• 한국언어정보학회지:언어와정보
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• 제4권2호
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• pp.69-92
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• 2000

It is well-known that default rules require a nonmonotonic logic. Veltman proposed one dynamic theory which interprets default rules in such a way that correct inferences can be made at each information state. But his theory has some problems. First, this theory excludes the possibility that a default rule can be true of false. Second, his representation of an information state makes it difficult to interpret a default rule embedded in another sentence. Third, the notion of a frame which is introduced in the interpretation of a default rule and the adjustment of inferential expectation has a more complex structure than is necessary, In this paper, I propose a truth-conditional theory of default rules in which the meaning of a default rule is defined as a truth-condition in a possible world and which assumes a simpler structure of a frame. This makes it possible to interpret a default rule embedded in a sentence. A dynamic theory for default rules is also proposed for correct inferences based on default rules.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.717-729
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• 2021

This paper examines the efficacy of the default risk factor in an emerging market context using the Fama-French five-factor model. Our aim is to test whether the Fama-French five-factor model augmented with a default risk factor improves the predictability of returns of portfolios sorted on the firm's characteristics as well as on industry. The default risk factor is constructed by estimating the probability of default using a hybrid version of dynamic panel probit and artificial neural network (ANN) to proxy default risk. This study also provides evidence on the temporal stability of risk premiums obtained using the Fama-MacBeth approach. Using a sample of 3,806 firm-year observations on non-financial listed companies of Pakistan over 2006-2015 we found that the augmented model performed better when tested across size-investment-default sorted portfolios. The investment factor contains some default-related information, but default risk is independently priced and bears a significantly positive risk premium. The risk premiums are also found temporally stable over the full sample and more recent sample period 2010-2015 as evidence by the Fama-MacBeth regressions. The finding suggests that the default risk factor is not a useless factor and due to mispricing, default risk anomaly prevails in the Pakistani equity market.

• Communications for Statistical Applications and Methods
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• 제7권2호
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• pp.549-562
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• 2000

Default Bayes factors are computed to test the equality of one Poisson population mean and the equality of two independent Possion population means. As default priors are assumed Jeffreys priors, noninformative improper priors, and default Bayes factors such as three intrinsic Bayes factors of Berger and Pericchi(1996, 1998), the arithmetic, the median, and the geometric intrinsic Bayes factor, and the factional Bayes factor of O'Hagan(1995) are computed. The testing results by each default Bayes factor are compared with those by the classical method in the simulation study.

• The Journal of Asian Finance, Economics and Business
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• 제6권2호
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• pp.15-24
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• 2019

This study analyzes the effect of the capital structure of Korean manufacturing firms on default risk based on Moody's KMV option pricing model where the probability of default is obtained by measuring the distance to default as a covariant in logit model developed by Merton (1974). Based on the panel data of manufacturing firms, this study achieves its primary objective, using a fixed effect regression model and examines the effect of a firm's capital structure on default risk amongst publicly listed firms on Korea exchange during 2005-2016. Empirical results obtained suggest that the rise in short-term debt to assets leads to increase the risk of default whereas the increase in long-term debt to assets leads to decrease the default risk. The benefits of short-term debt financing over a short-term period fade out in the presence of information asymmetry. However, long-term debt financing overcomes the information asymmetry and enjoys the paybacks of tax advantage associated with long-term debt. Additionally, size, tangibility and interest coverage ratio are also the important determinants of default risk. Findings support the trade-off theory of capital structure and recommend the optimal use of long-term debt in a firm's capital structure.

• 한국통신학회논문지
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• 제25권8A호
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• pp.1096-1103
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• 2000

모빌 컴퓨팅에서는 모빌 호스트의 위치와 상태관리를 위하여 디폴트 서버기법이 널리 사용되는데 모빌 호스트로 전송되는 데이터는 먼저 디폴트 서버에 문의하여 해당 모빌호스트가 위치하는 로컬 서보로 전송된다. 디폴트 서버기법에 기반을 둔 SDN(single Default Notification) 기법에서는 클라이언트가 모빌 호스트와의 연결요청을 하면 쿼리서버를 통해 해당 디폴트 서버에 모빌 호스트의 위치 및 상태를 문의한 후 통신이 이뤄진다. 그러나 퀴리횟수가많고 디폴트 서버와의 거리가 멀거나 기지국의 수가 많을 경우 디폴트 서버와의 통신 오버헤드가 커지며 디폴트 서버에 결함이 발생할 경우 해당 모빌 호스트와의 연결이 불가능해진다 본 논문에서는 위와 같은 문제점을 해결하기 위해 디폴트 서버와의 통신비용을 줄이기 위한 디폴트 서버 중첩 기법에 제안한다.

• 지식경영연구
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• 제11권1호
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• pp.19-35
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• 2010

This study explores the effects of technology innovation activity on a profitability and the default risk of firms. Sample for this study consists of manufacturing firms listed on the Korea Stock Exchange from 1st January 2000 to 31st December 2007. We use of R&D ratio as a proxy of technology innovation activity. The default probability proxied for the default risk of firms is measured by the Merton's (1974) model where accounts for a market value of firms and a volatility of it. This study provides evidence that technology innovation activity has a positive effect on a profitability, but a negative effect on the default risk of firms. Our study also finds the significant mediation effect of profitability that the enhancement in profitability resulting from technology innovation activity lowers the default risk of firms.

• East Asian mathematical journal
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• 제36권1호
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• pp.55-60
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• 2020

We study a probabilistic approach for valuing an exchange option with default risk. The structural model of Klein [6] is used for modeling default risk. Under the structural model, we derive the closed-form pricing formula of the exchange option with default risk. Specifically, we provide the pricing formula of the option with the bivariate normal cumulative function via a change of measure technique and a multidimensional Girsanov's theorem.

• The Journal of Asian Finance, Economics and Business
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• 제6권4호
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• pp.53-63
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• 2019

The paper examines the influence of profitability on distance to default (DD) in Vietnam securities market. The investigated sample consists of 211 companies listed on HOSE during 18 years from 2010 to 2017. We apply KMV model to calculate distance to default and use both macroeconomics factors and firm specific factors as independent variables. Using General Least Squared (GLS) method, we find evidence to confirm the positive relationship between profitability and distance to default. This result showed that, although profitability did not directly reflect the cash flow generated, a good profitable enterprise would be an important factor to help facilitate and generate cash flow and at the same time debt was guaranteed when it was due. Besides, the test results revealed that the financial structure and sales on assets have the inverse effect on the distance to default at the significance level of 5%. The results also revealed that a group of macro factors had an influence on the distance to default of businesses, including spread, GDP and trade balance (via exchange rates). Gross domestic income had certain impacts on the distance to default of businesses. This was also a basic indicator measuring the national economic cycle.

• 산업진흥연구
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• 제9권2호
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• pp.197-205
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• 2024

본 연구는 2012년부터 2022년까지 중국 A주 상장회사 중에서 중오염기업을 표본으로 하여 기업의 ESG 성과가 채무불이행 위험에 미치는 영향을 분석하였다. 연구 결과는 좋은 ESG 성과가 기업의 채무불이행 위험을 효과적으로 감소시키는 것으로 나타났다. 추가 분석에서는 기업의 ESG 성과가 자금조달 제약의 영향을 완화시켜 채무불이행위험을 감소시키는 것을 보여주었다. 본 연구는 ESG 성과의 관점에서 채무불이행 위험의 영향 요인을 탐색하고, 기업의 ESG 성과가 경제적으로 미치는 영향에 대해 연구하여, 기업의 채무불이행 위험 예방에 대한 실증적 자료를 제공하였다.

• 한국정보과학회논문지:정보통신
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• 제29권3호
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• pp.265-275
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• 2002

셀룰라 기반의 이동컴퓨팅 환경에서 이동 호스트의 위치 및 상태관리를 위하여 디폴트 서버(default sever)기법이 널리 사용되나 이동 호스트로의 호 요청이 많은 경우나 호를 요청한 클라이언트가 디볼트서버와 멀리 떨어진 경우 통신 오버 헤드가 커지며, 디폴트서버에 결함이 발생할 경우 해당 이동 호스트에 대한 연결이 불가능해 진다. 디폴트 서버를 여러 개로 중복 시키면 위와 같은 문제점을 경감시키고 디폴트 서버와의 통신비용을 줄일 수 있다. 그러나 디폴트 서버를 중복 시킬 경우 전체 통신비용은 이동 호스트의 이동 성향과 질의(query) 요청의 빈도, 중복 디폴트 서버의 할당 위치와 중복 개수에 영향을 받는다. 본 논문에서는 디폴트 서버를 통신 환경에 따라 최적의 위치에 할당 시켰을 때 nn grid네트워크 환경과 이진트리 네트워크 환경에서 각각의 최적 디폴트 서버 중복 개수를 구하는 방법을 제시하였고, 시뮬레이션을 통하여 수학적 방법이 유용함을 보였다.