선물저평가현상에 대한 일중고찰과 투기거래자

김서경 한국재무학회 2012 한국재무학회 학술대회 Vol.2012 No.05

본 논문은 일중자료를 사용하여 KOSP 200 지수와 KOSPI 200 선물지수의 시간대별 움직임과 일중지수수익률의 모멘텀효과를 분석하였다. 시간대별 지수선물가격 과 이론가격의 차이를 살펴본 결과 선물의 저평가정도가 U형 패턴을 보임을 밝히고 있 어 일별자료를 사용하여 선물저평가를 연구한 기존의 논문이 선물저평가정도를 과대계 상하고 있었음을 시사하고 있다. 일중지수수익률의 모멘텀효과를 분석한 결과, 일별자료를 사용하여 상대적 모 멘텀을 분석한 김서경·박성호(2011)의 실증결과 및 추론과 상이한 현상을 발견하였다. 그들의 논문에서는 과거수익률의 모멘텀효과로 인하여 선물저평가 정도가 단조증가패턴 을 보였으나 본 논문에서는 일중수익률의 모멘텀효과가 선물저평가정도에 U형 패턴을 야기하는 것으로 나타났다. 이를 설명하는 새로운 추론을 제시했으며 실증결과도 추론 과 일치하고 있다. 그들은 차익거래자의 행동에 근거하여 추론을 제시한 반면 본 논문 은 그들의 논문에 투기적 거래자의 행동을 추가 하였다. 전망이론에 따라 위험추구성향 을 보이는 투기적 거래자가 선물저평가 정도의 U형 패턴을 야기할 수 있음을 보였다. 실증결과는 주식과 선물시장에는 전망이론이 예측한 투기적 거래자의 존재하고 있으며 이들의 행동이 자산가격에 일정한 패턴을 형성시키고 있다는 증거와 일치하고 있다. We investigate intraday data for KOSPI 200 index and KOSPI 200 index futures. Hourly theoretical futures prices are calculated based on cost of carry model. we compare hourly index futures prices with their theoretical prices. Consistent with a large body of previous researches in this area, we find the persistent deviation of futures prices from their theoretical prices. Futures prices are undervalued relative to their theoretical prices. The data indicate that the difference between futures price and its theoretical price exhibits U-shaped pattern over the trading hours. The differences are higher at open and at 15:00 and are lower over intraday trading hours, implying that previous studies using daily closing prices overstate this mispricing. We also examine the effect of intraday spot return on the behavior of the difference between the hourly futures price and its theoretical price. The finding indicates that the intraday momentum generates U-shaped pattern of this mispricing. This contrasts with Kim and Park (2011)'s finding that the difference also increases as the prior 60 day spot return increases. Our finding invalidates their explanation the activities of arbitrageurs bring monotonic increasing pattern of the magnitude of this mispricing in their daily data. We propose a new explanation the U shaped patttern of the difference between the futures price and its theoretical price generated by the intraday spot return's moment. We introduce risk-seeking speculator in our new explanation. The speculator's risk-seeking behavior is based on prospect theory(Kahneman and Tversky(1979)). We argue that the speculators cause intraday momentum effect to generate the U-shaped pattern of this mispricing. We add speculator's variables to Kim and Park (2011)'s regression equation and estimate it. The results from the regression analysis lend support to our new explanation as well as theirs, implying that speculators and arbitrageurs are present and active in the spot and futures markets and generate different pattern of the mispricing.

창작활동의 새로운 기법 이해를 위한 음향적 원리에 관한 고찰

김서경 부산교육대학교 교육대학원 2001 논문집 Vol.3 No.-

According to change of a time and development of sense and reacting ability of human beings, the modern music which has come to demand new musical style sound expressing method is fundamentally different in its changed process from the previous music, and diversified and extensive. That is, the twentieth music and thereafter, which is the experimentalism music creating the order of its reciprocal relation on the research of unlimited sound material, and logical and philosophical background has become different in its meaning from various views. In order to understand the new techniques based on acoustic principles. we should recognize that the expressing techniques of music is rapidly changing repeatedly just like social culture, which is changing in many ways. By expanding sound materials such as broad application of percussion as main sound material transcending the category of the existing sound material, the noise of daily sound, and electronic sound as diversified expressing media, acute implementations of musical performance method are developed and accepted. In the educational field, oppotunity for the development of creative and imaginative ability are given to the student, and the method to express their thought and feeling creatively through music means by themselves is emphasized. From such view point, this research puts the meaning to provide and add foundation of theoretical background to consider in order to receive matters possible to apply regarding the new techniques based on sound principles to understand creative activity as the foundation of the meaning of sound and its background knowledge when teachers teach making music which is the domain of school music creative activity. The meaning of transmission of sound in this was studied pocused on the sound scape by R. Murray Schafter (1933 - ), a Canadian composer, educator, and sound environment theorist. The music education at school shall be emphasized as the veins of acoustic design as aesthetic education. The best method to understand what means the acoustic design as aesthetic education to think diversified sound spreading our surroundings endlessly, that is sound environment, as a huge musical composition. Under such a viewpoint, all of us are attentive listeners and at the same time, performers and composers. Only perfect understanding of sound environment can furnish means to improve musical pieces of sound scape. It is an important activity to make the students re-recognize the world whether the acoustic design is precious hearing sense, and a true sound designer should have sufficient understanding of sound environment absolutely, which he himself is meeting. The realm of interest to such sound is expanding not only to the musical art but also to its extent. The realm of sound exploration at school music has a relative interrelation with this, and it is an important portion to execute teaching by directing our interest in this.

R.Murray Schafer의 Sound Scape에 관한 고찰 및 실천방안 탐색

김서경 부산교육대학교 교육대학원 2002 논문집 Vol.4 No.-

Just like that esthetic was diffused to machines and the mass production by Bau House in Germany in 1926's as aesthetics education began in the twentieth century, R. Murray Schafer(1933 - )'s Sound Scape a newly coined word by Schafer, which denoted sound envuronment of people's lige. Sound Scape, which means to include all branches of learning related to sound environment technically, means a series of sound existing with human beings, and throgh definition of terms related to this, by understanding the background of Sound Scape and by studying sound environment based on this, the distinctive quality and suggesting points was studied. This is composed of recognizing major distinctve feature of sound, perceiving different point and similar point and its tendency, gathering disappearing sound, studying rich symbols of sound to human begings, and studing on behavior made of human beings on other sound environment, and by discernmernt obtained from here, the educating methd of the importance sound in environment to human beings is integrated comprehensively. Sound Scape, which is harder to form precise impression soncrete compared with visual spectacle, composed of auditory acknowledgment of fact for net being visible substance, and people become a portion of sound scape surrounding themselves and reappert its major element externally. To create mist ideal sound scape model is said to do it in music than in language. Creative activity ant school can be expanded and used, besided conventional technique, environmental sound such as sound of machine, sound of things, the song of bird, sound of waves, rolls of thunders, etc. as materials of music. So, it is required to let students get out of their fixed idea that music should certainly have melody and a fixed beat. It is necessary to let students sufficiently recognize that there are many tunes using electronic devices or frequent using percussion or without a fixed melidy in contemporary music. From this point, it is pointed out clearly to try to create by used technique in musical application of sound experimental activity on music curriculum. The creative activity by non-traditional technique is considerably important from the point that it can enhance creative power of students. The viewpoint of connecting sound scape and music teching- learning is to inderstand music and environmental background of its music. As the reference of serching practical plan for this, through Orff's sound empirical activity thinking much of creativity and sensitiity of learner, suggesting point is provided and by expanding creative method by non-traditional technique, which are generally illustrated, the preactical plan approached the distinctive feature of sound cape is presented. It leads students to displat their imagination with sound, and to show possibility to be able to create their own music many ways by the method that composers have carried out and prodeced utilizing other artistic materials. Creativity is the hard core of emitional domain of curruculum, and is a method of recognition showing independent and renovative response to idea and expressing means. This helps in composing of omportant portion of thinking on the course of producing sound in the music education, and to obtain clearness and consistency in the musical work completed by refining idea. Today, appraching between teaching-learning of music is accomplished integrate and centered on activity, and students will become to have ability to solve a given matter practically, creatively and consistently by themselves, and in order to cultivate such ability, students should have interest from a line fo connection of synthetic knowledge rather than the viewpoint of learning of fact and lead out students themselves thought, and participate in learnig by themselves, and connect with sound world experiencing outside of the school, and they should realize learning which bring affirmative effect to spontaneous attitude change.

협동학습 구조 적용에 의한 창작학습 전략 연구

김서경,조은미 부산교육대학교 교육대학원 2002 논문집 Vol.4 No.-

Cooperative learning-applying group dynamics to instructional theory as a substitute for the limit of conventional teaching-learning theory-can be easily converted with other instructional model. In addition, Cooperative learning is highly recognized in combinations with music instruction by magnifying and enriching the possibility of cooperating in music class performance. This research has an object in searching cooperative-creative learning model applying cooperative learning structure to music and creative learning, and presenting concrete cooperative-creative learning technique which can assess to the level of fifth·sixth grade of elementary school. The cooperative-creative learning has following strategy and educational meanings. Firstly, making students activate and involve the practical music creative process resulting in being experience oriented learning. Secondly, deriving the creative class which fulfills the essence of music by students themselves hearing experience making, listening, sensing and telling among their mutual dependence apart from teacher's instruction. Thirdly, reflecting the idea of discovery learning finding and insighting the musical principle and concept themselves by exchanging the musical idea and information in the mutual cooperative group activity with the creating thesis. Fourthly, enlarging students' opportunity of involvement and self-expression making them experience performing and creating at the same time by directly connecting into the form of group creating. Finally, spurning and activating students' musical potential and creativity applying various cooperative-creative learning models and strategies to music class. This connects with 24 cooperative creative learning-a various and novelty. And so this research is looked forward to giving help and good effect to the scene of music class which can't activate the creative learning resulting from the lack of teacher's experience and difficulty itself through acknowledging the importance of creative learning. However the teaching strategy represented in this research connot be the standardized instruction of creating learning but can merely present one possibility in terms of teaching technique. As possibly accessing to the various methods teacher need creative effort and study by applying and reconstruct the creating activity considering many factors such as teaching ability, education conditions, student's ability, interest, and response, etc. It is important that you familiarize yourself with the creating by furnishing the opportunity of experience of creating often not just denying the creating, considering it as teachers and students' prejudice-difficult and boring class. This research-based on the principle of cooperative learning-presents the new direction to the creative learning by converting difficulty of individual oriented creative learning into cooperative learning into cooperative learning which accepts individual parts.

청각적 접근에 의한 리듬 패턴 즉흥 연주 재구성 방안

김서경,정경화 부산교육대학교 교육대학원 2004 논문집 Vol.6 No.-

Most of music educators say that music learning should be done by listening to real sounds and they also insist listening is the very first step of music education. When children learn their language, at first, they just hear, and start to speak as a response to their hearing, and it advances to reading and writing. This process is also applied to music education, students can play instruments and sing songs after listening to various music. If these two stages were fully achieved, they can finally make creative activities like an improvisation. Improvisation is the reorganization of compositions within some kinds of rules, so students can increase their creativity and understanding music through enacting and searching for musical ideas additionally musical memorizing 'cause playing without notations but just hearing. Thus, I suggested the way to induce ultimate students' response to what they listen and how for students to do an improvisation by just listening. Especially, I consider about how to reorganize the improvisations playing largely grounded on rhythm patterns that control the structure of music. The rhythm is regarded as fundamental in the music and also we can understand structure of compositions comprehending rhythm patterns first. It consists of tempo, accent, dynamics and pattern so that students can easily weave improvisation applied these four characters. Because students can approach to improvisation skill with the four factors featured above. Additionally, improvisation on the basis of rhythmic patterns can have influences on music compositions and this can allow students to taste diversity of music. I established four stages for an improvisation. It includes ① aural approach ② practicing rhythmic patterns ③ searching for improvisation strategies and playing ④ evaluation. At the same time, the contents of learning can be tempo, dynamics and form. Following this teaching method, students are able to do play an improvisation, finally. Especially, I attempted to show various kinds of rhythmic patterns to students in the aural approach stage. This effort is to allow them to listen manifold musical materials. Improvisation is not a special skill for someone who are gifted. If you can improve your sensitive reaction to music, anyone can do it. Eventually, we, as music educators, have to do a long-term study to develop teaching materials continuously and to forge educational plans for improvisation, and lastly we have to make a endeavor to obtain appropriate teaching method.

子宮 頸部 惡性 腫瘍에서 Human Papillomavirus DNA 檢出에 關한 硏究

김서경,김인선,구병삼 고려대학교 의과대학 1993 고려대 의대 잡지 Vol.30 No.3

Human papillomavirus (HPV) is well known oncogenic virus implicated in the uterine cervical carcinomas. In this study, fourty-three cases of uterine cervix which were diagnosed as high grade CIN (22 cases) and invasive sqamous cell carcinomas (21 cases) without consideration of morphotogic evidence of papillomavirus infection. In situ hybridization was done using MicroProbe Immunostaining System and biotinylated DNA probes 6/11, 16/18, and 31/33/35 from Live Technologies Inc.. in routinely processed formalin-fixed paraffin-embedded tissue sections. The obtained results were summerized by the follows : 1. Twenty-three among 43 cases(53.5%) of high grade CIN and invasive squamous cell carcinomas were positive for HPV 16/18 and 31/33/35 DNA probes, however, none of the cases was positive for HPV 6/11 DNA probe. 2. Eleven cases of 22 (50%) CIN Ⅲ and 12 cases of 21 (57.1%) invasive squamous cell carcinomas were positive for HPV 16//18 and 31/33/35 DNA probes, and 31/33/35 was more frequent than 16/18 subtype in invasive squamous cell carcinomas. 3. The HPV DNA 16/18 and 31/33/35 were detected in higher incidence in large cell nonkeratinizing squamous cell carcinoma than in keratinizing carcinoma. 4. The positive cells in intraepithehal neoplasia were more numerous in number than in invasive carcinomas. The positive reaction in the nuclei was homogeneous and strong in CIN, whereas it was granular and dot-like in invasive carcinomas.

창작지도의 새로운 방향

김서경 釜山敎育大學校 1995 부산교육대학 논문집 Vol.31 No.1

인성교육으로서의 랩 창작 지도방안

김서경,배수영 한국음악교육학회 2019 음악교육연구 Vol.48 No.4

이 연구의 목적은 인성교육으로서의 랩 창작 지도방안을 모색하는데 있다. 학교 인성교육은 교과교육 내에 흡수되고 실제 삶과 연관되어 이루어지는 것이 바람직하다. 랩 창작은 청소년들의 자기표현과 소통의 욕구를 충족시키고 청소년의 문화를 교과 내에 흡수함으로써 그들의 삶과 연관 되는 프락시스(prāxis)로서의 인성교육을 가능하게 한다. 이 연구에서는 먼저, 인성교육과 랩 음악에 대한 이론적 배경을 살펴보고, 다음으로 인성교육으로서의 랩 창작 교육의 활용 가능성을 탐색하고, 마지막으로 인성교육으로서의 랩 창작 지도방안을 교수·학습 지도안 예시로 제시하였다.

음향생태학 관점에서 본 초등 음악교과의 방향 탐색

김서경 한국음악교육공학회 2014 음악교육공학 Vol.- No.21

This study set out to understand acoustic ecology, from an educational standpoint, review its educational meaning in relation to the elementary music subject, and propose feasible direction for teaching-learning. It proceeded as follows: first, it generally examined acoustic ecology, categorized the content that could be discussed in relation to the music subject into the cognitive, psychomotor, and affective areas, and identified concept needed to discuss acoustic ecology within the music subject. It was deemed to help students increase their auditory sensitivity and perception of acoustic environment through interactions with sounds in life and make use of them as the source of musical expressions. Secondly, the study examined the educational fitness of acoustic ecology in relation to the content of curriculums and textbooks based on the set concept. It was found that each area would be expandable in extension through the reorganization of curricular content according to the characteristics of locality, schools and students and have its possibilities open through practice. Finally, the study proposed organization principles for teaching-learning and lesson process plans with a focus on the connections and participatory activities from an aesthetic and ecological viewpoints for acoustic environment in order to search for specifically practicable direction. 본고는 유기체와 소리환경 사이의 관계 연구인 음향생태학을 교육적으로 이해하고 이에 담긴 교육적 시사점을 초등 음악교과와 연계하여 검토하고, 교수-학습 차원에서 실현가능한 방향을 제안하는데 목적을 두었다. 이를 위해 다음과 같은 순서로 살펴보았다. 먼저, 음향생태학의 개괄적 고찰을 통해 음악교과와 연계하여 논의할 수 있는 내용을 인지적, 심동적, 정의적 영역으로 구분하여 기술하고 이를 토대로 음악교과 내 음향생태학 논의에 필요한 개념을 도출하였다. 그것은 삶 속의 다양한 소리들과 상호작용을 통해 소리를 재발견하고 음악적 표현의 원천으로 활용할 수 있도록 청각적 감수성과 소리환경에 대한 인식능력을 길러주는 것으로 보았다. 둘째, 음향생태학의 교육적 적합성을 설정한 개념에 근거하여 교육과정 및 교과서 제시내용과 관련지어 살펴보았다. 구체적인 언급이 명확하게 제시되어 있지 않았지만, 지역, 학교 및 학생의 특성에 따른 교육과정 내용의 재구성을 통해 각 영역의 외연은 확장가능하고, 실천에 의해 그 가능성은 열려있다고 판단되었다. 셋째, 구체적으로 실천할 수 있는 방향 모색을 위해 소리환경에 대한 미적, 생태적 견지에서 인지, 심동, 태도의 연계성, 참여적인 체험활동이 되도록 하는데 초점을 두고 교수-학습을 위한 구성 원칙과 수업 과정안을 제안하였다.

초등학교 저학년의 음악적 상상력 계발을 위한 창의적 접근

김서경,송미경 부산교육대학교 초등교육연구소 2000 초등교육연구 Vol.15 No.-

The rapidly changing world situation demands an imaginative creation through various new ideas, which ideas are able to be brought up by an imagination development and a creative expression. On the point of view the imaginative education skill is very important to music classroom. This thesis addresses to developing education programs for lower grades of a elementary school, in which period the students have a full of energy on creative imagination, in order to enter upon a new education direction that makes the students express their inner mind by the contemporary approach. Firstly nine basic musical items are selected, which are "long or short sounds", "performing after choosing musical instruments and rhythms with throwing dice", "performing after making rhythm using various musical instruments", "singing a song with various rhythm", "expressing rhythm", "repeating a simple word without sound pitch(Ostinato)", "expressing a ideography as a sound effect", "making musical drama" and making musical plays". Secondly those items are divided into two parts. Reference guides are appeared to set up education directions on the first part, and a standard of assessment is given on the second part. The two parts are analyzed to take up a creative(focused on contemporary techniques) musical education skill and the alternation are proposed. Finally the training method is proposed. The students are trained through the steps on the first part, then induced to find their own expression from their inner mind. The student's composition(work) is played in front of their class mates, and then assessed and discussed. In conclusion the development of the creative music(focused on contemporary music techniques) is expected by the educational training skill proposed in this study.