• 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.

• Journal of Animal Environmental Science
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• v.17 no.sup
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• pp.51-60
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• 2011

The objective of this study was to suggest strategies for improving "Livestock Manure Treatment Systems and Related Technologies Assessment Program". Analytic Hierarchy Process (AHP) was used to evaluate reasonableness of applied weight value for assessment and improve program management strategies. Results of mail survey collected from animal manure treatment technology specialists of 30 companies nationwide were used for AHP. Company's ability, technological prowess, facility's convenience, economic feasibility are four important aspects of assessment program evaluation using AHP. More than 70% of the respondents said they were overall satisfied with the objectivity of assessment program regarding above four evaluation aspects. However, only 36% of them answered that they were very satisfied with the objectivity of assessment program in terms of economic feasibility. The evaluation results revealed that the assessment program needs to be made up for the weak points regarding economic feasibility. The AHP weight calculation results showed that the current assessment program overestimates the technological prowess, especially livestock manure treatment efficiency. It suggests that the weight value of current assessment program in terms of technological prowess needs to be determined carefully. The current assessment program combined with AHP weight value determination approach will be very useful to improve objectivity and reliability of assessment.

• Journal of Climate Change Research
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• v.3 no.1
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• pp.71-88
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• 2012

The global warming is probably the most significant issue of concern all over the world and according to the report published by the Intergovernmental Panel on Climate Change (IPCC), the average temperature and extent of global warming around the globe have been on the rise and so have the uncertainty for the future. Such effects of global warming have adverse effects on basic foundation of the mankind in numerous ways and water resource is no exception. The researches on water resources assessment for climate change are significant enough to be used as the preliminary data for researches in other fields. In this research, a total of 124 peer-reviewed publications and 57 reports on the subject of research on climate change related to water resources, that has been carried out so far in Korea has been reviewed. The research on climate change in Korea (inclusive of the peer-reviewed articles and reports) has mainly focused on the future projection and assessment. In the fields of hydrometeorology tendency and projection, the analysis has been carried out with focus on surface water, flood, etc. for hydrological variables and precipitation, temperature, etc. for meteorological variables. This can be attributed to the large, seasonal deviation in the amount of rainfall and the difficulty of water resources management, which is why, the analysis and research have been carried out with focus on those variables such as precipitation, temperature, surface water, flood, etc. which are directly related to water resources. The future projection of water resources in Korea may differ from region to region; however, variables such as precipitation, temperature, surface water, etc. have shown a tendency for increase; especially, it has been shown that whereas the number of casualties due to flood or drought decreases, property damage has been shown to increase. Despite the fact that the intensity of rainfall, temperature, and discharge amount are anticipated to rise, appropriate measures to address such vulnerabilities in water resources or management of drainage area of future water resources have not been implemented as yet. Moreover, it has been found that the research results on climate change that have been carried out by different bodies in Korea diverge significantly, which goes to show that many inherent uncertainties exist in the various stage of researches. Regarding the strategy in response to climate change, the voluntary response by an individual or a corporate entity has been found to be inadequate owing to the low level of awareness by the citizens and the weak social infrastructure for responding to climate change. Further, legal or systematic measures such as the governmental campaign on the awareness of climate change or the policy to offer incentives for voluntary reduction of greenhouse gas emissions have been found to be insufficient. Lastly, there has been no case of any research whatsoever on the anticipated effects on the economy brought about by climate change, however, there are a few cases of on-going researches. In order to establish the strategy to prepare for and respond to the anticipated lack of water resources resulting from climate change, there is no doubt that a standardized analysis on the effects on the economy should be carried out first and foremost.

• Korean Journal of Heritage: History & Science
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• v.52 no.2
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• pp.38-61
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• 2019

Up until the early twentieth century in Germany, there were two research trends: 1) emphasizing objectives and making detailed observations of archaeological artifacts and sites, 2) tracing the remains of specific nations or ethnic groups and defining their temporal-spatial boundaries by conducting research on material culture in terms of nationalism or ethnocentrism. After the Second World War ended and Germany was divided, West German archaeology focused on observations of artifacts and sites, cataloging them, and doing research on chronology and distribution following their own traditional methodologies. East German archaeology attempted to prove the developing process of history and its Marxist principles based upon material culture and to examine the historic value of inherent specific cultural heritage based on criteria regarding how it corresponded to socialism and contributed to the development of socialism. Nevertheless, East and West German archaeology shared traditional archaeological methods inherited from German archaeology since the nineteenth century, and contact between archaeologists in West and East Germany continued to a degree. Furthermore, East German archaeology produced significant archaeological achievements acknowledged by West German and European archaeologists. These facts provided the momentum to complete rapid incorporation of the archaeologies of West and East Germany in spite of a one-sided process imposed by West German archaeology. In the case of Korea, it seems necessary to make an effort to share common research history and traditions and to encourage mutual academic exchange (e.g. joint excavation and archaeological research). Furthermore, it is also imperative to have open-minded attitudes toward accepting substantial results and interpretations achieved by North Korean archaeologists under scrutiny when and where necessary, despite seeming to have been fossilized by Marxism and Juche ideology. Any efforts to narrow the gap in archaeological research and conservation of cultural heritage between the archaeologies of South and North Korea should be made immediately. The case of Germany demonstrates how such a project could proceed efficaciously.

• The Korean Society of Law and Medicine
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• v.22 no.2
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• pp.111-138
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• 2021

'Unlicensed medical practice by a non-medical practitioner' often represented by surrogate surgery or so-called 'ghost surgery,' causes irreparable damage to life or body, and therefore calls for very strict and effective controls. The 'bill on installment of CCTVs in an operating room' to prevent unlicensed surrogate surgery has been discussed for a long time, but due to numerous issues and heated confrontations, it has been pending in the National Assembly. Nevertheless, it is expected that the bill will be discussed again in earnest in the National Assembly because surrogate surgery and factory-type cosmetic surgery, which has been performed mainly in the field of cosmetic surgery, has also been occurring in the field of therapeutic surgery. In general, an operating room is considered as being locked or closed, as well as disallowing implicit complicity among insiders. Hence, if the insiders conspire to commit or cover up an illegal act, or if a surgeon performs rapid cosmetic surgery and then leaves the recipient (or medical institution) so as to perform more operations for profit - even if it is legitimate practice - it may result in serious consequences in terms of the recovery of a patient. In this case, installation of CCTVs can be of great help in identifying an illegal act and assessing any occurrence of negligence. On the other hand, while the fundamental purpose of therapeutic surgery is to restore a patient's life or body - that is, lifesaving - installation of CCTVs may base the relationship between a surgeon and a patient on distrust and surveillance, so it may increase the number of requests for CCTV footage or lead to more disputes, as well as placing a burden on the surgeon when best results are not achieved for a patient. As a result, the surgeon may choose non-invasive treatment contrary to conscience instead of risky but necessary surgery, or he/she may have significant difficulty in determining the timing of surgery, which may limit the provision of effective surgical medical care. Then, in terms of the relationship between a surgeon and patient, and in the long run, there could be significant disadvantages for the public and patients if CCTV footage is allowed. In this paper, we review domestic and overseas cases and issues regarding installation of CCTVs in an operating room, and present various viewpoints and suggestions to promote legislation with minimized legal problems and side effects, thereby contributing to protection of the lives and health of the public, patients, and recipients of surgery.

• Asia Marketing Journal
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• v.12 no.4
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• pp.55-78
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• 2011

Recently strategic alliance between business firms has become prevalent to overcome increasing competitive threats and to supplement resource limitation of individual firms. As one of allianced sales promotion activities, a new type of discount program, so called "Alliance Card Discount", is introduced with the partnership of credit cards and loyalty cards. The program mainly pursues short-term sales growth by larger discount scheme while spends less through cost share among alliance partners. Thus this program can be regarded as cost efficient discount promotion. But because there is no solid evidence that it can really deliver profitable sales growth, an empirical study for its effects on sales and profit should be conducted. This study has two basic research questions concerning the effects of allianced discount program ; 1)the possibility of sales increase 2) the profitability of the discount driven sales. In F&B industry, sales increase mainly comes from increased guest count. Especially in family restaurants, to increase the number of guests we need to enlarge the size of visitor group (number of visitors for one group) because customers visit by group in a special occasion. And because they pay the bill by group(table), the increase of sales per table is a key measure for sales improvement. The past researches for price & discount sensitivity and reference discount rate explain that price sensitive consumers have narrow reference discount zone and make rational purchase decision. Differently from all time discount scheme of regular sales promotions, the alliance card discount program only provides the right to get discount like discount coupon. And because it is usually once a month opportunity given by the past month usage level, customers tend to perceive alliance card discount as a rare chance to get. So that we can expect customers try to maximize the discount effect when they use the limited discount opportunity. Considering group visiting practice and low visit frequency of family restaurants, the way to maximize discount effect should be the increase the size of visit group. And their sensitivity to discount and rational consumption behavior defer the additional spending for ordering high price menu, even though they get considerable amount of savings from the discount. From the analysis of sales data paid by alliance discount cards for four months, we found the below. 1) The relation between discount rate and number of guest per table is positive : 25% discount results one additional guest 2) The relation between discount rate and the spending per guest is negative. 3) However, total profit amount per table is increased when discount rate is increased. 4) Reward point accumulation & redemption did not show any significant relationship with the increase of number of guests. These results suggest that the allianced discount program substantially contributes to sales increase and profit improvement by increasing the number of guests per table. Though the spending per guest is decreased by discount rate increase, the total amount of profit per table is improved. It seems the incremental profit by increased guest count offsets the profit decrease. Additional intriguing finding is the point reward system does not have any significant impact on the increase of number of guest, even if the point accumulation & redemption of loyalty program are usually regarded as another saving offers by customers. In sum, because it is proved that allianced discount program with credit cards and loyalty cards is effective to both sales drive and profit increase, the alliance card program could be recommended as strategically buyable program.

• Korean Journal of Psychosomatic Medicine
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• v.25 no.1
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• pp.46-55
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• 2017

Objectives : Outpatient treatment orders refer to a mandatory social program in which mentally ill persons are ordered by the court to participate in specified outpatient treatment programs. This study aimed to investigate the factors that affect outpatient treatment orders and adherence to outpatient treatment in mental health patients. Methods : A survey on outpatient treatment orders and adherence to outpatient treatment was conducted on 60 psychiatrists between October and November 2016. The questionnaire items were drafted based on a literature review, and they were then evaluated by 3 psychiatrists and 1 law school professor before being finalized. Answers from the respondents were analyzed using descriptive statistics, and the median, maximum, and minimum values of the effectiveness scores of outpatient treatment orders were calculated. Results : Among the 60 psychiatrists, 45(75.0%) were aware of outpatient treatment orders; however, only 2 out of the 45(4.0%) had actually used the program in the last 12 months. The subjective effectiveness was very low, with only 40 points out of 100. Furthermore, of the readmitted patients, 37.7% had received continued outpatient treatment, whereas 53.1% chose to quit the outpatient treatment programs, meaning that the number of dropouts was higher. Among the discharged patients, approximately two-thirds were receiving continued treatment. With regard to follow-up for dropouts, majority of the responses were either "Not taking any action"(n=27) or "Not following up"(n=15). Only two respondents answered "Contact the community mental health promotion center," meaning that this response was very rare. Meanwhile, when asked about efficient measures to be implemented for dropouts, a vast majority of the respondents(n=30) selected the answer "Work with the community mental health promotion center." Conclusions : The outpatient treatment orders currently being administered were found to be ineffective, and the associated adherence to outpatient treatment was also found to be extremely poor. Hence, the effectiveness of the therapeutic interventions could benefit from institutional as well as administrative improvements. Community mental health promotion centers are expected to have an important role in the future.

• Proceedings of KOSOMES biannual meeting
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• 2004.05b
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• pp.127-150
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• 2004

목포해양대학교 현행 4개 학부의 교육과정은 1997년도에 전면 개편되어 학부 단위로 무난히 실시되고 있지만, 해사계열의 특수성과 해양공학계열의 학부별 전공 구성의 차이점 등으로 인하여 일률적 학부운영방침을 대학 전체에 동일하게 적용하는 것은 다소무리가 있었다. 해양계 특성화라는 대학의 목표를 향하여 각 학부의 교육목표와 전공특성을 살리면서 사회와 관련산업계의 시대적인 요구를 만족시키기 위하여 학부운영을 효율화$\cdot$극대화할 수 있는 체제 정립 방안을 연구하고 있다. 1차 년도의 연구결과에 의하면, 해상운송시스템학부는 효율적인 학부운영체제의 개선 및 운영시스템 개발을 위하여 학부 특성 및 전공 구성에 대한 분석을 통하여 문제점을 발견하고 해결방안을 모색함과 동시에 학생들의 전공 선택권을 최대한 보장할 수 있는 효율적인 학부 운영 체제를 구축하는 방안을 제시한다. 기관시스템공학부는 현행 의무복수전공제도의 문제점 분석과 해결 방안 강구를 위하여 전공들간의 인계성을 강화하며 활성화할 수 있는 방안을 모색하고 해양경찰학 전공의 운영 및 지도 방안을 연구한다. 또한 해기품질관리 관련 규정 등의 분석을 통해 교육 및 훈련에 대한 질적 향상을 꾀하고 해기품질 향상을 위한 교육평가시스템을 개발하고 구축하고자 한다. 해양전자$\cdot$통신공학부는 전공간의 연계성 구축과 효율적 운영방안을 모색하기 위하여 학부제 및 복수전공제와 관련하여 설문조사 문항을 개발$\cdot$분석하고, 해양전자공학 전공 교과목 정비 및 교재 개발을 시도하고 있다. 해양시스템공학부는 전공구성의 특성을 고려한 탐색과목의 설치 및 산업체 실습과 연계한 학점인정과목의 검토를 위하여 현행의 전공소개 프로그램을 분석하고, 졸업생의 취업을 분석하며 산업체의 요구사항을 조사하고 있다.산 알고리즘의 정당성을 보였다. 맞이하고 있음을 볼 수 있다. 국내광업이 21C 급변하는 산업환경에 적응하여 생존하기 위해서는 각종 첨단산업에서 요구하는 소량 다품종의 원료광물을 적기에 공급 할 수 있는 전문화된 기술력을 하루속히 확보해야 하며, 이를 위해 고품위의 원료광물 확보를 위한 탐사 및 개발을 적극 추진하고 가공기술의 선진화를 위해 선진국과의 기술제휴 등 자원산업 글로벌화 정책이 절실히 요구되고 있음을 알 수 있다. 또한 삶의 질을 향상시키려는 현대인의 가치관에 부합하기 위해서는 각종 소비제품의 원료를 제공하는 광업의 본래 목적 이외에도 자연환경 훼손을 최소화하며 개발 할 수밖에 없는 구조적인 어려움에 직면할 수밖에 없다. 이처럼 국내광업이 안고 있는 여러 가지 난제들을 극복하기 위해서는 업계와 정부가 합심하여 국내광업 육성의 중요성을 재인식하고 새로운 마음가짐으로 관련 정책을 수립 일관성 있게 추진해 나가야 할 것으로 보인다.의 연구 결과를 요약하면 다음과 같다. 첫째, 브랜드 이미지와 서비스 품질과의 관계에서 브랜드이미지는 서비스 품질의 선행변수가 될 수 있음을 증명하였으며 4개 요인의 이미지 중 사풍이미지를 제외한 영업 이미지, 제품 이미지, 마케팅 이미지가 서비스 품질에 영향을 미치고 있음을 알 수 있다. 둘째, 지각된 서비스 품질과 가격 수용성과의 관계에서, 서비스 품질은 최소 가격에 신뢰서비스 요인에서 정의 영향을 미치고 있으나 부가서비스, 환경서비스에서는 역의 영향을 미침을 알수 있고, 최대 가격에 있어서는 욕구서비스 요인은 정의 영향을 미치지만 부가서비스의 경우에는 역의 영향을 미치고 있음을 알 수 있다. 셋째, 서비스품질과 재 방문 의도와의 관계에 있어서 서비스품질은 재 방문 의도에 영향을 미침을 알 수 있다. 따라서 브랜드 이미지는 서비스품질의 선행변수가 될 수 있으며, 서비스품

• Journal of Korea Port Economic Association
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• v.30 no.1
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• pp.175-194
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• 2014

Because the thawing of the Arctic ocean is slowly accelerating due to global warming, recently exploring resources in Arctic ocean and transporting resources by using the North Pole route have been getting spotlight. Since the original route transported by the Suez Canal from Korea to Europe could be shorten about 8,000km in distance(decreased about 38% compared to the original route), which means shortening about 10 voyage dates, it is expected to bring huge logistics cost reduction. Once the North Pole route is commercialized successfully, it would be one of the most important variables that affects future of Busan port and guides for economic development of Busan. Therefore, the purpose of this study is to analyze Busan port and the economic growth of Busan area by researching promising industry, based on the effect of freight transporting by the Northern sea route on the economy of Busan. For this study, questionnaire surveys and interviews were conducted for 64 people of experts in the shipping and port industry, relevant government, and academics. The survey finding shows that port logistics industry is a promising business in Busan in terms of its growth and competitiveness. It is necessary to develop feeder network facilities that prepare for commercialization of the Northern sea route as a short and medium term plan and provide professional manpower training in polar regions. Ship supply business would also play an important role. It is identified that revitalization of shipbuilding and ocean plant industry should be done in terms of Arctic business. With regard to the fishery industry it is found that modernization of fishery ship and development of fishery equipment used in polar areas should be carried out.

• Atmosphere
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• v.33 no.2
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• pp.275-295
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• 2023

In Korea, there are four institutions related to atmospheric science: the university's atmospheric science-related department, the Korea Meteorological Administration (KMA), the ROK Air Force Weather Group, and the Meteorological Industry Association. These four institutions have developed while maintaining a deep cooperative relationship with the Korea Meteorological Society (KMS) for the past 60 years. At the university, 6,986 bachelors, 1,595 masters, and 505 doctors, who are experts in meteorology and climate, have been accredited by 2022 at 7 universities related to atmospheric science. The KMA is carrying out national meteorological tasks to protect people's lives and property and foster the meteorological industry. The ROK Air Force Weather Group is in charge of military meteorological work, and is building an artificial intelligence and space weather support system through cooperation with universities, the KMA, and the KMS. Although the Meteorological Industry Association has a short history, its members, sales, and the number of employees are steadily increasing. The KMS greatly contributed to raising the national meteorological service to the level of advanced countries by supporting the development of universities, the KMA, the Air Force Meteorological Agency, and the Meteorological Industry Association.