[정품]금융전문가 1.5

Chapter 4 Summaries

15 . 신명석(Stance)

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 Chapter 4 : Understanding social perception and managing diversity

 1. A Social information processing model of perception

  A social information processing model has four stage.

 Stage 1. Selective attention/comprehension

 Stage 2. Encoding and simplification

 Stage 3. Storage and Retention

 Stage 4. Retrieval and Response

 Through the process, A social information take judgemnets and decisions.

 Perception is process of interpretion one's environment. In the Stage 1, Atteniton, being consciously aware of something or someone, is key role. In the Research called Salient stimuli shows that people have a tendency to pay more attention to negative than positivie information. This leads to a negativity bias. In the stage 2, Encoding and simplification has point that perceivers assign pieces of information to cognitive categories. The category means mental depositories for storing information. The second stage use schema, mental picure of an event or object and stereotype and beliefs about the characteristics of a group. In the stage 3, Storage and retention, the phase involves storage of information in long-term memory. There are three type of memory, Event, semantic, person memory. The event memory means composed of categories contaioning information about both specific and general events. The semantic memory refers to general knowledge about the world. Person Memory contain information about a single individual or groups of people. In the Stage 4, retrieval and response, the last process make judgements and decisions.

2. Managerial Implications 

Managerial Implications consist of Hiring, Performance appraisal, leadership, communication and interpersonal influence, physical and psychological well-being, designing web pages. Those of the some points help to see wide variety of managerial activities, organizational processes, and quality-of-life issues are thus affected by perception.

 3. Causal attributions

 Causal attributions : Suspected or inferred causes of behavior.

 1) Kelley's Model of Attribution

 The late Fritz heider, the founder of attribution theory, proposed that behavior can be attributed either to internal factors within a person(such as ability) or to external factors within the environment(such as a difficult task). Internal factors means personal characteristics that cause behavior. External factors means environmental characteristics that cause behavior. The research shows that it is important to remember that consensus relates to other people, distinctiveness relates to other tasks and consistency relates to time.

 2) Attributional Tendencies

 Researchers have uncovered two attributional tendencies that distort one's interpretation of observed behavior-fundamental attribution bias and self-serving bias. Fundamental attribution bias is ignoring evvironmetal factors that affect behavior. Self-serving bias is taking more personal responsibility for success than failure.

 3) Defining and managing diversity

 Diversity : The host of individual differences that make people different from and similar to each other.

• Layers of Diversity has Four layers, Organizational dimensions, External dimensions, Internal dimensions, Personality.

 4) Affirmative action and managing diversity

Affirmative action and managing diversity has right way. The way are Low discrimination and Look on affirmative action. The discrimination is occurs when employment decisions are based on factors that are not job related. The affirmative action means focuses on achieving equality of opportunity in an organzation. There is obstacle is gender discrimination. Glass ceiling, invisible barrier bloking women and minorities from top managemnet positions.The obstacle is limit to women. Second is racial groups are encountering a glass ceiling and perceived discrimination. Third is a mismatch exists between workers' educational attainment and occupational requirements. And The workforce is aging.

 4. Oragnizational practices used to effectively manage diversity. Barriers and challenges to managing diversity.

1. Inaccurate stereotypes and prejudice
2. Ethnocentrism
3. poor career planing
4. An unsupporive and hostile working enviroment for diverse employees
5. Lack of political savvy on the part of diverse employees
6. Difficulty in balancing career and family issues
7. Fears of reverse discrimination
8. Diversity is not seen as an organizational priorty
9. The need to revamp the organization's performance appraisal and reward system
10. Resistance to change.

Management of Financial Intermediation professor1 .docx

Intro

 1)what is investment return?

 Investment return = (기말의 부 - 기초의 부)/기초의 부

 2) Expected rate of return = 특정 상황이 일어날 확률 X 발생할 경우 수익률을 총합

1. Risk References

 본 절에서는 투자자의 위험성향에 따라서 최적증권의 선택이 어떻게 달라지는지를 살펴보기로 한다. 여기서 기준은 기대수익과 위험이 동시에 고려될 때 투자자가 주관적으로 느끼는 만족도인 효용(utility)의 크기에 따라 최종선택을 할 수 밖에 없다.

 투자자의 효용은 기대수익이 높을수록 그리고 위험은 낮을수록 커진다. 그러나 기대수익이 높더라도 위험이 커지게 되면 투자자에 따라서는 효용은 감소할 수도 있다. 위험감수에 대한 투자수익의 증가, 즉 위험보상(Risk premium)의 정도에 대해서 투자자들이 느끼는 만족조는 사람마다 다르기 떄문이다.

 위험에 대한 투자자의 태도는 위험회피형, 위험중립형, 위험선호형 세가지 유형으로 나누어 생각해 볼 수 있따. 이들간의 차이는 기대수익과 위험을 동시에 고려한 만족도, 즉 효용(utility)을 구체적으로 측정하여 결정할 수 있다.

 효용함수(utility function)는 투자자산들의 기대수익과 위험이 주어졌을 때 위험회피도의 정도에 따라 달라지는 만족의 정도를 지수 또는 점수(scoring system)로 나타낸 것이다. 이를테면 투자자들의 효용은 기대수익이 높을 수록

 그림1-투자자의 유형에 따란 효용함수의 형태

증가하고 위험이 높을 수록 감소하므로 다음과 같은 효용함수로 표시할 수 있게 된다.(그림1참조)

 그런데 이 효용함수의 점수로 표시되는 수치는 투자자들이 감지하는 위험회피의 정도까지 반영된 것이므로 확실한 투자자산(무위험자산)으로 부터 얻게 되는 투자수익, 즉 확실성 등가(certainty equivalent)가 된다. 따라서 모든 투자자산의 기대수익과 위험이 동시에 고려되어 확실성 등가로 요약된 것이므로 선택의 우선순위(ranking)가 일관성있게 결정될 수 있는 것이다. 그래서 위험회피형 투자자는 concave(오목한 형태)를 보이면서 투자수익의 증가가 있을 때 체감하는 모양을 보이게 된다. 반면 위험선호형의 효용함수는 원점에 대해서 convex(볼록한 형태)를 보이면서 투자수익의 증가가 있을 때 체증하는 모양을 보이게 된다. 그리고 위험 중립형의 효용함수는 직선형으로 표시된다. 출처 : FP금융자산관리사 -2권 p245~246

2. Diversification

3. Riskless Abitarage

 차익거래란 상품시장에서 동일한 상품은 서로 다른 가격으로 판매될 수 없기 때문에, 만약 상이한 가격으로 거래되고 있다면 싼 것을 매입하고 동시에 비싼 것을 매각하여 일물일가의 법칙(law of one price)이 성립할 때 까지 초과이익을 취하고자 하는 계속적인 활동을 말한다.

 증권의 경우도 일물일가의 법칙이 성립하므로 균형상태의 시장에서는 위험수준이 동일한 증권들은 동일한 기대수익률을 가져야 한다. 만약 위험수준은 동일한데 두 즈우건의 기대 수익률이 다르게 형성되어 있다면 부의 극대화를 추구하는 투자자들은 기대수익률이 낮은 증권을 공매(short sales)하는 동시에 그 매각대금으로 기대수익률이 높은 증권에 투자함으로써 위험부담 없이 초과수익을 획득할 수 있게 된다. 이러한 차익거래행위는 초과수익이 더 이상발생하지 않는 상태(no arbitarage condition)에 이르기까지 계속되어 수요와 공급이 일치되는 균형상태에 이르면 위험수준이 동일한 두 증권의 기대수익률은 같게 된다.

 차익거래에 의해서 이익이 발생할 수 있는 여지는 영(0)의 순투자(zero investment portfolio)를 통하여 위험없는 확실한 이익을 얻는 경우에서도 찾아볼 수 있다. 여기서 영의 순투자란 투자자가 자기자신의 투자자금을 전혀 사용하지 않는 것을 말하는데, 어느 한 증권을 공매하거나 무위험이자율로 차입한 자금으로 다른 증권을 매입하는 경우처럼 자기자금의 순투자가 없는 것을 말한다.- FP 2권 p320

4. Option

 definition of option : an option is an agreement or contract that gives someone the right to buy or sell something su as property or shares at a future date.

 구성요소 : S(기초자산가격), X(행사가격),t(만기까지기간) var(s)=(가격변동성) r=(무위험이자율)

 point : var(s) 가격 변동성이 높을 수록 가격이 움직일 가능성이 높으므로 option price는 비싸다.(다른 조건이 동일하다고 본다면, 그래프로 그리면 평균값에 집중된 형상이 아닌 꼬리가 두껍고 평평한 형태를 띈다)

5. Market Efficenecy Hyphosis

 효율적 시장이론은 정보의 효율성을 가르키고 있다. 효율적 시장은 증권가격이 이용가능한 모든(All) 정보를 신속,정확,충분히(Fully) 반영하는 시장의 의미. 

Chapter Three : Developing Global Managers

 15. 신명석(Stance)

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Introduction

 Developing a Global Mind-Set

 Today's managers, whether they work at home for a foreign-owned company or actually work in a foreign country, need to develop a global mind-set(involving open-mindedness, adaptability, and a strong desire to learn)

1 . A Model of societal and Organizational Cultures

 a. Societal culture : socially derived, taken-for-granted assumptions about how to think and act. Elements of culutre therefore may be prescriptive(what people should do) and descriptive(what they actually do)

 b. Peeling the Cultural Onion : Culture is difficult to grasp because it is multilayered.

 c. Merging Societal and Organizational Cultures : Culture influences organizational behavior in two ways. Employees bring their sociteal culture to work with them in the form of customs and language. Organizational culture, a by-product of seocietal culture, in turn affects the individual's values, ethics, attitudes, assumptions, and expectations.

2 . Ethnocentrism : Removing a Cultural Roadblock in the Global Economy

 Ethnocentrism : teh belief that one's native country, culture, language, and modes of behavior are superior to all others, has its roots in the dawn of civilization.

 a. Research Insight : Ethnocentrism is staffing and human resource policies to be associated with increased personnel problems.

 b. Dealing with Ethnocentrism in Ourselves and Others : Current and future managers can effectively deal with ethnocentrism through education, greater cross-cultural awareness, international experience, and a conscious effort to value cultural diversity.

3. Becoming Cross-Culturally Competent

 Many dimensions have been suggested over the years to help contrast and compare the world's rich variety of cultures. Five cultural perspectives, especially relevant to present and aspiring global mangers, discussed in this section are basic cultural dimensions, individualism verus collectivsm, high-context and low-context cultures, monochronic and polychronic time orientation, and cross-cultural leadership. 

 a. cultural paradoxes : there are always exceptions to the rule : individuals who do not fit the expected cultural pattern. cf) Cultural intelligence, the ability to accurately interpret ambiguous cross-cultural situations, is an important skill in today's diverse workplaces.

 b. Nine Basic Cultural Dimensions from the GLOBE project. Project GLOBE(Global Leadership and Organizational Behavior Effectiveness) is the brainchild of university of Pennsylvania professor Robert J house. The nine cultural dimensions from the GLOBE project are Power distance, Uncertainty avoidance, Institutional collectivism, Gender egalitarianism , Assertiveness, Future orientation, Performance orientation, Humane orientation

 c. Individualism versus Collectivism : A Closer Look.

 1) individualistic culture : Primary emphasis on personal freedom and choice <-> collectivist culture : personal goals less important than community goals and interests.

 d. High-Context and Low-context Cultures

 1) high-context cultures : Primary meaning derived from nonverbal situational cues.

 2) low-context cultures : Primary meaning derived from written and spoken words.

 Finding the right person for a foreign position is a complex, time-consuming, and costly process. The four stages of the foreign assignment cycle(and OB trouble spots) are (a) selection and training(unrealistic expectations), (b) arrival and adjustment (culture shock), (c) seetiling in and acculturating (lack of support), and (d) returning home and adjusting(reentry shock).

Chapter2 summary

No.15

 Stance Stanly(신명석)

1. Organizational Culture : Definition and Context

 Definition : Organizational culture is "the set of shared, taken-for-granted implicit assumptions that a group holds and that determines how it perceives, thinks about, and reacts to its various environments"

2. Dynamics of Organizational Culture

 Layers of Organizational Culture

1. Observable Artifacts : Artifacts consist of the physical manifestation of an organization's culture.Organizational examples include acronyms, amnner of dress, awards, myths and stories told about the organization, published lists of values, observable rituals and ceremonies, special parking spaces, deconrations, and so on.
2. Espoused values : The stated values and norms that are preferred by an organization.<->Enacted values(represent the values and norms that actually are exhibited or converted into employee behavior.
3. Basic Assumptions : Basic underlying assumptions are unobservable and represent the core of organizational culture.

3. Four Functions of Organizational Culture

4. Types of Organizational Culture

 CVF(Competing values framework) : A framework for categorizing organizational culture.

1. Clan culture : A culture that has an internal focus and values flexibility rather than stability and control.
2. Adhocracy Culture : A culture that has an external focus and values flexibility.
3. Market Culture : A culture that has a strong external focus and values stbility and control. 
4. Hierarchy Culture : A culture that has an internal focus and values stability and control over flexibility.

5. The Process of Culture change

1. Formal statements of organizational philosophy, mission, vision, values, and materials used for recruiting, selection, and socialzation
2. The design of physical space, work environments, and buildings
3. Slogans, language, acronyms, and sayings
4. Deliberate role modeling, training programs, teaching, and coaching by managers and supervisors
5. Explicit rewards, status symbols, and promotion criteria
6. Stories, legends, and myths about key people and events
7. The organizational activitis, processes, or outcomes that leaders pay attetion to, measure, and control
8. Leadr reactions to critical incidents and organizational crises
9. The workflow and organizational structure
10. Organizational systems and procedures
11. Organizational goals and associated criteria used for recruitment, selection, development, promotion, layoffs, and retirement of people.

6. A Three-Phase Model of organizational Socialization

Phase 1 : Anticipatory Socialization : Occurs before an individual joins an organization, and involves the information people learn about different careers, occupations, professions, and organizations.

Phase 2 : Employees learn what the organization is really like and reconcile unmet expectations.

Phase 3 : Change and Acquisition : Requires employees to master tasks and roles and to adjust to work group values and norms.

7. Mentoring

1. Definition of Mentoring : Process of forming and maintaining developmental relationships between a mentor and a junior person.
2. Functions of Mentoring : Five career Functions that enhance career development were sponsorship, exposure-and-visibility, coaching, protection, and challenging assignments.
3. Types of development networks derived from a developmental network model of mentoring. The four development networks are receptive, traditional,entrepreneurial, and opportunistic. 

Source : Organization Behavior,Kinicki/Kreitner,Mc Graw Hill p36~p58 

Summary Chapter 1

•   Indentify at least four of pfeffer's people-centered practices,and define the term managemnet. Pfeffer's seven people-centered practices are job security, careful hiring, power to the people, generous pay for performance, lots of training, less emphasis on status, and trust building.Management is the process of working with and through others to achieve organizational objectives in an efficient and ethical manner.
•  Contrast McGregor's Theory X and Theory Y assumptions about employees. Theory X employees, according to traditional thinking, dislike work, require close supervision, and are primarily interested in security. According to the modern Theory Y view, employees are capable of self-direction, of seeking responsibility, and of being creative.
•  Explain the managerial significance of Deming's 85-15 rule,and identify the four principles of total quality management(TQM). Deming claimed that about 85% of organizational failures are due to system breakdowns involving factors such as management, machinery, or work rules. He believed the workers themselves are responsible for failures only about 15% of the time. Consequently, Deming criticized the standard practice of blaming and punishing individuals for what are typically system failures beyond their immediate control. The four principles of TQM are (a) do it right the first time to eliminate costly rework; (b) listen to and learn from customers and employees; (c) make continuous improvement an everyday matter; and (d) build teamwork, trust, and mutual respect.
• Contrast human and social capital, and identify five measurable outcomes when building human capital.Human capital invoves individual characteristics and abilities; social capital involves social relationships. Human capital in the productive potential of an individual's knowledge and actions. Social capital is productive potential resulting from strong relationships, goodwill, trust, and cooperative effort. Five measurable outcomes of programs to build human capital are (a) leadership/managerial practices; (b) workforce optimization; (c) learning capacity; (d) knowledge accessibility; and (e) talent engagement.
• Explain the impact of the positive psychology movement on the field of OB. Reversing psychology's long-standing preoccupation with what is wrong with people, positive psychology instead focuses on identifying and building human strenghts and potential. Accordingly, Luthans recommends positive organizational behavior(POB) and identifies its basic elements with th CHOSE model. This acronym stands for Confidence/self-efficacy, Hope, Optimism, Subjective well-being, and Emotional intelligence.
•  Define the term e-business, and explain at least three practical lessons about effective e-leadership in a virtual organization. E-business involves using the Internet to more effectively and efficiently manage every aspect of a business. Today's employees are sklled in many aspects of digital communication: e-mail. blogs, social networking sites, and sites where users provide and refine content, such as Wikipedia. In such an evironment, where employees have more control over the information they can access and share, the manager's role is evolving into one of providing the means for collaboration.

1. FRB 정책 금리

 현재 0.25 %

 출처 : 한국증권 HTS (화면 번호 : 0671 대외여건->미국금리)

 cf ) FRB 재할인율 0.5%->0.75%(2010년 2월 18일)

 재할인율이란 ?

 일반은행이 중앙은행에 돈을 빌릴 때 적용되는 금리

2. CMA금리 비교

옥스퍼드 대학 캠퍼스

*2007 옥스퍼드 대학 면접 시험 문제

1. 바다에는 왜 소금이 있나? (생화학 전공)

2. 달팽이에게는 의식이 있는가? (실험심리학 전공)

3. 행복해진다는 것은 무얼 의미하나? (철학, 언어학 전공)

4. 내가(교수가) 오늘 저녁 집에 돌아갔을 때, 내 아내의 다이아몬드 반지가 흑연으로 변해있지 않을 것이라고 어떻게 확신할 수 있는가? (화학 전공)

5. 당신이 록밴드를 마케팅한다면 어떻게 성공시킬 것인가?(경제, 경영학 전공)

6. 백열 전구에 대해 말해보라. (엔지니어링 전공)

7. 당신이 문학작품이라면, 소설인가 시인가? (영어 전공)

8. 만일 문학에 '형태(form)'가 있다면, 버지니아 울프의 소설 '등대로'는 어떤 모습이겠는가? (영어 전공)

9. 실험에서 몇 마리의 원숭이를 사용할 건가? (실험심리학 전공)

10.(시를 낭송해주고) 이 시가 당신에게 무엇을 떠올리게 하는가? 스파이더맨이 생각나진 않는가? (영어 전공)

11.이 세상에 존재하는 모래알의 갯수는 몇 개일까? (물리학 전공)

12. 자동온도조절장치는 스스로 생각할 수 있는가? (실험심리학)

13. 앞에 보이는 저 게시판의 색깔은 무엇인가? 그렇게 판단한 이유는? (수학, 철학 전공)

14. 수치(shame)와 죄책감(guilt), 후회(regret)의 차이를 설명하라. (실험심리학)

15. 셰익스피어의 ‘한여름 밤의 꿈’을 지리학과 연관지어 보라. (지리학)

16.'무한'이란 개념을 나름대로 정의해 보라. (철학, 정치학, 경제학)

17. 성공적인 혁명을 수행하려면 어떻게 해야 하나. (역사학)

18. 내가 손에 든 개미 한마리를 떨어뜨리면 어떤 일이 벌어지나? (물리학)

19. 당신은 캘리포니아에 있지 않은데, 그곳이 존재한다고 어떻게 확신하나?(철학, 정치학, 경제학)

20. 등산을 하는 것은 도덕적으로 잘못된 일인가? (신학)

 800주년을 맞은 케임브리지 대학

*2007 케임브리지 대학 면접 문제

1. 자네가 만일 포도라면, 씨 있는 포도이고 싶은가, 아니면 씨 없는 포도인 것이 좋을까? (의학 전공)

2. 출신학교를 인류학적 관점에서 묘사해보라 (인류학 전공)

3. 분노와 폭력에 대해 어떻게 느끼는가? (건축학)

4. (조약돌을 보여주며) 이 돌들이 얼마나 많이 있어야 차 한대에 맞먹게 되나? (자연과학 전공)

5. '오직 바보들만 스포츠를 즐긴다'는 말을 정당화할 수 있나? (경제학)

6. 자네, '쿨(cool)' 한가? (경제학)

7. 우리가 재채기를 하는 이유는? (자연과학)

8. (받침 접시를 들어보이며) 내가 이걸 못 본다고 생각하고 이 접시를 묘사해보게. (경제학)

9. 땅을 파서 지구 반대편까지 터널을 만든 후, 터널로 뛰어든다면 무슨 일이 벌어지나? (엔지니어링)

10.컴퓨터를 얼마나 작게 만들 수 있을까? (엔지니어링)

11. 작가 샬롯 브론테가 제인 오스틴을 싫어한 이유는 무엇이라고 생각하나? (영어)

12. 연극에서 리듬이 중요한 이유는? (불문학, 독문학)

13. 비용 문제가 해결된다면, 세계 어디로 가고 싶은가? 그 이유는? (지리학)

14.자네 생각에는, 자네가 똑똑한 것 같나? (법학)

15.역사가 미래의 전쟁을 막을 수 있을까? (역사학)

16.사업가에게 지구온난화를 설명하려 할 때, 어떤 사진을 사용하는 것이 좋겠나? (지리학)

17. 경찰에 적발되지 않게 누군가를 독살한다면, 어떤 방법을 사용하겠나? (약학)

18. 자네가 까치라면, 무얼 하겠는가? (자연과학)

19. 만일 자네가 과거로 돌아가는 타임머신에 탈 수 있다면, 역사적 과오를 바로잡기 위해 누구를 만나러 가겠는가? (역사학)

20. '비도덕적인 책'이란 것이 존재하는가? (불문학, 서문학)

21.인간이 달에 착륙한 사건으로부터 우리가 배울 수 있는 것은 무언가? (역사학)

22. 달갈에 마멀레이드를 넣어 먹는 남편의 버릇을 아내가 질색한다면, 이혼 사유가 될 수 있겠는가? (법학)

23. 만일 친구가 나를 방에 가두고는 5유로만 주면 나가게 해주겠다고 한다면, 이것은 신체 자유의 구속에 해당하는가? (법학)

24.물고기들은 왜 겨울에도 얼어죽지 않는가? (자연과학)

25. 정치인들에게 신물이 났다면, IKEA(성공한 가구업체)의 매니저들에게 대신 나라를 경영하도록 맡기는 것이 어떨까? (정치학,사회학)