• 제목/요약/키워드: full bond

검색결과 186건 처리시간 0.024초

한국 채권현물시장에 대한 미국 채권현물시장의 가격발견기능 연구 - 채권시가평가제도 도입 전후를 중심으로 - (The Price-discovery of Korean Bond Markets by US Treasury Bond Markets by US Treasury Bond Markets - The Start-up of Korean Bond Valuation System -)

  • 홍정효;문규현
    • 재무관리연구
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    • 제21권2호
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    • pp.125-151
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    • 2004
  • 본 연구는 1998년 7월 1일부터 2003년 12월 31일까지 국내 주요 채권현물(spot market)시장(콜금리, 3년물 및 5년물 국채, 3년물 회사채)에 대한 미국 장단기 국채 현물시장(3개월물 T-bill, 5년물 T-note, 10년물 T-bond)의 가격발견(price discover)기능에 대한 분석을 실시하였다. 전체분석기간을 채권시가평가제도가 도입된 2(in년 7월 1일 전후로 나누어 변동성이전효과 여부를 시간변동 일변량(univariate) AR(1)-GARCH(1,1)-M모형을 이용하여 추정하였으며, 주요 분석결과는 다음과 같다. 첫째, 전체분석 기간동안 국내 콜금리, 3년물 및 5년물 국채, 3년만기 회사채에 대한 미국 3개월물 T-bill, 5년물 T-note 및 10년물 T-bond의 변동성이전효과(volatility spillover effect)가 1%수준에서 통계적으로 유의하게 존재하는 것으로 나타났다. 둘째, 채권시가평가제도 도입이전보다는 도입이후에 조건부 변동성이전효과가 더 강하고 지속적인 것으로 나타났으며, 특히 미국의 3개월물 T-bill 및 5년물 T-note보다는 대표적인 장기금리인 10년물 T-bond 금리는 국내 주요금리에 대한 조건부평균 및 변동성이전효과가 통계적으로 유의한 수준에서 모두 존재하는 것으로 나타났다. 이러한 분석결과는 주식시장을 이용한 변동성이전효과와 마찬가지로 IMF 외환위기 이후 국내자본시장개방 및 정보통신발달에 따른 국제자본시장통합(int'1 capital market integration)에서 기인하는 것으로 보인다. 또한 이러한 채권시장의 변동성이전효과에 대한 이해는 국내채권 투자자들의 자본자산가격결정(valuation), 위험관리(risk management) 및 국제포트폴리오관리 (int'1 portfolio management) 측면에 다소 시사점이 있을 것으로 여겨진다.다중회귀분석에서 각각 일관되게 관찰할 수 있었다. 또한 이러한 결과는 IMF 이후에도 여전히 유지되는 것으로 나타났다.과와는 별개의 PER효과가 여전히 존재하며, 다만 이 PER 효과는 전통적 의미의 일반적으로 낮은 PER종목이 초과수익률을 내는 것이 아니라, 기업규모가 크더라도 그 기업의 개별특성을 고려했을 때 이와 비교해 상대적으로 PER가 낮은 종목에 투자하면 초과수익을 낼 수 있음을 의미한다. 발견하였다.적 일정하게 하는 소비행동을 목표로 삼고 소비와 투자에 대한 의사결정을 내리고 있음이 실증분석을 통하여 밝혀졌다. 투자자들은 무위험 자산과 위험성 자산을 동시에 고려하여 포트폴리오를 구성하는 투자활동을 행동에 옮기고 있다.서, Loser포트폴리오를 매수보유하는 반전거래전략이 Winner포트폴리오를 매수보유하는 계속거래전략보다 적합한 전략임을 알 수 있었다. 다섯째, Loser포트폴리오와 Winner포트폴리오를 각각 투자대상종목으로써 매수보유한 반전거래전략과 계속거래 전략에 대한 유용성을 비교검증한 Loser포트폴리오와 Winner포트폴리오 각각의 1개월 평균초과수익률에 의하면, 반전거래전략의 Loser포트폴리오가 계속거래전략의 Winner포트폴리오보다 약 5배정도의 높은 1개월 평균초과수익률을 실현하였고, 반전거래전략의 유용성을 충분히 발휘하기 위하여 장단기의 투자기간을 설정할 경우에 6개월에서 36개월로 이동함에 따라 6개월부터 24개월까지는 초과수익률이 상승하지만, 이후로는 감소하므로, 반전거래전략을 활용하는 경우 주식투자기간은 24개월이하의 중단기가 적합함을 발견하였다. 이상의 행태적 측면과 투자성과측면의 실증결과를 통하여 한국주식시장에 있어서 시장수익률을 평균적으로 초과할 수 있는 거래전략은 존재하므로 이러한 전략을 개발 및 활용할 수 있으며, 특히, 한국주식시장에 적합한 거래전략은 반전거래전략이고, 이 전략의 유용성은 투자자가 설정한 투자기간보다

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Orthodontic bracket bonding to glazed full-contour zirconia

  • Kwak, Ji-Young;Jung, Hyo-Kyung;Choi, Il-Kyung;Kwon, Tae-Yub
    • Restorative Dentistry and Endodontics
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    • 제41권2호
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    • pp.106-113
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    • 2016
  • Objectives: This study evaluated the effects of different surface conditioning methods on the bond strength of orthodontic brackets to glazed full-zirconia surfaces. Materials and Methods: Glazed zirconia (except for the control, Zirkonzahn Prettau) disc surfaces were pre-treated: PO (control), polishing; BR, bur roughening; PP, cleaning with a prophy cup and pumice; HF, hydrofluoric acid etching; AA, air abrasion with aluminum oxide; CJ, CoJet-Sand. The surfaces were examined using profilometry, scanning electron microscopy, and electron dispersive spectroscopy. A zirconia primer (Z-Prime Plus, Z) or a silane primer (Monobond-S, S) was then applied to the surfaces, yielding 7 groups (PO-Z, BR-Z, PP-S, HF-S, AA-S, AA-Z, and CJ-S). Metal bracket-bonded specimens were stored in water for 24 hr at $37^{\circ}C$, and thermocycled for 1,000 cycles. Their bond strengths were measured using the wire loop method (n = 10). Results: Except for BR, the surface pre-treatments failed to expose the zirconia substructure. A significant difference in bond strengths was found between AA-Z ($4.60{\pm}1.08MPa$) and all other groups ($13.38{\pm}2.57-15.78{\pm}2.39MPa$, p < 0.05). For AA-Z, most of the adhesive remained on the bracket. Conclusions: For bracket bonding to glazed zirconia, a simple application of silane to the cleaned surface is recommended. A zirconia primer should be used only when the zirconia substructure is definitely exposed.

Theoretical Investigation on the Structure, Detonation Performance and Pyrolysis Mechanism of 4,6,8-Trinitro-4,5,7,8-tetrahydro -6H-furazano[3,4-f]-1,3,5-triazepine

  • Li, Xiao-Hong;Zhang, Rui-Zhou;Zhang, Xian-Zhou
    • Bulletin of the Korean Chemical Society
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    • 제35권5호
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    • pp.1479-1484
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    • 2014
  • Based on the full optimized molecular geometric structures at B3LYP/cc-pvtz method, a new designed compound, 4,6,8-trinitro-4,5,7,8-tetrahydro-6H-furazano[3,4-f ]-1,3,5-triazepine was investigated in order to look for high energy density compounds (HEDCs). The analysis of the molecular structure indicates that the seven-membered ring adopts chair conformation and there exist intramolecular hydrogen bond interactions. IR spectrum and heat of formation (HOF) were predicted. The detonation velocity and pressure were evaluated by using Kamlet-Jacobs equations based on the theoretical density and condensed HOF. The bond dissociation energies and bond orders for the weakest bonds were analyzed to investigate the thermal stability of the title compound. The results show that $N_1-N_6$ bond is the trigger bond. The crystal structure obtained by molecular mechanics belongs to $Pna2_1$ space group, with lattice parameters Z = 4, a = 15.3023 ${\AA}$, b = 5.7882 ${\AA}$, c = 11.0471 ${\AA}$, ${\rho}=2.06gcm^{-3}$. In addition, the analysis of frontier molecular orbital shows the title compound has good stability and high chemical hardness.

속빈 PC 슬래브와 채널을 사용한 매입형 합성보의 휨 거동 (Flexural Behaviour of Encased Composite Beam with Precast Hollow Core Slabs and Channels)

  • 허병욱;곽명근;배규웅
    • 한국강구조학회 논문집
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    • 제20권4호
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    • pp.493-504
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    • 2008
  • 본 연구는 속빈 PC 슬래브와 채널을 사용한 매입형 합성보의 휨거동에 관한 것이다. 철골보와 PC슬래브의 경계면에 발생하는 전단력은 채널에 의해서 전달된다. 철골보의 춤에 따라서 총 3개의 실대형 실험체를 제작하여 실험을 수행하였으며 기존에 수행된 전단접합 방식과 비교검토를 수행하였다. 채널 용접형 매입형 합성보의 실험결과, 별도의 전단연결재를 설치하지 않아도 자체가 가지고 있는 기계적․화학적 부착응력으로 인해 완전합성보에 가까운 거동을 나타내었다. 또한, 기존의 합성보의 거동과 같이 탄성구간, 항복구간, 매우 큰 연성, 휨파괴모드(소성힌지), 경계면에서의 매우 낮은 상대슬립 및 연성적인 파괴거동을 나타내었다. 따라서 제안된 전단연결 방식의 경우, 실제 건물에 적용시 규준에서 요구하는 구조적 성능을 만족할 수 있는 것으로 나타났다.

An Experimental Study of Reinforced Concrete Beams with Closely-Spaced Headed Bars

  • Lam, Kah Mun;Kim, Woo-Suk;Van Zandt, Michael;Kang, Thomas H.K.
    • International Journal of Concrete Structures and Materials
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    • 제5권2호
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    • pp.77-85
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    • 2011
  • The use of headed bars as opposed to standard 90- or 180-degree hooked bars in beam ends, beam-column joints or other steel congested areas for anchorage and bond has become more favorable due to the fact that steel congestion is often created by large bend diameters or crossties. This research mainly focuses on evaluating the code provisions regarding the use of headed bars. Nine simply supported rectangular concrete beams with headed longitudinal reinforcement were tested under a four-point monotonic loading system. The design clear spacing, which varies from 1.5 to 4.25 times the bar diameter, was the only parameter for the experimental investigation. The test results showed that the closely-spaced headed bars were capable of developing to full yield strength without any severe brittle concrete breakout cone or pullout failure. Bond along the bar was not sufficient due to the early loss of concrete integrity. However, the headed bars were effective for anchorage with no excessive moment capacity reduction. This implies that the clear spacing of about 2 times the bar diameter for headed bars may be reasonable to ensure the development of specified yield strength of headed bars and corresponding member design strength.

Effect of bond and bidirectional bolting on hysteretic performance of through bolt CFST connections

  • Ajith, M.S.;Beena, K.P.;Sheela, S.
    • Earthquakes and Structures
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    • 제19권5호
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    • pp.315-329
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    • 2020
  • Through bolt connections in Concrete Filled Steel Tubes (CFSTs) has been proved to be good in terms of seismic performance and constructability. Stiffened extended end plate connection with full through type bolt helps to avoid field weld altogether, and hence to improve the quality of joints. An experimental study was conducted on the hysteretic performance of square interior beam-column connections using flat extended end plates with through bolt. The study focuses on the effect of the bond between the tie rod and the core concrete on the cyclic performance of the joint. The study also quantifies how much the interior joint is getting strengthened due to the confinement effect induced by bi-directional bolting, which is widely used in 3D moment resisting frames. For a better understanding of the mechanism and for the prediction of shear capacity of the panel zone, a mathematical model was generated. The various parameters included in the model are the influence of axial load, amount of prestress induced by bolt tightening, anchorage, and the concrete strut action. The study investigates the strength, stiffness, ductility, and energy dissipation characteristics. The results indicate that the seismic resistance is at par with American Institute of Steel Construction (AISC) seismic recommendations. The bidirectional bolting and bond effect have got remarkable influence on the performance of joints.

Structural behavior of slender circular steel-concrete composite columns under various means of load application

  • Johansson, Mathias;Gylltoft, Kent
    • Steel and Composite Structures
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    • 제1권4호
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    • pp.393-410
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    • 2001
  • In an experimental and analytical study on the structural behavior of slender circular steel-concrete composite columns, eleven specimens were tested to investigate the effects of three ways to apply a load to a column. The load was applied eccentrically to the concrete section, to the steel section or to the entire section. Three-dimensional nonlinear finite element models were established and verified with the experimental results. The analytical models were also used to study how the behavior of the column was influenced by the bond strength between the steel tube and the concrete core and the by confinement of the concrete core offered by the steel tube. The results obtained from the tests and the finite element analyses showed that the behavior of the column was greatly influenced by the method used to apply a load to the column section. When relying on just the natural bond, full composite action was achieved only when the load was applied to the entire section of the column. Furthermore, because of the slenderness effects the columns did not exhibit the beneficial effects of composite behavior in terms of increased concrete strength due to the confinement.

Lateral confining action of mortar-filled sleeve reinforcement splice

  • Kim, Hyong-Kee;Lee, Sang-Ho
    • Structural Engineering and Mechanics
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    • 제41권3호
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    • pp.379-393
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    • 2012
  • Of the various methods of splicing reinforcing bar in reinforced concrete structure, mortar-filled sleeve reinforcement splice offers diverse benefits, not only in terms of structural performance but also for the construction process. Consequently, after the mortar-filled sleeve splices have been developed in recent years, research and development on these splices has been actively carried out, in order to evaluate its macro structural performance, such as its strength and stiffness, with the aim of enabling this system to be applied to construction in the field as early as possible. However, to make a proper evaluation on the overall structural performance of the mortar-filled sleeve reinforcing bar splice, it is of critical importance to understand the lateral confining action of the sleeve, which is known to affect the bond strength between the embedded bar and mortar in the sleeve. Accordingly, in this study, an experiment of monotonic loading and cyclic loading was conducted with a full-sized mortar-filled sleeve splice attaching strain gauges on the sleeve surface with experimental variables such as development length of bar, etc. Based on the test results, the effect of the lateral confining action of the sleeve was analyzed and considered in terms of the bond strength between the bar and mortar in this splice.

풍화암에 근입된 영구 앵커의 극한인발력 (Ultimate Uplift Capacity of Permanent Anchor Embedded in Weathered Rock)

  • 유남재;박병수;정길수;김진황
    • 산업기술연구
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    • 제21권B호
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    • pp.195-203
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    • 2001
  • The purpose of this study is to estimate ultimate uplift capacity of permanent anchor which was cast into weathered rock. The ultimate uplift capacity was estimated from the load-displacement curve of four different anchors which have different bond length. The creep test was performed for 15minutes under the maximum load of each step in order to understand the load-transfer property of permanent anchor and to decide which anchor to choose. The destruction range of soil due to the changes in load was estimated by installing dial gauge on the ground which was cast into the weathered rock. Ultimately, the study on the behavior of the anchor case into the weathered rock was performed by comparing and analyzing the estimated result of the UUC obtained by the full scale pull out test in the field with the exsting theoretical and practical results of soil and rock anchor.

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INDIRECT BONDING TECHNIQUE에 대한 고찰 (CLINICAL CONSIDERATION OF INDIRECT BONDING TECHNIQUE)

  • 이경환;김상철
    • 대한치과교정학회지
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    • 제19권2호
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    • pp.155-163
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    • 1989
  • Indirect bonding is done by placing the brackets on a model in the laboratory and using a template or tray to transfer the laboratory positioning to the teeth. The advantages of this technique are 1. decreased chair time 2. less patient discomfort 3. accuracy of a attachment placement 4. good adaptation of attachment to tooth contour 5. occlusal relationship of brackets and opposing teeth can be checked The disadvantages of the technique are 1. complex laboratory procedure 2. sometimes difficult on very short clinical crowns 3. teeth with crowns, large buccal restoration will not bond 4. may not be fitted close, if poor adaptation 5. likely to be disturbed setting Several indirect bonding techniques have proved reliable in clinical practice. However, they differ in the way the brackets are attached temporarily to the model, the type of transfer tray or other mechanism used, the adhesive or sealant employed, whether segmented or full bonding used, and the way the transfer is removed so as not to exert excessive force on a still maturing bond.

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