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우동호(Dong Ho Woo),최흥식(Heung Sik Choi),김선웅(Sun Woong Kim) 한국산학기술학회 2023 한국산학기술학회논문지 Vol.24 No.3
과거부터 주식시장에서 초과수익률인 알파를 얻기 위한 학문적, 실증적 연구는 계속되어 왔다. 전통적인 가치투자의 연구 외에 Greenblatt의 마법공식과 같은 실증적인 투자전략도 존재하는데, 해외 연구들을 통해 마법공식이 통계적으로 유의한 알파를 창출해내는 것으로 나타났지만 한국시장에 적용한 연구는 없었다. 본 연구에서는 기존 마법공식에 적용된 자본수익률 비율인 ROC(Return on Capital) 대신 GP/A(Gross Profit Per Assets)를 활용하여 개선된 마법공식을 만들고 2004년 4월부터 2022년 3월까지 한국시장에 마법공식과 개선된 마법공식의 투자성과를 분석하였다. 실증분석한 결과는 다음과 같다. 첫째, 벤치마크인 KOSPI 대비 높은 성과를 나타냈지만 알파의 계수가 통계적으로 유의하지는 않았다. 둘째, 전체 종목을 시가총액 기준 5분위로 나눠 각 분위별로 분석한 결과 소형주인 1분위에서 3분위까지는 뛰어난 투자성과 뿐만 아니라 위험을 통제한 상황에서도 통계적으로 유의한 알파 계수를 발견할 수 있었다. 또한 개선된 마법공식은 모든 분석구간에서 기존의 마법공식 대비 뛰어난 수익률과 더 강한 알파의 통계적 유의성을 나타냈다. Academic and empirical studies have been conducted to find alpha, the excess return of the stock market. In addition to research on traditional value investing, there are also empirical investing strategies such as Greenblatts magic formula. Overseas studies have revealed that a magic formula produces statistically significant alpha, but no investigation applied it to a domestic market. In this study, we used GP/A (Gross Profit Per Assets) instead of ROC (Return on Capital), which is the rate of return on capital applied to the existing magic formula, to create an improved magic formula, and this magic formula and the improved magic formula. The following results were obtained by our empirical analysis. First, the improved magic formula had a better performance than the benchmark KOSPI, but the alpha coefficient was not statistically significant. Second, as a result of dividing all stocks into five quintiles based on market capitalization, we not only revealed excellent investment performance even under risk control, but also found statistically significant alpha coefficients in the 1st to 3rd quintiles of small stocks. In addition, the improved magic formula showed superior returns and higher alpha statistical significance compared to the existing magic formula in all analysis sections.
김재욱,우동호 한국농화학회 1990 Applied Biological Chemistry (Appl Biol Chem) Vol.33 No.2
In order to investigate systematically characteristics of improved Kochujang in comparison with traditional Kochujang, changes of components in curing of two Kochujangs, enzyme activities of koji and Meju, and effects of salt and red pepper were measured. And it was found that the large differences of amino nitrogen and reducing sugar contents were appeared in the initial stage of the curing period, but the changes were parallel thereafter. The protease activity of koji was maximum in weak acidic pH and that of Meju was maximum in neutral pH. The optimum condition of substrate digestion was three hours at 60℃, and that was more effective than curing at room temperature. The activities of protease and saccharogenic amylase were decreased re markably by adding salt and red pepper, Therefore, to decompose starch and protein effectively, the addition of salt and red pepper after substrate digestion was more favorable.
오필제,박태순,우동호,황선태 대한방사선방어학회 1984 방사선방어학회지 Vol.9 No.1
Well type 전리함과 미세전류 측정회로를 사용하여 표준 감마선 전리함 장치를 개발하였다. 미세전류는 automatic Townsend balance with stepwise compensation방법을 사용하여 측정하였다. ()Ra를 기준 선원으로 택하여 감마 방출핵종인 ()Am, ()Ba, ()Co, ()Cs, ()Na에 대한 비교 교정인자를 산출하였으며, 감마 에너지의 함수로서 검출효율곡선을 구하였다. A Standard gamma-ray ionization chamber system was developed with a well type ionization chamber and micro current measuring circut. Micro current was measured by the automatic Townsend balance with stepwise compensation method. For gamma emitting nuclides such as ()Am, ()Ba, ()Co, ()Cs, and ()Na, relative calibration factors to ()Ra reference source were calculated and detection effciency curve was determined as a fudnction of gamma energy.