영남문집해제 : 석문집 ( 채준도 )

채준도 영남대학교 민족문화연구소 1988 민족문화연구소 자료총서 Vol.4 No.-

익산 쌍릉 소왕릉 봉분 토층의 물리화학적 특성과 조영과정 해석

채준,박석태,조지현,이찬희 한국문화재보존과학회 2021 보존과학회지 Vol.37 No.6

익산 쌍릉은 대왕릉과 소왕릉을 포함하는 명칭으로 백제 사비기(538∼660 AD)의 횡혈 식석실묘이다. 소왕릉의 발굴과정에서 노출된 봉분 동측 토층은 하부로부터 기반층, 정지층, 백제시대 판축층, 도굴층 및 일제강점기 복토층으로 나눌 수 있다. 이 연구를 위해 층준을 세분 하여 시료를 확보하고 재료학적 특성을 분석하였다. 토층의 입도분석 결과, 대체로 사양토의 토성을 보이며, 백제시대 판축토층에서는 양질사토가 성토되어 있고 그 위로 사양토가 판축의 주를 이룬다. 백제층의 중앙부와 최상부에는 점토 함량이 많고 일정한 입도를 가진 양토를 사 용하였다. 모든 토층은 층위에 따라 약간의 차이가 있지만, 유사한 지구화학적 거동특성을 보여 토양의 모재와 성인은 거의 같은 것으로 나타났다. X-선 회절분석으로 모든 층위에서 카올리나 이트를 동정하였으며, 주사전자현미경으로 카올리나이트와 할로이사이트를 확인하였다. 따라 서 소왕릉 봉분의 백제시대 판축토층은 유적 일대에서 조달한 고령토가 함유된 사양토로 성토 하였으며, 중상부에 점성이 강한 양토를 사용하여 불투수층을 조성하고 봉분 최상부를 밀실하 게 마감한 것으로 해석된다. The Iksan Ssangneung (twin tombs), a pair of tombs comprising the Daewangneung (large royal tomb) and the Sowangneung (small royal tomb), were constructed in the typical style of stone tunnel and chamber tombs in the Baekje Kingdom during the Sabi period (538 to 660 AD) of ancient Korea. Soil layers exposed during excavation of Sowangneung in a trench east of the tomb are: the bottommost layer, the ground level layer, the Panchuk (rammed earth) layer of the Baekje, the layer created by a grave robbery, and soil recovered during the Japanese colonial period. Soil samples were obtained by segmenting an easy stratigraphic horizon into sub categorized soil layers, and their material properties were analyzed; they are composed mainly of sandy loam based on the particle size distributions. In the site foundation, loamy sand is packed in the bottommost layer, and sandy loam with high sand and silty sand fills most of the overlying layer. The central and topmost portion of the Baekje layer is composed of loam with high clay content. All soil layers show geochemical behaviors similar to those of the bottommost layer. X-ray diffraction analysis verified kaolinite in all layers, also observed in soil layers displaying high crystallinity. Kaolinite and halloysite were identified by scanning electron microscopy. Thus, we conclude that the Baekje layer of the Sowangneung is composed of sandy loam containing kaolin procured from near the site. An impermeable middle to upper layer was created using viscous loam. The top of the tomb was closed tightly.

비정상적 위험에 대비한 자산운용방안 연구

채준,김누리,이은정 사립학교교직원연금공단 2016 사학연금연구 Vol.1 No.

본 연구에서는 비정상적 사건을 정의하고 이에 따른 비정상적 위험의 구체적인 유형을 파악하며, 이와 관련된 사학연금의 위험관리 체계에 대한 검토와 함께 비정상적 위험에 효과적으로 대응할 수 있는 자산운용방안을 제시하였다. 우선 비정상적 사건을 ‘과거 자료를 이용한 발생확률의 추정이나 발생여부에 대한 예측이 불가능하며 따라서 이의 발생 가능성을 사전에 고려하고 대비하는 사전적인 대처가 어려운 사건으로서 자산운용과 위험관리에 무시할 수 없는 영향을 미치는 사건’으로 정의하였으며, 이의 구체적인 형태로서 금융위기를 포함하는 9가지 사건 유형을 파악하였다. 동 비정상적 사건들은 포트폴리오 투자를 통한 자산운용에서 개별자산군의 기대수익률과 위험 및 자산군 사이의 상관관계에 영향을 미쳐, 기존의 자산배분안의 최적성을 상실시키고 위험수준의 측정치인 VaR값을 과소 또는 과대추정하게 할 수 있는 것으로 분석되었다. 한편 비정상적 사건의 해외 사례에 대한 분석에서는 비정상적 사건의 영향이 개별 사건마다 다양한 양태로 발현되는 것이 관측되었다. 본 연구에서는 사학연금의 현행 자산배분 체계가 이와 같은 비정상적 사건의 영향에 적절하게 대응하기 어려운 상황이라고 진단하였으며, 비정상적 사건에 적절히 대응하기 위한 자산관리방안의 일환으로서 일별 수익률 자료를 사용한 비정상적 사건의 영향 평가방안을 제시하였다. 한편, 사학연금의 현행 위험관리 체계는 비정상적 사건의 발생에 적절하게 대응할 수 있는 것으로 평가되었다

Risk and Reward in Venture Capital Funds

채준,김지현,HYUNG-CHUL KU 서울대학교 경영연구소 2014 Seoul Journal of Business Vol.20 No.1

Using detailed data from Korea, free from the selection bias problem and providing industry codes for companies a venture capital (VC) fund invests in, this study conducts comprehensive analyses of performance and performance persistence of VC funds. We find significant differences between the results using a non-risk-adjusted and those using a risk-adjusted performance measure. Another notable finding is that government participation affects the risk-adjusted performance and cash inflows of venture capital funds. Furthermore, the persistence of performance is much weaker when we control risk of VC funds. In addition, we provide the evidence that the performance in a public market has a positive influence on the probability of raising subsequent venture capital funds.

스포츠산업 융자 지원사업에 관한 수혜자 관점의 정책성과 인식 탐색

채준,박재우 한국체육정책학회 2018 한국체육정책학회지 Vol.16 No.3

This study interrogated an evaluative awareness of ‘Sport Industry Loan Support Program’ to explore its policy outcomes in the light of the concepts ‘adequacy’, ‘efficiency’ and ‘effectualness’ from a viewpoint of beneficiary. The conclusion drawn from the findings of the study are as follows. First, all research participants assess positively the program in terms of ‘adequacy’. All identify the program has played a proper role in fulfilling its purpose that of promoting sport industry in general, and sports companies including sport service providers in particular. Second, it is identified that the research participants have a negative view of the program in terms of ‘efficiency’. The most likely explanation for this negative awareness is a complicated dual system in which a sport service has to obtain loan approval from both the Review Board for Loan System of Sports Promotion Fund of the KSPO and a loan manager of the financial institution if a sport service provider takes out a mortgage from the program that has significantly decreasing efficiency. Third, the finding identifies that there are positive and negative perceptions of the program in terms of ‘effectualness’. Those who perceive the program positively views its usefulness in that they could receive cost of investment in equipment and facilities, and support of operational expenses at times of a liquidity crisis. Taken together, it is considered that the KSPO’s Loan Program has not contributed significantly to helping small businesses involved in sport industry which is originally planned in 1990. It seems that the KSPO should listen to what small businesses in the field of sport industry want and change the system in order to promote the domestic sport industry.

투자자 관심(Investor Attention)과 기대수익률

채준,이은정,이유경 한국파생상품학회 2019 선물연구 Vol.27 No.1

In this paper, we analyze the effect of investor attention level on expected return in the Korean stock market by investor type. We find that the risk-adjusted excess returns in the next period are significantly higher when the institutional and foreign investor’s attention is high. In other words, investment strategies that buy stocks in higher attention groups and sell those in lower attention groups provide significant excess returns. This result is in contrast to the argument that the market operates more competitively and moves more efficiently as the number of investors increases due to the increased investor attention. Next, we examine how the degree of attention of institutional, individual, and foreign investors affects each other. The analysis reveals that the attention of individual investors affects the attention of institutional investors in the next period, and vice versa. In addition, as a result of group analysis according to the size of company and stock price, we find that the investor's attention affects the market differently depending on the type of investors and stock price level. 본 논문에서는 한국 주식시장을 대상으로 투자자들의 관심 정도가 기대수익률에 미치는 영향을 투자자 타입별로 분석한다. 분석결과, 기관 및 외국인투자자의 관심 정도가 높은 경우에 그다음 기의 위험조정초과수익률이 유의적으로 크게 나타났다. 즉, 기관 및 외국인투자자의 관심이 높은 그룹의 주식을 매수하고 관심이 낮은 그룹을 매도하는 투자전략은 유의한 초과수익률을 제공하였다. 이러한 결과는 투자자 관심이 증가하여 투자자의 수가 증가할수록 시장이 경쟁적으로 작동하여 보다 더 효율적으로 움직인다는 주장과는 반대의 결과이다. 다음으로 기관, 개인, 그리고 외국인투자자의 관심 정도가 서로 어떠한 영향을 미치는지를 살펴보았는데, 개인투자자의 관심 정도와 기관투자자의 관심 정도는 양방향 선도관계가 존재하는 것으로 나타났다. 한편 기업규모 및 주가수준에 따라 그룹을 구분하여 분석을 실시한 결과, 투자자의 관심이 각 투자자의 타입과 주식의 종류에 따라 각각 다르게 시장에 영향을 미치는 것으로 나타났다.

Why Do Some Asset Pricing Models Perform Poorly? Evidence from Irrationality, Transaction Costs, and Missing Factors

채준,양철원 서울대학교 경영연구소 2016 Seoul Journal of Business Vol.22 No.1

We identify and horse race three causes for the underperformance of some asset pricing models: investor irrationality, transaction costs, and missing risk factors. Specifically, we regress the difference of realized over expected returns (pricing error) per various asset pricing models onto proxies for the reasons for explanatory breakdown. First, for the capital asset pricing model (CAPM) and six other models we find that both investor irrationality and transaction costs are significantly related to the pricing error controlling for firm size and valuation. Second, models with more risk factors than the CAPM cannot overcome the shortcoming of the CAPM due to investor irrationality and transaction costs. In conclusion, transaction costs and investor irrationality are shown to be impediments to enhancing the prediction power of tested models regardless of additional risk factors.

A Reexamination of Diversification Premiums: An Information Asymmetry Perspective

채준,정진영,양철원 한국증권학회 2014 Asia-Pacific Journal of Financial Studies Vol.43 No.2

Acquiring firms that earn positive abnormal returns on acquisitions may have internal capitalmarkets that overcome the information asymmetry costs in less-developed capital markets. Inthis paper, through an examination of data on 1064 acquiring firms in the Korean market from1994 to 2011, we find that the highest acquiring returns occur when the firms with high informationasymmetry acquire firms with low information asymmetry. To measure the degree ofinformation asymmetry, we use the models of Glosten–Harris (1988), Hasbrouck (1991) andFoster–Viswanathan (1993), which we selected from a variety of studies on market microstructure. We also find that the effect of information asymmetry on mergers and acquisitions(M&As) was larger before the Asian financial crisis of 1998, as well as before the global financialcrisis of 2007, and that the Korean capital market was less developed before these crises thanafter them. We show that the internal capital market hypothesis holds for M&As, and thatinformation asymmetry is a strong determinant of M&A decisions in emerging markets.

Which idiosyncratic factors can explain the pricing errors from asset pricing models in the Korean stock market?

채준 KOREAN SECURITIES ASSOC 2008 ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES - Vol.37 No.2

Negative Momentum Profit in Korea and its Sources

채준,엄윤성 한국증권학회 2009 Asia-Pacific Journal of Financial Studies Vol.38 No.2

To analyze the negative momentum profit in Korea, we further divide the decomposition of Lo and MacKinlay (1990) into winners’ and losers’ auto- and cross-serial covariances. We find that the negative autocovariance and the positive cross-serial covariance in Lo and MacKinlay’s decomposition are asymmetric between winners and losers. The negative autocovariance is mainly from losers and the positive cross-serial covariance mainly between past winners and current losers. By investigating time-series characteristics of auto- (cross-serial) covariances, we cannot observe any systematic change of auto- (cross-serial) covariances in the momentum period. Based upon the evidence in this paper, we argue that positive cross-serial covariance between past winners and current losers seems to be an important driving force behind the negative momentum profit in Korea. Therefore, investors’ underreaction to market-wide information would be plausible explanation of the negative momentum profit.