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      • 선물저평가현상에 대한 일중고찰과 투기거래자

        김서경 한국재무학회 2012 한국재무학회 학술대회 Vol.2012 No.05

        본 논문은 일중자료를 사용하여 KOSP 200 지수와 KOSPI 200 선물지수의 시간대별 움직임과 일중지수수익률의 모멘텀효과를 분석하였다. 시간대별 지수선물가격 과 이론가격의 차이를 살펴본 결과 선물의 저평가정도가 U형 패턴을 보임을 밝히고 있 어 일별자료를 사용하여 선물저평가를 연구한 기존의 논문이 선물저평가정도를 과대계 상하고 있었음을 시사하고 있다. 일중지수수익률의 모멘텀효과를 분석한 결과, 일별자료를 사용하여 상대적 모 멘텀을 분석한 김서경·박성호(2011)의 실증결과 및 추론과 상이한 현상을 발견하였다. 그들의 논문에서는 과거수익률의 모멘텀효과로 인하여 선물저평가 정도가 단조증가패턴 을 보였으나 본 논문에서는 일중수익률의 모멘텀효과가 선물저평가정도에 U형 패턴을 야기하는 것으로 나타났다. 이를 설명하는 새로운 추론을 제시했으며 실증결과도 추론 과 일치하고 있다. 그들은 차익거래자의 행동에 근거하여 추론을 제시한 반면 본 논문 은 그들의 논문에 투기적 거래자의 행동을 추가 하였다. 전망이론에 따라 위험추구성향 을 보이는 투기적 거래자가 선물저평가 정도의 U형 패턴을 야기할 수 있음을 보였다. 실증결과는 주식과 선물시장에는 전망이론이 예측한 투기적 거래자의 존재하고 있으며 이들의 행동이 자산가격에 일정한 패턴을 형성시키고 있다는 증거와 일치하고 있다. We investigate intraday data for KOSPI 200 index and KOSPI 200 index futures. Hourly theoretical futures prices are calculated based on cost of carry model. we compare hourly index futures prices with their theoretical prices. Consistent with a large body of previous researches in this area, we find the persistent deviation of futures prices from their theoretical prices. Futures prices are undervalued relative to their theoretical prices. The data indicate that the difference between futures price and its theoretical price exhibits U-shaped pattern over the trading hours. The differences are higher at open and at 15:00 and are lower over intraday trading hours, implying that previous studies using daily closing prices overstate this mispricing. We also examine the effect of intraday spot return on the behavior of the difference between the hourly futures price and its theoretical price. The finding indicates that the intraday momentum generates U-shaped pattern of this mispricing. This contrasts with Kim and Park (2011)'s finding that the difference also increases as the prior 60 day spot return increases. Our finding invalidates their explanation the activities of arbitrageurs bring monotonic increasing pattern of the magnitude of this mispricing in their daily data. We propose a new explanation the U shaped patttern of the difference between the futures price and its theoretical price generated by the intraday spot return's moment. We introduce risk-seeking speculator in our new explanation. The speculator's risk-seeking behavior is based on prospect theory(Kahneman and Tversky(1979)). We argue that the speculators cause intraday momentum effect to generate the U-shaped pattern of this mispricing. We add speculator's variables to Kim and Park (2011)'s regression equation and estimate it. The results from the regression analysis lend support to our new explanation as well as theirs, implying that speculators and arbitrageurs are present and active in the spot and futures markets and generate different pattern of the mispricing.

      • 음악적 이해에 바탕을 둔 감상학습지도에 관하여

        김서경 釜山敎育大學 1987 부산교육대학 논문집 Vol.23 No.1

        A Study on the Guidance for the Appreciation Learning Based on the Musical Understanding The educational meaning of the appreciation learning is the educational activity made to raise the ability that students can feel the beauty of music and grasp its value. The favorable appreciation of music can be expected by synthesizing the various elements of music heard through ears and making up another music in each student's mind, that is, connecting their mental activities with it. Therefore, the appreciation activity can be regarded as the active and creative. Considering the relation between the learning guidance in each realm and the appreciation of music, I think that appreciation must be motivated by singing, instrument, or creating etc. and by converse, their purpose consists in improving more deeply students' appreciating ability. Thus, as the appreciation learning is connected with all the learning activities helping the improvement of students' music appreciation, the whole senses linked with music are the aimed basis and at the same time, the activities of the music education result in the appreciation of music. To sum up, the main points that must be particularly stressed in the guidance for the appreciation learning of music are as follows. ?? The development of senses understanding correctly the logical relation of a sound. ?? The development of senses understanding correctly the structure of music

      • 창작지도 방법에 관한 고찰 : 국민학교 음악교육을 중심으로 Chiefly on music Education in Elementary School

        金瑞慶 釜山敎育大學 1986 부산교육대학 논문집 Vol.22 No.1

        The Teaching in Creating Ability in Elementary School is not limited only to the composition activity, but it contains comprehensively the process before the composition: The realms of a learning including the various contents of the process of experience until leading to the composition. And the aim of education in creating ability lies in deepening the creative experience in music, and tasting its pleasure through the learning activity of a personal expression of feeling. In order to complete these aims, therefore, we must grasp correctly the following points of education, and make efforts to be able to realize them equally. The nature of music, that is the learning about the components of music should be ahead of the learning in creating ability. (In other words, we must get used to the components of music.) For we do not expect an individual self-expression until we sense physically nd understand the movement, characteristics, and role of time, rhythm, melody, harmony, phrase, form, tonality and pitch and so on. All these abilities can be illuminated only when they are closely connected with the various basic functions in music education. Accordingly, ad the education in creating ability is not independent, it should be accomplished continually through the entire realms. The learning in creating ability in music must be an experienced activity of learning by a real sound. We must always bear in mind that music is a learning by sound. offer the materials befitting Elementary School Children's abilities, and take the proper teaching methods. In doing so, they can exclude their sense of resistance about the creating ability, and follow such processes that express freely their own rhythms or really the creating ability in music. Therefore, such activities are the most important thigs that make elementary School children use all their possibile methods of expression, namely, songs or musical instruments, express their rhythms and sing their melodies through a real sound improvisatarily or intentionally.

      • KCI등재후보
      • KCI등재후보

        Music Ed Ventures의 교수·학습 원리에 관한 고찰

        김서경 부산교육대학교 초등교육연구소 1997 초등교육연구 Vol.10 No.-

        Music Ed Ventures is based on the Mary Helen Richards' E.T.M(Education Through Music) approach. She is the first man who applied "Kodaly" concept to this approach in English area. Currently this approach is the one of the latest teaching and learning theories that is evaluated highly through experiment and verification at the education institutions and many universities in U.S.A. Students can accumulate the foundations related to singing as music activities in class through the seven principle that is presented in Song Works, literature of teaching method of Music Ed Ventures. So these foundations can promote participation, reciprocal action and fusion. People can characterize such foundations as playful things from the view of relation between music and play, development and sincerity. Teacher who would like to employ these foundations have to investigate how to guide and teach activities that students are encouraged to participate and cooperate. They should respect students' dignity, students' contribution and achievement. And also teachers have to make them realize their movement and need to investigate their musical experience in order to make them realize their linguistic, educational, and potential musicality in it. Sing is the core factor of the Music Ed Ventures teaching activities. The ideological basis on the educational value is investigate, survey, and exploit the activities that can induce the students to participate in singing experience consisted of singing game and movements. Play in these activities is the model of participation, reciprocal action and the whole learning experience. Activities is described by various method in the Music Ed Ventures. These methods aren't considered as the only method that can move the teaching and learning principles to actions but rather they describes important theme of the principles. In fact, I think it is more important to consider these activities as playful foundation that can recognize responsibility of tescher and students, liberty and structure, leading and following, individual work and cooperation, movements and thoughts.

      • KCI등재후보
      • 보드만의 서술적 접근 학습 방법에 관한 연구

        김서경,송예순 부산교육대학교 교육대학원 2003 논문집 Vol.5 No.-

        Based on musical concepts acquired through prestudying by students, music teaching leads to the learning and growth of music by expressing and studying of ideas and feelings of musical knowledge and growth deepened and enriched by now learning. As significant standpoints contemporary music education, the musical concepts which give an insight for musical structure are the main contents of the 7th revised Elementary Music Curriculum in National Standards. Even though children react to music intuitively, their reaction depends on understanding of music and acquiring of music concepts. These concepts enable learners to be transferred from the known or unknown to the newly known, generalizing and broadening their knowledge and comprehension of music. Unlike other skills, musical concepts are not learned directly. When children experience them personally by interaction that is affected by topics and those concepts through meaningful activities, they are acquired and learned more efficiently. Therefore, to make musical activities meaningful, listening activities that which can draw musical reaction should be preceded. Thus, this thesis is directed to the reference research on Boardman's descriptive learning which draws musicality and creativity by providing sensible and listening ability and methods that help you understand the concepts through music. In addition it is also directed to the methods that can be applied to practical leaning. Boardman's methods of Descriptive Approach Learning is based on Bruner's Modes of Knowledge Representation, which can design musical growth through the method of representation of thoughts feelings, ideas. Based on the theoretical methods stated above, this thesis analyzed the music textbooks for third, fourth, fifth and sixth graders and divided teaching into three description area describing with movement, visual and verbal images. Each area representation. The strategy was organized in order to be applied to the development of learning of musical behavior in every musical activity in real lessons as either a major activity or a minor one. Moreover, it can possible function as a alternative for music appreciation classes and also show new directions of music teaching by materializing unified link between performance and creation learning activities. It is recommended that more specific and practical methods on Boardman's Generative Approach to Music Learning be researched and accepted, which will generate another succeeding research on unified learning method linked to describing, performing and creating.

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