조사논문 : 귀농인들의 귀농 전과 후 지각된 삶의 질 수준의 비교 연구

김소라 ( So Ra Kim ),문승태 ( Seung Tae Moon ) 한국축산경영학회,농업정책학회(구 한국축산경영학회) 2013 농업경영정책연구 Vol.40 No.3

This study compared perceived quality of life before and after returning to the rural areas among returners. Specifically, the study explores 1) whether returning residents perceived better their quality of life after returning to the rural areas and which part of quality of life improved after returning the rural areas, 2) which factors affect on whether returning residents perceive their life quality better. The self-administrated survey was conducted and total of 660 returners to the rural areas are included for statistical analysis. The descriptive statistics, One-way MANOVA, Paired sample T-test, Independent sample T-test and Logit Model were used. The results showed that generally, returners to the rural areas perceived better after retuning to the rural areas compared to before returning to the rural areas. Excluding local environment, the returners perceived better the quality of life in 7 parts including health, emotion, economy, self-respect, family life, social life, a corporate life. The respondents perceived worse their quality of life in local environment. Among four groups based on income,highest income group perceived worse after returning to the rural areas compared to before return. In general, the level of improvement in perceived quality of life among I-turn type returners was lower than that among U-turn type and J-turn type returners. Furthermore, the longer years of rural life after returning brought out the lower level of perceived quality of life.

고려 기복제(起復制)와 14세기말 기복논쟁(起復論爭)

황향주 ( Hyang Ju Hwang ) 서울대학교 국사학과 2011 韓國史論 Vol.57 No.-

In this article, how the Chinese protocols, regarding one`s ``return to service`` before one completed observing a mourning period for one`s parents[起復制], actually changed after coming into contact with the siesta and cultural atmosphere of Gorier, and vital kind of issues were generated in the process, are examined in details. This practice was called as the "Gi``bok/起復(return-to-duty)`` practice, and it was an act of ordering an official to return to governmental duties before completing a three-year mourning period. This practice was rather a ``rule of exception(``權禮``)``, a policy designed to address specific circumstances which would require a governmental personnel back at its post. The overall intention w.s to resolve possible conflicts of interest, between the o most sacred and important values of Confucianism, which were loyalty(忠) and filial piety(孝). The protocols for this practice were devised by the Chinese Tang/唐 dynasty. At the time, in order to establish this protocol in institutional terms it s dictated that all personnel who were to initiate a three-year mourning period would have to resign obligatorily, and that only when an observation of such mourning period would directly affect the operations of the government the officer in question would be allowed to return to duty. This kind of principle dearly established that the three-year mourning period observation was both a privilege and obligation of a governmental officer, Such dual notion of the principle naturally led to some fierce conflicts of either political or social nature inside the Chinese society, as it forced people to choose between allegiance to one`s king and one`s parents, Protocols for this practice were first introduced to Korea during the Goryeo dynasty period in 985(the fourth year of king Seongjong/成宗), along vith the "Rules regarding Mourning attires(五服制)" of the Tang and Sung dynasties, Interestingly enough, the protocols did not cause any particular problems or troubles inside Goryeo as they did inside China, at least not until 1389, the first year of king Chang-wang`s reign. This was probably because the protocols were applied and operated in a very different way from how they were used in China, In order to prevent any discrepancies between the custonis and culture of Goryeo and China from turning into a problem, Seongjong decided to adopt a ``variated version of the protocols, The Goryeo government fonnulated a directive instructing governmental officials to have a ``Leave of Ahsence fbr 100 Days("百日給暇")``, and offIcially defined the concept of "Gi``bok" as an act of returning to one`s governmental post after a ``predetermined`` (not necessarily to he a ``three-year term) mourning period is duly completed. As a result, the protocols inside Goiyeo no longer bore an ``exceptional`` quality, as it became a perfectly normal action for the Goryeo people, to mourn for their parents for 100 days and then rrurn to their duties, The Goryeo people believed that instead of adhering to a three-year nile which would have had very little to do with the ancestors`` flindaniental spirit, serving and caring for a retmining, living parent would he much more important. Such mindset of the Goryeo people enabled the "Gi`bok" practice to continue as an "ordinary" practice. Yet Later, when Neo-Confiicianism was introduced to the Cioryeo people by the Mongol Yuan empire, a new set of rules spreaded throughout the Korean peninsula, and previous protocols established for the ``return-to-dutj practice were severely affected, Neo-Confucianism dictated that proper ``Rules of conduct(禮學)`` should be rooted in all households, and that the three-year mourning period was indeed a rule that had to he ohservecl ahsolutely, From that viewpoint, the previous ``return-to-duty`` protocols which did not require the three-year term to be unconditionally ohse!wd were to he seemed as supporting ``unhecorning conducts and had habits,`` And such perspective only strengthened, when the scholar-officials were forced to go through an internal division and form multiple groups competing with each other in the fight to occupy political high ground after the so-called ``Wi``hwa-do Return``. The ``return-to-duty`` practice and relevant protocols became a topic of harsh debates, and as a result, a connoveisy broke out for the first time in the first year of king Chang-wang`s reign, over this vety issue During this controversy and all the related debates, the previous fashion of conducting the ``return-to-duW practice was officially condemned. The three-year period became a rule above all else, and any act of returning to duty before such period v?s observed was denounced as an unjust act. Another argument, which argued that at least in order to care for the surviving parent the mourning period for the deceased one could be changed, was aiso condemned Following such condemnation, in the third year of king Gong``yang-wang``s reign the ``return-to-duty`` institutions of Coryeo when through a massive revision? The new institution required all personnel who were newly put in a situation of a parent`s death to wilfully resign, and such requirement made the ``retun-to-duty`` institution an exceptional rule`` once again. All other governmental protocols and legal clauses were revised to suit such change as well, and such revised principles were later inserted in the legal codes of the Joseon dynasty`s early days, such as《Gyeongje Yukjeon/經濟六典》 and 《Gyeong`guk Daejeon/經國大典》. With the ``return-to-duty`` practice again becoming an ``exceptional nile,`` it also again became both a privilege and obligation for the governmental officials, during the Joseon dynasty period. The officials became able to protect their right of oherving a hill thre&year mourning period by resigning their posts, but by resigning from their posts they had to endure a virtual politiod exile for a long time, As a result, the ``return-to-duty`` practice came to cause nrany problems during the Joseon period, problems which had not nopped up during the Goiyeo dasry period, Whether to remain faithful to ones obligations as a human beings offspring, or to place one``s loyally to the king above all else, often became objects of harsh discussions, and they turned into controversies between not only individuals hut also political factions.

국민연금의 수익률과 재정건전성

원승연 ( Seungyeon Won ) 한국금융학회 2017 금융연구 Vol.31 No.2

이 연구는 국민연금 재정추계에서 가정한 기금 운용수익률 또는 요구수익률의 타당성을 검토하였다. 이 연구는 재정추계의 요구수익률 설정은 자산시장에서의 위험을 고려하지 않음으로써, 재정건전성을 과대평가할 가능성이 있음을 제시하였다. 최적화 모형을 이용하여 요구수익률실현 가능성을 검토한 결과 목표수익률을 높이기 위한 포트폴리오 위험 증가가 장기적인 요구수익률을 달성하는데 제약으로 작용할 수 있음을 확인하였다. 따라서 자산시장의 기대수익률이 하락하는 상황에서 위험자산 비중 증가를 통한 자산배분 전략의 변화만으로 장기 요구수익률을 실현하지 못할 수 있음도 제시하였다. 이러한 연구 결과는 국민연금의 경우에도 일반적인 수익률의 기대치와 위험 사이의 상충관계가 존재하는 것을 구체적으로 확인할 수 있음을 지적하여, 장기투자자가 수익률 제고를 목표로 하는 경우 위험 감수에 따른 상반된 영향을 고려해야 함을 제시하였다는데 의의가 있다. 또한 이 연구는 정책적인 관점에서 국민연금의 재정추계 결과가 노후보장을 위한 세대간 부담을 결정하는 국민연금 제도 개편과 연관되는 것이니만큼, 자산시장의 환경을 반영하여 합리적으로 기금 운용수익률이 설정되는 것이 중요함을 지적하였다는 의의가 있다. This study evaluates the rationality of the assumption on the expected returns of National Pension Fund by `the National Pension Fiscal Projection Committee` in 2013. Though the assumption on the expected returns is one of critical factors for evaluating the fiscal soundness of National Pension Fund, it has not been set up with fully considering current financial asset markets. This study indicates that the assumption did not consider the risk of financial markets so that it might over-evaluate the fiscal soundness of National Pension Fund. This study highlights that the fund can not increase the risk un-limitedly for accomplishing the objective returns or required returns by the National Pension Fund fiscal projection. Though the higher ex-ante risk in portfolio may induce the higher short-term expected returns, the increased volatility may cause the decrease of long-term accumulated portfolio returns. The reason is as follows; The increase of portfolio risk will increase the probability that the gap between ex-ante expected return an ex-post realized returns would widen. Then the wider gap between two returns also increase the probability that the long-term average returns will be lower than the short-term expected returns. Therefore, the increase of portfolio risk for higher expected returns may result in the counter-factual effect on decreasing the long-term average returns. This study analyzes the results of asset allocation optimization under the assumption of various financial asset markets by using some of optimal asset allocation models including Markowitz Model. Especially, considering the relationship between portfolio risk and long-term expected returns, this study evaluates the probability that the results of optimized asset allocation can meet the required returns of National Pension Fund which the National Pension Fiscal Projection Committee` assumed in 2013. The results show that it is less probable for National Pension Fund to meet the required returns even with considering all plausible asset allocation strategy. Under the current situation of decreasing expected returns of all asset classes, the higher portfolio risk strategy may have the long-term returns decrease by enlarging the gap between expected short-term returns and realized short-term returns and then lowering the accumulated returns, even if it may increase the short-term expected returns of portfolio. This suggests that the fiscal projection of National Pension Fund need to correct the assumption of expected or required returns in responding to the changing financial asset markets, and then re-evaluate the fiscal soundness of National Pension Fund. The fiscal soundness of Nation Pension fund is important in terms of income allocation between the generation, rather than depletion of fund itself. The mistaken evaluation on fiscal soundness may keep the implau-sible contribution-benefit system of National Pension, making impact on the distortion of intergenerational income allocation. The results of this paper imply that the National Pension System should be changed for fair-ness of intergenerational allocation, rationalizing the assumption of expected returns on the National Pension Fund and correcting the evaluation on the fiscal soundness of National Pension Fund.

주식수익률에 대한 시장요인과 산업요인의 영향

이윤구 韓國交通大學校 2022 한국교통대학교 논문집 Vol.57 No.-

This study examines and compares the effects of market and industry factors on stock returns. For this purpose, I empirically apply KOSPI index return and return of index of all industrial production as market factors, and industry index return and return of index of individual industrial production as industry factors during the period of February, 2000 to December, 2020. Empirical results are as follows: First, in all models, KOSPI index return of market factors has significantly positive effects on individual stock returns, but return of index of all industrial production of market factors has significantly negative effects on individual stock returns. Second, industry index returns of industry factors has significantly positive effects on individual stock returns in all models, and return of index of individual industrial production of industry factors has significantly positive effects on individual stock returns in most models. Third, in all models, industry factors have bigger effects on individual stock returns than market factors and index returns have bigger effects on individual stock returns than returns of index of industrial production. Therefore, this study implies that investment by forecasting industry factors and index return can perform better results of investment in stocks than that by forecasting market factors and return of index of industrial production.

일본의 문화재 ‘반환’으로 본 식민지 지배의 ‘잔상’, 그리고 ‘청산’의 허상 -1958년 일본의 제1차 문화재반환까지의 교섭과정을 사례로-

류미나 일본사학회 2010 일본역사연구 Vol.32 No.-

This paper examines the beginning of negotiation for returning cultural assets between Korea and Japan and so reveals the characteristics of the early-time Korean-Japanese relationships after the Japanese colonial rule. Although returning cultural assets has been considered the most significant symbol of clearing colonial legacy, the detailed negotiation process between Korea and Japan for returning cultural assets, which has started with a talk for normalizing diplomatic relations since October 1951, has not been well examined. This paper tries to examine this detailed negotiation process through diplomatic documents publicly disclosed by Korean and Japanese governments in 2005 and 2008. In the negotiation process, there was strong resistance to returning cultural assets in the Japanese from Ministry of Education, Science and Culture, which has the responsibility of maintaining cultural assets. It is because many Japanese leaders concerned understood returning cultural assets as a recognition of unreasonable colonial rule. However, the Korean government considered returning cultural assets as one of the most important concerns in Korea's claims against the Japanese colonial rule, and so aggressively pressed the Japanese government. The interesting thing is that the Korean government tried to 'politically' settle this negotiation, and so took an ambiguous position on specific category of returning. The Korean government worried that Korea was not eligible to be benefit from a provision, in which Japan should instant return cultural assets acquired during the Pacific War, in the postwar peace treaty between the Allied Forces and Japan. Therefore, the Korean government tried to solve returning cultural assets politically but not by legal process. Since the Japanese government did not have a strong intention for making a list of cultural assets before a talk between Korea and Japan, the Japanese government passively responded the demand from the Korean government. The negotiation for returning cultural assets finished when the Korean government presented a list of the must-be-returned cultural assets. However, the Korea government did not have accurate information on the must-be-returned cultural assets. A list prepared by the Korean government was a sum of 'Korean cultural assets located in Japan' revealed by the Japanese scholars, summarized in the Japanese National Museum, or introduced in exhibitions during the Japanese colonial rule. This shows that returning cultural assets, originally targeted to clear colonial legacy, was working under a framework of the Japanese colonial legacy. Since the Chosen government-general had examined and controlled the Korean cultural assets during colonial rule without the Korean participation, the Korean government could not catch what kind of cultural assets had been overflowed to Japan during the Japanese colonial rule. Therefore, the Korea government had significant limitations on the negotiation for returning cultural assets after the Japanese colonial rule. The Korean-Japanese negotiation for returning cultural assets was not a case of clearing colonial legacy but rather a case of strong legacy of the Japanese colonial rule.

야간수익률의 횡단면 주식수익률에 대한 예측력

전용호(Yong-Ho Cheon) 강원대학교 경영경제연구소 2020 Asia-Pacific Journal of Business Vol.11 No.4

Purpose - This paper explores whether overnight returns measured from the last closing price to today’s opening price explain the cross-section of stock returns. Design/methodology/approach - This study is conducted using the Korean stock market data from 1998 to 2018, obtained from DataGuide database. The analysis begins with portfolio-level tests, followed by firm-level cross-sectional regressions. Findings - First, when decile portfolios sorted on the daily average of overnight returns in the previous months, the highest decile portfolio exhibits a significant negative risk-adjusted return. This suggests that stocks with higher average overnight returns are temporarily overvalued due to buying pressure from investors. Second, at least 6 months of persistence exists in average overnight returns, which is in line with the results reported by Barber, Odean and Zhu (2009) that investor sentiment persists over several weeks. Finally, Fama-MacBeth cross-sectional regression of expected returns after controlling for a variety of firm characteristic variables such as firm size, book-to-market ratio, market beta, momentum, liquidity, short-term reversal, the slope coefficient for overnight returns remains negative and statistically significant. Research implications or Originality - Overall, the evidence consistently suggests that overnight return is considered as a new priced factor in the cross-section of expected returns. The findings of this paper not only adds to finance literature, but also could be useful to practitioners in making stock investment decision.

김상용 교수 정년 기념 민법 제201조~제203조 점유자,회복자 관계와 부당이득반환청구권과의 관계

백태승 ( Tae Seung Paik ) 연세대학교 법학연구원 2015 法學硏究 Vol.25 No.1

In returning his object in possession to the person of losses, the person of unjust enrichment returning that object under Article 748 of Civil Act with unjust enrichment, and returning it under Article 201 of Civil Act with the right to demand real rights differ in scope. In this case, the person of unjust enrichment represents both the person enriched and the possessor. The scope of return in terms of unjust enrichment under Article 748 of Civil Act in particular is wider than the scope of liability of the possessor under Article 201 or Article 203. In other words, it is more favorable for the person of losses to claim for the return of the original object under unjust enrichment than to claim for the return of the object in possession under the right to demand real rights. It is because in the case of the person enriched in good faith, he is not liable to return the fruits under Article 201 of Civil Act, and liable to return such fruits only to the extent that he is still enriched under Article 748, while in the case of the person enriched in bad faith, he is liable to return the fruits under Article 201 hereafter, and on top of that he shall return the benefits received by him together with interest, and if there has been any damage, he shall be bound also to make compensation. According to the commonly accepted view, the return of the original object is governed under Article 201 or Article 203, and the return of value is governed under the Principle of Unjust Enrichment at all times, but the precedents take a different view. Meanwhile, according to the theory of unjust enrichment that discusses different types of unjust enrichment, Article 201 hereafter may apply in the case of infringement of unjust enrichment, but whether to consider this as a special regulation in terms of unjust enrichment regulation and give priority in the application of this regulation are still in debate. Article 201 or Article 203 had been historically retroactive to the Roman Statute, and was codified in the Civil Codes of various European countries. The greatest purpose of the enactment of Article 201 of Civil Act is to protect the possessor in good faith. And because of this purpose, even the precedents make judgments on whether it is deemed that he is in good faith after assuming that the possessor in good faith is given priority in the application of Article 201 at all times in the case of unjust enrichment of infringement. Article 201 in particular acknowledges the acquisition of the fruits of the possessor in good faith; so even in the case where he is still being enriched, he is released from the duty to return. As stated earlier, the question of why it is necessary to approve the preferential treatment for the possessor in good faith has been posed for many years. Although Article 201 or Article 203 collides with the law of unjust enrichment, it has been applied through interpretation without any satisfactory solution in solving this problem of collision. Therefore, in order to solve the problem of the collision of these two laws, it is advisable to narrow down the concept of good faith into good faith and negligence without fault, while specifying the scope of return of the negligent possessor in good faith that the scope of return is entitled only to the possessor still being enriched. In other words, exceptions under Article 748(1) are allowed for the possessor in good faith - and who is negligent without fault - to acquire all of the fruits irrespective of whether the possessor is still being enriched. However, the possessor in good faith but with negligence shall return such benefits only to the extent that he is still enriched. On the other hand, the possessor in bad faith who acknowledges that he has no rights to acquire the fruits or to receive benefits shall return the acquired fruits, and it is necessary to specifically express that the possessor in bad faith shall return the value of the fruits when the fruits are damaged or have not been acquired due to his negligence. Meanwhile, if the object in possession is destroyed or damaged by some causes attributable to the possessor, it will be reasonable to allow only the possessor in good faith who is negligent without fault to return to the extent that he is still enriched in order to balance with Article 201 of Civil Act. (Civil Act in this abstract refers to Civil Act of South Korea.)

중국IPO의 저가발행현상 분석 및 유통시장 투자기회 탐색

여환영(Hwan Young Yeo),박영규(Young K Park),차령(Ling Che) 한국경영학회 2013 經營學硏究 Vol.42 No.6

This paper divides the Chinese A-Share IPO returns into sub-categories such as initial return, return in the primary market, return in the secondary market, and initial realizable return to measure their size. Then we investigate their relationship between these various IPO returns and the typical IPO determinants. We found that 1) in general, the underpricing of Chinese IPOs is gradually decreasing, but the level of the underpricing is still high compared to the developed capital markets. ; 2) the large excess returns of Chinese IPOs mainly come from the initial return. ; 3) most of the initial return is explained by the return in the primary market whereas the proportion of the return in the secondary market is relatively small. ; 4) the return in the primary market is significantly related to the typical IPO determinants(eg. AGE, GAP, ZQL, Reputation, etc.), while the return in the secondary market is not, except the turnover. ; 5) investors who fail to subscribe the competitive IPO stock can still obtain the positive return in the secondary market only if they invest in the stock with high turnover on the initial listing day. We conclude that Chinese IPOs give significant amount of positive returns to the intial subscribers due to their significant underpricing. However, the stock prices recover the most of their fair value on the date of their listing. Therefore, it is difficult to profit from investing in the IPO stocks once they are listed in the secondary market. If a investor still wants to invest in the Chinese IPO stocks in the secondary market, we advise her consider the turnover of the target stock.

Pseudo-Dionysius의 Remaining, Procession, Return 개념 연구

김재현 ( Kim Jae Hyeon ) 한국서양중세사학회 2004 西洋中世史硏究 Vol.0 No.13

Before the scholastic form of systematic theology emerged, the subjects of creation, redemption, and eschatology were frequently illustrated by the pattern of procession(processio) and return(reditus). Processio primarily means division and multiplication from God to every creature as at the creation in the providential developments of the world. Reditus signifies the reversal returning to the origin through the stages of redemption and eschatology. With Paul’s classic statement, “From Him and through Him and to Him are all the things”(Rom. 11:36), the theme of procession and return was articulated by the early Fathers, including the Cappadocians and Pseudo-Dionysius, and often was employed philosophically by Neo Platonists. It is in the Dionysian corpus that we could find the best example of the framework of procession and return. Through the textual and thematic analysis of the Dionysian corpus, I will explore the way in which Dionysius initiates the illumination and formation of procession and return consisted of two parts; structural examination of the five books, and application of procession and return to major theological issues. The Structural format of procession and return, found in chapters one and fifteen of Celestial Hierarchy, embraces multiple aspects of celestial hierarchy in a descending order. Procession and return is closely related to returning and uplifting, symbolic theology, and hierarchy. The triple structure of remaining, procession, and return is illustrated within the triple component of each chapter of Ecclesiastical Hierarchy. Unique interpretations of “divine birth” and “synaxis” dramatize Dionysius’s theology of procession and return, Two subjects, “ human fragmentation” and “incarnation out of love for humanity”, anticipate further development in Eriugena’s anthropology and Christology. Chapters four and thirteen of the Divine Names introduce an overarching framework of procession and return. Dionysius’s comments on Being, Life, and Wisdom(chapter 5,6,7) and on three different types of movement(chapter 9)nicely present a range of aspects of procession and return. Mystical Theology envisages procession and return from the story of Moses at Sinai. Even as the shortest of five books, it presents the theological hermeneutics of liberal plurality and simplicity within the framework of procession and return. Letter 9 portrays a distinctive symbolism based on imagery of “ a mysterious mixing bowl”. A mixing bowl is a sign of an open and embracing power and the providential activity of God. All the analysis shows the structural application of procession and return and its multiple relationships with the theological principles in Dionysius’s theology. With its apostolic authority and theological subtlety, the Dionysian corpus had a strong impact on later theologians both in the West and the East form the sixth century onward. In the Western it was Eriugena who chiefly introduced Dionysius to Western Christianity. The Dionysian writings, mostly through Eriugena’s translation and commentary, enjoyed a revival around the twelfth and thirteenth centuries.

Tail Risk and Size Anomaly in Bank Stock Returns

Heewoo Park,Tongsuk Kim 한국재무학회 2017 한국재무학회 학술대회 Vol.2017 No.05

We reexamine the size anomaly in U.S. bank stock returns and suggest a new size factor capturing the size-dependent return difference. Primarily, Gandhi and Lustig (2015) construct a size factor in the component of size-sorted bank stock portfolio returns, but this size factor has limited economic meanings. We compute size factor using Kelly and Jiang (2014)’s tail risk measure. Tail risk is easily estimable from the cross-section of stock returns and measures time-varying extreme event risk. We show that tail risk captures size-related exposures to bank stock returns. We further analyze the characteristics of the tail risk and its relation with bank stock returns. These findings support that investors actually perceive the too-big-to-fail hypothesis in the bank stock markets.