국내 주식시장의 저위험 이상현상 패턴과 활용에 관한 연구

양기성,박찬,황동민 한국재무학회 2024 財務硏究 Vol.37 No.2

본 연구는 국내 주식시장의 위험-수익 관계를 종합적으로 분석하고 투자전략 측면에서 활용하는 방안을 논의한다. 이를 위해 장기 및 단기 총 변동성, 체계적 변동성, 고유 변동성, 시장베타 8개의 위험측도를 사용하여 1990년 7월부터 2021년 12월까지의 국내 유가증권시장의 위험-수익 관계를 분석하고, 그 결과를 이용하여 국내 저위험관련 ETF의 수익성을 개선하기 위한 다양한 실험을 수행하였다. 주요 결과는 다음과같다. 첫째, 전체 기간에서 국내 주식시장의 저위험 이상현상은 일별 수익률을 사용하여 측정한 단기 변동성 지표들에 대해서만 유의하였다. 저위험 프리미엄의 크기는롱-숏 포트폴리오는 소형 성장주 그룹에서, 매입 포트폴리오는 소형 가치주 그룹에서크게 나타났다. 둘째, 위험-수익 관계와 그 유의성은 위험측도와 기간별로 상이하였다. 셋째, 위험측도별 저위험 프리미엄 사이의 인과관계를 분석한 결과 국내 주식시장의 저위험 이상현상은 고유 변동성에 의한 것임을 확인하였다. 마지막으로, 실증 분석결과를 바탕으로 국내 주식 저위험 ETF 기초 지수의 수익성을 개선하기 위한 31가지수정안을 분석한 결과 투자성과가 유의하고 강건하게 향상되는 것을 확인하였다. 본 연구는 강건성과 위험 측도별 저위험 프리미엄간 관계 등 다양한 측면에서 국내주식 시장의 저위험 이상현상에 대한 이해도를 높이고, 투자상품 개발을 위해 실증결과를 활용하는 실무적인 방안을 구체적으로 제시하였다는 의의를 갖는다. This study comprehensively analyzes the patterns of risk and return relationship in the Korean stock market and applies them to portfolio management strategies. Total eight number of risk measures - long and short term total volatility, systematic volatility, idiosyncratic volatility, and market beta - are employed to analyze the risk-return relationship in the KOSPI market from July 1990 to December 2021. Furthermore, based on the results of the analysis, we conduct various empirical experiment to improve the profitability of the low-risk related ETFs traded in the Korean stock market. The key findings are as follows: First, we observe that the low-risk anomalies are significant over the entire period only for the short-term volatility measures. Small-growth groups show greater low-risk premiums for long-short portfolios, whereas small-value groups exhibit higher low-risk premiums for long-only portfolios. Second, the low-risk anomalies are not robust across the risk measures and measurement periods. Third, as a result of the causality analysis between the risk premiums from the different risk measures, we find that the low-risk anomalies in the Korean stock market are primarily driven by idiosyncratic volatility anomaly. Lastly, we find that the definition of underlying indices of the low-risk related ETFs currently traded in the Korean stock market does not adequately reflect the empirical patterns of the risk-return relationship. If we modify them in accordance with our empirical findings, the profitability of the low-risk indices significantly improve with robustness. This study has contributions in that it deepen the understanding of the low-risk anomalies in the Korean stock market and proposes practically useful applications of them to enhance portfolio management strategies.

Conclusions and Suggestions on Low-Dose and Low-Dose Rate Radiation Risk Estimation Methodology

Sakai, Kazuo,Yamada, Yutaka,Yoshida, Kazuo,Yoshinaga, Shinji,Sato, Kaoru,Ogata, Hiromitsu,Iwasaki, Toshiyasu,Kudo, Shin'ichi,Asada, Yasuki,Kawaguchi, Isao,Haeno, Hiroshi,Sasaki, Michiya The Korean Association for Radiation Protection 2021 방사선방어학회지 Vol.46 No.1

Background: For radiological protection and control, the International Commission on Radiological Protection (ICRP) provides the nominal risk coefficients related to radiation exposure, which can be extrapolated using the excess relative risk and excess absolute risk obtained from the Life Span Study of atomic bomb survivors in Hiroshima and Nagasaki with the dose and dose-rate effectiveness factor (DDREF). Materials and Methods: Since it is impossible to directly estimate the radiation risk at doses less than approximately 100 mSv only from epidemiological knowledge and data, support from radiation biology is absolutely imperative, and thus, several national and international bodies have advocated the importance of bridging knowledge between biology and epidemiology. Because of the accident at the Tokyo Electric Power Company (TEPCO)'s Fukushima Daiichi Nuclear Power Station in 2011, the exposure of the public to radiation has become a major concern and it was considered that the estimation of radiation risk should be more realistic to cope with the prevailing radiation exposure situation. Results and Discussion: To discuss the issues from wide aspects related to radiological protection, and to realize bridging knowledge between biology and epidemiology, we have established a research group to develop low-dose and low-dose-rate radiation risk estimation methodology, with the permission of the Japan Health Physics Society. Conclusion: The aim of the research group was to clarify the current situation and issues related to the risk estimation of low-dose and low-dose-rate radiation exposure from the viewpoints of different research fields, such as epidemiology, biology, modeling, and dosimetry, to identify a future strategy and roadmap to elucidate a more realistic estimation of risk against low-dose and low-dose-rate radiation exposure.

저비용항공사의 위험지각 연구 - 일반 위험지각과 상황 위험지각의 비교 -

안희정,황영현 한국관광학회 2019 관광학연구 Vol.43 No.3

The purpose of this study is to differentiate contingent perceived risks from overall perceived risk of low cost carriers, and to test the differences in overall and perceived risk by demographic characteristics and use experiences. According to the results, contingent risk perceptions for domestic flight are lower than general perceived risks, while perceived risks of international flight are higher than general perceived risks. The results show that consumers perceive risks differently when particular situations are given, as compared to the situation when general risk perception is asked. For the difference in perceived risks by demographic characteristics, males perceive higher risks than females. In case of risk factor of performance and psychological/physical elements, the perceived risk level has positive(+) relationships with respondents’ age. Respondents’ use experience of low cost carriers shows negative(-) correlations with perceived risks. Theoretical and practical implications with the direction for further research are addressed based on the results. 본 연구는 저비용항공사에 대한 위험지각을 저비용항공사에 대한 일반 위험지각과 비행시간과 노선을 고려한 상황 위험지각으로 구분하고, 인구통계적 특성, 저비용항공사의 이용경험에 따른 이들 위험지각의 차이를 알아보고자 수행되었다. 분석결과에 따르면, 일반적인 위험지각보다는 국내선이 전제된 경우 인지하는 위험점수가 더 높게 나타났으며, 국제선의 경우 그 차이가 더 커지는 것을 확인하였다. 즉, 소비자들이 인지하는 위험은 특정상황이 주어졌을 때 더 구체적으로 인지되며, 지각하는 위험수준도 달라짐을 의미한다. 인구통계학적 특성에 따른 위험지각의 차이는 여성보다는 남성이 더 높은 위험을 지각하였으며, 성과적 위험과 심리/신체적 위험의 경우 연령이 증가함에 따라 위험의 정도도 높아지는 유의한 양(+)의 관계가 있었고, 저비용항공사 이용빈도가 많을수록 위험지각은 낮아지는 부(-)의 관계가 있음을 확인하였다. 이러한 결과는 기존 대형항공사와 경쟁하는 항공시장에서 소비자들이 지각하고 있는 위험지각에 대한 심도 있는 이해로 저비용항공사의 위험지각 관리를 위한 중요한 시사점을 제공한다.

저가 화장품 소비자의 가격민감도에 따른 위험지각과 쇼핑행동에 대한 연구 - 부산지역 대학생을 중심으로 -

하종경 한국미용학회 2017 한국미용학회지 Vol.23 No.6

This study attempted to analyze differences in risk perception and shopping behavior by analyzing and tangibilizing price sensibility in low-priced cosmetics consumers. For this, descriptive statistics, factor analysis (principal components analysis) with varimax rotation, Cronbach's α, K-means clustering analysis, one-way ANOVA and Duncan’s test as a post-hoc test were preformed, using IBM SPSS 22.0. The results found the followings: 1) According to factor analysis on the price sensitivity of low-priced cosmetics, price importance, price search and price plan were derived. 2) In terms of risk perception factors of low-priced cosmetics, safety risk perception, price risk perception and quality risk perception were extracted. 3) When consumer types were analyzed by price sensitivity, they were divided into 3 groups: price sensitivity group, price search group and price plan group. 4) According to analysis on differences in risk perception by the type of price sensitivity in low-priced cosmetics, safety risk perception and price risk perception were high in Type I while price risk perception and safety risk perception were high in Type II and III respectively. 5) In terms of differences in shopping behavior by the type of price sensitivity, statistically significant influence was found in the place of cosmetics bought, preferred products, purchase costs and purchase frequency.

小兒의 出生體重과 死亡水準에 關한 硏究 : 美國 켈리포니아 僑民 人口動態統計資料를 中心으로

安小營 대한보건협회 1996 대한보건연구 Vol.22 No.1

본 연구는 그간 우리나라의 人口動態統計資料에 대해서는 신고된 자료로부터의 推計나 要因分析등의 연구에 직접 활용하지 못하고 우선 자료 자체의 신뢰성을 검증하기 위한 과정이나 이를 보정하는 데 주력해 왔던 점에 비추어, 人口動態資料로서의 質的인 요건을 갖추었다고 판단되는 美國 캘리포니아州의 人口動態統計를 이용하여 국내에서의 정확한 人口動態資料가 확보될 경우 이를 母子保健을 향상시키기 위한 관련 분야의 연구와 政策資料로 활용하기 위한 시사를 주고자 한 것이다. 본 연구를 위한 자료는 美國 캘리포니아州의 人口動態統計中 1982년 부터 1988년까지 사이에 韓國人 父母로부터의 出生兒 20,108명에 대한 中告資料로서 특히 出生兒중 영아기에 死亡한 경우는 死亡 관련 사항을 出生資料와 연계하여 작성한 Birth-and-Death Linked Data Sets이며, 出生體重과 영아사망을 중심으로 하여 이들에 대한 姙娠危險要因들의 영향력을 분석한 결과는 다음과 같다. 出生體重 2,500g 미만의 低體重兒는 총 出生兒의 3.89%이고 4,000g 이상인 過體重兒는 7.08%였다. 性別 低體重兒 비율은 男兒가 3.46%, 女兒가 4.34%로 女兒의 低體重 발생률이 높고 過體重兒 비율은 男兒(9.04%)가 女兒(5.00%)보다 높았다. 영아사망율은 출생 1,000명당 7.1이고 男兒(8.1)가 女兒(6.0)보다 높았다. 周産期死亡率은 4.6이었으며 성별로는 역시 男兒가 女兒보다 높게 나타났다. Alpha-index는 男兒가 1.66, 女兒가 1.41로 男兒의 경우 新生兒死亡에 비해 新生兒後期死亡이 상대적으로 더 많음을 나타내었다. 胎兒死亡의 死亡原因은 91.5%가 '周産期에 관련된 病態'였고 나머지는 '先天異常'이었다. 영아사망의 주요 원인은 '周帝期에 관련된 病態(36.2%)', '先天異常(31.9%)', '病狀·徵候 및 불명확한 病態(14.2%)'등이었다. 出生時 體重値를 從屬變數로 한 관련 危險要因들과의 多變量 回歸分析 결과 出生體重에 대한 回歸模型에서의 설명력에 대한 기여도는 姙娠期間, 性別, 出生順位, 帝王切開 여부, 姙娠合倂症 經驗 여부, 母의 年齡, 分娩合倂症 經驗 여부의 순으로 나타나고 이들 7종의 獨立變數에 의한 설명력은 0.1348이었다. 이 중 姙娠期間에 의한 설명력은 0.0994로서 전체 설명력의 약 73.7%를 차지하였다. 出生時 體重値를 低體重과 正常體重으로 구분하고 低體重의 발생 위험에 대한 危險要因들과의 로지스틱回歸分析을 한 결과 姙娠期間, 姙娠合倂症, 分娩合倂症, 産前管理期間, 性別, 出生順位 등 6종의 獨立變數에 의한 交叉比(Odds ratio)가 유의하게 나타났으며(p<0.05), 특히 姙娠期間이 37주 이상인가 미만인가에 따른 交叉比는 21.73으로 가장 높게 나타났다. 영아사망에 대한 관련 要因들과의 로지스틱回歸分析의 결과는 低體重 여부, 姙娠期間, 分娩合倂症 경험 여부, 性別 등이 유의하게 나타났으며(p<0.05) 특히 出生體重의 정상 여부에 따른 영아사망과의 交叉比는 11.36으로 가장 높게 나타났다. Vital statistics is regarded as one of the important information sources for making policies in most of advanced countries. The vital systems in Korea seems to have virtually no problem in producing vital statistics of people abide by the regulation according to the rules. However, the system is not organized well by lack of cooperations among related agencies. It resulted in giving much efforts to verifying or correcting the registration data rather than estimating or analysing the risks for infant health. Following the rapid economic growth for several decades much more needs for health and welfare increase among people, and it is necessary to establish qualified data sources through the synthesis of related systems. Infants Birth-and-Death Data Sets(or Linked Data Sets) of linked birth and death certificates for infants born in the United States who died before reaching 1 year of age use many additional variables available from the birth certificate in infant mortality analysis. Analysis of information can provide insight into the major factors influencing low birthweight of newborn babies as well as infant mortality. Linked Data Sets for 1982-88 in California, U.S.A.. was used in this study, and there was a total of 20,108 live births and 82 fetal deaths from Korean-American parents. 1. The rate of low birthweight weighing less than 2,500 grams was 3.89% among all live births, and females to experienced higher low birthweight rate than did males. The mean birthweight of male was higher(3,394 grams) than that of females(3,280 grams). 2. The infant mortality rate marks 7.1 per 1,000 live births, and perinatal mortality rate and neonatal mortality rate were 6.0 and 4.6 respectively. Alpha-index(1.66 in male and 1.41 in female) showed that there were more infant deaths in post-neonatal period than in neonatal period. 36.2% of infantile deaths were from 'certain conditions originating in the perinatal period1' and 31.9% of them were from 'congenital anomalies', which were the most common causes of death. 3. Infants who have their weights less than 2,500 grams had higher risk on infantile death than normal weight infants(relative risk=24.35), especially it gave much higher relative risks in neonatal period(24.35) than in post-neonatal period(3.80). 4. Modeling the ordinary least square regression on birthweight(in grams) six covariates such as gestational period, infant sex, birth age of mother, labour and delivery complications have R^2 of 0.1348(P<0.05). In the model representing the risk for low birthweight(less than 2,500 grams or not) estimated by logistic regression, gestational age had the strongest net impact on the risk for low birthweight(odds ratio=21.73). The other covariates were pregnancy complications, labour and delivery complications, month when prenatal care began, infantile sex and birth order(P<0.05). 5. Compared with infants of normal birthweight, infants of low birthweight were at much greater risk of mortality estimated by logistic regression. It had the strongest net impact on the risk for infantile death(odds ratio=11.36). The other covariates were gestational age, labour and delivery complications and infantile sex(P<0.05).

Low-Carbohydrate Diets in Korea: Why Does It Matter, and What Is Next?

하경호,송윤주 대한비만학회 2021 The Korean journal of obesity Vol.30 No.3

In recent years, low-carbohydrate diets have become highly popular in Korea as a means to lose weight. People following this regime believe that fat and protein can be consumed in unlimited quantities, as long as carbohydrate intake is strictly restricted. However, low-carbohydrate diets are more complex than simply reducing carbohydrate intake. Meta-analyses of randomized controlled trials revealed that low-carbohydrate diets are at least as effective as low-fat diets in terms of weight loss, but their cardiovascular effects vary. Low-carbohydrate diets confer more beneficial effects on weight loss and lipid profiles such as triglycerides and high-density lipoprotein cholesterol but exhibited detrimental effects on lipid profiles such as total and low-density lipoprotein cholesterol. Korean diets are typically high in carbohydrates, where carbohydrate intake is in the range of 50%–80% of total energy. Within this range of carbohydrate intake, high carbohydrate intake was associated with an increased risk of elevated triglyceride and high-density lipoprotein cholesterol levels but with a reduced risk of elevated total and low-density lipoprotein-cholesterol levels. The optimal range of carbohydrate intake was depicted by a U-shaped relationship between carbohydrate intake and mortality, with 50%–60% of energy from carbohydrates having the lowest mortality risk. The distribution of macronutrients varied greatly according to age and sex groups in Korea. There is no single diet that can be recommended to all individuals, especially if focusing only on the quantity of macronutrients as opposed to their quality. The health benefits of low-carbohydrate or low-fat diets may depend on the source of protein and fat and the carbohydrate quality.

주가급락위험에 대한 위험프리미엄 평가

김우현,변영태 성균관대학교 경영연구소 2022 자산운용연구 Vol.10 No.1

A stock price crash occurs suddenly when negative information accumulated inside a company flows into the market at once. If investors can recognize the stock crash risk in advance, they will demand a high risk premium for stocks with a high stock crash risk. Most of the previous studies focused on finding the determinants of stock crash risk, so it was difficult to find the effect of stock crash risk on the wealth of shareholders. Therefore, this study aims to examine how stock crash risk affects the wealth of shareholders by examining the effect of stock crash risk on stock returns. To verify this, CRHML, a factor mimicking portfolio that well reflects stock crash risk, was constructed and the existence of a risk premium was verified. As a result of the empirical test of this study, it was confirmed that stock crash risk is a risk that is out of the trade-off between risk and return, and that appropriate compensation is not given for taking the stock crash risk. This study is different from previous studies in that it deals with ex post investment performance related to stock crash risk and provides overall information on firm value and investor performance using variables expressed as returns.

코로나19 엔데믹 상황에서의 항공여행 위험지각이 신뢰와 행동의도에 미치는 영향: 국내 저비용항공사를 중심으로

박진아 한국호텔외식관광경영학회 2023 호텔경영학연구 Vol.32 No.2

As COVID-19 is transitioning to an endemic in around three years since its outbreak, the exacerbated aviation industry is ready to leap again. The shift to the endemic phase has caused a rapid increase in demand for travel by plane. However, COVID-19 still exists. Moreover, the prevention of epidemics is led by the state, while it is made based on one's initiative. In this regard, the study aims to examine the effect of air travel risk perception on trust and behavioral intention during the endemic. For this study, a survey using the Google questionnaire was conducted for a week from 19 February to 25 February amongst male and female adults over 20 years of age who have had the experience of using domestic low-cost carriers. It was a self-recording type and designed not to be submitted if any of the questions was not answered. The questionnaire was distributed to a total of 344 people. SPSS Statistics 26.0 was used to carry out frequency analysis, exploratory factor analysis, simple regression analysis, and multiple regression analysis. The positive analysis results of the hypothesis formulated in this study are as follows: First, analysis results show that temporal risk gives significant negative (-) effect on trust, while psychological risk, financial risk, COVID-19-related risk, and functional-performance risk do not have any significant relations to trust. Second, the results also revealed that temporal risk, psychological risk and financial risk negatively (-) affect behavioral intentions, and COVID-19-related risk has positive (+) relations to behavioral intentions. However, functional-performance risk does not have any significant effect on behavioral intentions. Third, it was also examined that trust has a positive (+) effect on behavioral intentions. Overall, the results of this study present implications in terms of domestic low-cost carriers' marketing during the endemic. 코로나19 팬데믹이 약 3년 만에 코로나19 엔데믹으로 전환되면서 움츠렸던 항공산업은 재도약을준비하고 있다. 코로나19 엔데믹으로의 전환은 항공여행의 수요를 빠르게 늘이고 있다. 하지만 코로나19는여전히 존재하고 있다. 코로나19 팬데믹 시대에서는 방역을 국가 주도였다면, 코로나19 엔데믹 시대에서는개인이 주도한다. 이에 본 연구에서는 코로나19 엔데믹 상황에서 항공여행의 위험지각이 신뢰와 행동의도에미치는 영향관계를 파악하는 데 그 목적이 있다. 본 연구를 위하여 2023년 2월 19일 ~ 25일까지 총 일주일간 실시하였으며, 20대 이상의 국내 저비용항공사 항공여행 경험이 있는 성인 남녀를 대상으로 설문조사를실시하였다. 응답은 자기기입식방식을 이용하였고, 질문에 대한 응답이 하나라도 빠지면 제출이 불가능하게설문지를 설계하여 총 344부 회수하였다. 본 연구의 분석을 위하여 SPSS 26.0 통계 패키지 프로그램을활용하였고, 빈도분석, 탐색적 요인분석, 단순회귀분석, 다중회귀분석을 실시하였다. 본 연구에서 제기한가설을 실증 분석을 통해 검증한 결과 첫째, 시간적 위험은 신뢰에 유의한 부(-)의 영향을 미치는 것으로분석되었으나, 심리적 위험, 재무적 위험, 코로나19 관련 위험, 기능⋅성과적 위험은 유의한 영향관계가나타나지 않았다. 둘째, 시간적 위험, 심리적 위험, 재무적 위험은 행동의도에 부(-)의 영향을 미치고, 코로나19 관련 위험은 행동의도에 정(+)의 영향을 미치지만, 기능⋅성과적 위험은 행동의도에 유의한 영향을 미치지 않는 것으로 나타났다. 셋째, 신뢰는 행동의도에 긍정적인 정(+)의 영향을 미치는 것이 확인되었다. 본연구의 결과는 코로나19 엔데믹 상황에서 국내 저비용항공사의 마케팅적 시사점을 제시하였다고 사료된다.

Mixture risk assessment of selected mainstream cigarette smoke constituents generated from low-yield cigarettes in South Korean smokers

Pack, Eun Chul,Jang, Dae Yong,Kim, Hyung Soo,Lee, Seung Ha,Kim, Hae Young,Song, Seok Ho,Cho, Hoon Sik,Kwon, Kyeng Hee,Park, Kun Ho,Lim, Kyung Min,Choi, Dal Woong Elsevier 2018 Regulatory toxicology and pharmacology Vol.94 No.-

<P><B>Abstract</B></P> <P>A total of 38 hazardous constituents in mainstream cigarette smoke of low-yield cigarettes sold in Korea were selected and analyzed using established methods. Risk calculations were performed using risk algorithms employed in previous studies and Korean population-based exposure parameters. The median cumulative incremental lifetime cancer risk of male smokers could vary from 828 × 10<SUP>−6</SUP> to 2510 × 10<SUP>−6</SUP>, and that of female smokers could range from 440 × 10<SUP>−6</SUP> to 1300 × 10<SUP>−6</SUP>, depending on the smoking regimens. The median hazard index as the sum of hazard quotients of male smokers varied from 367 to 1,225, and that of female smokers varied from 289 to 970, depending on the smoking regimens. The sensitivity analysis for this risk assessment indicated that the constituent yields in mainstream cigarette smoke, average number of cigarettes smoked per day or year, and mouth-spill rate are the main risk factors. Statistical positive correlations between the average daily dose calculated by the exposure algorithm used in this study for individual smokers and biomarkers verified the reliability of this assessment. It could be concluded that inhalation of the constituents present in the mainstream of low-yield cigarettes has significant cancer and non-cancer health risks, although its effect on risk reduction is still unknown under the fixed machine-smoking conditions.</P> <P><B>Highlights</B></P> <P> <UL> <LI> Selected 38 constituents levels of mainstream smoke for low-yield cigarettes are presented. </LI> <LI> Bioavailability of smoke constituents is considered using respiratory retention and mouth-spill models. </LI> <LI> Our work adds the evidence of cancer and non-cancer risks from smoking of low-yield cigarettes. </LI> <LI> This study highlights the risk in comparison to regular cigarettes. </LI> </UL> </P>

저소득자 노동시장 지위 변화에 대한 동태적 분석

성재민 ( Jae Min Seong ) 한국사회보장학회 2011 사회보장연구 Vol.27 No.4

이 논문은 한국노동패널조사를 이용해 저소득자의 노동시장 지위변화를 연구하였다. 기존 연구들과는 달리 저소득에서 비저소득으로의 이행 뿐 아니라 실업 및 비경활로의 이행, 실업 및 비경활로 이행한 사람들의 저소득으로의 재진입과 비저소득으로의 이행까지를 분석하였다. 분석결과 저소득에 있었던 사람들은 비저소득보다 실업 및 비경활로의 이행을 더 많이 경험하며, 실업 및 비경활 상태에 진입하면 일자리에 재진입하는 것 자체에서 어려움을 겪는다는 점을 발견하였다. 저소득을 반복적으로 경험하는 사람들은 전체 저소득 경험자 중 소수이지만, 한 시점에서 보면 저소득자 중 다수를 차지하고 있는 것으로 분석되었다. 이전 일자리에서 비자발적으로 이직한 경우, 저소득에서 오래 머무는 미관측 특성을 가진 경우, 저소득에서 실업·비경활로 이행할 가능성이 높은 미관측 특성을 가진 경우 저소득 굴레에서 빠져나오기 어려운 것으로 추정되었다. In this paper, I use KLIPS(Korea Labor and Income Panel Study) data to analyze the labor market outcomes of low-income earners. Unlike previous studies, in this study I analyze transitions from low-income to not only non-low-income states, but also to unemployed and not-economically -active states. I also analyze transitions from unemployed or not-economically-active to low-income and non-low-income states. Empirical results show that, compared to non-low-income individuals, those in low-income states tend to have a higher probability of transitions to unemployed or not -economically-active states. I also find that once these individuals enter unemployed or not- economically-active states, they face greater difficulty in re-gaining work. Although individuals who experience repeated spells of low income account for only a small fraction of all individuals who experience low income, from a cross-sectional perspective they account for the majority of all low-income individuals. I find that individuals who had experienced involuntary job separation from their last job have a higher probability of experiencing transitions from low-income to unemployed or not-economically-active states, rather than to non-low-income states. Finally, from random effect result, I find that the duration of low-income states tends to reduce the probability of transitions to non-low-income states. Likewise, the duration of unemployed or not-economically-active states reduces the probability of finding work.