• 유통과학연구
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• 제12권5호
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• pp.61-69
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• 2014

Purpose - Many studies report that returns on hedge portfolios that eliminate particular risk types are abnormal from traditional asset pricing models' perspectives. This study examines the pervasiveness of anomalous returns conditioned on business cycle and group size. Research design, data, and methodology - Using KOSPI and KOSDAQ market data from July 1991 to December 2013, we categorize stocks into appropriately sized groups, and dichotomize our sample periods into expansion and recession periods then, we construct hedge portfolios by sorting stocks by anomaly variables and calculate their returns. Results - Four anomalies, including earnings yield, net stock issue, total asset growth, and liquidity appear pervasive across all groups for the entire sample period. However, only the hedge returns of net stock issues are significant across all group sizes during both expansion and recession. Conclusions - A net stock issue can be an appropriate proxy for expected growth of book equity for all group sizes in recessions. This finding could provide insights to investment industry participants and to researchers interested in the relationship between expected growth of book equity and business cycle risk.

• Ocean and Polar Research
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• 제37권2호
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• pp.161-177
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• 2015

This study analyzes the stock assessment of yellow croaker caught mainly by the Korean stow net and gill net fisheries focusing on single species and multiple fisheries. This study standardizes fishing efforts for the two fisheries using the general linear model and uses a surplus production model based on the exponential growth model. The Clarke Yoshimoto Pooley model estimates a maximum sustainable yield(MSY), an allowable biological catch(ABC), fishing efforts for MSY($E_{MSY}$) and for ABC($E_{ABC}$). The bio-economic model is used to estimate the maximum economic yield(MEY) and fishing efforts for MEY($E_{MSY}$). Also, the study employs an economic analysis to estimate the economic interaction between stow net and gill net fisheries. The economic analysis shows the profit accruing to the two fisheries from estimated ABC. Finally, the study compares TACs based on single species and single fishery to TAC based on single species and multiple fisheries. The study proposes that the TAC assessment is necessary for single species and multiple fisheries in order to preserve resources.

• The Journal of Asian Finance, Economics and Business
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• 제8권11호
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• pp.223-234
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• 2021

This study aims to examine whether operating cash flows influence banks' financial stability in Pakistan. The study employed annual panel data collected from annual reports of 20 commercial banks listed on the Pakistan Stock Exchange for the year 2011 to 2019. Free cash flow yield was taken as the dependent variable while cash flow ratio was selected as the independent variable, and net interest margin, income diversification, asset quality, financial leverage, the cost to income ratio, advance net of provisions to total assets ratio, capital ratio, financial performance, breakup value per share and bank size were taken as control variables. The study performed ordinary least square technique, random and fixed effects models, Hausman test, Lagrange multiplier test, descriptive and correlation analysis. Results showed that operating cash flows and net interest margin significantly and positively influenced banks' financial stability while the cost to income ratio and advances net of provisions to total assets ratio significantly and negatively associated with banks' financial stability. To improve financial stability, banks should become more cost-effective and enhance their liquidity levels by lowering lending activities. In the future, it would be useful to compare commercial and investment banks, also Islamic and conventional banks in the same research setting.

• 한국자원식물학회지
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• 제4권1호
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• pp.23-27
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• 1991

This experiment was conducted to establish shade-method suited to on tile artificial propagation of Lycoris radiata HERB. The ligilt intensity in the native habitatwas 30 kux in March and 3.2 Klux from June to sept. The average light intensityin tile open area was 137 Klux in June. The plant height and number of Ieaves wasgood at the 35% to 55% shadeing net. Bloonling time of Lycoris radiata HERB was inthe last of Sept. Yeild of bulb was increased in 35% to 55% of shadeing net.

• 한국경영과학회지
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• 제30권4호
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• pp.99-115
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• 2005

For an analysis of the performance of a computer system, the minimum cycle time method has been widely used. The minimum cycle time method is a mathematical technique with which we can find the minimum duration time needed to fire all the transitions at least once and coming back to the Initial marking in a timed net. A timed net is a modified version of a Petri net where a transition is associated with a delay time. In the real world, an event is associated with a probability of occurrence. However, a timed net is not equipped with any facility of specifying probability of event occurrence. Therefore, the minimum cycle time method applied on a timed net can easily overlook probabilities of occurrences of events and yield a wrong result. We are proposing 'Timed Net with Probabilities of Choices' where a transition can be associated with both delay time and a probability of occurrence. We also introduce an algorithm for minimum cycle time analysis on a 'Timed Net with Probabilities of Choices'. As an example of application, we are performing an analysis of the location based service system using 'Timed Net with Probabilities of Choices'.

• 한국자원식물학회지
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• 제12권3호
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• pp.204-208
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• 1999

백하수오 재배시 지주설치 비용 절감 및 생력 재배기술 확립 목적으로 자소 등 6작물을 지주작물로 공시하여 시험을 수행한 결과를 요약하면 다음과 같다. 1. 지주작물의 주당 분지수는 율무 7개, 자소 19개로 백하수오 덩굴유인에 유리한 조건으로 작용하여 자소 97%, 율무 100%의 덩굴유인율을 보였다. 2. 백하수오의 지상부 생육은 자소, 수수재배에서 네트지주재배보다 만장이 길었고, 주당 분지수는 네트지주재배 6개에 비하여 자소, 율무, 수수 재배에서 1~2개 많았다. m$^2$당 엽중은 네트지주 재배시 1,001g으로 가장 많았고, 지주작물재배에서는 자소, 율무, 수수에서 614~636g이었다. 3. 백하수오의 지하부 생육은 땅콩, 자소재배에서 근장이 길었고, 지근수는 네트지주재배 8개에 비하여 땅콩, 자소재배 4개, 율무재배에서 6개였다. 4. 10a당 백하수오의 생근수량은 네트지주재배에서 919kg으로 가장 높았고, 지주작물재배간에는 자소 717kg, 율무 656kg, 수수 652kg으로 네트지주재배에 비하여 22~29% 감수되었다. 5. 백하수오 수량은 감수하나 지주설치 비용 절감 및 지주작물의 수확으로, 자소, 율무, 수수를 이용한 백하수오 생력재배가 가능하였다.

• 한국약용작물학회지
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• 제4권1호
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• pp.58-63
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• 1996

구기자(枸杞子) 재배시(栽培時) 생육환경(生育環境)을 개선함으로써 건전한 생육(生育)을 도모하여 수양성(收量性)을 증대하고 농약방제(農藥防除)에 소요되는 노력을 절감하면서 안전 농산물(農産物)을 생산키 위하여 1992년(年) 비가림 망실재배시험(網室栽培試驗)을 수행하였던 바 그 결과를 요약하면 다음과 같다. 1. 평균(平均) 기온(氣溫)은 비가림 망실재배시(網室栽培時) 노지자연재배에 비하여 $1{\sim}1.9^{\circ}C$가 높았고, 병충해 방제횟수는 비가림 망실재배가 2회, 노지재배가 7회이었다. 2. 지상부(地上部) 생육(生育)은 망실재배(網室栽培)가 노지재배에 비하여 양호하였다. 3. 비가림망실재배가 노지재배에 비하여 탄저병의 이병과율과 혹응애 발생을 현저히 감소시켰다. 4. 수량은 비가림 망실재배시 환기처리 204kg, 미환기처리 218kg으로 노지재배에 비하여 $92{\sim}106%$ 증수하였고, 이는 병충해 감소에 의한 주당과수의 확보에 기인하였다.

• Asian-Australasian Journal of Animal Sciences
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• 제21권6호
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• pp.769-775
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• 2008

This study was on the relative net income (RNI) for 18,286 Iranian Holstein cows from 799 herds, with first freshening between 1991 and 2000. Two kinds of production system, which differed mainly in milk pricing system and feed cost, were considered. Four different models adopted from the literature were examined to find the optimum model. They differed by the cost of rearing and growth after first calving and they needed different amounts of economic data at the farm level. Results showed that four measures of RNI were highly correlated (>0.96) and could be used equally to measure lifetime profitability of cows. Therefore, in herds without a regular system for recording economic and management data, use of the simplest model is recommended. Multiple regression analysis revealed that RNI was affected by age at first freshening, milk yield and days of productive life (DPL), regardless of production system, and a similar breeding goal could be defined for the two systems. Multiple regression analysis of RNI showed that in order to obtain an unbiased estimate of economic value for DPL, the per day milk yield, not total lifetime milk yield, should be included in the regression model along with DPL. Regression analysis suggested that it is possible to predict RNI using information on age at first freshening along with the length of first lactation and per day milk yield with a coefficient of determination ranging from 0.44 to 0.47.

• 한국농림기상학회지
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• 제1권1호
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• pp.1-11
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• 1999

작물의 수량은 재배하는 식물의 특성과 토양 그리고 기후 등 환경에 의하여 지배된다. 주곡인 쌀 수확량의 지역성과 변이성을 알아내기 위하여 기상청의 기상 자료와 농림부의 쌀생산량 통계 자료를 수집 분석하였다. 기상 자료로부터 순복사량, 증발산량 및 순1차 생산력지수 NPP를 산출하고, Jung의 모형을 이용하여 우리 나라 각 지역의 쌀 생각량을 산출하고, 이를 실생산량과 비교하였다. 7, 8월 기온의 장기 변이를 검토한 결과, 수원의 경우 장주기는 15.1년, 단주기는 7.4년으로 나타났고, 대구의 장주기는 32.9년, 단주기는 4.1년으로 나타났다. 장주기는 대구가 수원 보다 약 2배이상으로 주기성이 강했고, 단주기는 반대로 수원이 대구보다는 주기성이 강하게 나타났다. 한국의 67개 지점에서 순1차생산력지수인 NPP와 총생산력지수 GPP를 추정 결과, 순 복사량이, 16개 지점에서 기온, 1개 지점에서 강수량이 NPP의 제한 요소로 작용하는 것으로 나타났다. 순 복사량은 한국에서의 자연 생산력에 1차적으로 주된 제한 요인으로서 작용하였고, 2차적인 제한 요인는 주로 기온이 작용하였다. 남한 지역의 NPP는 10.87~17.52 Mg ha$^{-1}$, GPP가 18.63~36.31 Mg ha$^{-1}$의 범위이었고, 평균은 NPP와 GPP가 각각 14.69 Mg ha$^{-1}$, 27.94 Mg ha$^{-1}$의 값을 나타냈다. 북한 지역의 경우에는 NPP가 6.47~15.50Mg ha$^{-1}$, GPP가 10.08~24.64 Mg ha$^{-1}$의 범위이었고, 평균은 NPP와 GPP가 각각 12.59 Mg ha$^{-1}$, 13.62 Mg ha$^{-1}$의 값이 나타났다. Jung의 모델에 의하여 97년과 98년의 쌀 생산량을 추정한 결과 실제 쌀 생산량과 근접하였다. 경상도 지역은 타 지역에 비해 실측치보다 예측치가 높게 평가되었고, 추정 생산량과 실제 생산량간 사이에 상관이 없었다. 이 지역에 대한 모델의 수정이 필요하며, 순복사량과 강수량 요인이 고려되면 좀 더 정확한 분포도가 작성될 수 있을 것이다.

• 한국토양비료학회지
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• 제47권2호
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• pp.92-99
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• 2014

The crop growing conditions make accurate predictions of yield ahead of harvest time difficult. Such predictions are needed by the government to estimate, ahead of time, the amount of crop required to be imported to meet the expected domestic shortfall. Corn and soybean especially are widely cultivated throughout the world and a staple food in many regions of the world. On the other hand, the CASA (Carnegie-Ames-Stanford Approach) model is a process-based model to estimate the land plant NPP (Net Primary Productivity) based on the plant growing mechanism. In this paper, therefore, a methodology for the estimation of corn/soybean yield ahead of harvest time is developed specifically for the growing conditions particular to Iowa and Illinois. The method is based on CASA model using MODIS data, and uses Net Primary Productivity (NPP) to predict corn/soybean yield. As a result, NPP at DOY 217 (in Illinois) and DOY 241 (in Iowa) tend to have high correlation with corn/soybean yields. The corn/soybean yields of Iowa in 2013 was estimated to be 11.24/3.55 ton/ha and Illinois was estimated to be 10.09/3.06 ton/ha. Errors were 6.06/17.58% and -10.64/-7.07%, respectively, compared with the yield forecast of the USDA. Crop yield distributions in 2013 were presented to show spatial variability in the state. This leads to the conclusion that NPP changes in the crop field were well reflected crop yield in this study.