• 아태비즈니스연구
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• 제11권4호
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• pp.255-269
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• 2020

Purpose - This paper analyzes the market efficiency focusing on the long memory properties of the domestic futures market. By decomposing futures prices into yield and volatility and looking at the long memory properties of the time series, this study aims to understand the futures market pricing and change behavior and risks, specifically and in detail. Design/methodology/approach - This study analyzes KOSPI 200 futures, KOSDAQ 150 futures, 3 and 10-year government bond futures, US dollar futures, yen futures, and euro futures, which are among the most actively traded on the Korea Exchange. To analyze the long memory and market efficiency, we used the Variance Ratio, Rescaled-Range(R/S), Geweke and Porter-Hudak(GPH) tests as semi- parametric methods, and ARFIMA-FIGARCH model as the parametric method. Findings - It was found that all seven futures supported the efficiency market hypothesis because the property of long memory turned out not to exist in their yield curves. On the other hand, in futures volatility, all 7 futures showed long memory properties in the analysis, which means that if new information is generated in the domestic futures market and the market volatility once expanded due to the impact, it does not decrease or shrink for a long period of time, but continues to affect the volatility. Research implications or Originality - The results of this paper suggest that it can be useful information for predicting changes and risks of volatility in the domestic futures market. In particular, it was found that the long memory properties would be further strengthened in the currency futures and bond rate futures markets after the global financial crisis if the regime changes of the domestic financial market are taken into account in the analysis.

• Steel and Composite Structures
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• 제36권4호
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• pp.447-462
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• 2020

The paper aims to investigate the mechanical mechanism and seismic effect of stiffeners in blind bolt endplate connection to CFST column. A precise 3D finite element model with considering the cyclic properties of concrete and steel materials was established, and the efficiency was validated through monotonic and cyclic test data. The deforming pattern and the seismic performance of the unstiffened and stiffened blind bolt endplate connections were investigated. Then a parametric analysis was conducted to analyze the contribution of stiffeners and the joint working behaviors with endplate under cyclic load. The joint stiffness classifications were compared and a supplement stiffness classification method was proposed, and the energy dissipation ability of different class connections were compared and discussed. Results indicated that the main deformation pattern of unstiffened blind bolt endplate connections was the local bending of end plate. The vertical stiffeners can effectively alleviate the local bending deformation of end plate. And influence of stiffeners in thin endplate and thick endplate was different. Based on the stiffness of external diaphragm welded connection, a more detailed rigidity classification was proposed which included the pin, semi-rigid, quasi-rigid and rigid connection. Beam was the main energy dissipation source for rigid connection. For the semi-rigid and quasi-rigid connection, the extended endplate, stiffeners and steel beam would all participate in the energy dissipation.

• 재무관리연구
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• 제24권3호
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• pp.133-152
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• 2007

손실기피(limited down side risk) 선호를 가진 투자자의 경우 통상적으로 사용하는 위험도의 척도인 분산 혹은 표준편차 대신에 하방 위험성에 더 관심을 가지게 되는데, 이러한 경우 평균-VaR 모형이 평균-분산 모형보다 더 적합한 모형일 수 있다. 이 논문에서는 두 모형을 이용하여 최적자산배분 문제를 실증분석하고 그 결과의 차이를 비교하였다. 수익률의 분포에 정규분포 가정이 아닌 두터운 꼬리(fat tail) 분포 가정을 도입하여 극단적인 위험을 고려한 최적자산배분 문제를 분석을 하였다. 각 이론이나 가정들의 강건성(robustness)을 살펴보기 위하여 역사적 분포를 이용한 분석을 비교 기준으로 하였다. 경험적 혹은 역사적 분포를 이용한 분석을 통해서, 극단적인 위험을 고려하는 손실기피적인 선호체계에서의 최적화 행위는 정규분포의 가정이나 평균-분산 모형이 적절하지 않은 것으로 확인되었다. 일상적인 수준을 능가하는 극단적인 손실 위험성을 고려하기에 적합한 모형은 수익률의 두터운 꼬리를 반영하는 분포 가정에 기초한 평균-VaR 모형인 것으로 나타났다.

• Journal of Advanced Research in Ocean Engineering
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• 제3권2호
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• pp.66-74
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• 2017

Since risers have to be operated without being replaced during the design life time after installation, fatigue evaluation as well as strength analysis should be performed. The fatigue life of the riser is known to be dominantly influenced by wave loading and vortex induced vibration (VIV) phenomena. The fatigue life evaluation method and the behavior characteristics of the riser by the wave have been done a lot. Even though the VIV is an important source of fatigue damage for SCR, the evaluation method and behavior characteristics by VIV have not been studied relatively. Most of the S / W for calculating VIV fatigue are a semi-empirical model based on various theoretical models and experiments. For better understanding of VIV response, it is necessary to investigate the effect of parameters which affects the analysis result. This paper summarizes the results of parametric study performed to enhance the understanding of relationship between each parameter and fatigue analysis result.

• Computers and Concrete
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• 제8권1호
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• pp.23-41
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• 2011

The behaviour of concrete confined by transverse reinforcement is a classical topic. Numerous studies have been conducted to establish the stress-strain relationships for concrete under various confining reinforcement arrangements. Many empirical and semi-empirical formulas exist. Simplified analytical models have also been proposed to evaluate the increase in the strength and ductility of confined concrete. However, relatively few studies have been conducted to utilise advanced computational models for a realistic simulation of the behaviour of concrete confined by transverse reinforcement. As a matter of fact, high fidelity simulations using the latest numerical solvers in conjunction with advanced material constitutive models can be a powerful means to investigating the mechanisms underlying the confining effects of different reinforcement schemes. This paper presents a study on the use of high fidelity finite element models for the investigation of the behaviour of concrete confined by stirrups, as well as the interpretation of the numerical results. The development of the models is described in detail, and the essential modelling considerations are discussed. The models are then validated by simulating representative experimental studies on short columns with different confining reinforcement schemes. The development and distribution of the confining stress and the subsequent increase in the axial strength are examined. The models are shown to be capable of reproducing the behaviour of the confined concrete realistically, paving a way for systematic parametric studies and investigation into complicated confinement, load combination, and dynamic loading situations.

• 패션비즈니스
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• 제11권3호
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• pp.35-45
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• 2007

This study examined how to create 2D basic pattern of individuals by means of 3-D body figure, which is to develop a flat of individual basic pattern directly from the 3-D body scan data of each subject using that of the upper body of a male adult. In terms of methodology, this study adopted 3D body scan data on system and body to make examinations in the following steps: 1. Standard point and line were set on human body, along with 3-D definition points(feature points). 2. PB was created by modifying horizontal and longitudinal section of scan data. 3. Ways to set reserve were established in the findings of PB planar development. Respective developed flat patterns were compared with pattern findings in previous studies by means of sensory evaluation. As a result, it was found that both system and body model are basic pattern and belong to appropriate pattern as semi-tight-fit basic pattern with overall appropriate tolerances. Thus, this study came to a conclusion that it is feasible and valid to develop theories for flat development as considered herein.

• The Journal of Asian Finance, Economics and Business
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• 제8권4호
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• pp.171-180
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• 2021

The purpose of this paper is to estimate the impact of credit rationing on the amount of trade credit used by farmers in Vietnam. This study employs a survey data collected through direct interviews with heads of 1,065 rice households randomly selected out of provinces and city in the Mekong River Delta (MRD). In each province or city, the village with the largest area of land devoted to rice production from the district with the largest area of land devoted to rice production was picked up for survey. In each village, 200 rice farmers were randomly chosen for interview. Based on a probit model and a semi-parametric propensity score matching (PSM) estimator while controlling socio-demographic traits of rice farmers, the estimated results show that non-credit rationed farmers use less trade credit to finance production compared to their credit rationed counterparts. Moreover, the amount of trade credit used by farmers decreases as the degree of credit rationing drops. This paper provides evidence of the substitutive relationship between bank credit and trade credit. It also implicitly suggests that banks can drive trade creditors out of the market if they manage to solve the problem of information asymmetry and transaction cost.

• Geomechanics and Engineering
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• 제7권5호
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• pp.495-524
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• 2014

To investigate the soil-pile interactive performance under lateral loads, a set of laboratory model tests was conducted on remoulded test bed of soft clay and medium dense sand. Then, a simplified boundary element analysis had been carried out assuming floating pile. In case of soft clay, it has been observed that lateral loads on piles can initiate the formation of a gap, soil heave and the tension crack in the vicinity of the soil surface and the interface, whereas in medium dense sand, a semi-elliptical depression zone can develop. Comparison of test and boundary element results indicates the accuracy of the solution developed. However, in the boundary element analysis, the possible shear stresses likely to be developed at the interface are ignored in order to simplify the existing complex equations. Moreover, it is unable to capture the influence of base restraint in case of a socketed pile. To bridge up this gap and to study the influence of the initial stress state and interface parameters, a field based case-study of laterally-loaded pile in layered soil with socketed tip is explored and modelled using the finite element method. The results of the model have been verified against known field measurements from a case-study. Parametric studies have been conducted to investigate the influence of the coefficient of lateral earth pressure and the interface strength reduction factor on the results of the model.

• 한국지반공학회:학술대회논문집
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• 한국지반공학회 2010년도 추계 학술발표회
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• pp.813-824
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• 2010

Thermal conductivity of soils is one of the most important parameters to design horizontal ground heat exchangers. It is well known that the thermal conductivity of soil is strongly influenced by its density and water content because of soil's particulate structure. This paper reviewed and evaluated some of the commonly used prediction models for thermal conductivity of soils with the experimental data available in the literature. Semi-theoretical models for two-component materials were found inappropriate to estimate the thermal conductivity of dry state sands. It came out that the model developed by Cote and Konrad gave the best overall prediction for unsaturated sands available in the literature. Also, a parametric analysis is conducted to investigate the effect of thermal conductivity and water content, soil type on the horizontal ground heat exchanger design. The analysis shows that a required pipe length for the horizontal ground heat exchanger is reduced with the increase of soil thermal conductivity and water content. The calculation results also show that the dimension of the horizontal ground heat exchanger can be reduced to a certain extent by using backfilling material with a higher thermal conductivity of solid particles.

• Steel and Composite Structures
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• 제46권3호
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• pp.367-383
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• 2023

In this investigation, an improved integral trigonometric shear deformation theory is employed to examine the vibrational behavior of the functionally graded (FG) sandwich plates resting on visco-Pasternak foundations. The studied structure is modelled with only four unknowns' variables displacements functions. The simplicity of the developed model being in the reduced number of variables which was made with the help of the use of the indeterminate integral in the formulation. The current kinematic takes into consideration the shear deformation effect and does not require any shear correction factors as used in the first shear deformation theory. The equations of motion are determined from Hamilton's principle with including the effect of the reaction of the visco-Pasternak's foundation. A Galerkin technique is proposed to solve the differentials governing equations, which enables one to obtain the semi-analytical solutions of natural frequencies for various clamped and simply supported FG sandwich plates resting on visco-Pasternak foundations. The validity of proposed model is checked with others solutions found in the literature. Parametric studies are performed to illustrate the impact of various parameters as plate dimension, layer thickness ratio, inhomogeneity index, damping coefficient, vibrational mode and elastic foundation on the vibrational behavior of the FG sandwich plates.