펀드 내 개별종목의 베타를 이용한 공모펀드의 성과평가 분석

정문경(Mun Kyung Cheong),김현수(Hyun Soo Kim),성현모(Hyun Mo Sung) 한국증권학회 2013 한국증권학회지 Vol.42 No.3

펀드의 운용성과를 측정하는데 많이 쓰이고 있는 Jensen(1968), Fama and French(1993) 및 Carhart(1997) 성과평가지표는(Top-Down 방식) 추정기간동안 베타의 시간가변성을 고려하지 않아 펀드매니저의 능력을 적절히 고려하지 못하는 문제점이 있는데 이런 문제점을 보완하기 위해 Elton et al.(2011, 2012)은 펀드의 개별종목베타와 포트폴리오 비중을 기반으로 한 성과평가지표를 (Bottom-Up 방식, EGB 지표) 개발하였고 본 연구에서는 이 EGB 지표를 이용하여 국내 펀드의 성과 즉 종목선택능력, 예측능력 및 마켓타이밍능력을 평가하였다. 먼저 공모펀드 집단에 대해 3요인 모형 또는 4요인 모형을 적용하여 Bottom-Up 방식과 Top- Down 방식에 의해 알파를 측정하였는데 공모펀드에서 주식선택능력이 존재하는 것으로 나타났다. 전반적으로 Bottom-Up 알파가 Top-Down 알파보다 약 0~2%(연간기준) 정도 큰 값을 갖으며 Bottom-Up 또는 Top-Down 알파 측정값의 차이는 주로 성과가 좋은 구간에서 발생하는 것으로 나타났다. Elton et al. (2011)의 연구에서는 펀드의 과거성과를 Bottom-Up 방식으로 측정하면 향후 기간의 성과를 Top Down이나 Bottom-Up 방식 중 어느 것으로 측정하든지 미래성과가 우수한 펀드를 더 잘 선택할 수 있다는 결과가 제시되었다. 그러나 본 연구에서는 그와 같은 결과를 얻지 못하였다. 끝으로 공모펀드 집단에 대해 Elton et al.(2012)의 마켓타이밍 지표를 측정한 결과, 공모펀드 펀드 매니저들이 기업규모요인, 가치/성장주 요인 및 모멘텀 요인을 이용하여 마켓타이밍을 하지 않는 것으로 나타났다. Widely used mutual fund performance evaluation measures by Jensen (1968), Fama and French (1993), and Carhart (1997) (Top-Down approach) have a problem of not considering time variability of betas during the estimation period and thus, not measuring fund managers` performance correctly. To correct this problem, Elton, Gruber, and Blake (EGB, 2011, 2012) develop a performance evaluation measure based on the betas of fund`s individual items and their portfolio weights in mutual funds (Bottom-Up approach). In this study, we evaluate performances (selection capability, prediction capability, and market timing capability) of publicly traded domestic mutual funds by using EGB performance measure. First, we measure alphas based on Bottom-Up and Top-Down approaches by using 3 factor model and 4 factor model and find that Bottom-Up alphas are generally higher than Top-Down alphas by about 0~2%. We also find that main differences between them happen in the upper level performances. EGB (2011) report that if past fund performance is measured by Bottom-Up approach, it can select superior funds in the future no matter how the future performance is measured, whether by Top-Down approach or Bottom-Up approach. However, we do not find a similar result in this study. Finally, we measure the EGB (2012) market timing measures for our mutual fund data and find that publicly traded mutual fund managers do not do market timing to firm size factor, value/growth factor, and momentum factor.

Application of Top-Down Approach for a Child with Cerebral Palsy to Physical Therapy Practice: A Case Report

김창호 국제물리치료연구학회 2023 Journal of International Academy of Physical Ther Vol.14 No.4

Background: Cerebral palsy presents significant challenges in motor function for affected children. While conventional bottom-up approaches are common in physical therapy, there is increasing interest in the efficacy of the top-down approach. Objectives: To investigated the impact of applying the top-down approach in physical therapy for a child diagnosed with cerebral palsy, focusing on functional improvement and quality of life. Design: A single-case study. Methods: The patient was a 15-year-old boy with spastic diplegic cerebral palsy who was entering middle school. Cerebral palsy treatment approach of the top-down method (jumping rope) was used to guide and direct physical therapy. Results: The child improved in muscle strength of lower extremity, gross motor function, participation and self-esteem, but the pattern of his gait seemed to be more severe on tiptoe. When the child participated in a jumping rope class, he was able to do more than 10 jumps. Conclusion: The effectiveness of the top-down approach in enhancing functional outcomes and quality of life in children with cerebral palsy. It highlights the potential of this approach in pediatric physical therapy, warranting further research validation.

Alternative vocabulary learning approaches in EFL setting: Bottom–up or top-town?

이정원,윤경옥 한국영어교육학회 2019 ENGLISH TEACHING(영어교육) Vol.74 No.3

The present study aimed at investigating the effectiveness of bottom-up (BU) and top-down (TD) approaches on EFL learners’ vocabulary learning, the difference in the effects of the two approaches depending upon their level of vocabulary proficiency, and their perception of the approaches. For this study, 122 college students were divided into two approach groups and to two levels in each group depending upon their level of vocabulary knowledge. They were trained with either of the approaches for one semester. The results were that 1) there was no statistically significant differences between the BU and TD approaches, even though the two approaches were effective to improve the students’ vocabulary knowledge; 2) high-level students failed to show any significant differences between the two approaches in the two tests, whereas low-level students in the BU group performed significantly better than those in the TD group in the production test; and 3) they preferred the BU or TD approach to the traditional method in vocabulary learning, and they listed some advantages and disadvantages of the approaches.

감각통합기능장애를 가진 청소년의 작업수행에 초점을 맞춘 작업치료 사례

지석연 (Ji, Seok-Yeon),이경민 (Lee, Kyoung-Min),김미선 (Kim, Mi-Sun) 대한감각통합치료학회 2008 대한감각통합치료학회지 Vol.6 No.1

Introduction : Sensory Integration(SI) theory, science it is developed by an occupational therapist A. Jean Ayres, is the one of the most popular frames of reference used in occupational therapy(OT) intervention. It has been proved as a scientific theory especially in neuroscience discipline through abundant research and practice. Occupational therapists apply the SI therapy with strong clinical reasoning to improve adaptive behaviors of their clients and try to link the adaptive behaviors with occupational performance in the clients’ everyday life. One of the manners regarding clinical reasoning is Top-down approach. In occupational therapy discipline, Top-down approach is well-reflected within two evaluation tools; Canadian Occupational Performance Measure(COPM) and Assessment of Motor and Process Skills(AMPS) and two models of practice; Canadian Model of Occupational Performance(CMOP) and Occupational therapy intervention process model(OTIPM). Objective : The purpose of this paper demonstrates how SI therapy can be employed within OTIPM and how the OT process (evaluation-intervention-outcome) can be structuralized based on the Top-down approach. This single-case study recognizes the impact of a SI therapy for a male adolescent on his occupational performance. Intervention Examined : “P” was 16 years old male adolescent with no diagnosis and junior of the high school when he was referred. P was always with mouth opened, showed difficulties in gathering things need to be prepared and managing and paying money for shopping, and his colleges dislike getting close to him because he can’t was his body well. AMPS was administrated in initial evaluation and reevaluation of P’s occupation performance, Bruininks-Oserestky Test of Motor Proficiency-2(BOT-2) was carried out to assess motor functions and perception skills related in sensory integration, and occupational therapist performed clinical observation in order to complement the evaluation quantitatively and quantitatively. Based on the evaluation, it is concluded that the SI therapy is primary means to improve P’s occupational performance, and three therapeutic approaches were constructed; restorative, acquired and compensatory approach. P showed improved motor and process skills in occupational performance after undergone the occupational therapy. Conclusions : The sensory integration therapy was practical enough to build the bridge between the occupational performance(Top) and the underlying component problems (Bottom). The OTIPM was helpful to identify meaningful occupation for P and P’s family within P’s contexts, and the AMPS was valuable to analyze and clarify the cause of difficulties in the chosen occupational performance. 서 론 : 감각통합은 작업치료의 치료적 중재 근거이론(frames of reference)들에서 가장 중요하고 널리 사용되는 것 중 하나이다. 이는 작업치료사인 Jean Ayres가 클라이언트의 적응행동을 향상하기 위한 목적을 두고 발전된 이론이며, 시작된 이래로 많은 작업치료사들이 같은 목표를 가지고 적용해 왔기 때문이다. 감각통합이론을 적용하는 작업치료사로써, 임상에서 감각통합과 그 목표가 되는 적응행동인 작업수행을 치료의 결과로써 증명해 내는 것은 작업치료의 목표가 작업수행의 향상을 전제로 하는 것이기에 매우 중요하며 도전이 되는 것이다. 본 론 : 본 연구는 작업치료중재과정모델인 OTIPM(Occupational Therapy Intervention Process Model)이라고 하는 하향식(Top-down) 접근의 중재모델을 감각통합의 기능장애를 가지면서 일상의 작업수행에 어려움을 보이는 16세의 청소년에게 적용하여, 감각통합이론의 적용이 작업수행향상에 어떠한 의미를 가지는지 살펴보고자 하였다. 결 론 : 본 연구에서 적용한 OTIPM의 적용 사례를 통해, 감각통합적인 접근은 클라이언트가 일상에서 수행하기 어려웠던 작업수행에 대한 원인을 추론하는 데 유용하였다. 본 연구의 사례에서 감각통합적인 관점과 접근은 작업수행(Top)에 영향을 주는 기본적인 요소적 문제(Bottom)를 연결하는 첫 단계의 중재로써 큰 의미를 가졌고, OTIPM의 적용과정은 클라이언트에게 의미 있는 작업수행을 발견하고 이에 초점을 두어 가장 우선되는 중재를 단계적으로 전개하여, 감각통합치료 이후 실제 작업수행에 초점을 둔 접근을 전개하는 데 유용하였다.

표준필수특허권 침해에 대한 손해배상액의 산정

이진희 서울대학교 기술과법센터 2018 Law & technology Vol.14 No.5

특허법에는 특허권 침해의 경우에 손해액을 산정하는 다양한 방법이 규정되어 있는데, 표준필수 특허권이 침해된 경우에도 일반적인 특허권 침해의 경우와 동일하게 위 규정들에 근거하여 손해액을 인정할 수 있는지 문제된다. 이와 관련하여 표준필수특허권 침해 시 손해액 산정에 관한 각국의 실무 및 논의를 살펴보았다. 미국에서는 표준필수 특허권 침해에 대하여 손해배상으로서 합리적 실시료를 지급하는 것을 전제로, 그 액수의 구체적인 산정을 위해, Top-down 방식, Bottom-up 방식, 비교 가능한 실시계약을 이용하는 방식 등이 활용되어 왔다. 그런데 FRAND 확약을 한 표준필수특허권자는 FRAND 조건에 따른 실시료를 지급할 의사가 있는 사람에 대하여는 라이선스를 거절할 수 없다는 점에서 실시계약을 거절하고 특허발명을 독점적으로 실시할 수도 있는 일반적인 특허권자와는 본질적인 차이가 있다. 이러한 표준필수특허권의 본질은 손해액 산정에 고려되어야 할 것이므로, FRAND 조건에 따른 실시료를 지급할 의사가 있는 사람에 대한 손해액은 원칙적으로 실시료 상당액이라고 보는 것이 타당하고, 그 경우에는 손해액 추정에 관한 특허법 규정에 근거하여 다른 유형의 손해액을 인정하는 것은 어려울 것이다. 나아가 FRAND 조건에 따른 합리적 실시료는 각 사안에서 당사자가 제출한 증거 등을 고려하여 비교 가능한 실시계약을 사안에 맞게 적절히 수정하여 활용하거나, 해당 표준에 대한 실시료 총합을 확정하고 이를 문제가 된 표준필수특허권의 기술적 기여에 따라 배분하는 Top-down 방식 등이 활용될 수 있을 것이다. Patent Act provides several methods calculating damages for patent infringement. However, whether these provisions are equally applicable to standard essential patent (SEP) infringement is debatable. As such, I have researched practices and discussions in other countries. In the United States, reasonable royalty is awarded as damages in fair, reasonable, and non-discriminatory (FRAND) cases, and various methods such as top-down approach, bottom-up approach, and comparable approach have been used to come up with a concrete amount. An SEP owner is fundamentally different from other patentees in that patentees normally have the power to refuse any licensing agreement and enjoy the exclusive patent rights but an SEP owner cannot refuse to grant license to those willing to pay FRAND royalty due to the FRAND commitment. This unique nature of SEPs must be taken into account when evaluating damages for SEP. Therefore, it is reasonable to conclude that damages for SEP infringer who are willing to pay FRAND royalty should be estimated based on reasonable royalty and other provisions for damages are inapplicable. A reasonable royalty may be assessed based on various methods such as comparable approach, which uses comparable licenses and adjusts them according to the circumstances provided in the specific case, or top-down approach, which first determines the total sum of the royalties regarding the standard at issue and then apportions the sum depending on the technical contribution of the particular SEP.

인공적 도덕 행위자에 대한 융합접근의 철학적 기획

최현철,변순용 한국윤리학회 2019 倫理硏究 Vol.124 No.1

This article aims at philosophical analysis and planning for a hybrid approach to artificial moral agents. The goal of the AMA is to establish a realistic plan that has a moral awareness similar to human beings in the ethical dimension among the various approaches to AMA. Therefore, this study summarizes the moral cognitive models that have been discussed in philosophy, especially ethics, in order to accomplish these aims and goals. Through this process, this study regards the position that morality can be reduced to formal reasoning as the main idea of ​​top - down approach and distinguishes the main idea of ​​bottom - up approach that morality has self - manipulation as an emergent process. As a result, the study has gone beyond the limitations of virtue theory emphasized by W. Wallach & C. Allen in a hybrid approach, suggesting new plans for a more realistic AMA hybrid approach. 이 글은 인공적 도덕 행위자(Artificial Moral Agents)에 대한 융합(hybrid) 접근에 대해 철학적 분석과 기획을 목적으로 한다. 그리고 AMA를 둘러싼 여러 접근들 중 융합적 접근이 윤리학 차원에서 인간과 유사한 도덕적 인지를 갖추게 하는 현실적으로 기획 수립을 그 목표로 한다. 따라서 본 연구는 이러한 목적과 목표를 수행하기 위해 철학계에서, 특히 윤리학에서 지금까지 논의되고 있는 도덕적 인지 모형들을 정리하였다. 이 정리를 통해 본 연구는 도덕성이 형식적 추론으로 환원될 수 있다는 입장을 하향식의 주요 이념으로 간주하고 도덕성이 창발적 과정으로 자기 조작성을 가진다는 입장을 상향식의 주요 이념을 구분하였다. 그 결과로 본 연구는 웬델 월러치와 클린 알렌(W. Wallach & C. Allen)이 융합적 접근으로 강조한 덕 이론의 한계를 넘어, 보다 현실적인 AMA 융합적 접근에 대한 새로운 기획들을 제시하게 되었다.

뇌졸중 후 보행 재활의 최신 경향 : 상향식 접근과 하향식 접근

오덕원 한국신경근육물리치료학회(구 한국신경근육재활학회) 2020 한국신경근육재활학회지 Vol.10 No.2

As neurological rehabilitation has been increasingly developed, there is a rapid close in gap between neuroscientific information and clinical application. Also, a variety of concepts have been established to apply therapeutic techniques in stroke rehabilitation, which are based on bottom-up and top-down approaches. Therefore, clinicians need to understand valuable knowledge with regard to the natures of these approaches, and know the current use of treatment techniques. Based on recent trend, advanced technology highlights to develop new neuromechanical tools and robot-assisted devices for improved rehabilitation effects and functional recovery. Despite inadequate evidences in clinical setting, these approaches are known to facilitate brain plasticity and functional recovery, thereby allowing developing specific devices and more efficient control system. Focusing on scientific interests to control the pathophysiology of neural plasticity after stroke and operate them in controlled environment, data on specific effects from treatment are promptly collected as treatment outcomes. This supports the great benefits of patient-therapist-specific approaches. Therefore, the understandings of bottom-up and top-down approaches are necessary to build the present and future concepts in treatment. This paper aims to provide valuable information about current trends in gait rehabilitation after stroke, including bottom-up and top-down approaches.

A Study on Methodology of U-City Promotion (Top-Down vs Bottom-Up Approach Model)

이상훈,김형복 대한공간정보학회 2009 Spatial Information Research Vol.17 No.1

Recently, a lot of local autonomous entities are promoting Ubiquitous City(U-City) Construction by integrating Information Communication Technology(ICT) with city development, and also internationally, a lot of cities are making efforts to develop U-City to intensify a city's competitive strength and improve life quality of city dwellers. In keeping with such a stream of the times, each local autonomous entity and project developer are developing a lot of methodologies to establish optimal U-City in corresponding cities and also inquiring into a variety of development procedures, such as connecting existing urban development methods with information establishment methods. The method used usually is to establish Information strategy Plan(ISP) for a city which will be developed through consulting in the stage of city development planning. ISP is to establish vision & strategy for building the ubiquitous city and is a methodology including city vision, strategy, goal, and implementation method, etc. However, due to a lot of variables, such as a variety of city environment, establishment period, budget, information technology, and etc., it is difficult to contain establishment plans for every occasion in a similar method, in reality. Therefore, it is naturally necessary to suggest plans for city vision & strategy, and selection of element technology/service. Thus, this paper suggests models for vision & strategy establishment of U-City and suggests Top-Down Approach and Bottom-Up Approach method as a plan for U-City establishment. In addition, this paper analyzes general promotion methodologies for constructing U-City and analyzes how these two strategic methods [Top-Down Approach and Bottom-Up Approach] for city vision establishment are composed in such a methodology, to define and analyze its constituent plan.

하향식 접근법을 통한 다독의 통합적 전략 연구

신규철(Kyu-Cheol Shin) 한국외국어대학교 영미연구소 2024 영미연구 Vol.60 No.-

이 연구의 목적은 언어습득 관점에서 다독의 하향식 접근법을 중심으로 통합적 전략을 고찰하고 연구사례들을 분석하여, 영어교육에 끼치는 의의를 논의하고 우리나라 영어교육의 새로운 패러다임을 제언하는데 있다. 본 연구는 전통적인 읽기법인 상향식 읽기의 정독(intensive reading)이 갖고 있는 의사소통적 능력 제고의 한계를 분석하고, 그 대안으로 인지적 측면을 고려하여, 언어적 측면을 통합시키는 하향식 읽기법인 자발적 다독법(extensive reading)의 연구사례들을 분석하여 그 교육적 함의를 논의하고, 우리의 영어교육 현장에 적용시키는 것을 목표로 하고 있다. 특히 자발적 다독법은 외국어로서의 영어(EFL) 교육 환경의 문제점인 목표어에 대한 언어노출의 한계를 극복하고, 목표어의 최대한 노출을 통한 의미중심의 언어교육을 강조한다. 그리고, 자발적 다독법은 학습자의 인지적 능력을 함양하여, 언어능력과 창의적 사고력을 동시에 제고시키고 학습자의 인지적 능력과 언어의 유창성 개발에 어떻게 영향을 주는지에 대해 논의한다. 또한 다독을 통한 하향식 접근법이 인지적 측면에서 통합적 학습전략으로서 우리의 학습 현장에 적용되어야 한다고 제언한다. The purpose of this study is to investigate the integrative strategy with a focus on a top-down approach to extensive reading and review the research, suggesting its pedagogic implications for the classroom. Based on research data on extensive reading, the integration strategy that EFL learners use to read is discussed as to whether it effectively promotes the cognitive aspect of reading abilities and learner autonomy in EFL learners. In addition, this study analyzes a top-down approach and bottom-up approach for voluntary extensive reading and suggests significant insights for foreign language reading instruction. In summary, the top-down approach with a focus on interactive extensive reading shows that the learner-centered extensive reading emphasizes meaning-centered comprehension, together with a positive attitude and enjoyment of reading. By promoting extensive reading, educators aim to create an environment where learners can naturally develop their foreign language skills through exposure to authentic texts.

전문학습공동체를 통한 교육과정 개혁: 하향식 및 상향식 의사결정의 균형과 통합을 중심으로

김두정 ( Doojung Kim ) 한국교육과정학회 2015 교육과정연구 Vol.33 No.3

The goal of this study was to suggest a new alternative approach to current top-down and bottom-up curriculum reforms, neither of which has been regarded as successful. “Curriculum” could be defined as decision-making related to teaching-learning plan and its implementation to achieve educational goals. The following research questions were raised: 1) what are the major problems that drove the search for an alternative approach? 2) what is that alternative approach?and 3) what are the implications of the study? The main problems that necessitated the alternative approach were: 1) the hierarchical and separate accountabilities among the government, local school districts, and schools, 2) the absence of cooperative relational procedures among the government, local school districts, and schools, 3) insufficient feedback and support regarding the autonomy of schools and teachers, and 4) the return to the top-down approach instead of the autonomy of schools and teachers was due to insufficient preparation. The alternative approach to improving the main problems raised by current curriculum reforms might be called “schools as professional learning communities (PLC),” where government, local school districts, and schools are linked with continuous interactions on the principle of permeable connectivity (Fullan, 2007: 262). As PLCs, the schools are focused both on students’ learning and the linkage of schools within each district. They aim to build the capacities of their own schools through cooperation among the teachers, local school districts, and government. The capacity building by schools is more important than their accountability. Discussions were made in terms of: 1) making clear relational procedures for permeable connectivity by mandates, regulations, or laws among government, local school districts, and schools, 2) to establish the same educational goals focused on students, 3) to encourage cooperative leadership by school principals, and 4) to be alert to “false clarity” of reforms. Finally, some implications of the study will also be suggested.