ETF 시장에서 유동성공급자는 정보 우위에 있는가?

박수철,우민철 한국산업경영학회 2019 경영연구 Vol.34 No.4

The system of Liquidity Providers have worked since the Korean ETF market opened. It is supposed to provide the liquidity on the market and submit the bid and ask order of ETFs in charge, based on the reference price. This study is motivated from the possibility that if Liquidity Providers have an information advantage, they could earn excess returns. Thus, this study aims to investigate whether Liquidity Providers have an information advantage over other investors. To analyze the LP’s information advantage, this study makes use of two measures, the price ratio on the Choe et al.(2005) and the profit ratio on the Choe, & Woo.(2013). Our major findings are as follows. First, in terms of price ratio, there is not an information advantage of the LP which makes markets liquid by being counterparts on the buyer(seller) who do not find seller(buyer). Second, neither is there an information advantage of the LP in terms of profit ratio. Third, there are not an information advantages of the LP on any ETFs related with KOSPI200 index except KOSPI 200 total return index. According these results, it is estimated that Liquidity Providers have no information advantages over other investors on the Korean ETF market. This paper suggests that the LP on the Korean ETF market carry out its required role well and the LP system could fit in the mechanism that should provide somewhere with the liquidity. 한국의 ETF 시장은 개설 때부터 내재적 가치(intrinsic value)를 근거로 매수/매도호가를 제시하고, 유동성이 부족한 거래, 즉 거래 상대방을 찾지 못하는 투자자들과 거래하여 시장 안정화와 효율적 가격형성에 기여하는 유동성공급자(Liquidity Provider, 이하 LP) 제도를 도입하고 있다. 본 연구는 만약 LP들이 내재적 가치에 대한 정보우위에 있다면 자신들에게 유리한 호가 제출로 초과이익을 얻을 수 있을 것이라고 판단하여 2014년부터 2018년까지 5년간 KOSPI200 지수를 기초자산으로 하는 ETF를 대상으로 Choe et al.(2005)의 Price ratio와 최혁, & 우민철(2013)의 Profit ratio를 사용하여 LP의 정보우위 여부를 분석하였다본 연구의 분석 결과에 의하면 첫째, Price ratio를 투자자별로 비교하면 시장참가자들의 거래상대방이 되어 유동성을 공급하는 LP가 다른 투자자들에 비해 정보우위에 있지 않은 것으로 추정되었다. 둘째, Profit ratio를 비교하면 LP는 외국인, 기관, 개인투자자 모두와의 거래에서 손실을 본 것으로 나타났다. 셋째, KOSPI200지수, 인버스지수, 레버리지지수 ETF에서 LP는 정보열위에 있었으며, KOSPI200 총수익지수 ETF에서만 정보우위에 있는 것으로 추정되었다. 이와 같은 본 연구의 결과로 볼 때 한국 ETF 시장의 LP는 정보우위 거래보다는 도입 취지에 부합하는 시장의 유동성 공급 역할을 충실히 수행하고 있는 것으로 추정되었다. 본 연구는 LP의 제도적인 특혜 우려에 대하여 LP는 도입 취지에 부합하는 유동성 공급의 순기능을 충실히 수행하고 있다는 결과를 제시하여, LP 제도의 도입이나 확장에 중요한 근거를 제시하였다고 판단된다.

연구논문 : 직전(織田) 정권의 신사(神社) 정책과 길전사(吉田社)

박수철 호남사학회(구-전남사학회) 2008 역사학연구 Vol.32 No.-

Neural epithelial stem cell expansion and cell death during the embryonic brain development

박수철 한국발생생물학회 2013 한국발생생물학회 학술발표대회 Vol.2013 No.8

CEREC3 system을 이용한 Ceramic Inlay 제작기법

박수철,최성미 대한치과기공학회 2010 대한치과기공학회지 Vol.32 No.3

양측 전장에 간질 병소를 보인 간질중첩으로 발현한 섬엽간질 1예

박수철,김지윤,박형준,원요섭,김응엽,박해정,이종두 대한신경과학회 2006 대한신경과학회지 Vol.24 No.4

Insular lobe seizure (ILS) is very rare and ictal focus has not been documented by neuroimaging studies. Clinical characteristics consist of clearly preserved consciousness, visceral sensation, somatomotor symptoms, and dysphonic or dysarthric speech. We report a 34-year-old female with ILS, manifesting as first onset status epilepticus. SISCOM and SPM analysis through brain MRI and 18F FDG PET-CT reveals ictal focus on the bilateral claustrum, which has a close relationship with insula anatomically. This is the first case report in Korea.

개인투자자의 레버리지 거래가 주식시장에 미치는 영향

박수철,우민철 한국재무관리학회 2019 財務管理硏究 Vol.36 No.3

In general, individual investors are considered as the irrational investment, high frequent turnover and bad investments. However, in the same individual investors, some are better than others due to investment size or special strategies. This study is focus on the leverage trading by individual investors and compare their investment strategies and impacts on the market, comparing with general individual investors. Our major findings are as follow. First, general individuals show the positive feedback trading, but leveraged individuals show the negative feedback trading. Second, after the buy by the general individuals, stock returns are decreased, but stock prices are increased consistently after the credit trading and decreased after the short selling. Third, trades by general individuals make an different impact on the KOSPI market and KOSDAQ market, but the credit trade and the short selling by the leveraged individuals make the same impact on both market, especially, they reduce the volatility of all markets. However, their impact on the liquidity is trivial. Although they are in the same investor group, they can be different investors if classified by the something. This study shows that the leverage trades can be something. In addition, this is the major contribution of this study that it show that the same investors can be different so the within analysis on one investor group deserve to be good researches. This study suggest academically, the differential approach to individual investors and practically, the respective treatment on leverage trades. 많은 연구들에 의하면 개인투자자는 비이성적 투자, 빈번한 매매, 낮은 투자성과 등으로 다른 투자자들보다 열위에 있다고 한다. 그러나 투자규모나 투자전략에 따라 개인투자자도 개인투자자의 다른 그룹, 기관이나 외국인 투자자보다 우월한 성과를 보일 수 있을 것이다. 본 연구는 자신의 자산을 초과하여 레버리지(leverage)거래를 수행하는 개인투자자가 그럴 가능성이 있을 것이라고 판단하여 개인투자자의 레버리지거래(신용융자거래와 신용대주거래)의 매매행태를 일반거래와 비교하고, 주식시장의 유동성과 변동성, 주가 예측성 등에 레버리지거래가 어떤 영향을 주었는지를 분석하였다. 본 연구의 결과에 따르면 첫째, 개인투자자의 일반거래는 역추세 추종전략을 사용하지만 레버리지거래는 추세 추종전략을 취하는 것으로 나타났다. 둘째, 개인투자자의 일반거래 매수가 증가한 후 수익률이 하락하였지만 신용매수거래 후에는 주가가 지속적으로 상승하였고, 공매도 증가 후에는 하락한 것으로 나타났다. 셋째, 개인투자자의 일반거래 매수 증가는 시장별로 다르게 변동성에 영향을 미쳤지만(유가증권시장은 축소, 코스닥시장은 확대), 신용거래 및 공매도거래 증가는 모든 시장의 변동성을 축소시켜 시장안정성을 높이는 긍정적인 영향을 미친 것으로 나타났다. 다만, 유동성에는 긍정적인 역할을 하지 못하였다. 따라서 본 연구의 결과에 의하면 레버리지를 활용한 개인투자자는 일반 개인투자자와는 다른 투자전략을 사용하여, 주가에 대한 예측력도 높았고, 시장 안정화에도 기여한 것으로 추정된다. 투자자 그룹간의 비교에 초점을 둔 선행연구들과 다르게 동일 투자자그룹 내에서도 투자전략 등에 의해서 차이가 발생할 수 있다는 본 연구의 결과는 학문적으로는 개인투자자에 대한 차별적 접근이 필요하고, 금융당국에게는 투자자들의 레버리지거래에 대한 별도의 집계, 관리가 필요함을 제시하는 중요한 의의라고 판단된다.

Central Nervous System Infection-Related Isolated Hippocampal Atrophy as Another Subtype of Medial Temporal Lobe Epilepsy with Hippocampal Atrophy: A Comparison to Conventional Medial Temporal Lobe Epilepsy with Hippocampal Atrophy

박수철,김원주,이승구,장진우 대한신경과학회 2020 Journal of Clinical Neurology Vol.16 No.4

Background and Purpose Hippocampal atrophy (HA) resulting from a central nervous system (CNS) infection might be a relevant lesion responsible for the clinical characteristics of medial temporal lobe epilepsy. Methods The clinical characteristics of 54 patients with CNS infection-related medial temporal lobe epilepsy (MTLE) with isolated HA (CNS infection group) and 155 patients with conventional MTLE with HA (conventional group) were compared retrospectively. CNS infection alone and bilateral involvement of the HA were analyzed as prognostic factors, in addition to the detailed clinical characteristics, such as limbic aura and the presence and proportion of each type of automatism, between the two groups, and both medical and surgical prognoses were separately considered. A logistic regression analysis was performed. Results A statistical analysis including all clinical factors, including CNS infection with bilateral HA, did not reveal significant differences between the two groups. An analysis comparing the prognosis of the two groups based on good or poor prognosis among patients who received medical treatment and good or poor outcomes among patients who received surgical treatment did not produce significant differences. Conclusions In addition to bilateral HA, CNS infection alone was not a poor prognostic factor for the CNS infection-related epilepsy with HA group compared with the conventional MTLE with HA group. Based on these negative results, HA is a plausible and relevant lesion with similar clinical characteristics to HA in patients with conventional MTLE. Therefore, CNS infection-related MTLE with isolated HA might represent another subtype of MTLE with HA with a different etiology.

Brain-Region Specific Apoptosis Triggered by Eph/ephrin Signaling

박수철 한국뇌신경과학회 2013 Experimental Neurobiology Vol.22 No.3

Eph receptors and their ligands, ephrins, are abundantly expressed in neuroepithelial cells of the early embryonic brain. Overstimulation of Eph signaling in vivo increases apoptotic cell death of neuroepithelial cells, whereas null mutation of the Eph gene leads to the development of a larger brain during embryogenesis. Thus, it appears that Eph-ephrin signaling plays a role in regulating apoptotic cell death of neuroepithelial cells, thereby influencing brain size during embryonic development. Interestingly, Eph-ephrin signaling is bi-directional, with forward signaling from ephrin- to Eph-expressing cells and reverse signaling from Eph- to ephrin-expressing cells. However, it is not clear whether this forward or reverse signaling plays a role in regulating the size of the neuroepithelial cell population during early brain development. Also, Eph receptors and their corresponding ligands are mutually exclusive in their expression domains, and they encounter each other only at interfaces between their expression domains. This expression pattern may be a critical mechanism for preventing overstimulation of Eph-ephrin signaling. Nevertheless, Eph receptors are co-expressed with their corresponding ligands in certain brain regions. Recently, two studies demonstrated that brain region-specific apoptosis may be triggered by the overlapping expression of Eph and ephrin, a theme that will be explored in this mini-review.

近世初 일본의 『鎖國』 神國思想

박수철 韓國日本語文學會 2004 日本語文學 Vol.23 No.-

鎖國の背景に、「日本は神國」という觀念が重要な役割を果たしたことは多くの硏究者によって指摘されてきた。秀吉や家康がキリシタン勢力を逐出する過程での名分が「日本は神國」という論理であったからである。このように神國思想は近世における日本國家思想の核心ともいえる。しかし、中世のそれと具體的にどのように異なるのかという点についてはあまり追究されていない。 本橋では從來漠然としか言及されなかった近世における神國思想の特徵を糾明しようとした。それは一言で言えば「武家(の最高權力者の神格化」である。江戶幕府が「日本は神國」を名分として取り上げ、鎖國を斷行した背景には、武威(武家の威光)をもとに成長してきた武家の力があった。神佛の保護を受ける受動的な存在であった武家が初めてその首長を神として崇めた。その結果、天皇と宗敎勢力(寺社)が獨占した神の領域に對して、武家もそれに干與するようになった。これが「武家神格化」であり、これをもとにして近世日本の國家體制が形成された。これこそ、近世初における神國思想の特質であり、中世の神國思想との大きな差異でもある。

Enhanced cell-performance of polymer solar cells with reduced graphene oxide

박수철,나석인 한국고분자학회 2013 한국고분자학회 학술대회 연구논문 초록집 Vol.2013 No.10