정보거래자의 옵션 선택에 관한 연구: 한국의 지수옵션시장을 중심으로

최병욱 강원대학교 경영경제연구소 2023 Asia-Pacific Journal of Business Vol.14 No.2

Purpose - The purpose of this study is to examine the option selection and optimal trading of informed traders in KOSPI 200 options market based on the PIN (probability of informed trading) model of Easley et al.(2002). Design/methodology/approach - This study uses TAQ (trade and quote) data provided by Korean Exchanges (KRX) which contains all the bids and trades recorded during the continuous auction trading hours for the KOSPI 200 options between May 2019 and September 2020. Findings - First, there was no difference in the PIN between call and put options in the 2019 data, but the PIN of put options was slightly higher in 2020. Second, regardless of the type of option, the PIN was higher for in-the-money (ITM) options, and the PIN of out-of-the-money (OTM) options was the same as or slightly higher than that of at-the-money (ATM) options. Third, we found that the PIN decreases as trading liquidity increases, and fourth, the PIN increased sharply as the expiration date approached, especially for OTM options, while ITM and ATM options showed relatively weak effects. Fifth, for foreign and institutional investors, the periodicity of orders was observed in milliseconds, especially for foreign investors, where the periodicity of orders was clear and frequent in OTM options. The results suggest that the purpose of option trading varies depending on the moneyness from the perspective of the informed trader.

EIA-709.1 Control Network Protocol을 이용한 필드버스 시스템 구현

최병욱,김정섭,이창희,김종배,임계영 제어·자동화·시스템공학회 2000 제어·자동화·시스템공학논문지 Vol.6 No.-

EIA-709.1 Control Network Protocol is the basic protocol of LonWorks systems that is emerging as a fieldbus device. In this paper, the protocol is implemented by using VHDL with FPGA and C program on an Intel 8051 processor. The protocol from the physical layer to the network layer of EIA-709.1 is implemented in a hardware leval. So it decreases the load of the CPU for implementing the protocol. We verify the commercial feasibility of the hardware through the communication test with Neuron Chip, based on EIA-709.1 protocol, which is used in industrial fields. The developed protocol based on FPGA becomes one of IP and we are able to implement SOC for the terminal device in the distributed control systems. Also, the result can be applicable to various industrial field because it is implemented by VHDL.

19세기 베트남의 단일민족 만들기 - ‘漢夷有限’에서‘一視同仁’으로 -

최병욱 동북아역사재단 2009 東北亞歷史論叢 Vol.- No.23

This study focuses on the issue of the creation of one people in Vietnam during the 19th century by examining of the policies of expansion and assimilation by the central court of Vietnam. Vietnam had maintained multi-ethnic country until the 18th century with the concept of the‘ han di huu han (the Vietnamese and the barbarians must have clear borders).’From the beginning of the 19th century, however, new idea of ‘Nhat thi dong nhan (No discrimination, same benevolence)’replaced the ‘Han di huu han’. Though the meaning of the ‘Nhat thi dong nhan’is quite soft and virtuous, the following policies for this idea was quite tough and cruel. Different ethnics including Chinese in the territory of Viet Nam were forced by the main ethnic of the Kinh Vietnamese to change their outlooks, costumes, and even the way of life to those of Vietnamese, and they were forced to learn Vietnamese language and writing system. The policy of ‘Han di huu han’was of the first emperor of Gia Long, while the‘ Nhat thi dong nhan’was launched from the reign of the second emperor Minh Mang in the middle of 1830s. This discrepancy could be regarded to have come from the difference between the two generations. But the author emphasizes that the difference was more due to the appearance of new concept of the ‘Nhat thi dong nhan,’while the ‘Han di huu han’had been the continuous tradition of Vietnam until the end of the 18th century. What then were the reasons for the appearance of the new concept? The formation of the identity as the community of Viet Nam with the achievement of the first unification, discovery of Vietnamness, self-confidence for their own heritage, pride as the protector of the Middle Kingdom’s heritage, military power stronger than any previous period were significant reasons for the change. In addition, the rivalry relationship among the three big states, Burma, Thailand, and Vietnam in the mainland Southeast Asian world, also can be counted as another important reason for Vietnam to launch an active policy of expansion and assimilation with the idea of‘ Nhat thi dong nhan.’

허혈성 심질환의 다검출기 CT 영상 진단

최병욱,Choe, Byeong-Uk 대한영상의학회 2004 대한영상의학회지 Vol.50 No.3

두개강내종양의 임상적 고찰

최병욱,김수천,김형동,김수휴,심재홍 인제대학교 1985 仁濟醫學 Vol.6 No.4

저자들은 1980년부터 1984년까지 5년간 부산 백병원에서 수술 후 병리조직학적으로 확인된 뇌종양 143례에 대한 임상 분석을 문헌 고찰과 함께 보고하는 바이다. We analyzed 143 cases of brain tumor which was histologically verified after operation at the Busan Paik Hospital, Inje Medical College from January 1980 to December 1983. The authors classified the brain tumor according to the World Health Organization Brain Tumor Classification, 1979. The brain tumors are included 50 cases of neuroepithelial tumor, 22 cases of meningioma, 12 cases of vascular malformation, 11 cases of neurilemmoma, 11 cases of metastatic tumor, 10 cases of pituitary adenoma, 10 cases of craniopharyngioma, 6 cases of germ cell tumor, 2 cases of hemangioblastoma and 9 cases of unclassified tumor. The tumors are occupied on the supratentorial region in 107 cases and the infratentorial region in 36 cases. The intracranial tumors were found most frequently in middle age group and the age incidence was evenly distributed at different age groups. The ratio of male to female was 1.1 : 1. The 49 cases are received radiation therapy and/or chemotherapy after operation. After treatment of the brain tumor, the 53% favorable outcome, 34% unfavorable outcome and 13% mortality were estimated.

19세기 남부베트남의 여성상 : 음탕함'과 그 함의

최병욱 한국동남아학회 2003 동남아시아연구 Vol.13 No.1

This study looks for the background of an astonishingly negative image of the Emperor Minh Mang(1820-1841) on his southern female subjects: "The women of Gia Dinh (southern Vietnam) are usually very licentious." Ironically, however his firs wife was from Gia Dinh, and his favorite first daughter-in-law was also from the same region. It can be discussed that Ming Mang intentionally exaggerated the image of southern women as licentious with his political intention. To Minh Mang, who had been engaged with the task of incorporating southern Vietnam, southern women(southerners in general) were licentious, so that it was necessary for him to teach them. To teach them, southerners should be under his direct reach. At the same time, the semi-autonomous southern governors-general and their organizations should be removed only to be replaced by his own administrative units. In this context, the 'licentiousness' was no more than politically portrayed image. However, this article pays more attention to the historical elements which could have been regarded and described as "licentious(or licentiousness)." As the first element, the higher status of southern women compared with those in central and northern Vietnam is discussed. The status of southern women was due to the recent experience of new land where women's labour force was highly demanded leading to women's higher right on properties. In addition, unlike to their counterparts in northern and central Vietnam where the cooperative spirit of village was high, southern families were more independent. Consequently, remarriage, for woman's part, was not a reluctant choice after her separation from her husband mainly due to his death. The second element is the common activities of southern women in the field of commerce which was prospering in southern Vietnam. The most of southern women were familiar with riding small boats for their businesses reaching to much far distance compared with northern and central women whose activities were usually limited within a bamboo-hedged village. Longer journey on the boats or ships provided women with more opportunities to contact with men leading to possibly higher cases of 'licentious' relationships. Thirdly, the practices of adultery and prostitution in southern Vietnam are discussed as concrete examples of 'licentious' activities. Though severely punished in theory, adultery was observed not as rare in practice. Prostitution was just one of usual occupations in southern society where extreme poverty did not exist. In reality, author argues, demand for prostitution represented prospering domestic and international commerce of the 19th century southern Vietnam. Southern noble women including Minh Mang's first wife and daughter-in-law, were from the rich landlord families who began to be influential in the central politics from 19th century. And many other southern women famous for their exemplary activities were based on their commercial activities or economic well beings. Namely, the background of both licentious and exemplary women was the growing force of southern economy during the 19th century. In this context, the conclusion of this article suggests that the 'licentiousness' should be interpreted as the 'power'. 'dynamics', or 'potentials' of the 19th century southern Vietnam.

이산시간 H<SUB>∞</SUB> 2-자유도 제어기의 구조에 관한 연구

최병욱 제어로봇시스템학회 1996 제어로봇시스템학회 국내학술대회 논문집 Vol.1 No.10

UV노광 공정 도임이 Sol-gel 법으로 제조된 Sr0.9Bi2.1Ta2O9 박막의 결정화에 미치는 영향

최병욱,김병호 한국세라믹학회 2003 한국세라믹학회지 Vol.40 No.2

$H_{\infty}$ 견실제어기 설계기법 소고

최병욱 제어로봇시스템학회 1995 제어로봇시스템학회지 Vol.1 No.2

이 글에서는 H/sub .inf./ 설계법의 장단점에 대해서 알아보았다. H/sub .inf./ 제어기법은 이론적인 연구와 함께 산업응용에 관한 연구도 활발하여, 자동차 제어, 항공우주 제어(고성능 헬리콥터의 비행제어, 비행체의 핏치축 제어, 우주구조물체의 제어), 공정제어(발전소에서의 핵반응로 제어), 및 기계제어 등에 광범위하게 응용되고 있다. H/sub .inf./ 제어기법은 여타의 다른 제어기 설계기법에 비해 많은 수학적 지식을 필요로 하고 제어이론 및 설계과정이 복잡한 것으로 인식돼 우리나라에서는 그다지 많은 관심을 끌지 못하고 있는 것 같다. 그러나, 응용사례에서 알 수 있는 것처럼 그 응용대상이 광범위하고, 또한 고성능의 제어목적을 달성하기 위해 필요한 제어기법으로 자리잡아가고 있으므로 보다 더한 관심을 기울일 필요가 있을 것으로 사료된다.

실시간 시스템인 승강기 제어기 프로그램 개발

최병욱,임계영,고경철 제어·자동화·시스템공학회 1999 제어·자동화·시스템공학논문지 Vol.5 No.5

This paper discusses a real time multi-tasking system model and a development environment for an elevator control system. Recently, as the elevator systems become large-scaled and operate with high speed, there are lots of software tasks to be processed with time constraints. Thus, the control systems are designed with distributed control structure and characteristics of typical real time systems. For structural design of such real time system, we introduce a multi-tasking model based on a real time operating system model and an software development environment based on virtual prototyping which simulates real system operation in the cross development environment. The developed system model and the development environment are successfully applied to development of a new elevator system with distributed control structure and its system reliability can be verified through numerous field tests.