Market Timing with the VKOSPI Refined Composite Multiscale Entropy Indicator

조정근,최우석 한국산업경제학회 2016 산업경제연구 Vol.29 No.5

For the KOSPI200 Index (“Index”), a well-known negative and statistically significant relationship exists between the returns of the Index and VKOSPI, the official model-free implied volatility index. Our primary research purpose is to test VKOSPI as an informative and meaningful trading indicator and to generate some timely trading signals. VKOSPI Refined Composite Multiscale Entropy (“VKOSPI RCMSE” or “RCMSE”) as an alternative complexity indicator was derived from the VKOSPI time series. Both long and short positions triggered by large changes in the RCMSE and the trading strategies are evaluated in terms of their ability to generate alpha through an algorithmic trading platform that will outperform the index benchmark in steady risk aversion regime. There is some empirical evidence for expecting opportunities for positive future excess and risk-adjusted returns for long and short positions triggered by large movements in the RCMSE. This finding is more prominent during the periods of steady risk aversions. Trading strategy is tested on the data period from Jan 2, 2003 to May 29, 2015. The time-varying return-volatility relation is used to implement a set of dynamic asset allocation strategies by analyzing the RCMSE with its corresponding Index. With asymmetric volatility phenomenon in the Korean stock market, selected benchmark-outperforming dynamic asset allocation strategies are developed by processing meaningful signals from RCMSE indicator on the Index Futures.

가상쐐기와 기존쐐기의 물리적 특성 비교

조정근,조현상,정천영,박영환 대한방사선치료학회 1999 大韓放射線治療技術學會誌 Vol.11 No.1

Withholding Taxes of U.S. Publicly Traded Partnerships under IRC Sections 1446(a) and 1446(f) :Minimizing the Tax-Leakage Through Proper Cross-Border Tax Compliance by Korean Taxpayers

조정근 한국조세연구포럼 2024 조세연구 Vol.24 No.1

[Purpose]This article examines the feasible solutions by applying for a refund of the excess withholding taxes over their relevant maximum U.S. tax liabilities through a formal income tax return at the status of non-resident alien (“NRA”) for both §1446(a) and §1446(f) taxes withheld in the U.S. [Methodology]A simulated exercise to investigate the correct refund compliances under the rules and regulations of U.S. tax law. The subsequent treatment of U.S. taxes paid on both active and passive business income that should be applicable to proper foreign tax credits upon filing a revised comprehensive income tax return under the Korean tax law. [Findings]The most likely tax treatment is for U.S.-sourced partnership distribution to be primarily taxable in the investor’s country of residence. In that case, taxes on that distribution would be paid in Korea. Since mandatory tax withholdings under §§1446(a) and 1446(f) were made in the U.S. on behalf of a Korean investor, that person would need to file a non-resident tax return in the U.S. to recover the taxes over-withheld. [Implications]After all, it is an investor’s individual choice whether or not to proceed with the refund application for excessive withholding tax. It is important to ensure that all of the reporting requirements are properly executed and that all of the rules and timelines are meticulously adhered to, to avoid losing the FTCs. That is just the way the whole system works. [연구목적]국내 증권사 창구를 통해 미국 증권거래소에 상장된 파트너십 지분 Publicly Traded Partnership (PTP) 지분을 매입한 납세자들은 미 연방세법 제1446(a)조에 따라 사업소득으로 분류되는 통상소득에는 37%, 장기양도차익에는 20% 원천징수되고 있었으며, 2023년 1월1일부로 제1446(f)조에 따라 총매도대금 (Amount Realized)의 10%가 현지에서 원천징수 처리된다. [연구방법]미국 세법에 따른 정식 소득세 신고를 통해 과다원천징수액을 환급받고 한국 세법에 따른 종합소득세 신고를 통해 정정된 외국납부세액 정보를 보고하는 절차를 시뮬레이션 한다. [연구결과]실증 분석 결과 (1) 한국 거주 납세의무자들은 매년 현지에서 발생한 환급 가능한 원천징수세액을 추정할 수 있고, (2) 미국 연방소득세 신고를 통한 과다원천징수분 환급에 필요한 미국 세법과 시행규칙에서 정한 관련 서류를 출력해 비거주 개인자격으로 미 국세청에 환급 신청의 가능성을 확인하였다. [연구의 시사점]국내 증권사는 고객의 외국납부세액을 그 소득의 원천별 분류 보고를 통해 납세자는 종합소득세 신고에 활용 가능하며 미 국세청으로부터 과다원천징수된 세액을 환급받으면서 기납부 외국납부세액이 확정되는 경우, 납세의무자 개인별 경정신고를 통해 적용가능한 외국납부세액 공제액의 조정, 현 금융소득종합과세와 향후 금융투자소득세의 납부와 환급 대응 가능성도 시사한다.

자주포 유개화 포상 신축 우선순위 선정방법 연구

조정근,김병덕,박승환 한국국방경영분석학회 2018 한국국방경영분석학회지 Vol.44 No.2

After North Korea's attack on Yeonpyeong Island in 2010, the army is promoting new project to build the new gun emplacement in order to immediately carry out the mission while guaranteeing the survival of self-propelled gun. However, it is required to verify the feasibility of the project because it is being carried out collectively without selection the priotity of the project. The need for priority of the new gun emplacement has been raised for the efficient promotion of project. This study is to determine the order of priority of the new gun emplacement by applying multi-criteria decision making techniquies. To do this, we first reviewed the criteria to consider when building the covered gun emplacement, and then classified the types of newly built units based on the review. By using the Fire Effect Analysis Model, it resulted in the operational effects before and after the covered gun emplacement and the generation of the basic data of the analysis. Based on the result of the operational effects, the order of priority was selected using the four methods such as AHP, SAW, ELECTRE, POMETEE. and then the final order of priority was selected by comprehensively evaluating the results. The selection result of the order of priority confirmed that the mission and threat posed by each unit had a great influence on the order of priority decision. The results of this study are expected to be used for prioritization of priorities based on various evaluation data.

토론

조정근 언론중재위원회 2006 言論仲裁 Vol.99 No.-

UR 과 중소기업지원의 대응

조정근 대한지방행정공제회 1994 도시문제 Vol.29 No.304

Internal Revenue Code Section 962 Election and Its Cross-Border Tax Compliance Implications

조정근 서울대학교 아시아태평양법연구소 2023 Journal of Korean Law Vol.22 No.1

§ 962 “Election by Individuals to be subject to Tax at Corporate Rates” of the Internal Revenue Code (“IRC” or “Code”) of the United States (“U.S.”) was treated as an “‘obscure little backwater’ area of the law” until the enactment of the Tax Cuts and Jobs Act of 2017 (“TCJA”) reduced the corporate tax rate to 21 percent. As the Global Intangible Low-Taxed Income (“GILTI”) affects the individual U.S. taxpayers who are shareholders in foreign corporations do not get the participation exemption, this § 962 has become very important. From the basic idea of humans being taxed as if they were corporations for some specific purposes, the § 962 election toggles a different tax result under four different IRC sections; it creates less inclusion in gross income, namely § 250 Foreign-Derived Intangible Income (“FDII”) and GILTI, which creates a lower tax rate by invoking the corporate income tax rate under § 11 “Tax Imposed” rather than the human tax rate under § 1 “Tax Imposed”. It also allows human beings to take the indirect foreign tax credit permitted by § 960 “Deemed-Paid Credit for Subpart F Inclusions”. Finally, § 962 obliterates the entirely fabulous § 959 “Exclusion from Gross Income of Previously Taxed Earnings and Profits” in which all dividends from controlled foreign corporations (“CFCs”) are tax-free, and instead substitutes a new rule stipulating that some of the dividends are going to be taxable indeed. From this perspective, an individual U.S. shareholder of a Korean corporate entity can take advantage of § 962 election as her tax can be calculated using the corporate tax rate of 21 percent and applicable deemed-paid foreign tax credits but always with the caveat of additional tax payable in future when actual dividends are paid. This adds complexity but can be a significant timing benefit in the right circumstances since there is a cash-flow advantage from delaying an actual tax payment to an indefinite future year. This article covers what problems the election solves and how it solves them and provides a specific overview of § 962 from the perspective of U.S. shareholders in Korean corporations.

제3자효 행정행위의 제소기간

조정근 고시계사 2021 考試界 Vol.66 No.3

$^{192}Ir$source를 이용할 자궁경부암 강내치료시 사용하는 packing의 효과에 대한 고찰

조정근,이두현,시창근,최윤경,김태윤,Cho, Jung-Kun,Lee, Du-Hyun,Si, Chang-Kun,Choi, Yoon-Kyung,Kim, Tae-Yoon 대한방사선치료학회 2004 大韓放射線治療技術學會誌 Vol.16 No.1

연구목적 : 자궁경부암 환자에게 시행되는 고선량을 강내조사의 경우 선원이 병소 근처에 위치함으로써 주변의 중요 장기에 최소의 선량이 투여될 수 있도록 치료계획이 가능하다. 하지만 해부학적 위치 상 방광과 직장이 병소와 근접하여, 선량을 최소화하고자 Packing을 시행한다. 본 연구에서는 실제 Packing의 효과를 알아보고자 모의치료시 packing을 시행한 것과 packing을 제거한 후의 사진을 얻어 ICRU(International Commission on Radiation Units) 38에 report 된 방광과 직장의 point dose를 비교하였다. 대상 및 방법 : Packing 전, 후의 방광과 직장의 선량변화를 알아보기 위하여 packing을 시행한 후 AP, LAT film을 촬영하고, 또한 동일한 상태에서 packing을 제거한 후 AP, LAT film을 촬영하여 확인하고자 하는 방광과 직장의 reference point를 각각 표시하고 이를 치료계획장치(PLATO BPS v13.7)에 입력한 후 ICRU 38 report에서 권고한대로 A point에 $100\%$ 선량을 prescription하는 치료계획을 시행하였다. 하지만 rectum의 경우 ICRU에서 제시한 point가 rectum point를 정확히 대변하지 못하는 이유로 maximum point를 찾아 비교하였다. 측정한 값들을 윌콕슨의 부호검정(SAS, 통계분석처리프로그램)을 통하여 packing 효과의 유의성에 대하여 분석하였다. 결 과 : packing을 시행하지 않은 상태에서의 방광과 직장 선량은 각각 $80.1{\pm}16.8(\%),\;82.7{\pm}16.3(\%)$이었고, packing을 시행한 경우 각각 $63.0{\pm}16.3(\%),\;67.6{\pm}16.3(\%)$로, 방광선량의 경우 평균선량이 $17.2{\pm}4.0(\%)$ 감소한 것으로 나타났으며, 직장선량의 경우 평균선량이 $15.1{\pm}9.9(\%)$ 감소한 것으로 나타났다. 이를 윌콕슨의 부호검정을 통하여 분석한 결과 방광과 직장 모두 검정통계량 값이 33으로 매우 크고 p 값이 0.001로서 매우 유의한 차이를 보이고 있다. 다시 말해서 $99\%$의 유의수준에서도 모평균(packing 여부에 따른 방광과 직장선량의 평균의 차이가 정량적 수치로 나타나 packing의 효과를 알 수 있다)의 차이가 뚜렷하다고 볼 수 있다. 결 론 : 자궁경부암에 있어 강내치료는 외부치료와 더불어 반드시 시행하여야 하는 치료로 인식되어 있다. 그 이유는 주변 주요장기인 방광과 직장을 피해 원발 병소에만 방사선량을 현저히 많은 양을 부여함으로써 높은 치료효과를 볼 수 있기 때문이다. 하지만 서른에서 언급하였듯이 해부학적으로 주요장기가 너무 인접하여 있기 때문에 이들을 인위적으로 분리시키지 않으면 안된다. 이러한 목적을 달성하기 위하여 packing을 사용하는데, 본 실험을 통하여 자궁경부암 강내치료시 사용하는 packing 방법의 효과가 매우 탁월함을 알 수 있었고 적극적인 packing을 통해 방사선치료시 가장 우려되는 주변의 정상조직의 부작용이 감소할 수 있도록 최선의 노력을 하여야 할 것으로 사료된다. Purpose of the radio-therapy is maximize the radiation dose to the tumor while minimizing the dose to the critical organ. Carcinoma of the uterine cervix treatment are external irradiation or an interstitial brachtheraphy make use of isotope. Brachytherapy is a method of radiotherapy in advantage to achieve better local control with minimum radiation toxicity in comparison with external irradiation because radiation dose is distributed according to the inverse square low of gamma-ray emitted from the implanted sources. Authors make use of the patients data which 192Ir gives medical treatment intrcavity. Intracavitary radiation of the uterine cervix cancer, critical organ take $20\%$ below than exposure dose of A point in the ICRU report. None the less of the advice, Radiation proctitis and radiation cystitis are frequent and problematic early complications in patients treated with radiation for the uterine cervix cancer. In brachytherapy of uterine cervical cancer using a high dose rate remote afterloading system, it is of prime importance to deliver a accurate dose in each fractionated treatment by minimizing the difference between the pre-treatment planned and post-treatment calculated doses. Use of packing to reduce late complications intracavitary radiation of the uterine cervix cancer. Bladder and rectum changes exposure dose rate by radiotherphy make use of packing.

계란 생산비 절감 가능성 분석

조정근 대한양계협회 1987 월간 양계 Vol.19 No.9

수급과 가격의 불안정, 전근대적인 유통체제의 답보, 가공식품 개발의 미진, 생산기반의 취약 등 복합적인 문제점을 안은채 호황과 불황의 반복이라는 악순환 속에서 허덕이고 있는데 본고에서는 양계농가 경영개선을 위한 방안을 제시해 본다.