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金融資産價格決定에 영향을 미치는 稅金效果에 관한 實證的 硏究
鄭載燁 啓明大學校 産業經營硏究所 1990 經營經濟 Vol.23 No.1
The primary objective of this study is to test four competing hypotheses: No differential tax effects hypothesis, Miller's equilibrium hypothesis, After-Tax CAPM hypothesis, and Tax-Clientele effects hypothesis. Tests are carried out by casting the hypotheses in terms of systems of equations and identifying the parameter restrictions implied by each of the hypotheses. The data set is monthly returns of 120 common stocks listed on the Korea Stock Exchange for July 1978 to June 1988. The results of the test can be summarized as follows: (1) The results of F-test in Zellner Estimation reveals that none of the competing tax-motivated hypotheses explain the structure of security returns. Nevertheless, the results indicate that Miller's equilibrium hypothesis has relatively explanatory power. (2) In time-series regressions, the tests do show a statistically significant relation between yields and returns. The observed structure of dividend payments suggests that dividend yields may be proxying for changes in the expected returns of securities over time. That possibility was tested by including the lagged dividend in cum-months. The cum-months dividend yields appear to be as important statistically as the ex-months dividend yields.
Mixed gonadal dysgenesis in 45,X Turner syndrome with SRY gene
정재엽,양소형,정은환,이호창,이영문,한현석,이경희 대한소아내분비학회 2016 Annals of Pediatirc Endocrinology & Metabolism Vol.21 No.3
Turner syndrome is the most common chromosomal disorder in girls. Various phenotypic features show depending upon karyotype from normal female through ambiguous genitalia to male. Usually, Turner girls containing 45,X/46,XY mosaicism, or sex-determining region Y (SRY) gene may have mixed gonadal dysgenesis with various external sexual differentiation. We experienced a short statured 45,X Turner girl with normal external genitalia. Because SRY gene was positive, laparoscopic gonadectomy was performed. The dysgenetic gonads revealed bilateral ovotesticular tissues. The authors report a mixed gonadal dysgenesis case found in clinical 45,X Turner patient with positive SRY gene. Screening for SRY gene should be done even the karyotype is 45,X monosomy and external genitalia is normal.
정재엽,이동주,홍성민,제태진,이응숙 한국공작기계학회 2002 한국공작기계학회 추계학술대회논문집 Vol.2002 No.-
Recently, the interest on micro optical parts has increased rapidly with the development of technology related to microsystems. Among the optical parts, micro lens is one of the most broadly used micro parts. To mass-produce the micro lenses, it is very effective to use the mold insert and injection molding process. There are many methods to fabricate the mold insert for micro lenses: electroforming, etching, mechanical micromachining and so on. In this study, we fabricated the mold insert for micro lenses using a micro ball endmill to apply mechanical micromaching method and analyzed the effect of main process parameters such as spindle speed, feed rate, dwell time on the processed surface. Then, using fabricated the mold insert we fabricated the micro lenses through injection molding process.
Structural, Optical, and Chemical Properties of Cadmium Phosphate Glasses
정재엽,정윤기,황문경,박현준,최수연,김정환,류봉기 한국세라믹학회 2015 한국세라믹학회지 Vol.52 No.2
In this study, we prepared cadmium phosphate glasses with various compositions, given by xCdO–(100 – x)P2O5 (x = 10–55 mol%), and analyzed their Fourier transform infrared spectra, dissolution rate, thermal expansion coefficient, glass transition temperature, glass softening temperature, and optical band gap. We found that the thermal expansion coefficient and dissolution rate increased while the glass transition temperature and glass softening temperature decreased with increasing CdO content. These results suggest that CdO acts as a network modifier in binary phosphate glass and weakens its structure.
정재엽 계명대학교 산업경영연구소 2001 經營經濟 Vol.34 No.1
This paper analyze the behavior of conditional heteroscedasticity in stock returns to find the firm size effect in volatility. Using EGARCH-M model, estimation of the conditional heteroscedasticity in monthly excess returns of size-indexes if performed from January 1980 to December 1999. then conditional heteroscedasticity difference between size-indexes is examined. Empirical results do not show statistically significant volatility difference between size-indexes. These results here cast suspicion on the existence of the firm size effect in stock returns volatility.
鄭載燁 啓明大學校 産業經營硏究所 1986 經營經濟 Vol.19 No.1
In portfolio analysis, the basic setting is that of an individual or a group of individuals making inferences and decisions in the face of uncertainty about future security prices and related variables, When a series of interrelated decisions is to be made over time, the decision maker should (1) revise his probability distributions as new information is obt-ained and (2) take into account the effect of the current decision on future decisions. In terms of formal models of the decision making process, probability revision can be accomplished by using Bayesian Theorem and the interrelationships among the decisions con be taken into consideration and revision involves a series of interrelated decisions made over time, formal portfolio models should, insofar as possible incorporate these features, A search of the extensive literature concerning portfolio models indicates however, that such models have ignored one or both of these features. The purpose of this paper is to present general models for portfolio selection and revision that utilize Bayesian inferential procedures to formally update probability distributions as new information is obtained, and to investigate the realism of the model presented in this paper.
鄭載燁 啓明大學校 産業經營硏究所 1985 經營經濟 Vol.18 No.1
The states of nature capture a capture a wide variety of factors that influence th future values of risky assets. Individuals must formulate judgments about payoffs under alternative future states of nature. From these state-contingent payoffs and market prices of securities, the prices of the underlying pure securities can be developed in a complete and perfect capital market. Given these pure security prices, the price of any other security can be determined from its state-contingent payoff vector. Conceptually, the equilibrium prices of the pure securities reflect the aggregate risk preferences of investors and investment opportunities of firms. Furthermore, The concept of a pure security facilitates analytical solutions to individuals' consumption/portfolio investment decision under uncertainty. The state-preference approach is a useful way of looking at firm investment decisions under uncertainly. In a perfect and complete capital market, the net present value rule was shown to be an optimal firm investment decision rule. State-preference theory also provides a conceptual basis for developing models for analyzing firm capital structure decisions and the pricing of option contracts. Thus the state-preference approach provides a useful way of thinking about finance problems both for the individual investor and for the corporate manager.