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.

GnRH-agonist를 이용한 중증 과배란 증후군 예방에 대한 보고

김서경,이혜경,이원돈,임진호 대한산부인과학회 1995 대한산부인과학회 학술대회 Vol.76 No.-

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.

GnRH-agonist를 이용한 중증 과배란 증후군 예방에 대한 보고

김서경,이혜경,이원돈,임진호 대한산부인과학회 1994 대한산부인과학회 학술대회 Vol.74 No.-

국어 교과서 텍스트의 대인관계적 기능 분석 : 단원 도입부를 중심으로

김서경,정지현(토론) 고려대학교 한국어문교육연구소 2019 고려대학교 한국어문교육연구소 학술발표논문집 Vol.2019 No.-

GnRH-agonist를 이용한 과배란증후군 예방에 대한 보고

김서경,이혜경,이원돈,임진호 대한산부인과학회 1993 대한산부인과학회 학술대회 Vol.72 No.-

창작 지도를 위한 예비 방법론적 고찰 : 제6차 국민학교 교육과정을 중심으로 Centering around the 6th Elementary Educational Courses

김서경 釜山敎育大學校 1994 부산교육대학 논문집 Vol.30 No.1

보드만의 서술적 접근 학습 방법에 관한 연구

김서경,송예순 부산교육대학교 교육대학원 2003 논문집 Vol.5 No.-

Based on musical concepts acquired through prestudying by students, music teaching leads to the learning and growth of music by expressing and studying of ideas and feelings of musical knowledge and growth deepened and enriched by now learning. As significant standpoints contemporary music education, the musical concepts which give an insight for musical structure are the main contents of the 7th revised Elementary Music Curriculum in National Standards. Even though children react to music intuitively, their reaction depends on understanding of music and acquiring of music concepts. These concepts enable learners to be transferred from the known or unknown to the newly known, generalizing and broadening their knowledge and comprehension of music. Unlike other skills, musical concepts are not learned directly. When children experience them personally by interaction that is affected by topics and those concepts through meaningful activities, they are acquired and learned more efficiently. Therefore, to make musical activities meaningful, listening activities that which can draw musical reaction should be preceded. Thus, this thesis is directed to the reference research on Boardman's descriptive learning which draws musicality and creativity by providing sensible and listening ability and methods that help you understand the concepts through music. In addition it is also directed to the methods that can be applied to practical leaning. Boardman's methods of Descriptive Approach Learning is based on Bruner's Modes of Knowledge Representation, which can design musical growth through the method of representation of thoughts feelings, ideas. Based on the theoretical methods stated above, this thesis analyzed the music textbooks for third, fourth, fifth and sixth graders and divided teaching into three description area describing with movement, visual and verbal images. Each area representation. The strategy was organized in order to be applied to the development of learning of musical behavior in every musical activity in real lessons as either a major activity or a minor one. Moreover, it can possible function as a alternative for music appreciation classes and also show new directions of music teaching by materializing unified link between performance and creation learning activities. It is recommended that more specific and practical methods on Boardman's Generative Approach to Music Learning be researched and accepted, which will generate another succeeding research on unified learning method linked to describing, performing and creating.

청각 능력 발달에 관한 고찰

김서경 부산교육대학교 초등교육연구소 1996 초등교육연구 Vol.9 No.-

The recent research of the teaching method which sets a goal of advancement of an auditory ability has showed the steady improvement. Nevertheless its interaction with other elements which include harmony, rhythm, timbre, and texture is relatively weak because we put too much concentration on the element of melody. And the importance of those elements is increasingly concerned in contemporary music. We need to find a way to listen and recognize the importance of tonality, and the non-tonal music as the structural mediator to advance the auditory ability. We have become interested in the verbal aspect, which includes the images, of auditory teaching method, which includes listening activities. And this field of study is the great promising field for the study of future. An advanced technology is being used for the measurement of an auditory ability. At present, the high-technology is also being used for the general music classroom. For the research which deals with the auditory ability, the age group of listeners becomes broader and broader. And we have to concentrate on the question that which age group is greatly influenced by music, and can enthusiastically listen and understand music. But for the teaching method of an auditory, any method or technology, which develops the imagination and susceptibility, still remains unknown.

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.