• 응용통계연구
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• 제23권4호
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• pp.635-650
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• 2010

We model surrender rates with a few explanatory variables such as the difference between reference marke rates and product crediting rates, the policy age since the contract was issued, unemployment rates, economy growth rates, and seasonal effects using logit function. We investigate the policy holder surrender behaviors of US single premium deferred annuities(SPDA) and Korean interest indexed annuities under extreme financial conditions.

• Management Science and Financial Engineering
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• 제7권1호
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• pp.41-56
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• 2001

This linear fractional - quadratic bilevel programming problem, in which the leader's objective function is a linear fractional function and the follower's objective function is a quadratic function, is studied in this paper. The leader's and the follower's variables are related by linear constraints. The derivations of the optimality conditions are based on Kuhn-Tucker conditions and the duality theory. It is also shown that the original linear fractional - quadratic bilevel programming problem can be solved by solving a standard linear fractional program and the optimal solution of the original problem can be achieved at one of the extreme point of a convex polyhedral formed by the new feasible region. The algorithm is illustrated with the help of an example.

• The Journal of Asian Finance, Economics and Business
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• 제7권9호
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• pp.39-49
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• 2020

This study empirically examines herd behavior for fast moving consumer goods (FMCG) sector stocks under varied market return conditions and the period during the global financial crisis and its aftermath. We examine the sample of stocks trading on the Nifty FMCG Index of the Indian equity market from January 2008 up to December 2018 using the dispersion measure of cross sectional absolute deviation and examine its relationship with the market return to explore herd phenomenon. Quantile regression estimate is used and the results of the study validate rational asset pricing models as the sector does not display herding. In contrast, anti-herd behavior at lower and median quantile values is observed. A possible reason can be the non-cyclical nature of the industry where investors rely more on the fundamentals rather than crowd chasing. We also findthe absence of herd phenomenon during the market asymmetries of bull and bear phases, extreme movements, the period of the global financial crisis, and afterward. We further examine herding under the impact of the information technology (IT) industry and conclude that significant return movements in IT sector impact dispersions in the FMCG industry. Also, there is a co-varying risk between the two sectors confirming the spillover in an integrated market.

• 한국물환경학회지
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• 제35권1호
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• pp.35-42
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• 2019

Urbanization has led to extreme changes in land use on urban watersheds. Most cities are becoming residential, commercial and industrial areas, making infiltration and storage of rainfall less favorable. The demand for LID (Low Impact Development) technology is increasing in order to mitigate this water cycle distortion and return to existing hydrological conditions. The LID technique is effective in reducing runoff by permeating the urban impervious area. However, considering the limit of the installation area and the financial requirement of the installation, there is not much research on the linkage of each LID component technology for optimum efficiency according to the appropriate scale. In this study, the effects of the LID facilities applied to the target site were simulated using the SWMM model, suggesting the optimal linkage method considering interconnectivity, and applying the effects as an existing installation of individual facilities. The water balance at the time of application of the LID technology, short-term and long-term rainfall event were compared. Also, the individual application and the linkage application were compared with each other. If each component technology has sufficient processing size, then linkage application is more effective than individual application.

• 한국사회복지학
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• 제53권
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• pp.129-153
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• 2003

본 연구는 1996년 미국 복지개혁의 성과와 한계를 분석하고 미국의 경험이 우리나라의 공공부조정책에 줄 수 있는 함의를 모색하고자 아는데 그 목적이 있다. 저소득층의 복지의존성을 줄이고 노동을 통한 자립을 강조하는 미국의 복지개혁은 공공부조의 수급기간을 제안하고 근로조건부를 강화하며 노동활동을 장려하는 여러 가지 강력한 조치들을 포함하고 있다. 때마침 이루어진 거시경제의 유례없는 호조에 힘입어 복지개혁은 공공부조 수급자의 획기적인 감소, 저소득편모가구의 노동활동 증가, 그리고 아동빈곤의 감소 등 몇 가지 긍정적인 변화를 이룩하였다. 그러나 저임금과 불안정안 고용지위로 인해 많은 공공부조 수급탈피자들이 실업의 위엄에 크게 노출되어 있는 가운데 여전히 빈곤상태에 놓여 있다. 특히, 노동활동을 강제하는 조치에도 불구하고 상당수의 저소득편모가구는 노동시장 진입을 가로막는 다양한 장애요인으로 인해 취업에 심각한 어려움을 겪고 있다. 저소득가구에 대한 소득보장과 자활의 성취라는 다소 상충되기도 하는 목표를 달성하기 위해서는 개개인이 처한 상환에 대한 세밀한 평가를 통해 노동활동 가능성을 종합적으로 판단하고 이를 바탕으로 개별적이고 포괄적인 공공부조 서비스가 제공되어야 할 것이다. 이러한 미국의 경험은 자활조건부 기초생활보장 수급을 도입한 지 얼마 되지 않은 우리나라의 공공부조정책에 유용한 함의를 줄 수 있을 것이다.