• 아태비즈니스연구
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• 제11권4호
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• pp.243-254
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• 2020

Purpose - This paper explores whether overnight returns measured from the last closing price to today's opening price explain the cross-section of stock returns. Design/methodology/approach - This study is conducted using the Korean stock market data from 1998 to 2018, obtained from DataGuide database. The analysis begins with portfolio-level tests, followed by firm-level cross-sectional regressions. Findings - First, when decile portfolios sorted on the daily average of overnight returns in the previous months, the highest decile portfolio exhibits a significant negative risk-adjusted return. This suggests that stocks with higher average overnight returns are temporarily overvalued due to buying pressure from investors. Second, at least 6 months of persistence exists in average overnight returns, which is in line with the results reported by Barber, Odean and Zhu (2009) that investor sentiment persists over several weeks. Finally, Fama-MacBeth cross-sectional regression of expected returns after controlling for a variety of firm characteristic variables such as firm size, book-to-market ratio, market beta, momentum, liquidity, short-term reversal, the slope coefficient for overnight returns remains negative and statistically significant. Research implications or Originality - Overall, the evidence consistently suggests that overnight return is considered as a new priced factor in the cross-section of expected returns. The findings of this paper not only adds to finance literature, but also could be useful to practitioners in making stock investment decision.

• 아태비즈니스연구
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• 제11권2호
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• pp.189-206
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• 2020

Purpose - The purpose of this study is to clarify the mediating effect of profitability and activity in the relationship between productivity and stock return, assuming that the productivity of the company will affect share prices with the parameters of profitability and activity. Design/methodology/approach - The study extracted productivity indicators, profitability indicators, activity indicators, and share price-related indicators from 1999 to 2018 of non-financial enterprises listed on the securities market, and then classified them into three factors: productivity (labor productivity LP, capital productivity CP), activity (TT), and profitability (net profit rate NI, operating profit ratio OI) through the factor analysis method, and analyzed the impact of each factor on the stock return through steps 1 to 3. Findings - The regression analysis shows that productivity has a significant positive effect on the stock return through the full mediating effect of profitability and activity. Research implications or Originality - In a situation where the relationship between productivity and profitability is not clear, this study is meaningful in that it has empirically analyzed that productivity has a positive effect on the stock return by mediating effects of profitability and activity.

• 한국신뢰성학회지:신뢰성응용연구
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• 제16권2호
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• pp.78-89
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• 2016

Purpose: In this paper, we investigate whether the endeavors for Six Sigma quality management by a firm have positive effects on its financial performance and the length of Six Sigma implemented period affects its financial status. We find a relationship between Six Sigma implemented period and several financial performance index using a smoothing spline function. Methods: A smoothing spline function is used in order to analyze the relationship between efforts for quality management and financial performance. Specifically, the return on assets, return on equity, sales cost and business fee are investigated as dependent variables and the efforts for quality management as independent variable. Results: As a result of the analysis, the indication is that companies that put effects into the Six Sigma quality management have a positive result in its financial status. In detail, the efforts for Six Sigma quality management have positive effects on total asset turnover ratio and Six Sigma implemented period on net income to net sales ratio. Additionally, companies with longer (shorter) period of Six Sigma program have more (less) improvement in its financial status. Conclusion: It can be concluded that the company's efforts for quality management positively influence financial performance.

• 경영과학
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• 제30권1호
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• pp.43-58
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• 2013

Although analysis of charts, which used in stock trading by distinguishing standardized patterns in the movements of stock prices, is simple and easy to use, there can be problems stemming from specific patterns being distinguished as a result of the subjective perspectives of analysts. In accordance with such problems, through the method of template pattern matching, 4 trend reversal patterns were designed and the fitness of the patterns were quantitatively measured. In cases when a stock is purchased when the template pattern fitness value is within a certain range and held for at least 20-days, the average return ratio was analyzed to be higher-with the difference being statistically significant-than the average return ratio attained from trading a stock according to the same method per the Efficient Market Hypothesis. From the results of stock trades of 2 domestic corporations to which the values of the 4 patterns had been applied based on the 4 strategies, it was possible to ascertain differences in the strategy- and pattern-dependent return ratios. Through this study, along with presenting the exceptions for the Efficient Market Hypothesis in stock trading, the fitness level of quantitative chart patterns was measured and the theoretical basis for application of such fitness level was proposed.

• 인터넷정보학회논문지
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• 제19권3호
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• pp.15-23
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• 2018

코드 재사용 공격은 프로그램 메모리상에 존재하는 실행 가능한 코드 조각을 조합하고, 이를 연속적으로 실행함으로써 스택에 직접 코드를 주입하지 않고도 임의의 코드를 실행시킬 수 있는 공격 기법이다. 코드 재사용 공격의 대표적인 종류로는 ROP(Return-Oriented Programming) 공격이 있으며, ROP 공격에 대응하기 위한 여러 방어기법들이 제시되어왔다. 그러나 기존의 방법들은 특정 규칙을 기반으로 공격을 탐지하는 Rule-base 방식을 사용하기 때문에 사전에 정의한 규칙에 해당되지 않는 ROP 공격은 탐지할 수 없다는 한계점이 존재한다. 본 논문에서는 RNN(Recurrent Neural Network)을 사용하여 ROP 공격 코드에 사용되는 명령어 패턴을 학습하고, 이를 통해 ROP 공격을 탐지하는 방법을 소개한다. 또한 정상 코드와 ROP 공격 코드 판별에 대한 False Positive Ratio, False Negative Ratio, Accuracy를 측정함으로써 제안한 방법이 효과적으로 ROP 공격을 탐지함을 보인다.

• Earthquakes and Structures
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• 제19권5호
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• pp.379-393
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• 2020

The purpose of this study is to first evaluate the seismic behavior of ageing arch bridges by using the Intensity Measure - based demand and DCFD format, which is referred to as the fragility-hazard format. Then, an investigation is performed for their seismic vulnerability. Analytical models are created for bridges concerning different features and these models are subjected to Incremental Dynamic Analysis (IDA) analysis using a set of 22 earthquake records. The hazard curve and results of IDA analysis are employed to evaluate the return period of exceeding the limit states in the IM-based probabilistic performance-based context. Subsequently, the fragility-hazard format is used to assess factored demand, factored capacity, and the ratio of the factored demand to the factored capacity of the models with respect to different performance objectives. Finally, the vulnerability curves are obtained for the investigated bridges in terms of the loss ratio. The results revealed that decreasing the span length of the unreinforced arch bridges leads to the increase in the return period of exceeding various limit states and factored capacity and decrease in the displacement demand, the probability of failure, the factored demand, as well as the factored demand to factored capacity ratios, loss ratio, and seismic vulnerability. Finally, it is derived that the probability of the need for rehabilitation increases by an increase in the span length of the models.

• The Journal of Asian Finance, Economics and Business
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• 제9권1호
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• pp.249-257
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• 2022

COVID-19 struck without warning, and by the first quarter of 2020, the world had plunged into a state of total closure as a means of containing the pandemic's devastating effect. Certainly, the pandemic shook many economies; some countries were able to cope, while third-world countries lost their invulnerability. Based on this, the current study looked at financial reports from Kuwaiti conventional and Islamic banks from 2019 to 2020 (before and after the pandemic) and compared the findings to see how much of an impact Kuwaiti conventional and Islamic banks had during the COVID-19 epidemic. Financial analysis of financial reports was used as a quantitative methodology, and variables were compared and analyzed, including (the liquidity ratio, profitability ratio, and financial leverage) within (14) Kuwaiti conventional and Islamic banks. The study found that the pandemic had a detrimental impact on both conventional and Islamic banks in Kuwait, as they were the first line of defense for the Kuwaiti economy during lockdowns and quarantines. Furthermore, there were significant implications on the Rate of Return on Investment, Debt, Financial Leverage, and Return on Equity.

• 한국산학기술학회논문지
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• 제21권5호
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• pp.679-686
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• 2020

본 연구에서는 공용 중인 하천 제방을 대상으로 포항지진파를 재현주기 200년, 500년, 1000년 그리고 2400년으로 생성하여 지진취약성을 정량적으로 분석하였다. 재현주기에 따른 지진취약성 분석을 위해 하천 제방에 측점을 설정하여 제방의 거동을 분석하였다. 연구결과, 지진 발생 시의 변위는 입력지진파와 유사한 경향성을 보였으며 재현주기 2400년에서 가장 크게 산정되었다. 활동 안정성 검토 결과, 지진 발생전의 안전율을 기준으로 재현주기 2400년일 때 제내지는 약 31.5% 감소하였고 제외지는 약 26.7% 감소하는 것으로 나타났다. 모든 재현주기에서 최소 기준 안전율을 만족하는 것으로 나타났다. 하지만, 유효응력경로상 q/p' 비율에 따른 액상화를 검토한 결과, 지진으로 인한 제채 내부의 침윤면이 상승하여 재현주기 2400년일 때는 제채 대부분에서 액상화가 발생하는 것으로 나타나 지진에 상당히 취약한 것으로 나타났다. 본 연구를 통해 국내 내진 설계 기준의 재정립이 필요함이 입증되었다고 판단되며, 동역학적 방법을 통한 검토 결과에 대한 명확한 기준 성립이 필요하다고 판단된다.

• 한국산학기술학회논문지
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• 제18권2호
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• pp.600-608
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• 2017

본 연구는 한국채택 국제회계기준(K-IFRS)이 본격 도입된 2011년 이후 금융감독원에 전자공시시스템(DART)에 공시된 공신력 있는 회계보고서를 바탕으로 축산업 농업법인의 경영지표 및 부채비율과 경영성과에 관하여 분석하였다. 첫째, 주요 경영지표를 분석한 결과, 안전성 지표는 유동비율, 부채비율, 유동부채비율이 낮아지고, 자기자본비율은 높아진 것으로 나타났다. 수익성 지표는 총자산순이익율, 자기자본순이익율, 매출액순이익율이 모두 2013년에 비해 2014년에 약간 증가한 것으로 나타났고, 성장성 지표는 전체적인 성장성 및 외형적인 성장성 모두 증가하지 않은 것으로 나타났다. 둘째, 부채비율과 경영성과를 분석한 결과, 부채비율은 경영성과 변수인 총자산순이익률(ROA)과 매출액순이익률(ROS)에 모두 부(-)의 영향을 미치는 것으로 나타났다. 이는 우리나라 축산업 농업법인의 부채사용이 외형적인 성장에는 기여하였으나 경영성과로는 이어지지 않고 오히려 무리한 부채사용이 경영성과에 부정적인 영향을 미친 것으로 해석할 수 있다. 분석결과를 종합해보면 축산업 농업법인의 수익성 및 성장성 개선을 위하여 원가절감과 같은 경영개선을 통한 매출액 증대 방안이 모색되어야 할 것으로 보인다. 또한 부채사용이 외형적인 성장에는 기여하였으나 경영성과로는 이어지지 않는 만큼 무리한 부채사용을 줄이고 기술개발 보급 등에 의한 농업경영비 절감으로 매출 및 수익 증대 방안이 모색되어야 할 것이다.

• Journal of Chest Surgery
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• 제6권2호
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• pp.131-142
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• 1973

Studies of cardiopulmonary function and acid-base balance were performed on 29 dogs during control period, during oligemic hypotension and following return of blood to the animals. Intravenous morphine and local anesthesia were used. Fifteen of the 29 animals survived the complete experiment. The 14 animals that failed to survive the experimental period died between 15 to 90 minutes after the onset of bleeding. The results were as follows. 1. The heart rate increased after the onset of bleeding and failed to return to control level following reinfusion. Stroke volume decreased markedly after bleeding and failed to recover after return of blood from the reservoir. Cardiac output also decreased during oligemic hypotension and was maintained at this level after re-infusion. Total peripheral resistance decreased significantly immediately after bleeding, however it increased soon over the pre-bleeding level. Central venous pressure decreased after the onset of bleeding and remained at lower level for the rest of the experimental period. Arterial blood pressure, clown to 40-45 mmHg by acute hemorrhage, was elevated near to control level. Left ventricular work decreased tremendously during oligemic hypotension and failed to return to control level with the re-infusion of blood. Hematocrit value showed no significant decrease after bleeding and increased after re-infusion. Hemoglobin decreased after the onset of bleeding and recovered to control value after re-infusion. 2. The respiratory rate fell rapidly after bleeding from 124 to 29 and remained at this lower level for the remainder of the experiment. The tidal volume increased after bleeding and was maintained at this level for the remainder of the experiment. The respiratory minute volume showed no significant changes throughout the experimental period. Oxygen consumption fell lightly in all animals during oligemic hypotension and returned to normal levels following re-infusion. Arterial oxygen content and arterial oxygen saturation decreased following bleeding and the values returned to normal levels after the return of blood from the reservoir The arterio-venous oxygen difference increased after the onset of bleeding. It failed to return to normal values following re-infusion. Arterial $Pco_2$ decreased in all animals after the beginning of the bleeding. Partial pressure of $Co_2$ continued to fall until re-infusion, after which the values returned toward normal. Animals became acidotic. The pH fell to lower level following bleeding. Lactic acid and lactate: pyruvate ratio also increased during same period. Arterial pH and lactic acid failed to return to control value and lactate: pyruvate ratio increased more after re-infusion. Sodium bicarbonate decreased after bleeding and returned to control value following re-infusion.