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Expiration-Day Effects: The Korean Evidence (주가지수 선물과 옵션의 만기일이 주식시장에 미치는 영향: 개별 종목 분석을 중심으로)

  • Choe, Hyuk;Eom, Yun-Sung
    • The Korean Journal of Financial Management
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    • v.24 no.2
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    • pp.41-79
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    • 2007
  • This study examines the expiration-day effects of stock index futures and options in the Korean stock market. The so-called 'expiration-day effects', which are the abnormal stock price movements on derivatives expiration days, arise mainly from cash settlement. Index arbitragers have to bear the risk of their positions unless they liquidate their index stocks on the expiration day. If many arbitragers execute large buy or sell orders on the expiration day, abnormal trading volumes are likely to be observed. If a lot of arbitragers unwind positions in the same direction, temporary trading imbalances induce abnormal stock market volatility. By contrast, if some information arrives at market, the abnormal trading activity must be considered a normal process of price discovery. Stoll and Whaley(1987) investigated the aggregate price and volume effects of the S&P 500 index on the expiration day. In a related study, Stoll and Whaley(1990) found a similarity between the price behavior of stocks that are subject to program trading and of the stocks that are not. Thus far, there have been few studies about the expiration-day effects in the Korean stock market. While previous Korean studies use the KOSPI 200 index data, we analyze the price and trading volume behavior of individual stocks as well as the index. Analyzing individual stocks is important for two reasons. First, stock index is a market average. Consequently, it cannot reflect the behavior of many individual stocks. For example, if the expiration-day effects are mainly related to a specific group, it cannot be said that the expiration of derivatives itself destabilizes the stock market. Analyzing individual stocks enables us to investigate the scope of the expiration-day effects. Second, we can find the relationship between the firm characteristics and the expiration-day effects. For example, if the expiration-day effects exist in large stocks not belonging to the KOSPI 200 index, program trading may not be related to the expiration-day effects. The examination of individual stocks has led us to the cause of the expiration-day effects. Using the intraday data during the period May 3, 1996 through December 30, 2003, we first examine the price and volume effects of the KOSPI 200 and NON-KOSPI 200 index following the Stoll and Whaley(1987) methodology. We calculate the NON-KOSPI 200 index by using the returns and market capitalization of the KOSPI and KOSPI 200 index. In individual stocks, we divide KOSPI 200 stocks by size into three groups and match NON-KOSPI 200 stocks with KOSPI 200 stocks having the closest firm characteristics. We compare KOSPI 200 stocks with NON-KOSPI 200 stocks. To test whether the expiration-day effects are related to order imbalances or new information, we check price reversals on the next day. Finally, we perform a cross-sectional regression analysis to elaborate on the impact of the firm characteristics on price reversals. The main results seem to support the expiration-day effects, especially on stock index futures expiration days. The price behavior of stocks that are subject to program trading is shown to have price effects, abnormal return volatility, and large volumes during the last half hour of trading on the expiration day. Return reversals are also found in the KOSPI 200 index and stocks. However, there is no evidence of abnormal trading volume, or price reversals in the NON-KOSPI 200 index and stocks. The expiration-day effects are proportional to the size of stocks and the nearness to the settlement time. Since program trading is often said to be concentrated in high capitalization stocks, these results imply that the expiration-day effects seem to be associated with program trading and the settlement price determination procedure. In summary, the expiration-day effects in the Korean stock market do not exist in all stocks, but in large capitalization stocks belonging to the KOSPI 200 index. Additionally, the expiration-day effects in the Korean stock market are generally due, not to information, but to trading imbalances.

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Effects of Korean Zingiber mioga R. (Flower Buds and Rhizome) Extract on Memory (한국산 양하(꽃봉오리와 지하경)의 인지 기능 개선 효과)

  • Cho, Kyo-Hee;Oh, Myung-Sook;Kim, Hyo-Geun;Lee, Sun-Hee;Chung, Kun-Sub;Kim, Ae-Jung
    • Journal of the Korean Society of Food Science and Nutrition
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    • v.43 no.10
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    • pp.1519-1526
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    • 2014
  • This study investigated the biological activities and effects of Korean Zingiber mioga R. (flower buds and rhizome) on memory. The general composition, minerals, anti-oxidative activities, and AChE inhibitory effects were analyzed, and NORT (Novel object recognition test) and Y-Maze test in vivo were performed. The general contents (moisture, crude fat, crude protein, and crude ash; wet basis) of ZB (flower buds) were 91.96%, 0.15%, 1.99%, and 11.90%, respectively. The general contents (moisture, crude fat, crude protein, and crude ash; wet basis) of ZR (rhizome) were 75.21%, 0.53%, 2.20%, and 9.50%, respectively. The macro mineral contents (Ca, P, Na, and K) of ZB were 31.70 mg%, 15.20 mg%, 8.20 mg%, and 258.60 mg%, respectively. Inhibitory effects (IC50 value) of DPPH and ABTS radicals were higher with ZBD (flower buds water extract) than with ZBE (flower buds EtOH extract), ZRD (rhizome water extract) or ZRE (rhizome EtOH extract). AChE inhibitory effect of ZBD was higher and that of ZRD. NORT and Y-Maze test were performed with scopolamine-induced mice treated with ZBD and ZBE. In NORT, effects of ZBD and ZBE were similar to that of donepezil. In the Y-maze test, performances of ZBD and ZBE-treated mice were similar to that of the normal group. These results suggest that Korean Zingiber mioga R. has potential to be developed into a new functional food for cognition enhancement in the global food market.

The Relationship between Conical Pap. Smear Findings and Related Factors for Uterine Cervical Cancer in Ullungdo Females (울릉도 여성들의 자궁경부 세포학적 검사소견과 관련요인과의 관계)

  • 윤인숙;이혜자
    • Biomedical Science Letters
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    • v.4 no.2
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    • pp.143-151
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    • 1998
  • To study the incidence and epidemiological factors of uterine cervical cancer in medical underserved area females, the questionnaire survey and Pap. smear for uterine cervical cancer was done on total 330 women who lived in Ullungdo from 5th to 12th August, 1998. The results were summarized as follows: The age distribution of subjects was 50s (24.5%), 60s (24.5%) and their educational level was “no schooling” (14.2%) and “elementary school” (42.7%). The first coital age of subjects was 19∼21yrs (30.0%), 16∼18yrs (13.9%) and the first pregnancy age was 22∼24yrs (36.7%) and 19∼21yrs (30.0%). The frequency of total pregnancy of subjects was over 5 times (52.1%). The frequency of total delivery was “3∼4 times” (35.5%) and “5∼6 times” (15.2%). 68.8% of subjects had experience of abortion and 80.0% of their husband were on the phimosis. 172 (52.1%) subjects had gynecological symptoms, their symptoms were leukorrhea (48.3%), pruritus (21.5%) and leukorrhea with pruritus (20.3%). 63.9% of total subjects have been received Pap. smear and the frequency of their Pap. smear was “only 1 time” (44.1 %), “irregularly” (30.3%) and the reason of respondents who have not been received Pap. smea. was “no specific symptom” (51.3%). Among the 330 women screened there were negative (45.8%), inflammation (47.3%), trichomoniasis and candidiasis (1.8%), atypical cells (4.5%) and dysplasia (0.6%).

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On­farm Survey on Deer Farming Situation and Environment in Korea (우리나라 양록업 현황 및 환경 실태 조사)

  • 성시흥;문상호;전병태;이승기
    • Journal of Animal Environmental Science
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    • v.9 no.2
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    • pp.123-130
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    • 2003
  • In this study, current status of domestic deer farms and its feeding were surveyed. The information of supply and demand of feed f3r deers including its industry were also examined and then analyzed to make fundamental data for deer farms and government policy. The results are as follows. 1. Over 40 years old farmers were about 63% of total deer farms while 20­30 years olds were less than 1% indicating that young people still evade agriculture. Moreover, considering education, over 52% of the farmers have bachelor degree showing much higher rates compared to the other agricultural fields. The reason can be assumed that the labor burden is not serious in deer farming while it is not dirty job compared to the other livestock management. Those high­educated people can be easily trained as experts of deer farming to improve its international competition. 2. Most of investigated farms raise Korean spotted deers and Elk showing that the percentage of Elk has greatly increased(However, many farmers have complained about purchasing methods and they insisted that the sales organization should be controlled by government). 3. 57% of total cost of production is for feed while most of feeds are imported from abroad. It indicated that it is urgent to make counterplan for saving feed cost. 4. It is necessary to develop feeds for deers in the near future while most of the examined farmers currently use normal assorted feed. Typical roughage sources feeds are rice straw, alfalfa hay, browses feed, and so on. Most of them are currently imported except the rice straw indicating urgently needed to develop domestic bulky feed. 5. The present questions are development of processed goods of velvet antler, establishment of reasonable management system, difficulty of velvet antler selling, feed supply, and so on. It is necessary for government and academic world to develop reasonable policy and scientific research program.

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IPC Multi-label Classification based on Functional Characteristics of Fields in Patent Documents (특허문서 필드의 기능적 특성을 활용한 IPC 다중 레이블 분류)

  • Lim, Sora;Kwon, YongJin
    • Journal of Internet Computing and Services
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    • v.18 no.1
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    • pp.77-88
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    • 2017
  • Recently, with the advent of knowledge based society where information and knowledge make values, patents which are the representative form of intellectual property have become important, and the number of the patents follows growing trends. Thus, it needs to classify the patents depending on the technological topic of the invention appropriately in order to use a vast amount of the patent information effectively. IPC (International Patent Classification) is widely used for this situation. Researches about IPC automatic classification have been studied using data mining and machine learning algorithms to improve current IPC classification task which categorizes patent documents by hand. However, most of the previous researches have focused on applying various existing machine learning methods to the patent documents rather than considering on the characteristics of the data or the structure of patent documents. In this paper, therefore, we propose to use two structural fields, technical field and background, considered as having impacts on the patent classification, where the two field are selected by applying of the characteristics of patent documents and the role of the structural fields. We also construct multi-label classification model to reflect what a patent document could have multiple IPCs. Furthermore, we propose a method to classify patent documents at the IPC subclass level comprised of 630 categories so that we investigate the possibility of applying the IPC multi-label classification model into the real field. The effect of structural fields of patent documents are examined using 564,793 registered patents in Korea, and 87.2% precision is obtained in the case of using title, abstract, claims, technical field and background. From this sequence, we verify that the technical field and background have an important role in improving the precision of IPC multi-label classification in IPC subclass level.

Comparison of pH, Water Holding Capacity and Color among Meats from Korean Native Chickens

  • Jung, Samooel;Kim, Hyun Joo;Lee, Hyun Jung;Seo, Dong Won;Lee, Jun Heon;Park, Hee Bok;Jo, Cheorun;Nam, Ki Chang
    • Korean Journal of Poultry Science
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    • v.42 no.2
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    • pp.101-108
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    • 2015
  • This study investigated the initial pH measured at 15 min post-mortem, ultimate pH, water holding capacity (WHC), and color of meats obtained from five lines of Korean native chicken (KNC) for the development of breed for high-quality meat. In addition, the effect of sex was examined. In total, 595 $F_1$ progeny (Black [B], Grey-Brown [G], Red-Brown [R], White [W] and Yellow-Brown [Y]) from 70 full-sib families were used. Chickens were slaughtered at 20 wk of age and the measurement traits of all breast and thigh meats from 595 chickens were analyzed. The initial pH at 15 min post-slaughter of the breast and thigh meats was affected by the line and sex of Korean native chicken (P<0.05). However, there was no line and sex effect on ultimate pH and WHC of the breast and thigh meat except that the ultimate pH of thigh meat had line effect. Except for the $L^*$ value of breast meat, the meat color was significantly affected by line and sex (P<0.05). The ultimate pH showed consistently negative correlation with the $L^*$ value and positive correlation with the $a^*$ value in breast and thigh meats. Based on the results, we concluded that the line W in male chickens and the line G and W in female chickens may be good candidates for the selection to develop breed for high-quality meat because these lines showed property of high initial pH or/and ultimate pH.

Analysis of Cost Structures of National R&D Programs for Effective National R&D Management (국가연구개발 정률예외사업의 원가구조분석을 통한 합리적인 사업관리방안)

  • Cho, Seong-Pyo;Ha, Seok-Tae;Hwang, Myung-Ku
    • Journal of Technology Innovation
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    • v.25 no.2
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    • pp.153-179
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    • 2017
  • Korean government has granted fixed indirect cost rates to several exceptional R&D programs which is lower than the predetermined rate by the government. It has been needed to evaluate the validity of exceptional R&D programs and determine the optimal indirect costs rate of the programs. This study analyzes the cost structure and explores drivers of indirect costs of exceptional R&D programs and evaluates the validity of current indirect costs rates. Finally, we propose the formulas for indirect costs rates of exceptional R&D programs. We analyze the cost structure of the exceptional R&D programs. Equipments and material costs are 50% in infra building program. Scholarship to students is 43% in HRD program. Equipments and material costs are 50% and R&D activity costs are 31% in international R&D program. Main cost components of evaluation program are salary(37%), R&D execution costs(21%) and R&D activity costs(19%). We propose three formulas of indirect costs for exceptional programs. 1) The cost items with exceptionally large amount are excluded in the base of formula for indirect costs. 2) Fixed indirect cost rate is applied for specific R&D programs. 3) Upper bound is set for the cost items with exceptionally large amount in the calculation of indirect costs rate. Our proposal is expected to contribute to the improvement of the efficiency of national R&D programs.

Examination of the Current Situations of Security Dogs and it's Development Plans (경호탐지견의 운용실태 및 발전방안)

  • Park, Hyung-Kyu;Kim, Doo-Hyun
    • Korean Security Journal
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    • no.14
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    • pp.215-234
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    • 2007
  • Our country security industry 1960's service expense of the beginning U.S. army unit it accomplishes the growth which is quick with start, currently about 2,500 triumph the security enterprises which it goes over are being active. But the majority in these enterprise about lower cotton can a forever characteristic with pressure and the manpower civil official ability insufficient back of faithlessness management and capital power. To sleep with afterwords it presents the security dogs deployment plan for an efficient security together from the research which it sees hereupon and it does. First, it cultivates the domestic mountain progress dog which is a breed which is suitable with the security dogs and the shovel flesh dog back with the security dogs. Specially the Jindo of the breed which is excellent training which is suitable in task of the security dogs it leads and if it uses appropriately, it industrializes our specific the Jindo and protection there is a possibility of getting the effect which falls to also the gist which it rears rightly. It cultivate the second, security dogs and it magnifies training. The security dogs consequently is it will be able to accomplish the task above 2 branches to training method. Namely, after finishing obedience training, it is to be in security activity it will execute guard or detection back special training which is suitable in task and it will be able to commit. Third, it uses the security dogs which is trained rightly in task. The security dogs the adult escorts, facility expense, the explosive and narcotic drug detection, it will be able to use with the other blind man guidance dogs back. The narcotic drug detection dogs which currently is used specially technique intelligence anger, when considering the tendency of the narcotic drug smuggling offense field which becomes diversification that the role very it is important is a possibility of saying at day. It cultivate a fourth, escort relation specialty manpower and it improves the breed of the security dogs. The hazard which cultivate the security dogs use necessary personnel the breed of security dogs, the security dogs training center it opens the security crane relation subject of the college which stands and (university) it improves it establishes and training which is suitable in task it is to do to execute letting in the training map company. Specially, the hazard which improves the breed of security dogs in the progress mind quality which stands against the portion where the breed improvement is demanded as the portion where the internal organs research and investment are necessary sees. The security dogs compares in labor cost and the expense holds few, if it uses the our specific domestic dogs it will be able to use efficiently in the task which is various it solves the multi branch plans for wisly with the security dogs industrial development security of course contemporary history sliced raw fish sees demands compared to being immediacy and the life which is happy business the place where it does it sees it will be able to contribute a lot as.

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Cloning and Transcription Analysis of Sporulation Gene (spo5) in Schizosaccharomyces pombe (Schizosaccharomyces bombe 포자형성 유전자(spo5)의 Cloning 및 전사조절)

  • 김동주
    • The Korean Journal of Food And Nutrition
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    • v.15 no.2
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    • pp.112-118
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    • 2002
  • Sporulation in the fission yeast Schizosaccharomyces pombe has been regarded as an important model of cellular development and differentiation. S. pombe cells proliferate by mitosis and binary fission on growth medium. Deprivation of nutrients especially nitrogen sources, causes the cessation of mitosis and initiates sexual reproduction by matting between two sexually compatible cell types. Meiosis is then followed in a diploid cell in the absence of nitrogen source. DNA fragment complemented with the mutations of sporulation gene was isolated from the S. pombe gene library constructed in the vector, pDB 248' and designated as pDB(spo5)1. We futher analyzed six recombinant plasmids, pDB(spo5)2, pDB(spo5)3, pDB(spo5)4, pDB(spo5)5, pDB (spo5)6, pDB(spo5)7 and found each of these plasmids is able to rescue the spo5-2, spo5-3, spo5-4, spo5-5, spo5-6, spo5-7 mutations, respectively. Mapping of the integrated plasmid into the homologous site of the S. pombe chromosomes demonstrated that pDB(spo5)1, and pDB(spu5)Rl contained the spo5 gene. Transcripts of spo5 gene were analyzed by Northern hybridization. Two transcripts of 3.2 kb and 2.5kb were detected with 5kb Hind Ⅲ fragment containing a part of the spo5 gene as a probe. The small mRNA(2.5kb) appeared only when a wild-type strain was cultured in the absence of nitrogen source in which condition the large mRNA (3.2kb) was produced constitutively. Appearance of a 2.5kb spo5-mRNA depends upon the function of the meil, mei2 and mei3 genes.

Food Habit Patterns and Korean Food Utilization in Koreans Residing in New Zealand and Malaysia (재외 한국인의 한국음식 이용과 식생활 양상 -New Zealand 및 Malaysia 거주 한국인을 중심으로-)

  • 윤계순;우자원
    • Korean journal of food and cookery science
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    • v.14 no.5
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    • pp.566-576
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    • 1998
  • Food habits and Korean food utilization patterns were surveyed from 188 Koreans residing in New Zealand and Malaysia by using a questionnaire. Forty seven percent of the respondents answered that Korean food should be succeeded as its traditional form. Most subjects had strong pride for Korean traditional food. Kimchi was the most frequently consumed side dish followed by Chigaes (stew), broiled meat, Tubu (bean curd), broiled fish, Tangs (soup), and Noodles. While Kimchies were prepared by the respondents themselves, Doenjang and Kochujang were sent from the relatives in Korea or purchased from the market. The changes in food consumption pattern after emigration depended on the availability of food items in residing country. Korean style meal (cooked rice and side dishes) was eaten by 51% respondents for breakfast and by 78.2% for supper. Ramyon was the most frequently consumed instant food. Eating out frequency was much higher in the residents in Malaysia than the ones in New Zealand. This study showed that Koreans residing in foreign countries have the consciousness trying to succeed Korean traditional food culture, and their food consumption pattern partly depends on food availability and socio-cultural properties of the residing country.

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