• The Korean Journal of Financial Studies
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• v.3 no.1
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• pp.233-265
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• 1996

We examine the impact of public and private information on price movements using the thirty DJIA stocks and twenty-one NASDAQ stocks. We find that the standard deviation of daily returns on information days (dividend announcement, earnings announcement, insider purchase, or insider sale) is much higher than on no-information days. Both public information matters at the NYSE, probably due to masked identification of insiders. Earnings announcement has the greatest impact for both DJIA and NASDAQ stocks, and there is some evidence of positive impact of insider asle on return volatility of NASDAQ stocks. There has been considerable debate, e.g., French and Roll (1986), over whether market volatility is due to public information or private information-the latter gathered through costly search and only revealed through trading. Public information is composed of (1) marketwide public information such as regularly scheduled federal economic announcements (e.g., employment, GNP, leading indicators) and (2) company-specific public information such as dividend and earnings announcements. Policy makers and corporate insiders have a better access to marketwide private information (e.g., a new monetary policy decision made in the Federal Reserve Board meeting) and company-specific private information, respectively, compated to the general public. Ederington and Lee (1993) show that marketwide public information accounts for most of the observed volatility patterns in interest rate and foreign exchange futures markets. Company-specific public information is explored by Patell and Wolfson (1984) and Jennings and Starks (1985). They show that dividend and earnings announcements induce higher than normal volatility in equity prices. Kyle (1985), Admati and Pfleiderer (1988), Barclay, Litzenberger and Warner (1990), Foster and Viswanathan (1990), Back (1992), and Barclay and Warner (1993) show that the private information help by informed traders and revealed through trading influences market volatility. Cornell and Sirri (1992)' and Meulbroek (1992) investigate the actual insider trading activities in a tender offer case and the prosecuted illegal trading cased, respectively. This paper examines the aggregate and individual impact of marketwide information, company-specific public information, and company-specific private information on equity prices. Specifically, we use the thirty common stocks in the Dow Jones Industrial Average (DJIA) and twenty one National Association of Securities Dealers Automated Quotations (NASDAQ) common stocks to examine how their prices react to information. Marketwide information (public and private) is estimated by the movement in the Standard and Poors (S & P) 500 Index price for the DJIA stocks and the movement in the NASDAQ Composite Index price for the NASDAQ stocks. Divedend and earnings announcements are used as a subset of company-specific public information. The trading activity of corporate insiders (major corporate officers, members of the board of directors, and owners of at least 10 percent of any equity class) with an access to private information can be cannot legally trade on private information. Therefore, most insider transactions are not necessarily based on private information. Nevertheless, we hypothesize that market participants observe how insiders trade in order to infer any information that they cannot possess because insiders tend to buy (sell) when they have good (bad) information about their company. For example, Damodaran and Liu (1993) show that insiders of real estate investment trusts buy (sell) after they receive favorable (unfavorable) appraisal news before the information in these appraisals is released to the public. Price discovery in a competitive multiple-dealership market (NASDAQ) would be different from that in a monopolistic specialist system (NYSE). Consequently, we hypothesize that NASDAQ stocks are affected more by private information (or more precisely, insider trading) than the DJIA stocks. In the next section, we describe our choices of the fifty-one stocks and the public and private information set. We also discuss institutional differences between the NYSE and the NASDAQ market. In Section II, we examine the implications of public and private information for the volatility of daily returns of each stock. In Section III, we turn to the question of the relative importance of individual elements of our information set. Further analysis of the five DJIA stocks and the four NASDAQ stocks that are most sensitive to earnings announcements is given in Section IV, and our results are summarized in Section V.

• Korean Journal of Agricultural Science
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• v.26 no.2
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• pp.77-93
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• 1999

This study is aiming at identifying the foreward and backward lingkage effects of the farm land base development project. Korean Government has continuously carried out farmland base development projets including the integrated agricultural development projects. large and medium scale irrigation projects and the comprehensive development of the four big river basin including tidal land reclamation and estuary dam construction for the all weather farming since 1962. the starting year of the five year economic development plans. Consequently the irrigation rate of paddy fields in Korea reached to 75% in 1998 and to escalate the irrigation rate, the Government had procured heavy investment fund from IBRD. IMF and OECF etc. To cope with the agricultural problems like trade liberalization in accordance with WTO policy, the government has tried to solve such problems as new farmland base development policy, preservation of the farmland and expansion of farmland to meet self-sufficiency of foods in the future. Especially, farmland base development projects have been challanged to environmental and ecological problems in evaluating economic benefits and costs where the value of non-market goods have not been included in those. Up to data, in evaluating benefits and costs of the projects, farmland base development projects have been confined to direct incremental value of farm products and it's related costs. Therefore the projects'efficiency as a decision making criteria has shown the low level of economic efficiencies. In estimating economic efficiencies including Leontiefs input-output analysis of the projects could not be founded in Korea at present. Accordingly this study is aimed at achieving and identifying the following objectives. (1) To identify the problems related to the financial supports of the Government in implementing the proposed projects. (2) To estimated backward and foreward linkage effects of the proposed project from the view point of national economy as a whole. To achieve the objectives, Hwangrak benefited area with reservoir which is located in Seosan-haemi Disticts, Chungnam Province were selected as a case study. The main results of the study are summarized as follows : a. The present value of investment and O & M cost were amounted to 3,510million won and the present value of the value added in related industries was estimated at 5.913million won for the period of economic life of 70 years. b. The total discounted value of farm products in the concerned industries derived by the project was estimated at 10,495million won and the foreward and backward linkage effects of the project were amounted to 6,760 and 5,126million won respectively. c. The total number of employment opportunities derived from the related industries for the period of project life were 3,136 man/year. d. Farmland base development projects were showed that the backward linkage effects estimated by index of the sensitivity dispersion were larger than the forward linkage effect estimated by index of the power of dispersion. On the other hand, the forward linkage effect of rice production value during project life was larger than the backward linkage effect e. The rate of creation of new job opportunity by means of implementing civil engineering works were shown high in itself rather than any other fields. and the linkage effects of production of the project investment were mainly derived from the metal and non-metal fields. f. According to the industrial linkage effect analysis, farmland base development projects were identified economically feasible from the view point of national economy as a whole even though the economic efficiencies of the project was outstandingly decreased owing to delaying construction period and increasing project costs.

• Journal of the Korean Vacuum Society
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• v.19 no.4
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• pp.307-313
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• 2010

One-dimensional cubic phase silicon carbide nanowires (${\beta}$-SiC NWs) were efficiently synthesized by thermal chemical vapor deposition (TCVD) with mixtures containing Si powders and nickel chloride hexahydrate $(NiCl_2{\cdot}6H_2O)$ in an alumina boat with a carbon source of methane $(CH_4)$ gas. SEM images are shown that the growth temperature (T) of $1,300^{\circ}C$ is not enough to synthesize the SiC NWs owing to insufficient thermal energy for melting down a Si powder and decomposing the methane gas. However, the SiC NWs could be synthesized at T>$1,300^{\circ}C$ and the most efficient temperature for growth of SiC NWs is T=$1,400^{\circ}C$. The synthesized SiC NWs have the diameter with an average range between 50~150 nm. Raman spectra clearly revealed that the synthesized SiC NWs are forming of a cubic phase (${\beta}$-SiC). Two distinct peaks at 795 and $970 cm^{-1}$ in Raman spectra of the synthesized SiC NWs at T=$1,400^{\circ}C$ represent the TO and LO mode of the bulk ${\beta}$-SiC, respectively. XRD spectra are also supported to the Raman spectra resulting in the strongest (111) peaks at $2{\Theta}=35.7^{\circ}$, which is the (111) plane peak position of 3C-SiC. Moreover, the gas flow rate of 300 sccm for methane is the optimal condition for synthesis of a large amount of ${\beta}$-SiC NW without producing the amorphous carbon structure shown at a high methane flow rate of 800 sccm. TEM images are shown two kinds of the synthesized ${\beta}$-SiC NWs structures. One is shown the defect-free ${\beta}$-SiC NWs with a (111) interplane distance of 0.25 nm, and the other is the stacking-faulted ${\beta}$-SiC NWs. Also, TEM images exhibited that two distinct SiC NWs are uniformly covered with $SiO_2$ layer with a thickness of less 2 nm.

• Journal of Cadastre & Land InformatiX
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• v.50 no.1
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• pp.107-123
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• 2020

With stabilization of the recent multi-GNSS infrastructure, and as multi-GNSS has been proven to be effective in improving the accuracy of the positioning performance in various industrial sectors. In this study, in view that SF(Single frequency) GNSS receivers are widely used due to the low costs, evaluate effectiveness of SF Real Time Point Positioning(SF-RT-PP) based on four multi-GNSS surveying methods with RTCM-SSR correction streams in static and kinematic modes, and also derive response challenges. Results of applying SSR correction streams, CNES presented good results compared to other SSR streams in 2D coordinate. Looking at the results of the SF-RT-PP surveying using SF signals from multi-GNSS, were able to identify the common cause of large deviations in the altitude components, as well as confirm the importance of signal bias correction according to combinations of different types of satellite signals and ionospheric delay compensation algorithm using undifferenced and uncombined observations. In addition, confirmed that the improvement of the infrastructure of Multi-GNSS allows SF-RT-SPP surveying with only one of the four GNSS satellites. In particular, in the case of code-based SF-RT-SPP measurements using SF signals from GPS satellites only, the difference in the application effect between broadcast ephemeris and SSR correction for satellite orbits/clocks was small, but in the case of ionospheric delay compensation, the use of SBAS correction information provided more than twice the accuracy compared to result of the Klobuchar model. With GPS and GLONASS, both the BDS and GALILEO constellations will be fully deployed in the end of 2020, and the greater benefits from the multi-GNSS integration can be expected. Specially, If RT-ionospheric correction services reflecting regional characteristics and SSR correction information reflecting atmospheric characteristics are carried out in real-time, expected that the utilization of SF-RT-PPP survey technology by multi-GNSS and various demands will be created in various industrial sectors.

• Proceedings of the Plant Resources Society of Korea Conference
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• 2003.04a
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• pp.61-62
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• 2003

Clonal propagation of high-value forest trees through somatic embryogenesis (SE) has the potential to rapidly capture the benefits of breeding or genetic engineering programs and to improve raw material uniformity and quality. A major barrier to the commercialization of this technology is the low quality of the resulting embryos. Several factors limit commercialization of SE for Corsican pine, including low initiation rates, low culture survival, culture decline causing low or no embryo production, and inability of somatic embryos to fully mature, resulting in low germination and reduced vigour of somatic seedlings. The objective was to develop a Corsican pine maturation medium that would produce cotyledonary embryos capable of germination. Treatments were arranged in a completely randomized design. Data were analyzed by analysis of variance, and significant differences between treatments determined by multiple range test at P=0.05. Corsican pine (Pinus nigra var. maritima) cultures were initiated on modified !P6 medium. Modifications of the same media were used for culture multiplication and maintenance. Embryogenic cultures were maintained on the same medium semi solidified with 2.5 g/l Gelrite. A maturation medium, capable of promoting the development of Corsican pine somatic embryos that can germinate, is a combination of iP6 modified salts, 2% maltose, 13% polyethylene glycol (PEG), 5 mg!l abscisic acid (ABA), and 2.5 g/l Gelrite. After initiation and once enough tissue developed they were grown in liquid medium. Embryogenic cell suspensions were established by adding 0.951.05 g of 10- to 14-day-old semisolid-grown embryogenic tissue to 9 ml of liquid maintenance media in a 250ml Erlenmeyer flask. Cultures were then incubated in the dark at 2022$^{\circ}$C and rotated at 120 rpm. After 2.53 months on maturation medium, somatic embryos were selected that exhibited normal embryo shape. Ten embryos were placed horizontally on 20 ml of either germination medium ($\frac{2}{1}$strength Murashige and Skoog (1962) salts with 2.5 g/l activated charcoal) or same medium with copper sulphate adjusted to 0.25 mg/1 to compensate for copper adsorption by activated carbon. 2% and 4% maltose was substituted by 7.5% and 13% PEG respectively to improve the yield of the embryos. Substitution of' maltose with PEG was clearly beneficial to embryo development. When 2% of the maltose was replaced with 7.5% PEG, many embryos developed to large bullet-shaped embryos. At latter stages of development most embryos callused and stopped development. A few short, barrel-shaped cotyledonary embryos formed that were covered by callus on the sides and base. When 4% of the maltose was removed and substituted with 13% PEG, the embryos developed further, emerging from the callus and increasing yield slightly. Microscopic examination of the cultures showed differing morphologies, varying from mostly single cells or clumps to well-formed somatic embryos that resembled early zygotic embryos only liquid cultures with organized early-stag. A procedure for converting and acclimating germinants to growth in soil and greenhouse conditions is also tested. Seedling conversion and growth were highly related to the quality of the germinant at the time of planting. Germinants with larger shoots, longer, straighter hypocotyls and longer roots performed best. When mature zygotic embryos germinate the root emerges, before or coincident with the shoot. In contrast, somatic embryos germinate in reverse sequence, with the cotyledons greening first, then shoot emergence and then, much later, if at all, the appearance of the root. Somatic seedlings, produced from the maturation medium, showed 100% survival when planted in a field setting. Somatic seedlings showed normal yearly growth relative to standard seedlings from natural seed.

• Journal of the Korean Society of Food Science and Nutrition
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• v.42 no.5
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• pp.682-689
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• 2013

This study determined the effects of cabbage juice and cabbage-mixed juices on the growth of AGS human gastric cancer cells and their anti-gastritic effects on HCl-ethanol induced gastritis in SD rats. Cabbage juice showed the highest growth inhibition on AGS gastric cancer cells in vitro (42%), compared with chlorella (20%) and kale juice (21%). However, cabbage-chlorella and cabbage-kale juice mixtures (at a 7:3 ratio) showed synergistic effects (57% and 65% inhibitory effects, respectively) on the gastric cancer cells. Inflammatory genes (iNOS, COX-2, TNF-${\alpha}$ and IL-$1{\beta}$) were significantly down-regulated in the mixed juices. Tests of DPPH radical scavenging activity and acid-neutralizing capacity with the mixed juices also showed this trend, as cabbage-chlorella and cabbage-kale mixed juices showed synergistic effects compared to cabbage juice alone. The inhibition rate of acute gastritis induced by HCl-ethanol in rats was 46% with high amounts of cabbage (CH; 800 mg/kg), 71% with high amounts of cabbage and chlorella (CChH; 800 mg/kg), 74% with high amounts of cabbage and kale (CKH; 800 mg/kg), and 75% with cimetidine (positive control) compared with the control. In addition, rates with CChH and CKH showed decreasing gastric secretions with increasing pH. These results show that cabbage juice and cabbage-mixed juices, especially with chlorella or kale, exhibit remarkable anti-gastritic effects and can be administered for a long period for the prevention and treatment of gastric cancer and gastritis.

• Restorative Dentistry and Endodontics
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• v.35 no.5
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• pp.387-394
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• 2010

Objectives: The purpose of this study was to evaluate the whitening efficacy and longevity of home bleaching. Materials and Methods: A total of 28 patients were divided into either experimental group (Opalescence F; 15% carbamide peroxide) or control group randomly. The patients in experimental group were instructed to wear individual trays applied with bleaching gel for 2 hours a day for 4 weeks. Any treatments weren't applied to the patients in control group. The color measurements of central incisors, lateral incisors & canines of upper and lower arch were recorded at base line, immediately after the finishment of treatmemt (4 weeks), 8 weeks and 12 weeks using Colorimeter (Chroma Meter, 2600d Konica Minolta co.) and Vitapan classical shade guide (Vita Zahnfabrik). Results: A significantly stronger color change was observed for overall teeth samples in experimental group immediately after treatment (at 4 weeks) compared to ones in control group (p < 0.05). There was also a significant difference between baseline and 8 weeks or 12 weeks separately though color rebouncing phenomenon occurred as time went by (p < 0.05). Conclusions: The clinical effecacy and longevity of home bleaching without combined application of in-office bleaching was observed through this experiment.

• Journal of Intelligence and Information Systems
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• v.21 no.3
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• pp.53-77
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• 2015

Korea has witnessed an increasing number of domestic patent applications, but a majority of them are not utilized to their maximum potential but end up becoming obsolete. According to the 2012 National Congress' Inspection of Administration, about 73% of patents possessed by universities and public-funded research institutions failed to lead to creating social values, but remain latent. One of the main problem of this issue is that patent creators such as individual researcher, university, or research institution lack abilities to commercialize their patents into viable businesses with those enterprises that are in need of them. Also, for enterprises side, it is hard to find the appropriate patents by searching keywords on all such occasions. This system proposes a patent recommendation system that can identify and recommend intellectual rights appropriate to users' interested fields among a rapidly accumulating number of patent assets in a more easy and efficient manner. The proposed system extracts core contents and technology sectors from the existing pool of patents, and combines it with secondary social knowledge, which derives from tags information created by users, in order to find the best patents recommended for users. That is to say, in an early stage where there is no accumulated tag information, the recommendation is done by utilizing content characteristics, which are identified through an analysis of key words contained in such parameters as 'Title of Invention' and 'Claim' among the various patent attributes. In order to do this, the suggested system extracts only nouns from patents and assigns a weight to each noun according to the importance of it in all patents by performing TF-IDF analysis. After that, it finds patents which have similar weights with preferred patents by a user. In this paper, this similarity is called a "Domain Similarity". Next, the suggested system extract technology sector's characteristics from patent document by analyzing the international technology classification code (International Patent Classification, IPC). Every patents have more than one IPC, and each user can attach more than one tag to the patents they like. Thus, each user has a set of IPC codes included in tagged patents. The suggested system manages this IPC set to analyze technology preference of each user and find the well-fitted patents for them. In order to do this, the suggeted system calcuates a 'Technology_Similarity' between a set of IPC codes and IPC codes contained in all other patents. After that, when the tag information of multiple users are accumulated, the system expands the recommendations in consideration of other users' social tag information relating to the patent that is tagged by a concerned user. The similarity between tag information of perferred 'patents by user and other patents are called a 'Social Simialrity' in this paper. Lastly, a 'Total Similarity' are calculated by adding these three differenent similarites and patents having the highest 'Total Similarity' are recommended to each user. The suggested system are applied to a total of 1,638 korean patents obtained from the Korea Industrial Property Rights Information Service (KIPRIS) run by the Korea Intellectual Property Office. However, since this original dataset does not include tag information, we create virtual tag information and utilized this to construct the semi-virtual dataset. The proposed recommendation algorithm was implemented with JAVA, a computer programming language, and a prototype graphic user interface was also designed for this study. As the proposed system did not have dependent variables and uses virtual data, it is impossible to verify the recommendation system with a statistical method. Therefore, the study uses a scenario test method to verify the operational feasibility and recommendation effectiveness of the system. The results of this study are expected to improve the possibility of matching promising patents with the best suitable businesses. It is assumed that users' experiential knowledge can be accumulated, managed, and utilized in the As-Is patent system, which currently only manages standardized patent information.

• Proceedings of the Korean Sanitation Conference
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• 2005.12a
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• pp.76-97
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• 2005

As the recent change of multiformity and taste in clination in eating habit culture is yearly in creasing foods used oil and fats. Because the frying food is especially important snack , it's safty is very essential. In order to know the safty and harmfulness of frying oil and fats. The 20 kinds samples were purchased chicken fried food shops around the north of seoul and kyunggi. The acid value, iodine value, peroxide value, TBA value, fatty acid, carbonyl value, and smoke point of deep fat fried oils were analyzed. Results of analyzed, A company of deep fat frying oil showed stability state and C company and B company of deep fat frying oil is acidification to turned. But D company of deep fat frying oil showed quite a bit acidification progressived of used hydrogenated oil.

• Journal of Korea Water Resources Association
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• v.53 no.8
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• pp.627-636
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• 2020

Debris flow disasters primarily occur in mountainous terrains far from cities. As such, they have been underestimated to cause relatively less damage compared with other natural disasters. However, owing to urbanization, several residential areas and major facilities have been built in mountainous regions, and the frequency of debris flow disasters is steadily increasing owing to the increase in rainfall with environmental and climate changes. Thus, the risk of debris flow is on the rise. However, only a few studies have explored the characteristics of flooding and reduction measures for debris flow in areas designated as steep slopes. In this regard, it is necessary to conduct research on securing independent disaster prevention technology, suitable for the environment in South Korea and reflective of the topographical characteristics thereof, and update and improve disaster prevention information. Accordingly, this study aimed to calculate the amount of debris flow, depending on disaster prevention performance targets for regions designated as steep slopes in South Korea, and develop an independent model to not only evaluate the impact of debris flow but also identify debris barriers that are optimal for mitigating damage. To validate the reliability of the two-dimensional debris flow model developed for the evaluation of debris barriers, the model's performance was compared with that of the hydraulic model. Furthermore, a 2-D debris model was constructed in consideration of the regional characteristics around the steep slopes to analyze the flow characteristics of the debris that directly reaches the damaged area. The flow characteristics of the debris delivered downstream were further analyzed, depending on the specifications (height) and installation locations of the debris barriers employed to reduce the damage. The experimental results showed that the reliability of the developed model is satisfactory; further, this study confirmed significant performance degradation of debris barriers in areas where the barriers were installed at a slope of 20° or more, which is the slope at which debris flows occur.