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V-Shaped Disposition Effect and Investor Underreaction to Earnings News
Minki Kim,Toyoung Kim,Tong Suk Kim 한국재무학회 2018 한국재무학회 학술대회 Vol.2018 No.05
We attempt to explain investor underreaction to earnings news using the newly documented refinement of the disposition effect, which is the V-shaped net selling propensity (VNSP). Using a novel data set containing stock-level information on the trading activities of different types of investors, we find that both large unrealized capital gains and losses positively predict subsequent stock returns in Korean stock markets. Furthermore, investors’ net selling propensity affects stock price drift after earnings announcements. Among good news stocks, postannouncement drift is more pronounced when they suffer from stockholders’ higher net selling propensity. Furthermore, these empirical results hold only when we construct a VNSP based on individual trading activity. Interestingly, the classic disposition effect does not induce underreaction to earnings news in our data set.
김민기(Kim, Minki),조인정(Cho, Yinjung),김윤미(Kim, Yunmi),강민관(Kang, Minkwan),이상훈(Lee, Sanghoon),김재식(Kim, Jaesig) 한국신재생에너지학회 2010 한국신재생에너지학회 학술대회논문집 Vol.2010 No.11
The steady and dynamic process model for an internal reforming molten carbonate fuel cell power plant is discussed in this paper. The dominant thermal and chemical dynamic processes are modeled for the stack module and balance-of-plant, including cathode gas preparation, heat recovery, heat loss (Each heat loss amount for the stack and MBOP is obtained from real plant data) and fuel processing. Based on dynamic model and control demand, PID controllers are designed in the whole system. By applying these controllers we can obtain temperature balance of stack and control system depending on changing steam to carbon ratio, air feed amount, and transient condition.
Kim, Minki,Oh, Jimin,Suk, Jung-Hee,Heo, Sewan,Yang, Yil Suk The Institute of Electronics and Information Engin 2013 IEIE Transactions on Smart Processing & Computing Vol.2 No.5
This paper reports a sinusoidal $180^{\circ}$ drive for a permanent magnet (PM) brushless motor employing automatic angle compensator to suppress the driving loss during the wide-range load operation. The proposed drive of the sinusoidal $180^{\circ}$ PM Brushless motor reduced the amplitude of the 3-phase current by compensating for the lead-angle of the fundamental waves of the 3-phase PWM signal. The conventional lead-angle method was implemented using the fixed angle or memorized table, whereas the proposed method was automatically compensated by calculating the angle of the current and voltage signal. The algorithm of the proposed method was verified in a 30 W PM brushless motor system using a PSIM simulator. The efficiency of the conventional method was decreased 90 % to 60 %, whereas that of proposed method maintained approximately 85 % when the load shift was 0 to $0.02N{\cdot}m$. Using an FPGA prototype, the proposed method was evaluated experimentally in a 30 W PM brushless motor system. The proposed method maintained the minimum phase RMS current and 79 % of the motor efficiency under 0 to $0.09N{\cdot}m$ load conditions. The proposed PM brushless motor driving method is suitable for a variety of applications with a wide range of load conditions.
Minki Kim,Ogyun Seok,Min-Koo Han,Min-Woo Ha 대한전기학회 2013 Journal of Electrical Engineering & Technology Vol.8 No.5
We proposed AlGaN/GaN high-electron-mobility transistors (HEMTs) using thermal oxidation for NiOx passivation. Auger electron spectroscopy, secondary ion mass spectroscopy, and pulsed I-V were used to study oxidation features. The oxidation process diffused Ni and O into the AlGaN barrier and formed NiOx on the surface. The breakdown voltage of the proposed device was 1520 V while that of the conventional device was 300 V. The gate leakage current of the proposed device was 3.5 μA/mm and that of the conventional device was 1116.7 μA/mm. The conventional device exhibited similar current in the gate-and-drain-pulsed I-V and its drain-pulsed counterpart. The gate-and-drain-pulsed current of the proposed device was about 56 % of the drain-pulsed current. This indicated that the oxidation process may form deep states having a low emission current, which then suppresses the leakage current. Our results suggest that the proposed process is suitable for achieving high breakdown voltages in the GaN-based devices.