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노태용 ( Tai-yong Roh ),윤선중 ( Sun-joong Yoon ),서성원 ( Sung Won Seo ) 한국파생상품학회(구 한국선물학회) 2017 선물연구 Vol.25 No.1
본 연구는 멀티클래스로 판매된 국내 주식형 펀드의 현금흐름을 이용해 펀드판매에서 적합성 원칙이 지켜지는지에 대해 분석을 수행하였다. 2002년부터 2013년까지 총 12년의 표본기간 동안, 장기투자에 적합한 A-클래스 펀드 현금흐름의 변동성은 단기투자에 적합한 C-클래스에 비해 오히려 크게 관찰된다. A-클래스 펀드는 선취수수료가 있어서 장기투자에 적합하며, C-클래스는 선취수수료는 없지만 판매보수가 높아 단기투자에 적합하다. 따라서, 이와 같은 결과는 적합성 원칙 위배의 결과물이라고 해석될 수 있다. 이 현상을 심층 분석하기 위하여, 적립식 펀드가 펀드 현금 흐름에 미치는 영향을 고려하여 연구를 진행하였다. 본고의 결과에 따르면, 적립식 펀드의 영향력을 제거한 후에는, 금융위기 전에만 적합성 원칙이 위배되었을 뿐, 금융위기 이후에는 더 이상 적합성 원칙 위배에 대한 증거가 관찰되지 않았다. 이러한 결과는 과거 개인투자자에 의한 적립식 투자가 A-클래스에 집중되었고, 따라서 개인투자자의 비합리적 의사결정이 A-클래스 펀드의 현금흐름을 주도한 결과이며, 동시에 금융위기 이후 펀드시장이 성숙하고 있음을 함의하고 있다. We examine whether the suitability principles hold for the mutual fund industry in Korea, by analyzing the dynamics and the characteristics of the multi-class fund flows. For 12-years from 2002 to 2013, the volatility of fund flows associated with A-class fund, which is more appropriate for long-term investments, is larger than that associated with C-class fund. Therefore, it can be interpreted that the suitability principles do not hold. To examine the empirical observation, we mainly focus on the role of the dollar cost averaging (DCA) style funds. We show that if we adjust for the effect of DCA funds, the suitability principles does not hold only before the 2008 financial crisis. Thus, we argue that individuals` irrational decision making is caused by heavy investments on A-class fund through DCA style types before the financial crisis. This leads to the observed violation of the suitability principles before the crisis. Our findings also suggest that after the financial crisis, the mutual fund industry in Korea becomes mature.
Infusional 5-Fluorouracil, Leucovorin and Docetaxel in Advanced Gastric Cancer
Yong Tai Kim,Chul Kim,Jae Kyung Roh,Byung Soo Kim,Woo Ick Jang,Hyun Cheol Chung,Sun Young Rha,Joo Hyuk Sohn,So Hun Kim 대한암학회 2003 Cancer Research and Treatment Vol.35 No.2
Purpose: This study was performed to estimate theresponse rate and toxicity of a combination chemotherapy,which included infusional 5-Fluorouracil, Leucovorinand Docetaxel in the treatment of patients with anadvanced gastric carcinoma.Materials and Methods: Twenty two advanced gastriccancer patients, with a bidimensionally measurable or anevaluable disease, were enrolled in this study. The patientsreceived a 5-fluorouracil 1,000 mg/m2 intravenous(IV) 24 hour infusion (Day 1∼3), leucovorin 20 mg/m2(Day 1∼3) and docetaxel 75 mg/m2 intravenously (Day2) every 3 weeks.Results: The overall response rate was 45.0%. Themedian duration of response was 10.0 weeks (range: 4∼24), the median time to response was 8 weeks (range:8∼20) the median time to progression was 30.0 weeks(95% CI: 16.3∼43.2) and the median overall survivalduration was 36.0 weeks (95% CI: 1.7∼70.2). The mediancumulative dose of 5-fluorouracil were 316.2 mg/m2/weekand docetaxel was 23.9 mg/m2/week. WHO grade III, IVneutropenia, thromocytopenia and anemia occurred in50.0%, 4.5% and 4.5% of patients, respectively. There wereno occurrence of WHO grade III and IV nausea, vomiting,mucositis, conspitation, diarrhea, or neurotoxicity.Conclusion: This chemotherapy regimen, including infusional5-fluorouracil, leucovorin and docetaxel was anactive agent against advanced gastric cancer patients,especially for previous chemotherapy naive patients.(Cancer Res Treat. 2003;35:123-129)
Clinical Experiences of Pilimatrixoma in a Single Institution
Yong Sang Lee,Tai Suk Roh,Soon Won Hong,Hang Seok Chang,Seung Hoon Choi,Cheong Soo Park 대한외과학회 2010 Annals of Surgical Treatment and Research(ASRT) Vol.78 No.4
Purpose: To describe the clinical presentations, management, and outcomes of patients with pilomatrixomas treated in a single institution, and to compare the clinicopathological features according to their location. Methods: We reviewed the medical records of 57 patients treated between January 1986 and December 2007, retrospectively. Results: The 57 patients had a total of 61 cases of pilomatrixomas. The mean age at diagnosis was 12.4 years, with most patients aged 0∼10 years, followed by 10∼20 years and 20∼30 years. Mean tumor size was 1.46 ㎝, and most tumors were less than 2.0 ㎝ in diameter. Forty-two tumors (68.9%) on the head and the neck were classified as Group Ⅰ, and 19 tumors (31.1%) on the body were classified as Group Ⅱ. The mean age at diagnosis was 9.4 years in Group Ⅰ, and 19.8 years in Group Ⅱ with significant statistical difference (P=0.009). The mean duration of symptoms was 26.4 months in Group Ⅰ, and 7.2 months in Group Ⅱ (P=0.001). All patients were treated surgically, and two patients relapsed (5 months and 3 years later). Conclusion: Pilomatrixoma is an uncommon benign skin tumor arising from hair follicle matrix cells. Diagnosis is usually easy based on clinical findings, and preoperative diagnosis may be improved with increased awareness of pilomatrixoma. Complete surgical excision is the treatment of choice, and recurrence after complete excision is rare.
Time-Varying Expected Momentum Profits
Dongcheol Kim,Tai-Yong Roh,Suk-Joon Byun,Byoung-Kyu Min 한국재무학회 2012 한국재무학회 학술대회 Vol.2012 No.05
We examine time variations of the expected momentum profits using a two-state Markov switching model with time-varying transition probabilities to evaluate the empirical relevance of recent rational theories of the momentum profits. We find that in the expansion state the expected returns of winner stocks are more affected by aggregate economic conditions than those of loser stocks, while in the recession state the expected returns of loser stocks are more affected than those of winner stocks. Consequently, the expected momentum profits display strong procyclical variations. We argue that the observed momentum profits are realizations of such expected returns and can be interpreted as the procyclicality premium. We also find the economic significance of out-of-sample predictability of the momentum profits particularly for loser stocks and during the recession states.
Donghoon Kim,Tai-Yong Roh,Sun-Joong Yoon 한국재무학회 2023 한국재무학회 학술대회 Vol.2023 No.11
Gold has similar characteristics with other commodity assets as raw material but at the same time has unique characteristics as a safe-haven asset in crisis periods. From this perspective, the relative value of gold may contain important information about investors’ expectations for future global financial markets. In this study, we comprehensively examine the information content of the relative value of gold. Notably, the Gold-to-Copper ratio demonstrates robust predictive power for short-term (from 3-month to 12-month) stock returns across numerous developed countries and global markets. We evaluate its performance under diverse economic conditions, highlighting heightened predictability during recessions. Additionally, we probe the role of copper price in shaping this relationship, revealing its influence even during economic expansions. Rigorous tests substantiate the Gold-Copper ratio’s consistent predictive capability across various scenarios, leading to significant economic gains.
Pseudoaneurysm after Proximal Metatarsal Osteotomy for Hallux Valgus Correction: A Case Report
Lee, Kyung Tai,Park, Young Uk,Jegal, Hyuk,Roh, Young Tae,Hong, Kee Yong Korean FootAnkle Society 2014 대한족부족관절학회지 Vol.18 No.2
Occurrence of pseudoaneurysm in the foot and ankle is rare, and is usually caused by traumatic injury or by iatrogenic intervention. Iatrogenic pseudoaneurysms in the foot and ankle have been observed after rearfoot and ankle fusions, ankle arthroscopy, endoscopic and open plantar fasciotomy, tibial osteotomy with limb lengthening, midfoot amputation, and Lapidus procedure. We report on a patient who developed a pseudoaneurysm of the dorsal metatarsal artery following correction of hallux valgus. The patient underwent proximal chevron osteotomy and Akin phalangeal osteotomy. The feeding artery was ligated and the pseudoaneurysm was excised.
A 12b 100 MS/s Three-Step Hybrid Pipeline ADC Based on Time-Interleaved SAR ADCs
Jun-Sang Park,Tai-Ji An,Suk-Hee Cho,Yong-Min Kim,Gil-Cho Ahn,Ji-Hyun Roh,Mun-Kyo Lee,Sun-Phil Nah,Seung-Hoon Lee 대한전자공학회 2014 Journal of semiconductor technology and science Vol.14 No.2
This work proposes a 12b 100 MS/s 0.11 μm CMOS three-step hybrid pipeline ADC for highspeed communication and mobile display systems requiring high resolution, low power, and small size. The first stage based on time-interleaved dualchannel SAR ADCs properly handles the Nyquist-rate input without a dedicated SHA. An input sampling clock for each SAR ADC is synchronized to a reference clock to minimize a sampling-time mismatch between the channels. Only one residue amplifier is employed and shared in the proposed ADC for the first-stage SAR ADCs as well as the MDAC of back-end pipeline stages. The shared amplifier, in particular, reduces performance degradation caused by offset and gain mismatches between two channels of the SAR ADCs. Two separate reference voltages relieve a reference disturbance due to the different operating frequencies of the front-end SAR ADCs and the back-end pipeline stages. The prototype ADC in a 0.11 μm CMOS shows the measured DNL and INL within 0.38 LSB and 1.21 LSB, respectively. The ADC occupies an active die area of 1.34 mm² and consumes 25.3 mW with a maximum SNDR and SFDR of 60.2 dB and 69.5 dB, respectively, at 1.1 V and 100 MS/s.