• KDI Journal of Economic Policy
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• v.31 no.1
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• pp.239-276
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• 2009

The paper investigates the possible relationship between earnings prediction by security analysts and special ownership ties that link security companies those analysts belong to and firms under analysis. "Security analysts" are known best for their role as information producers in stock markets where imperfect information is prevalent and transaction costs are high. In such a market, changes in the fundamental value of a company are not spontaneously reflected in the stock price, and the security analysts actively produce and distribute the relevant information crucial for the price mechanism to operate efficiently. Therefore, securing the fairness and accuracy of information they provide is very important for efficiencyof resource allocation as well as protection of investors who are excluded from the special relationship. Evidence of systematic distortion of information by the special tie naturally calls for regulatory intervention, if found. However, one cannot presuppose the existence of distorted information based on the common ownership between the appraiser and the appraisee. Reputation effect is especially cherished by security firms and among analysts as indispensable intangible asset in the industry, and the incentive to maintain good reputation by providing accurate earnings prediction may overweigh the incentive to offer favorable rating or stock recommendation for the firms that are affiliated by common ownership. This study shares the theme of existing literature concerning the effect of conflict of interests on the accuracy of analyst's predictions. This study, however, focuses on the potential conflict of interest situation that may originate from the Korea-specific ownership structure of large conglomerates. Utilizing an extensive database of analysts' reports provided by WiseFn(R) in Korea, we perform empirical analysis of potential relationship between earnings prediction and common ownership. We first analyzed the prediction bias index which tells how optimistic or friendly the analyst's prediction is compared to the realized earnings. It is shown that there exists no statistically significant relationship between the prediction bias and common ownership. This is a rather surprising result since it is observed that the frequency of positive prediction bias is higher with such ownership tie. Next, we analyzed the prediction accuracy index which shows how accurate the analyst's prediction is compared to the realized earnings regardless of its sign. It is also concluded that there is no significant association between the accuracy ofearnings prediction and special relationship. We interpret the results implying that market discipline based on reputation effect is working in Korean stock market in the sense that security companies do not seem to be influenced by an incentive to offer distorted information on affiliated firms. While many of the existing studies confirm the relationship between the ability of the analystand the accuracy of the analyst's prediction, these factors cannot be controlled in the above analysis due to the lack of relevant data. As an indirect way to examine the possibility that such relationship might have distorted the result, we perform an additional but identical analysis based on a sub-sample consisting only of reports by best analysts. The result also confirms the earlier conclusion that the common ownership structure does not affect the accuracy and bias of earnings prediction by the analyst.

• Management & Information Systems Review
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• v.33 no.1
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• pp.139-155
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• 2014

This study is to examine the linkage of volatility between changes in the stock market of India and other countries through the integration of the world economy. The results were as follows: First, autocorrelation or serial correlation did not exist in the classic RS model, but long-term memory was present in the modified RS model. Second, unit root did not exist in the unit root test for all periods, and the series were a stable explanatory power and a long-term memory with the normal conditions in the ARFIMA model. Third, in the multivariate asymmetric BEKK and VAR model before the financial crisis, it showed that there was a strong influence of the own market of Taiwan and UK in the conditional mean equation, and a strong spillover effect from Japan to India, from Taiwan to China(Korea, US), from US(Japan) to UK in one direction. In the conditional variance equation, GARCH showed a strong spillover effect that indicated the same direction as the result of ARCH coefficient of the market itself. Asymmetric effects in three home markets and between markets existed. Fourth, after the financial crisis, in the conditional mean equation, only the domestic market in Taiwan showed strong influences, and strong spillover effects existed from India to US, from Taiwan to Japan, from Korea to Germany in one direction. In the conditional variance equation, strong spillover effects were the same as the result of the pre-crisis and asymmetric effect in the domestic market in UK was present, and one-way asymmetric effect existed in Germany from Taiwan. Therefore, the results of this study presented the linkage between the volatilities of the stock market of India and other countries through the integration of the world economy, observing and confirming the asymmetric reactions and return(volatility) spillover effects between the stock market of India and other countries.

• Food Science and Preservation
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• v.24 no.5
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• pp.707-713
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• 2017

The objective of this study was to select yogurt starter from Korean traditional fermented foods. The 2 strains (KM24, KM32) among 50 strains of isolated lactic acid bacteria selected as starter based on milk clotting ability, antimicrobial activity against various pathogens, tolerance in artificial gastric and bile juice and growth in 10 % skimmed milk. The strains were identified as Lacobacillus plantarum (KM32) and Pediococcus pentosacesus (KM24) by 16S rRNA gene sequencing. Viable cell number of yogurt fermented with mixed strains (KM24 and KM32) was 9.66 log CFU/mL after fermentation for 48 h and maintained $10^9CFU/mL$ during fermentation for 72 h at $37^{\circ}C$. The pH and titratable acidity of mixed cultured yogurt were 4.25% and 0.83% after fermentation for 48 h at $37^{\circ}C$, respectively. The physico-chemical characteristics of mixed cultured yogurt after fermentation for 48 h were $38.45{\mu}g/mL$ (polyphenol content), 48.57% (DPPH radical scavenging activity) and 465.40 cp (viscosity), respectively. The mixed cultured yogurt maintained $10^9CFU/mL$ of lactic acid bacteria during storage 10 days at $4^{\circ}C$. The viable cell number of yogurt prepared with mixed culture(KM32+KM24) maintained higher and than that of control (L. casei) during storage. These results indicated the potential use of selected strains (KM32+KM24) isolated from kimchi as a yogurt starter with strong acid tolerance and probiotics properties.

• Korean Journal of Weed Science
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• v.17 no.4
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• pp.368-374
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• 1997

Investigated ware the decomposition of mulch paper, weed occurrence, and rice growth and yield in transplanting rice culture with paper mulching in 1996 and 1997. The mulch paper were developed from domestic old corrugated container. In the experiment of 1996 where 25 percent of nitrogen fertilizer was applied as tillering fertilizer at 15 days after transplanting, it took about 28 to 40 days for the mulch paper to reach 50 percent decomposition according to types of mulch paper and fertilizer amount. The decomposition was faster in 18kg N/10a fertilization plot than in 12kg N/10a fertilization plot, and slower in the mulch paper treated with polyamidepolyamine epichlorohydrin resin(PPE) for the reinforcement of wet strength than in the mulch paper without PPE. In the experiment of 1997 where nitrogen fertilizer was not applied at tillering stage and instead 70 percent of nitrogen fertilizer was supplied as basal fertilizer, it took more than 42 days for the mulch paper(PPF treated) to reach 50 percent decomposition. Paper mulching was found to be very effective in controlling the paddy weeds at early stage of rice growth, but the efficacy, of weed control decreased especially in the mulch paper without PPE at later stage of rite growth due to the occurrence of Ludwigia prostrata in 1996. Few weeds occurred even in non-mulched plot without herbicide in 1997, rending difficulties in evaluating the efficacy of mulch paper in weed control, However, it could be deduced from the durability of mulch paper that paper mulching would have had sufficient efficacy of weed control. Rice yield was only 185kg/10a in the plot without mulching and weed control, but 657kg/10a and 771kg/10a in the paper(PPE treated) mulching plot with 12kgN/10a and 18kgN/10a, respectively, in 1996. The paper mulching plot showed rice yield similar to the weed control plot with herbicide in 1997. It would be concluded that paper mulching could ensure effective weed control and as high yield as the conventional rice cultivation with herbicidal weed control if the corresponding amount of basal nitrogen fertilizer is increased instead of omitting the nitrogen fertilizer at tillering stage.

• Ocean and Polar Research
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• v.32 no.3
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• pp.269-289
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• 2010

In Summer 2008, a multidisciplinary survey was conducted onboard R/V Haeyang 2000 to understand plankton response to the three distinct physico-chemical settings that developed in the Ulleung Basin of the East Sea. Baseline settings of hydrographic conditions included the presence of the thin (<20 m) Tsushima Surface Water (TSW) on top of the Tsushima Middle Water (TMW). It extends from the Korea Strait to $37^{\circ}N$ along the $130^{\circ}E$ and then turns offshore and encompasses the relatively saline (T>$26^{\circ}C$, S>33.7) Ulleung Warm Eddy surface water centered at $36.5^{\circ}N$ and $131^{\circ}E$. A relatively colder and saline water mass appeared off the southeastern coast of Korea. It was accompanied by higher nutrient and chlorophyll-a concentrations, suggesting a coastal upwelling. Most of the offshore surface waters support low phytoplankton biomass (0.3 mg chl-a $m^{-3}$). A much denser phytoplankton biomass (1-2.3 mg $m^{-3}$) accumulated at the subsurface layer between 20-50 m depth. The subsurface chlorophyll-a maximum (SCM) layer was closely related to the nutricline, suggesting an active growth of phytoplankton at depth. The SCM developed at shallow depth (20-30 m) near the coast and deepened offshore (50-60 m). A fucoxanthin/zeaxanthin ratio was high in coastal waters while it was low in offshore waters, which indicated that diatoms dominate coastal waters while cyanobacteria dominate offshore waters. The community structure and biomass of phytoplanktonare closely related to nitrogen availability. Zooplankton biomass was higher in the coastal region than in the offshore region while species richness showed an opposite trend. Zooplankton community structure retained a coastal/offshore contrast. These suggest that summer hydrography is a stable structure, lasting long enough to allow a hydrography-specific plankton community to evolve.

• Korean Journal of Fisheries and Aquatic Sciences
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• v.30 no.3
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• pp.393-407
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• 1997

A survey of biological and chemical characteristics in the middle-northern East Sea of Korea was carried out at 28 stations in October, 1995 on board R/V Tam-Yang. On the basis of the vertical profiles of temperature, salinity and dissolved oxygen, water masses in the study area were divided into 5 major groups; (1) Low Saline Surface Water (LSSW), (2) Tsushima Surface Water (TSW), (3) Tsushima Middle Water (TMW), (4) North Korean Cold Water (NKCW), (5) last Sea Porper Water (ESPW). Other 4 mixed water masses were also observed. It is highly possible that the LSSW which occured at depths of $0\~30m$ in the most southern part of the study area is originated from the Yangtze River (Kiang) of China due to very low salinity $(<32.0\%_{\circ})$ relatively high concentration of dissolved silicate and no sources of freshwater input into that area. Oxygen maximum layer in the vertical profile was located near surface at northern cold waters and became deeper at the warm southern area. Oxygen minimum layer af depths $50\~100m$, which is TMW, were found in only southern area. In the vortical profiles of nutrients, the concentrations were very low in the surface layer and increased drammatically near the thermocline. The highest concentration occurred in the ESPW. The relatively low value of Si/P ratio in the ESPW (13.63) compared to other reports in the East Sea was due to continuous increase of P with depth as well as Si. The N : P ratio was about 6.92, showing that nitrogenous nutrient is the limiting factor for phytoplankton growth. The exponential relationship between Si and P, compared to the linear relationship between N and P, indicates that nitrate and phosphate have approximately the same regenerative pattern, but silicate has delayed regenerative pattern.

• Journal of the Korean Society of Food Science and Nutrition
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• v.34 no.5
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• pp.729-733
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• 2005

This study was conducted to sanitize fried-frozen cheese ball by gamma irradiation. Total aerobic bacteria and yeasts and molds counts were 4.4 and 2.8 log CFU/g in non-irradiated sample, respectively. Microorganisms were decreased with increase of irradiation dose $(D_{10}=1.25\;kGy)$, and were not detected in samples irradiated at 3 kGy or more $(<10^2\;CFU/g)$. $D_{10}$ value for Escherichia coli (KCTC 1682) was 0.25 kGy. TBA (2-thiobarbituric acid) values were increased as irradiation dose was increased, but there was no significant difference between non-irradiated and irradiated samples at 3 kGy or less (p<0.05). The results of sensory evaluation showed that there was no significant difference between non-irradiated and irradiated samples at 3 kGy or less, the sensory scores were decreased with irradiation at 5 kGy or more (p<0.05). These results indicated that gamma irradiation at 3 kGy was considered to be an effective treatment to ensure the microbiological safety of fried-frozen cheese balls without any sensorial change, even though further studies should be investigated to reduce detrimental effects induced by irradiation.

• Journal of the Korean Society of Food Science and Nutrition
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• v.44 no.11
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• pp.1653-1659
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• 2015

This study compared physicochemical properties and antioxidant activities according to different harvest times in five varieties of black rice (BR). Five cultivars of BR, Nunkeunheukchal (NKHC), Sinnongheugchal (SNHC), Sintoheugmi (STHM), Josaengheugchal (JSHC), and Heugjinju (HJJ), were selected for the study. Cultivars were transplanted on June 20th and cultivated by the Department of Southern Area Crop Science, NICS in Miryang, Korea. Heading dates of NKHC, SNHC, STHM, JSHC, and HJJ were Aug. 17th, Aug. 30th, Sep. 1st, Aug. 20th, and Aug. 12th, respectively. The five different harvest times were as follows; 35, 40, 45, 50, and 55 days after heading date. The highest level of anthocyanin was 35 days after heading date in all varieties. Levels of anthocyanin in NKHC, SNHC, STHM, JSHC, and HJJ were 164, 203, 251, 67, and 210 mg/100 g, respectively. Content of anthocyanin significantly decreased 35 days after heading in four varieties, excluding JSHC. Highest DPPH $IC_{50}$ values were 57, 29, 10, and $27{\mu}g/mL$ in NKHC, SN HC, STHM, and JSHC extracts, respectively. Highest ABTS $IC_{50}$ values were 24, 13, 9, and $11{\mu}g/mL$ in NKHC, SNHC, STHM, and JSHC extracts, respectively. The antioxidant activities were highest 35 days after the heading date and significantly decreased in four varieties, excluding HJJ. The antioxidant activity of HJJ showed no significant difference, according to harvest time. This study suggests that the content of anthocyanin and antioxidant activity could be considered as factors affecting optimal harvest period to produce highly qualified black rice.

• Korean Journal of Environment and Ecology
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• v.23 no.5
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• pp.471-484
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• 2009

This study was carried out to classify vegetation structure on the deciduous forest at Namdeogyu area in Deogyusan National Park from May 2007 to September 2008 using the gradient analyses and phytosociological method. The vegetation was classified into Quercus mongolica community(Typical subcommunity, Rhododendron sehlippenbaehii-Q. mongolica subcommunity, Carex lanceolata-Q. mongolica subcommunity), Q. Serrata community(Typical subcommunity, Q. variabilis -Q. serrata subcommunity, Carpinus laxiflora - Q. serrata subcommunity), C. laxiflora community, Fraxinus mandshurica community and Corn us controversa community. Ecological characteristics such as species composition, layer structure, vegetation ratio, and the distribution of individual trees by DBH(diameter at breast height) were significantly different among communities. The order of important value of the forest community with DBH 2cm above plants was Q. mongolica(67.8), F. mandshurica(44.8), Q. serrata(27.5), Acer pseudo-sieboldianum(17.0), C. controversa(l5.9), F. sieboldiana(l1.5), R. schlippenbachii(11.0), C. cordata(11.0), Styrax obassia(10.9), Magnolia sieboldii(10.4) and C. laxiflora(9.8). Distribution of DBH of Q. mongolica had a formality distribution, suggesting a continuous domination of these species over the other species for the time being. In contrast, F. mandshurica appeared limited to the valley of the sheet and a higher frequency of young individuals, suggesting a continuous domination of these species the development of a climax forest terrain. Q. serrata had a higher frequency of young individuals and middle individuals, suggesting a continuous domination of these species over the other species for the time being in contrast. This study examined the correlation between each community and the environment according to DCCA ordination. The Q. mongolica community predominated in the highest elevation habitats which had many C.E.C and T-N. F. mandshurica community predominated in the highest elevation habitats which had many Moisture and EX-Cation. The Q. serrata community and C. laxiflora community mainly occurred in the low elevation habitats which had few C.E.C and T-N. The C. controversa community appeared on the park in the middle habitats.

• Journal of Aquaculture
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• v.22 no.1
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• pp.105-111
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• 2009

In this study, we carried out an experiment for estimation the larval digestibility in aspects which digestive enzymatic activities and nutrition of the rotifers, Brachionus rotundiformis. Thus we enhanced the digestive enzymatic activity through the addition of starch for the increase of digestibility of rotifer (starch-rotifer), and compared with the feed efficiency through rearing of the olive flounder, Paralichthys olivaceus used rotifer lipid-enriched with Algamac $2000^{(R)}$ (CE-rotifer). The digestive enzyme activities (except for TG-lipase), total protein contents, total essential amino acid, essential amino acids (methionin and phenylalanine) of starch-rotifer (the rotifer used a starch as additive, and enriched not) was assayed significantly higher than CE-rotifer (P<0.05). And total lipid, lipid classes (except for sterol) and fatty acids as DHA and EPA showed higher in CE-rotifer than starch-rotifer (P<0.05). But, sterol contents and ST/TG ratio were shown significantly higher in starch-rotifer (P<0.05). The flounder larvae supplied the two rotifers showed standard length and body weight that not significantly differed with ranges $3.72{\sim}3.79\;mm$ and $32.9{\sim}37.8\;mg$/larva on 6 days after hatching (DAH), respectively (P>0.05). However, these of 12 DAH showed the values of significantly higher to $5.94{\pm}0.249\;mm$, $144.0{\pm}23.86\;mg$/larva and $26.2{\pm}12.13%$ in standard length, body weight and survival in CE-flounder than that of starch-flounder (P<0.05). The hydrolytic enzymatic activities of flounder larvae severally supplied the two rotifers showed the significantly higher activities in acidic -amylase, neutral -amylase, TG-lipase, lysozyme and acidic phosphatase in starch-flounder on 5 DAH (P<0.05). But neutral $\alpha$-amylase, three proteases and two phosphatases of CE-flounder on 11 DAH showed the significantly higher activities than that of starch-flounder (P<0.05). Therefore, for the flounder, Paralichthys olivaceus larvae just depleted yolk was more beneficial to supply the feed, rotifer, enhanced the digestibility than to supply the feed lipid-enriched for aspect of larval digestibility up to 6 DAH, thereafter nutrition of absorption due to the development of digestive organs suggested that enrichment effect appeared with larval somatic growth. Consequently, investigation more detailed about the larval digestive physiological and nutritional requirement variations after 6 DAH will be necessary, thereafter.