{"id":23916,"date":"2017-03-01T09:52:35","date_gmt":"2017-03-01T00:52:35","guid":{"rendered":"http:\/\/www.smallake.kr\/?p=23916"},"modified":"2017-03-01T09:52:35","modified_gmt":"2017-03-01T00:52:35","slug":"%ec%86%90%ec%a0%88%eb%a7%a4%eb%8a%94-%ec%96%b8%ec%a0%9c-%ec%9c%a0%ed%9a%a8%ed%95%9c%ea%b0%80","status":"publish","type":"post","link":"https:\/\/smallake.kr\/?p=23916","title":{"rendered":"\uc190\uc808\ub9e4\ub294 \uc5b8\uc81c \uc720\ud6a8\ud55c\uac00?"},"content":{"rendered":"<p>1.<br \/>\n \uc6d0\uce59\uc788\ub294 \ud22c\uc790\ub97c \ub9d0\ud560 \ub54c \uc790\uc8fc \uc5b8\uae09\ud558\ub294 \ub9d0\uc774 \uc190\uc808\ub9e4\uc785\ub2c8\ub2e4. \uc8fc\uac00\uac00 \ub9e4\uc785\ud55c \uac00\uaca9\ubcf4\ub2e4 \ub0b4\ub824\uac00\uac70\ub098 \uc55e\uc73c\ub85c\ub3c4 \ub5a8\uc5b4\uc9c8 \uac83\uc73c\ub85c \uc608\uc0c1\ud558\ub294 \uc0c1\ud669\uc5d0\uc11c \uc190\uc2e4\uc744 \uac10\uc218\ud558\uace0 \ucd94\uac00 \ud558\ub77d\uc5d0 \ub530\ub978 \uc190\uc2e4\uc744 \ud53c\ud558\uae30 \uc704\ud574 \ubcf4\uc720 \uc8fc\uc2dd\uc744 \ud30c\ub294 \uac83\uc744 \ub9d0\ud569\ub2c8\ub2e4.\uc774\ucc9c\ub144 \ucd08\ubc18 \ubaa8 \ud68c\uc0ac\uac00 \uc99d\uad8c\uc0ac\uc640 \uc81c\ud734\ud558\uc5ec \uac1c\uc778\ud22c\uc790\uc790\ub97c \ub300\uc0c1\uc73c\ub85c \uc190\uc808\ub9e4 \uc11c\ube44\uc2a4\ub97c \uc81c\uacf5\ud558\uc600\uc2b5\ub2c8\ub2e4. \uc9c0\uae08 \ub418\ub3cc\uc544 \ubcf4\uba74 \uc544\uc8fc \ucd08\ubcf4\uc801\uc778 \uc11c\ube44\uc2a4\uc600\uc9c0\ub9cc \ub300\ub2e8\ud55c \ubc18\ud5a5\uc744 \uc77c\uc73c\ucf30\uc2b5\ub2c8\ub2e4.\uc5b4\ub290 \ub54c\ubd80\ud130 \uc99d\uad8c\uc0ac HTS\uac00 \uc81c\uacf5\ud558\ub294 \uae30\ubcf8\uae30\ub2a5\uc73c\ub85c Stoploss\uac00 \uc790\ub9ac\uc7a1\uc558\uc2b5\ub2c8\ub2e4. \ucc98\uc74c \ud654\uba74\uc774 \uc81c\uc5b4\ud558\ub294 \uc790\ub3d9\uc190\uc808\ub9e4\ub85c \ucd9c\ubc1c\ud558\uc5ec \uc9c0\uae08\uc740 \uc11c\ubc84\uc5d0 \uc190\uc808\ub9e4\ub97c \uc704\ud55c \ub9e4\ub7ec\ub9e4\ud130\uac12\uc744 \uc800\uc7a5\ud558\ub294 \ubc29\uc2dd\uc73c\ub85c \ub098\uc544\uac14\uc2b5\ub2c8\ub2e4. \uc190\uc808\ub9e4\uc640 \ube44\uc2b7\ud55c \uc758\uc0ac\uacb0\uc815\uc774 \ud544\uc694\ud55c \uacbd\uc6b0\uac00 \uc788\uc2b5\ub2c8\ub2e4. \ucc3d\uc5c5\uc744 \ud560 \ub54c \ub204\uad6c\ub098 \ub300\ubc15\uc744 \uafc8\uafc9\ub2c8\ub2e4. \uadf8\ub807\uc9c0\ub9cc \ud604\uc2e4\uc740 \ub0c9\ud639\ud569\ub2c8\ub2e4. \uc608\uc0c1\ud588\ub358 \ub9e4\ucd9c\uc744 \uacbd\ud5d8\ud558\uae30 \ud798\ub4e4\uace0 \ud558\ub8e8\ud558\ub8e8\uac00 \uc801\uc790\uc785\ub2c8\ub2e4. \uc811\uc744\uae4c \uc0dd\uac01\ub3c4 \ud558\uc9c0\ub9cc \ub300\ubc15\uc5d0 \ub300\ud55c \ubbf8\ub828\uc744 \ubc84\ub9ac\uc9c0 \ubabb\ud569\ub2c8\ub2e4. \uc774\ub7f4 \ub54c \uc190\uc808\ub9e4\uac00 \ud544\uc694\ud569\ub2c8\ub2e4.  \uc5b4\uc81c \uc77d\uc5c8\ub358 <a href=\"http:\/\/m.post.naver.com\/viewer\/postView.nhn?volumeNo=6574145&#038;memberNo=27908841\" target=\"_blank\">\uc2dd\ub2f9 \uc6b4\uc601 20\ub144 \ud130\uc90f\ub300\uac10\ub3c4 \ubb38 \ub2eb\ub294 \uc5ec\uc758\ub3c4\uc758 \ub208\ubb3c<\/a>\uc785\ub2c8\ub2e4. \uc800\ub3c4 \uc790\uc8fc \uac14\uc5c8\ub358 \uc2dd\ub2f9\uc8fc\uc778\uc774 \ub0a8\uae34 \ud3d0\uc5c5\uc778\uc0ac\uc785\ub2c8\ub2e4. \uc190\uc808\ub9e4\uc785\ub2c8\ub2e4.<\/p>\n<p><a href=\"https:\/\/i0.wp.com\/www.smallake.kr\/wp-content\/uploads\/2017\/03\/20170228_222715.jpg\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/www.smallake.kr\/wp-content\/uploads\/2017\/03\/20170228_222715.jpg?resize=900%2C900\" alt=\"\" width=\"900\" height=\"900\" class=\"aligncenter size-full wp-image-23936\" srcset=\"https:\/\/i0.wp.com\/smallake.kr\/wp-content\/uploads\/2017\/03\/20170228_222715.jpg?w=900&amp;ssl=1 900w, https:\/\/i0.wp.com\/smallake.kr\/wp-content\/uploads\/2017\/03\/20170228_222715.jpg?resize=300%2C300&amp;ssl=1 300w, https:\/\/i0.wp.com\/smallake.kr\/wp-content\/uploads\/2017\/03\/20170228_222715.jpg?resize=200%2C200&amp;ssl=1 200w, https:\/\/i0.wp.com\/smallake.kr\/wp-content\/uploads\/2017\/03\/20170228_222715.jpg?resize=144%2C144&amp;ssl=1 144w, https:\/\/i0.wp.com\/smallake.kr\/wp-content\/uploads\/2017\/03\/20170228_222715.jpg?resize=81%2C81&amp;ssl=1 81w, https:\/\/i0.wp.com\/smallake.kr\/wp-content\/uploads\/2017\/03\/20170228_222715.jpg?resize=65%2C65&amp;ssl=1 65w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/a><\/p>\n<p>\uc0ac\uc2e4 \uc190\uc808\ub9e4\uac00 \ud544\uc694\ud569\ub2c8\ub2e4. \uadf8\ub807\uc9c0\ub9cc \uacbd\uc7c1\uc801\uc73c\ub85c \ud22c\uc790\ud55c \uae30\uacc4\uc801\uc778 \uc190\uc808\ub9e4! \ud6a8\uacfc\uac00 \uc788\uc744\uae4c\uc694? \uc774\uc5d0 \ub300\ud55c \ubd80\uc815\uc801\uc778 \uacac\ud574\uc785\ub2c8\ub2e4. <\/p>\n<blockquote><p>\uc0ac\ub78c\ub4e4\uc740 \uc190\uc7b4\ub9e4\uac00 \ud3ed\ub77d\uc5d0\uc11c \uc624\ub294 \ub9c9\ub300\ud55c \uc190\uc2e4\uc744 \ub9c9\uc544\uc900\ub2e4\uace0 \uc0dd\uac01\ud55c\ub2e4. \uadf8\ub798\uc11c \uc8fc\uac00\uac00 \ud558\ub77d\ud574 \uc190\uc808\ub9e4 \uae30\uc900\uc5d0 \ub3c4\ub2ec\ud558\uba74 \uc8fc\uc2dd\uc744 \ubb34\uc870\uac74 \ud310\ub2e4. \ub530\ub77c\uc11c \ubcf4\uc720\ud55c \uc8fc\uc2dd\uc774 80\ud380\uc13c\ud2b8 \ud3ed\ub77d\ud558\ub294 \uc7ac\ub09c\uc740 \ubc1c\uc0dd\ud558\uc9c0 \uc54a\ub294\ub2e4. \ub9e4\ub825\uc801\uc778 \ub9d0\ucc98\ub7fc \ub4e4\ub9ac\uc9c0\uc54a\ub294\uac00? \uc190\uc808\ub9e4\ub97c \uc6d0\uce58\uc54a\uc744 \uc0ac\ub78c\uc774 \uc5b4\ub514 \uc788\uc744\uae4c? \uadf8\ub7ec\ub098 \uc0ac\ub78c\ub4e4\uc758 \uae30\ub300\uc640 \ub2ec\ub9ac \uc190\uc808\ub9e4\ub294 \uc190\uc2e4\uc744 \ub9c9\uc544\uc8fc\uc9c0 \ubabb\ud55c\ub2e4. \uc190\uc808\ub9e4\uac00 \ud6a8\uacfc\uac00 \uc788\ub2e4\uba74 \ubaa8\ub4e0 \uc804\ubb38\uac00\uac00 \uc190\uc808\ub9e4\ub97c \uc0ac\uc6a9\ud560 \uac83\uc774\ub2e4. \uc190\uc808\ub9e4\uac00 \ud558\ub77d \uc704\ud5d8\uc744 \uc81c\ud55c\ud558\uc5ec \uc774\uc775\uc744 \ub192\uc5ec\uc900\ub2e4\uba74 \uc774\ub294 \ud380\ub4dc\ub9e4\ub108\uc800\ub4e4\uc774 \uafc8\uafb8\ub294 \uae30\ubc95\uc774\ub2e4.  \uae08\uc735\ud68c\uc0ac \uc601\uc5c5 \uc9c1\uc6d0\ub4e4\uc740 \ud2c0\ub9bc\uc5c6\uc774 \uc190\uc808\ub9e4\ub97c \uad8c\uc720\ud560 \uac83\uc774\ub2e4. \uc190\uc808\ub9e4\uac00 \uc2e4\uc801\uc744 \ub192\uc5ec\uc8fc\uae30 \ub54c\ubb38\uc774 \uc544\ub2c8\ub2e4. \uc190\uc808\ub9e4\ub294 \ub9e4\ub9e4\ud69f\uc218\ub97c \ub298\ub824\uc8fc\ubbc0\ub85c \ub9e4\ub9e4\uc2e4\uc801\uc5d0 \ub2e4\ub77c \ubcf4\uc218\ub97c \ubc1b\ub294 \uc9c1\uc6d0\ub4e4\uc5d0\uac8c \ud6cc\ub96d\ud55c \ub3c8\ubc8c\uc774 \uc218\ub2e8\uc774\uae30\ub54c\ubb38\uc774\ub2e4.<br \/>\n<a href=\"http:\/\/www.kyobobook.co.kr\/product\/detailViewKor.laf?ejkGb=KOR&#038;mallGb=KOR&#038;barcode=9788960513341\" target=\"_blank\"> \ub2f9\uc2e0\uc758 \ud22c\uc790\ub97c \ub9dd\uce58\ub294 \uc8fc\uc2dd\uc2dc\uc7a5\uc758 17\uac00\uc9c0 \ubbf8\uc2e0<\/a>\uc911\uc5d0\uc11c<\/p><\/blockquote>\n<p>\uc8fc\uc7a5\uc73c\ub85c \ub4e4\ub9b4 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uadf8\ub798\uc11c \uc190\uc808\ub9e4\ud6a8\uacfc\ub97c \uc5f0\uad6c\ud55c \uba87 \ub17c\ubb38\uc744 \uc18c\uac1c\ud569\ub2c8\ub2e4.<\/p>\n<p>2.<br \/>\n \uc544\ub798\uc758 \ub17c\ubb38\ub4e4\uc740 \uc190\uc808\ub9e4\uc804\ub7b5\uc774 \ud22c\uc790\uc790\uc758 \uc190\uc775\uc5d0 \ubbf8\uce58\ub294 \uc601\ud5a5\uc774 \uc791\uc74c\uc744 \ubcf4\uc5ec\uc90d\ub2c8\ub2e4. \uba3c\uc800 <a href=\"https:\/\/academic.oup.com\/rfs\/article-abstract\/1\/1\/67\/1601406\/Inefficient-Dynamic-Portfolio-Strategies-or-How-to\" target=\"_blank\">Inefficient Dynamic Portfolio Strategies, or How to Throw Away a Million Dollars in the Stock Market<\/a>\uc785\ub2c8\ub2e4.  \uc880 \uc624\ub79c \ub17c\ubb38\uc785\ub2c8\ub2e4. \ud380\ub4dc\ub9e4\ub2c8\uc800\ub4e4\uc774 \uc77c\ubc18\uc801\uc73c\ub85c \uc0ac\uc6a9\ud558\ub294 \uc804\ub7b5\uc744 \uc124\uba85\ud558\uace0 \uadf8\uc5d0 \ub530\ub978 \uc6d0\uac00\ub97c \ubd84\uc11d\ud569\ub2c8\ub2e4.<\/p>\n<blockquote><p>A number of portfolio strategies followed by practitioners are dominated because they are incompletely diversified over time. The payoff distribution pricing model is used to compute the cost of following undiversified strategies. Simple numerical examples illustrate the technique, and computer-generated examples provide realistic estimates of the cost of some typical policies, using reasonable parameter values. The cost can be substantial and should not be ignored by practitioners. A section on generalizations shows bow to extend the analysis to term structure models and other general models of returns.<\/p><\/blockquote>\n<iframe src=\"\/\/docs.google.com\/viewer?url=http%3A%2F%2Fwww.smallake.kr%2Fwp-content%2Fuploads%2F2017%2F02%2Fd0826-r.pdf&hl=ko&embedded=true\" class=\"gde-frame\" style=\"width:100%; height:500px; border: none;\" scrolling=\"no\"><\/iframe>\n<p class=\"gde-text\"><a href=\"http:\/\/www.smallake.kr\/wp-content\/uploads\/2017\/02\/d0826-r.pdf\" class=\"gde-link\">Download (PDF, 795KB)<\/a><\/p>\n<p>\ub450\ubc88\uc9f8\ub294 <a href=\"http:\/\/econpapers.repec.org\/paper\/hhssifrwp\/0063.htm\" target=\"_blank\">When Do Stop-Loss Rules Stop Losses?<\/a>\uc785\ub2c8\ub2e4.  \uc774 \ub17c\ubb38\uc740 \uc5ec\ub7ec \ud22c\uc790\uc790\ubb38\uc0ac\ub4e4\uc774 \uc778\uc6a9\ud558\uc600\ub358 \ubd84\uc11d\uc785\ub2c8\ub2e4. \uacb0\ub860\uc740 \ub2e4\uc74c\uacfc \uac19\uc2b5\ub2c8\ub2e4.\uc190\uc808\ub9e4\uac00 \ud6a8\uacfc\ub97c \ubcfc \uc218 \uc788\ub294 \uc870\uac74\uc744 \uc81c\uc2dc\ud569\ub2c8\ub2e4.<\/p>\n<blockquote><p>Under the Random Walk Hypothesis, simple stop-loss rules always depress expected return.<\/br><\/p>\n<p>However, in the presence of momentum and\/or regime-switching, stop-loss rules can add value.  Backtested against monthly returns for broad stock and bond indexes during 1950-2004, a simple stop-loss rule outperforms a buy-and-hold strategy by 0.5% to 1.0% per month during stopped-out periods (exclusive of trading frictions), indicating the presence of non-random behaviors in actual returns. In other words, the rule seems to be able to pick out periods in which long-term bonds substantially outperform equities.<\/p><\/blockquote>\n<iframe src=\"\/\/docs.google.com\/viewer?url=http%3A%2F%2Fwww.smallake.kr%2Fwp-content%2Fuploads%2F2017%2F02%2FWhen_Do_Stop-Loss_Rules_Stop_Losses.pdf&hl=ko&embedded=true\" class=\"gde-frame\" style=\"width:100%; height:500px; border: none;\" scrolling=\"no\"><\/iframe>\n<p class=\"gde-text\"><a href=\"http:\/\/www.smallake.kr\/wp-content\/uploads\/2017\/02\/When_Do_Stop-Loss_Rules_Stop_Losses.pdf\" class=\"gde-link\">Download (PDF, 417KB)<\/a><\/p>\n<p>\uc138\ubc88\uc9f8\ub294 <a href=\"https:\/\/papers.ssrn.com\/sol3\/papers2.cfm?abstract_id=1123362\" target=\"_blank\">Re-Examining the Hidden Costs of the Stop-Loss<\/a>\uc785\ub2c8\ub2e4. \uc55e\uc11c\uc640 \uac19\uc774 \uc190\uc808\ub9e4\uac00 \ud6a8\ub825\uc744 \ubc1c\ud718\ud558\ub294 \uc870\uac74\uc744 \uc0b4\ud53c\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<blockquote><p>Stop losses tend to reduce return volatility, but the opportunity cost of taking losses that subsequently reverse tends to offset the benefit of avoiding further losses.<\/p>\n<p>However, the effectiveness of stop losses varies with the price drift of the asset (\uc544\ub798 \ud45c\ub97c \ucc38\uc870). If price is drifting upward (bull market), use of stop-losses reduces expected return by missing rebounds after minor corrections.  If price is drifting downward (bear market), use of stop-losses enhances expected return by avoiding further losses. Similar results hold for profit-taking stops (exit long position on achieving cumulative gain target).<\/p><\/blockquote>\n<p><a href=\"https:\/\/i0.wp.com\/www.smallake.kr\/wp-content\/uploads\/2017\/03\/stoploss.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/www.smallake.kr\/wp-content\/uploads\/2017\/03\/stoploss.png?resize=748%2C255\" alt=\"\" width=\"748\" height=\"255\" class=\"aligncenter size-full wp-image-23939\" srcset=\"https:\/\/i0.wp.com\/smallake.kr\/wp-content\/uploads\/2017\/03\/stoploss.png?w=748&amp;ssl=1 748w, https:\/\/i0.wp.com\/smallake.kr\/wp-content\/uploads\/2017\/03\/stoploss.png?resize=300%2C102&amp;ssl=1 300w, https:\/\/i0.wp.com\/smallake.kr\/wp-content\/uploads\/2017\/03\/stoploss.png?resize=200%2C68&amp;ssl=1 200w\" sizes=\"auto, (max-width: 748px) 100vw, 748px\" \/><\/a><\/p>\n<iframe src=\"\/\/docs.google.com\/viewer?url=http%3A%2F%2Fwww.smallake.kr%2Fwp-content%2Fuploads%2F2017%2F03%2FSSRN-id1123362.pdf&hl=ko&embedded=true\" class=\"gde-frame\" style=\"width:100%; height:500px; border: none;\" scrolling=\"no\"><\/iframe>\n<p class=\"gde-text\"><a href=\"http:\/\/www.smallake.kr\/wp-content\/uploads\/2017\/03\/SSRN-id1123362.pdf\" class=\"gde-link\">Download (PDF, 881KB)<\/a><\/p>\n<p>\ub124\uc9f8\uc640 \ub2e4\uc12f\uc9f8 \ubc0f \uc5ec\uc12f\uc9f8 \ub17c\ubb38\uc740 \uc190\uc808\ub9e4\uc640 Buy and Hold\ub97c \ube44\uad50\ud55c \ub17c\ubb38\uc785\ub2c8\ub2e4. \uba3c\uc800  <a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=1214737\" target=\"_blank\">The Value of Stop Loss Strategies<\/a>\uc785\ub2c8\ub2e4. \uc190\uc808\ub9e4\uac00 Buy and Hold\uc804\ub7b5\uc5d0 \ube44\ud574 \uc88b\uc740 \uc810\uc774 \uc5c6\ub2e4\uace0 \ud569\ub2c8\ub2e4.<\/p>\n<blockquote><p>Stop loss strategies can prevent investors from holding their losing investments too long by automatically prompting the sales of losing investments. We examine the impacts of stop loss strategies on the return and risk of individual common stocks. Our results indicate that these strategies neither reduce nor increase investors&#8217; losses relative to a buy-and-hold strategy once we extend security returns from past realizations to possible future paths. One unique stop loss mechanism, nevertheless, helps investors to reduce investment risk. These findings suggest that the value of stop loss strategies may come largely from risk reduction rather than return improvement.<\/p><\/blockquote>\n<iframe src=\"\/\/docs.google.com\/viewer?url=http%3A%2F%2Fwww.smallake.kr%2Fwp-content%2Fuploads%2F2017%2F02%2FSSRN-id1214737.pdf&hl=ko&embedded=true\" class=\"gde-frame\" style=\"width:100%; height:500px; border: none;\" scrolling=\"no\"><\/iframe>\n<p class=\"gde-text\"><a href=\"http:\/\/www.smallake.kr\/wp-content\/uploads\/2017\/02\/SSRN-id1214737.pdf\" class=\"gde-link\">Download (PDF, 134KB)<\/a><\/p>\n<p>\ub2e4\uc12f\ubc88\uc9f8\ub294 <a href=\"https:\/\/papers.ssrn.com\/sol3\/papers2.cfm?abstract_id=2407199\" target=\"_blank\">Taming Momentum Crashes: A Simple Stop-Loss Strategy<\/a>\uc785\ub2c8\ub2e4. \uc774 \ub17c\ubb38\uc740 \uc55e\uc11c \ub17c\ubb38\uacfc \ub2e4\ub978 \uacb0\uacfc\ub97c \ubcf4\uc5ec\uc90d\ub2c8\ub2e4. Buy and Hold \uc5d0 \ube44\ud574 \uc218\uc775\uc774\ub098 \uc704\ud5d8\uad00\ub9ac\uc5d0\uc11c \uc88b\ub2e4\uace0 \ud569\ub2c8\ub2e4. \uc774 \ub17c\ubb38\uc5d0 \ub530\ub974\uba74  \ubaa8\uba58\ud140\uc804\ub7b5\uacfc \uc190\uc808\ub9e4\ub97c \uacb0\ud569\ud560 \ub54c \uc88b\uc740 \uacb0\uacfc\ub97c \uc5bb\ub294\ub2e4\uace0 \ud569\ub2c8\ub2e4.<\/p>\n<p><a href=\"https:\/\/i0.wp.com\/www.smallake.kr\/wp-content\/uploads\/2017\/03\/stops.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/www.smallake.kr\/wp-content\/uploads\/2017\/03\/stops.png?resize=863%2C632\" alt=\"\" width=\"863\" height=\"632\" class=\"aligncenter size-full wp-image-23944\" srcset=\"https:\/\/i0.wp.com\/smallake.kr\/wp-content\/uploads\/2017\/03\/stops.png?w=863&amp;ssl=1 863w, https:\/\/i0.wp.com\/smallake.kr\/wp-content\/uploads\/2017\/03\/stops.png?resize=300%2C220&amp;ssl=1 300w, https:\/\/i0.wp.com\/smallake.kr\/wp-content\/uploads\/2017\/03\/stops.png?resize=200%2C146&amp;ssl=1 200w, https:\/\/i0.wp.com\/smallake.kr\/wp-content\/uploads\/2017\/03\/stops.png?resize=276%2C202&amp;ssl=1 276w\" sizes=\"auto, (max-width: 863px) 100vw, 863px\" \/><\/a><br \/>\n<iframe src=\"\/\/docs.google.com\/viewer?url=http%3A%2F%2Fwww.smallake.kr%2Fwp-content%2Fuploads%2F2017%2F03%2FSSRN-id2407199.pdf&hl=ko&embedded=true\" class=\"gde-frame\" style=\"width:100%; height:500px; border: none;\" scrolling=\"no\"><\/iframe>\n<p class=\"gde-text\"><a href=\"http:\/\/www.smallake.kr\/wp-content\/uploads\/2017\/03\/SSRN-id2407199.pdf\" class=\"gde-link\">Download (PDF, 486KB)<\/a><\/p><\/p>\n<p>\uc5ec\uc12f\uc9f8 \ub17c\ubb38\uc740 <a href=\"http:\/\/www.lunduniversity.lu.se\/lup\/publication\/1474565\" target=\"_blank\">Performance of Stop-loss Rules vs Buy and Hold Strategy<\/a>\uc785\ub2c8\ub2e4.\uc77c\ubc18\uc801\uc778 Stoploss\uc640 Trailing Stoploss \ubc0f Buy and Hold\ub97c \ube44\uad50\ud569\ub2c8\ub2e4.<\/p>\n<iframe src=\"\/\/docs.google.com\/viewer?url=http%3A%2F%2Fwww.smallake.kr%2Fwp-content%2Fuploads%2F2017%2F03%2FFEK-00013951.pdf&hl=ko&embedded=true\" class=\"gde-frame\" style=\"width:100%; height:500px; border: none;\" scrolling=\"no\"><\/iframe>\n<p class=\"gde-text\"><a href=\"http:\/\/www.smallake.kr\/wp-content\/uploads\/2017\/03\/FEK-00013951.pdf\" class=\"gde-link\">Download (PDF, 663KB)<\/a><\/p>\n<p>\ub9c8\uc9c0\ub9c9\uc73c\ub85c \uc694\uc998 \uad00\uc2ec\uc774 \ub9ce\uc740 \uc790\uc0b0\ubd84\ubc30\uc640 \uc190\uc808\ub9e4\ub97c \uacb0\ud569\ud55c \ubaa8\ud615\uc744 \ubd84\uc11d\ud55c \ub17c\ubb38\uc73c\ub85c <a href=\"http:\/\/link.springer.com\/article\/10.1057%2Fs41260-016-0010-y\" target=\"_blank\">The value of stop-loss, stop-gain strategies in dynamic asset allocation<\/a>\uc785\ub2c8\ub2e4.<\/p>\n<blockquote><p>Dynamic asset allocation strategies which utilize stop-loss and stop-gain rules may dramatically decrease risk and even increase long-term return relative to other traditional asset allocation strategies. I introduce a dynamic asset allocation strategy which shifts portfolio weights based on predefined stop-loss and stop-gain rules. The two-asset (S&#038;P mutual fund and bond mutual fund) strategy tested from 1990 to 2012 produces an annual geometric return of 8.45% vs. 7.50% for the underlying S&#038;P 500 Index fund with 50% less volatility (9.41% vs. 18.76% for the S&#038;P index fund). In addition, the strategy displays a positive and significant CAPM alpha over the sample period. The strategy\u2019s very strong results are robust to changes in the user-specified parameters, such as the level and number of stop placements. All findings indicate that portfolio stop-loss and stop-gain rule-based strategies comprise a promising dynamic asset allocation approach deserving of further research and development.<\/p><\/blockquote>\n<iframe src=\"\/\/docs.google.com\/viewer?url=http%3A%2F%2Fwww.smallake.kr%2Fwp-content%2Fuploads%2F2017%2F03%2Fxuebalib.com_.5396.pdf&hl=ko&embedded=true\" class=\"gde-frame\" style=\"width:100%; height:500px; border: none;\" scrolling=\"no\"><\/iframe>\n<p class=\"gde-text\"><a href=\"http:\/\/www.smallake.kr\/wp-content\/uploads\/2017\/03\/xuebalib.com_.5396.pdf\" class=\"gde-link\">Download (PDF, 425KB)<\/a><\/p>\n<p>3.<br \/>\n \uc190\uc808\ub9e4\uc640 \uad00\ub828\ud55c \uc544\uc8fc \uac1c\uc778\uc801\uc778 \uacbd\ud5d8\uc744 \uc18c\uac1c\ud569\ub2c8\ub2e4. \uc5bc\ub9c8\uc804 \uc5b4\ub5a4 \ubd84\uc774 \uac1c\ubc1c\ud55c \uc9c0\ud45c\ub97c \uc774\uc6a9\ud558\uc5ec CME \uc790\ub3d9\ub9e4\ub9e4\uc804\ub7b5\uc744 \ub9cc\ub4e0 \uc801\uc774 \uc788\uc2b5\ub2c8\ub2e4. \uc9c4\uc785\uc740 \uc9c0\ud45c\ub97c \uc774\uc6a9\ud55c \uac12\uc73c\ub85c \uc774\ub8e8\uc5b4\uc9c0\uace0 Exit\ub294 \uc190\uc808\ub9e4\ub85c \uc774\ub8e8\uc5b4\uc9d1\ub2c8\ub2e4. \uc9c4\uc785\uc740 \uac00\ub2a5\uc131\uc774\uc5c8\uc9c0\ub9cc Exit\ub294 \ubb38\uc81c\uac00 \ub9ce\uc558\uc2b5\ub2c8\ub2e4. \uc7a6\uc740 \ub9e4\ub9e4\ub85c \uac70\ub798\ube44\uc6a9\uc774 \uc99d\uac00\ud558\uae30\ub54c\ubb38\uc785\ub2c8\ub2e4. \ub2e8\uc21c\ud55c \uc190\uc808\ub9e4\uac00 \ud6a8\uacfc\uc801\uc774\uc9c0 \uc54a\uc74c\uc744 \ubcf4\uc5ec\uc8fc\ub294 \uac04\uc811\uc801\uc778 \uacbd\ud5d8\uc774\uc5c8\uc2b5\ub2c8\ub2e4. \uc774\uc0c1\uc758 \ub17c\ubb38\uc678\uc5d0\ub3c4 \ub9ce\uc740 \ub17c\ubb38\ub4e4\uc774 \uc788\uc2b5\ub2c8\ub2e4. \ub17c\ubb38\ub4e4\uc774 \uc720\ud6a8\ud558\ub2e4\uace0 \uc99d\uba85\ud55c \ubaa8\ud615\ub4e4\uc740 \uc99d\uad8c\uc0acHTS\uac00 \uc81c\uacf5\ud558\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. \ud22c\uc790\uc790\uc758 \ud310\ub2e8\uc774 \ud544\uc694\ud569\ub2c8\ub2e4. \uc190\uc808\ub9e4\ub97c \uc801\uc6a9\ud560\uc9c0, \ub9d0\uc9c0\ub294 \uc804\uc801\uc73c\ub85c \ud22c\uc790\uc790\uc758 \ubaab\uc785\ub2c8\ub2e4.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>1. \uc6d0\uce59\uc788\ub294 \ud22c\uc790\ub97c \ub9d0\ud560 \ub54c \uc790\uc8fc \uc5b8\uae09\ud558\ub294 \ub9d0\uc774 \uc190\uc808\ub9e4\uc785\ub2c8\ub2e4. \uc8fc\uac00\uac00 \ub9e4\uc785\ud55c \uac00\uaca9\ubcf4\ub2e4 \ub0b4\ub824\uac00\uac70\ub098 \uc55e\uc73c\ub85c\ub3c4 \ub5a8\uc5b4\uc9c8 \uac83\uc73c\ub85c \uc608\uc0c1\ud558\ub294 \uc0c1\ud669\uc5d0\uc11c \uc190\uc2e4\uc744 \uac10\uc218\ud558\uace0 \ucd94\uac00 \ud558\ub77d\uc5d0 \ub530\ub978 \uc190\uc2e4\uc744 \ud53c\ud558\uae30 \uc704\ud574 \ubcf4\uc720 \uc8fc\uc2dd\uc744 \ud30c\ub294 \uac83\uc744 \ub9d0\ud569\ub2c8\ub2e4.\uc774\ucc9c\ub144 \ucd08\ubc18 \ubaa8 \ud68c\uc0ac\uac00 \uc99d\uad8c\uc0ac\uc640 \uc81c\ud734\ud558\uc5ec \uac1c\uc778\ud22c\uc790\uc790\ub97c \ub300\uc0c1\uc73c\ub85c \uc190\uc808\ub9e4 \uc11c\ube44\uc2a4\ub97c \uc81c\uacf5\ud558\uc600\uc2b5\ub2c8\ub2e4. \uc9c0\uae08 \ub418\ub3cc\uc544 \ubcf4\uba74 \uc544\uc8fc \ucd08\ubcf4\uc801\uc778 \uc11c\ube44\uc2a4\uc600\uc9c0\ub9cc \ub300\ub2e8\ud55c \ubc18\ud5a5\uc744 \uc77c\uc73c\ucf30\uc2b5\ub2c8\ub2e4.\uc5b4\ub290 \ub54c\ubd80\ud130 \uc99d\uad8c\uc0ac HTS\uac00 \uc81c\uacf5\ud558\ub294 \uae30\ubcf8\uae30\ub2a5\uc73c\ub85c Stoploss\uac00 \uc790\ub9ac\uc7a1\uc558\uc2b5\ub2c8\ub2e4. \ucc98\uc74c \ud654\uba74\uc774 \uc81c\uc5b4\ud558\ub294&#8230;<br \/><a class=\"read-more-button\" href=\"https:\/\/smallake.kr\/?p=23916\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":23947,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"\uc99d\uad8c\uc0ac HTS\uac00 \uc81c\uacf5\ud558\ub294 \uc190\uc808\ub9e4\uc11c\ube44\uc2a4. \ub9e4\ub9e4\ube48\ub3c4\ub97c \ub192\ud788\uae30 \uc704\ud55c \uc0c1\uc220\uc77c\uae4c\uc694? \uc720\ud6a8\ud55c \ud22c\uc790\uc804\ub7b5\uc77c\uae4c\uc694? \uc5ec\ub7ff \ub17c\ubb38\uc744 \uc0b4\ud3c8\uc2b5\ub2c8\ub2e4.","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7],"tags":[3044,3045],"class_list":["post-23916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-7","tag-stoploss","tag-3045"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.8 - aioseo.com -->\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"smallake\"\/>\n\t<meta name=\"keywords\" content=\"stoploss,\uc190\uc808\ub9e4\" \/>\n\t<link rel=\"canonical\" href=\"https:\/\/smallake.kr\/?p=23916\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 4.9.8\" \/>\n\t\t<meta property=\"og:locale\" content=\"ko_KR\" \/>\n\t\t<meta property=\"og:site_name\" content=\"\uadf8\ub300\uc548\uc758\uc791\uc740\ud638\uc218 | \uc0b4\uc544\uc628 \ub0a0\uc758 \ud754\uc801, \uc0b4\uc544\uac08 \ub0a0\uc758 \uae30\ub85d\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"\uc190\uc808\ub9e4\ub294 \uc5b8\uc81c \uc720\ud6a8\ud55c\uac00? 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