벽면에서의 특이점을 이용하여 추적을 수행한다. 본 논문에서는 최소 자승 추정법과 언센티트 칼만 필터를 사용하여 카메라 자세 추정 방법을 구현하고 비교하였다. 또한 두 방법에 대하 속도와 정확도를 비교하고, Anywhere Augmentation 시나리오에 대한 중요한 기본 구성 요소들로서 실험결과의 유용성을 보였다.

• Journal of Korea Trade
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• 제26권6호
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• pp.1-19
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• 2022

Purpose - This study empirically investigates the effects of Official Development Assistance (ODA) on the economic activities of private actors in recipient countries. As a proxy for the economic activities of private actors, we utilize the job creation activities of foreign subsidiaries in recipient countries. The foreign subsidiaries provide a foundation for economic development by creating paying jobs. That is, if ODA has been successfully transferred to foreign subsidiaries, then these foreign subsidiaries should help economic growth and help create a boom in the local market by providing jobs. These jobs eventually lead to the achievement of the primary aims of foreign aid, including poverty reduction. Thus, this study empirically examines the relationship between ODA and the number of jobs created by foreign subsidiaries in recipient countries. Design/methodology - This is the first study to examine the effects of the ODA on the job creation of foreign subsidiaries because it has been hard to obtain internal information related to the employment status of foreign subsidiaries. Fortunately, we have a unique panel dataset provided by the Export-Import Bank of Korea (KEXIM) for 2006 to 2013. In terms of the empirical specification, we use the generalized least squares (GLS) method. The panel GLS estimator allows us to have an efficient estimation that overcomes the limitations of the panel data. It employs assumptions about the heteroscedasticity between the panels and makes an autocorrelation of the error term within each panel. Findings - We find that ODA influences job creation in foreign subsidiaries. In particular, we found that ODA creates more jobs in sales than in managerial or production positions. This study also shows that the effect of the ODA on the foreign subsidiaries' job creation activities depend on the purpose of the ODA. By examining ODA effects on the foreign subsidiaries' economic activities (e.g., job creation), this study fills a gap in the current literature. Originality/value - Existing studies that focus on the ODA effect have either a macroeconomic point or a microeconomic point of view. However, both approaches do not explain how well foreign aid has influenced private economic actors of recipient countries. In essence, previous researchers found it difficult to obtain the necessary data for internal employment status from foreign subsidiaries. However, thanks to the Korea Export-Import Bank, this study shows that ODA indeed influences the job creation activities of foreign subsidiaries even after controlling for other factors such as FDI, GDP growth rate, employment rate, household expenditure, mother firms' share, etc. By doing so, we can examine how ODA influences the job creation of foreign subsidiaries, which might help economic development and reduce the amount of poverty in recipient countries.