• Proceedings of the Safety Management and Science Conference
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• 2004.11a
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• pp.355-380
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• 2004

I test the hypothesis that the gradual diffusion of information across asset markets leads to cross-asset return predictability in Korea. Using thirty-six industry portfolios and the broad market index as our test assets, I establish several key results. First, a number of industries such as semiconductor, electronics, metal, and petroleum lead the stock market by up to one month. In contrast, the market, which is widely followed, only leads a few industries. Importantly, an industry's ability to lead the market is correlated with its propensity to forecast various indicators of economic activity such as industrial production growth. Consistent with our hypothesis, these findings indicate that the market reacts with a delay to information in industry returns about its fundamentals because information diffuses only gradually across asset markets. Traditional theories of asset pricing assume that investors have unlimited information-processing capacity. However, this assumption does not hold for many traders, even the most sophisticated ones. Many economists recognize that investors are better characterized as being only boundedly rational(see Shiller(2000), Sims(2201)). Even from casual observation, few traders can pay attention to all sources of information much less understand their impact on the prices of assets that they trade. Indeed, a large literature in psychology documents the extent to which even attention is a precious cognitive resource(see, eg., Kahneman(1973), Nisbett and Ross(1980), Fiske and Taylor(1991)). A number of papers have explored the implications of limited information- processing capacity for asset prices. I will review this literature in Section II. For instance, Merton(1987) develops a static model of multiple stocks in which investors only have information about a limited number of stocks and only trade those that they have information about. Related models of limited market participation include brennan(1975) and Allen and Gale(1994). As a result, stocks that are less recognized by investors have a smaller investor base(neglected stocks) and trade at a greater discount because of limited risk sharing. More recently, Hong and Stein(1999) develop a dynamic model of a single asset in which information gradually diffuses across the investment public and investors are unable to perform the rational expectations trick of extracting information from prices. Hong and Stein(1999). My hypothesis is that the gradual diffusion of information across asset markets leads to cross-asset return predictability. This hypothesis relies on two key assumptions. The first is that valuable information that originates in one asset reaches investors in other markets only with a lag, i.e. news travels slowly across markets. The second assumption is that because of limited information-processing capacity, many (though not necessarily all) investors may not pay attention or be able to extract the information from the asset prices of markets that they do not participate in. These two assumptions taken together leads to cross-asset return predictability. My hypothesis would appear to be a very plausible one for a few reasons. To begin with, as pointed out by Merton(1987) and the subsequent literature on segmented markets and limited market participation, few investors trade all assets. Put another way, limited participation is a pervasive feature of financial markets. Indeed, even among equity money managers, there is specialization along industries such as sector or market timing funds. Some reasons for this limited market participation include tax, regulatory or liquidity constraints. More plausibly, investors have to specialize because they have their hands full trying to understand the markets that they do participate in

• Journal of Ginseng Research
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• v.26 no.3
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• pp.111-131
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• 2002

Korean ginseng (Panax ginseng C.A. Meyer) received a great deal of attention from the Orient and West as a tonic agent, health food and/or alternative herbal therapeutic agent. However, controversy with respect to scientific evidence on pharmacological effects especially, evaluation of clinical efficacy and the methodological approach still remains to be solved. Author reviewed those articles published since 1980 when pharmacodynamic studies on ginseng have intensively started. Special concern was paid on metabolic disorders including diabetes mellitus, circulatory disorders, malignant tumor, sexual dysfunction, and physical and mental performance to give clear information to those who are interested in pharmacological study of ginseng and to promote its clinical use. With respect to chronic diseases such as diabetes mellitus, atherosclerosis, high blood pressure, malignant disorders, and sexual disorders, it seems that ginseng plays preventive and restorative role rather than therapeutics. Particularly, ginseng plays a significant role in ameliorating subjective symptoms and preventing quality of life from deteriorating by long term exposure of chemical therapeutic agents. Also it seems that the potency of ginseng is mild, therefore it could be more effective when used concomitantly with conventional therapy. Clinical studies on the tonic effect of ginseng on work performance demonstrated that physical and mental dysfunction induced by various stresses are improved by increasing adaptability of physical condition. However, the results obtained from clinical studies cannot be mentioned in the indication, which are variable upon the scientist who performed those studies. In this respect, standardized ginseng product and providing planning of the systematic clinical research in double-blind randomized controlled trials are needed to assess the real efficacy for proposing ginseng indication. Pharmacological mode of action of ginseng has not yet been fully elucidated. Pharmacodynamic and pharmacokinetic researches reveal that the role of ginseng not seem to be confined to a given single organ. It has been known that ginseng plays a beneficial role in such general organs as central nervous, endocrine, metabolic, immune systems, which means ginseng improves general physical and mental conditons. Such multivalent effect of ginseng can be attributed to the main active component of ginseng,ginsenosides or non-saponin compounds which are also recently suggested to be another active ingredients. As is generally the similar case with other herbal medicines, effects of ginseng cannot be attributed as a given single compound or group of components. Diversified ingredients play synergistic or antagonistic role each other and act in harmonized manner. A few cases of adverse effect in clinical uses are reported, however, it is not observed when standardized ginseng products are used and recommended dose was administered. Unfavorable interaction with other drugs has also been suggested, which the information on the products and administered dosage are not available. However, efficacy, safety, interaction or contraindication with other medicines has to be more intensively investigated in order to promote clinical application of ginseng. For example, daily recommended doses per day are not agreement as 1-2g in the West and 3-6 g in the Orient. Duration of administration also seems variable according to the purpose. Two to three months are generally recommended to feel the benefit but time- and dose-dependent effects of ginseng still need to be solved from now on. Furthermore, the effect of ginsenosides transformed by the intestinal microflora, and differential effect associated with ginsenosides content and its composition also should be clinically evaluated in the future. In conclusion, the more wide-spread use of ginseng as a herbal medicine or nutraceutical supplement warrants the more rigorous investigations to assess its effacy and safety. In addition, a careful quality control of ginseng preparations should be done to ensure an acceptable standardization of commercial products.

• The Korean Journal of Archival Studies
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• no.26
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• pp.103-149
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• 2010

Documentation strategy has been experimented in various subject areas and local regions since late 1980's when it was proposed as archival appraisal and selection methods by archival communities in the United States. Though it was criticized to be too ideal, it needs to shed new light on the potentialities of the strategy for documenting local regions in digital environment. The purpose of this study is to analyse the implementation issues of documentation strategy and to suggest the directions for documenting local regions of Korea through the application of the strategy. The documentation strategy which was developed more than twenty years ago in mostly western countries gives us some implications for documenting local regions even in current digital environments. They are as follows; Firstly, documentation strategy can enhance the value of archivists as well as archives in local regions because archivist should be active shaper of history rather than passive receiver of archives according to the strategy. It can also be a solution for overcoming poor conditions of local archives management in Korea. Secondly, the strategy can encourage cooperation between collecting institutions including museums, libraries, archives, cultural centers, history institutions, etc. in each local region. In the networked environment the cooperation can be achieved more effectively than in traditional environment where the heavy workload of cooperative institutions is needed. Thirdly, the strategy can facilitate solidarity of various groups in local region. According to the analysis of the strategy projects, it is essential to collect their knowledge, passion, and enthusiasm of related groups to effectively implement the strategy. It can also provide a methodology for minor groups of society to document their memories. This study suggests the directions of documenting local regions in consideration of current archival infrastructure of Korean as follows; Firstly, very selective and intensive documentation should be pursued rather than comprehensive one for documenting local regions. Though it is a very political problem to decide what subject has priority for documentation, interests of local community members as well as professional groups should be considered in the decision-making process seriously. Secondly, it is effective to plan integrated representation of local history in the distributed custody of local archives. It would be desirable to implement archival gateway for integrated search and representation of local archives regardless of the location of archives. Thirdly, it is necessary to try digital documentation using Web 2.0 technologies. Documentation strategy as the methodology of selecting and acquiring archives can not avoid subjectivity and prejudices of appraiser completely. To mitigate the problems, open documentation system should be prepared for reflecting different interests of different groups. Fourth, it is desirable to apply a conspectus model used in cooperative collection management of libraries to document local regions digitally. Conspectus can show existing documentation strength and future documentation intensity for each participating institution. Using this, documentation level of each subject area can be set up cooperatively and effectively in the local regions.

• MISULJARYO - National Museum of Korea Art Journal
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• v.100
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• pp.112-138
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• 2021

This paper mainly analyzes the records titled 'Shijujil(施主秩)' from the Bokjangs of each of the Rocana and Shakyamuni statues enshrined as wooden seated Vairocana Buddha Triadcomposed of Vairocana(center), Rocana(right), and Shakyamuni(left) at the Daeungjeon Hall of Hwaeomsa Temple in Gurye. The Shijujil from the Shakyamuni statue was recovered through Bokjang investigation in September 2015 and has been kept in the museum of Hwaeomsa as an undisclosed relic. After the discovery of the Shijujil from the Rocana statue through an Bokjang investigation in July 2020, both of the Shijujils were only officially released through the special exhibition 'Grand Hwaeomsa Temple in Jirisan Mountain' in September 2021. Existing documents recording on the creation of Buddha statues in the 17th century are in the form of sheets or rolls. However, the Shijujils take the form of simple stitched booklets. The Shijujil from Rocana consists of 19 chapters and 38 pages in one book, and the Shijujil from Shakyamuni consists of 11 chapters and 22 pages in one book. The contents of the Shijujils consist of the purpose of the Buddha statue creation, the creation date, the year and place of enshrining, the names of the statues, the people in charge and their roles, the sculptors, the list of items donated, and the list of the contributors. In addition, the list of monks who were staying at Hwaeomsa Temple at that time are also recorded, so the Shijujil is like a time capsule that tells the situation of Hwaeomsa Temple about 400 years ago. According to the records of the Shijujils and the Writing on the wooden pedestal of Rocana, the Vairocana Triad began to be in March 1634(12th year of King Injo) and was completed in August of that year, and was enshrined in the Daeungjeon Hall in the fall of the following year. It is very important to confirm that the Vairocana Buddha Triad of Hwaeomsa was created in 1634. Since studies on the reconstruction of Hwaeomsa Temple in the 17th century and the roles of Byeokam Gakseong have been mainly based on 『湖南道求禮縣智異山大華嚴寺事蹟』 written by monk Haean in 1636, it has been estimated that the wooden seated Vairocana Buddha Triad was created in 1636. However, it is now known that the Virocana Buddha Triad was created in 1634. The Shijujils are also a good source of information about Byeokam Gakseong who played a pivotal roles in the reconstruction projects of Hwaeomsa Temple in the 17th century. He played leading roles in rebuilding the East Five-story Stone Pagoda(1630), in creating the wooden seated Vairocana Buddha Triad(1634), and in producing the Yeongsanhoe Gwaebul(1653, Hanging Scroll Painting depicting the Shakyamuni preaching). It is also very important that the Shijujils are records that can reveal the relationship between Byeokam Gakseong and royal family of Joseon Dynasty in the 17th century. The Shijujils from Rocana and Shakyamuni are the first documents ever discovered in which the names of royal family members, such as Uichanggun(Gwang Lee, son of King Seonjo), Ikseong Shin(son-in-law of King Seonjo), and Crown Prince Sohyeon(son of King Injo) are recorded in detail in relation to the production of Buddha statues. The Shijujils from Rocana and Shakyamuni contain specific information about the production of the wooden seated Vairocana Buddha Triad in the 17th century, such as the year of production of the Buddha statues, the role of Byeokam Gakseong, and the relationship between Byeokam Gakseong and the royal family, so it is of great value not only for art history but also for historical studies of Hwaeomsa Temple.

• Journal of Korean Medical Ki-Gong Academy
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• v.7 no.2
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• pp.40-94
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• 2004

Recently, meditation, Zen meditation and Qigong became popular in western. For that reason, Value of Korea traditional methods for health promotion have been evaluated but theoretical evidence about that is insufficient. ${\ll}$The Yellow Emperor's Inner Classic${\gg}$ (黃帝內經). So, I reviewed history of Korea Qigong according to period, in order to produce theoretical evidence of Korea medical Qigong and investigated ${\ulcorner}$Han${\lrcorner}$ thought (${\ulcorner}$한${\lrcorner}$ 思想) as theoretical evidence of Korea Qigong. I have obtained following results by comparing meaning of god, a view of human body and practice method of the ${\ll}$Samilshingo${\gg}$ (三一神誥) with ${\ll}$The Yellow Emperor's Inner Classic${\gg}$ (黃帝內經). Sinsundo(神仙道) of native to race became active during the period of the Three Kingdoms but more disappeared due to under the influence of Taoism. So only has been remained in existence since the period of the unity silla. There could accept positively the foreign ideas belonging to Confucianism, Buddhism and Taoism have been brought since the period of the Three Kingdoms because ${\ll}$Samilshingo${\gg}$ (三一神誥), one of three the scriptures as the origin of ${\ulcorner}$Han${\lrcorner}$ thought(${\ulcorner}$한${\lrcorner}$ 思想) included the original form of three religion belonging to Confucianism, Buddhism, Taoism. Three common results as theoretical evidence of Qigong were found out by comparing ${\ll}$Samilshingo${\gg}$ (三一神誥) with ${\ll}$The Yellow Emperor's Inner Classic${\gg}$ (黃帝內經). First, in meaning of god, there is not only different from the gods of heaven and the gods of human but also keep understanding with each other and there was common feature of logical structure that function of god was divided into three. Second, In a view of human body, there were in common with ${\ll}$Samilshingo${\gg}$ (三一神誥) as theory of only as energy(氣一元論), theory of bisection as truth false(眞妄二分論), theory of trisection as spirit(性) destiny(命) nature(精) and mind(心) energy(氣) body(身)(性 命 精, 心 氣 身의 三分論) and ${\ll}$The Yellow Emperor's Inner Classic${\gg}$ (黃帝內經) as theory of only as energy(氣一元論), theory of bisection as shape and god(形神二分論), theory of trisection as nature(精) energy(氣) god(神) or shape(形) energy(氣) god(神)(精 氣 神, 形 氣 神의 三分論) according to formal part. Also, spirit(性) destiny(命) nature(精) as truths of three(三眞) were understand as nature(精) energy(氣) god(神) as treasure of three(三寶) by part of reason and mind(心) energy(氣) body(身) as false of three(三妄) were understand as nature(精) energy(氣) god(神) as treasure of three(三寶) by part of function. Third, In practice method, pause of thinking(止感) modulation of breath(調息). prohibition of sensibility(禁觸) mentioned in ${\ll}$Samilshingo${\gg}$ (三一神誥) as practice method each were understand regulation of an etiological cause as an internal cause, an external cause and not internal and external cause in oriental medicine. Namely, pause of thinking(止感) was understand as regulation method of emotion, mind and nature. modulation of breath(調息) was not only as modulation of energy from the inner parts of the body but also that from the internal and external parts of the body, prohibition of sensibility(禁觸) was understand as regulation method of ear, eye, mouth, and nose and posture, life style. These results suggest that ${\ll}$Samilshingo${\gg}$ (三一神誥) is worth meaning of Korea medical Qigong because meaning of god, a view of human body, practice method of mentioned in ${\ll}$Samilshingo${\gg}$ (三一神誥) is common with that of ${\ll}$The Yellow Emperor's Inner Classic${\gg}$ (黃帝內經) as theoretical evidence of Qigong.