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Fund Flow and Market Risk (펀드플로우와 시장위험)

  • Chung, Hyo-Youn;Park, Jong-Won
    • The Korean Journal of Financial Management
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    • v.27 no.2
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    • pp.169-204
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    • 2010
  • This paper examines the dynamic relationship between fund flow and market risk at the aggregate level and explores whether sudden sharp changes in fund flow (fund run) can cause a systemic risk in the Korean financial markets. We use daily and weekly data and regression and VAR analysis. Main results of the paper are as follows: First, in the stock market, a concurrent and a lagged unexpected fund flows have a positive relationship with market volatility. A positive shock in fund flow predicts an increase in stock market volatility. In the bond market, an unexpected fund flow has a negative relationship with the default risk premium, but a positive relationship with the term premium. And an unexpected fund flow of the money market fund has a negative relationship with the liquidy risk, but the explanatory power is very low. Second, for examining whether changes in fund flow induce a systemic risk, we construct a spillover index based on the forecast error variance decomposition of VAR model. A spillover index represents that how much the shock in fund flow can explain the change of market risk in a market. In general, explanatory powers from spillover indexes are so fluctuant and low. In the stock market, the impact of shocks in fund flow on market risk is relatively high and persistent during the period from the end of 2007 to 2008, which is the subprime-mortgage crisis period. In bond market, since the end of 2008, the impact of shocks in fund flow spreads to default risk continually, while in the money market, such a systematic effect doesn't take place. The persistent patterns of spillover effect appearing around a certain period in the stock market and the bond market suggest that the shock to the unexpected fund flow may increase the market risk and can be a cause of systemic risk in the financial markets. However, summarizing the results of regression and VAR model analysis, and considering the very low explanatory power of spillover index analysis, we can conclude that changes in fund flow have a very limited power in explaining changes in market risk and it is not very likely to induce the systemic risk by a fund run in the Korean financial markets.

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Clinical Features of Simple Bronchial Anthracofibrosis which is not Associated with Tuberculosis (비결핵성 기관지탄분섬유화증의 임상 양상)

  • Lee, Hee-Seub;Maeng, Joo-Hee;Park, Pae-Gun;Jang, Jin-Gun;Park, Wan;Ryu, Dae-Sik;Kang, Gil-Hyun;Jung, Bock-Hyun
    • Tuberculosis and Respiratory Diseases
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    • v.53 no.5
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    • pp.510-518
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    • 2002
  • Background : Bronchial anthracofibrosis (BAF) is a dark black or brown pigmentation of multiple large bronchi associated with a fibrotic stenosis or obliteration that is incidentally found during a diagnostic bronchoscopy some reporters have suggested endobronchial tuberculosis or tuberculous lymphadenitis as a possible cause of BAF. However, some BAF patients do not have any medical history of tuberculosis. The aim of this study was to elucidate the clinical features of simple BAF patients, which were not associated with tuberculosis. Methods : We reviewed the patients' charts retrospectiely and interviewed all BAF patients who were followed up for 1 year or more. Among the 114 BAF patients, 43 patents (38 %) had no associated tuberculosis, cancer and pneumoconiosis. The clinical characteristics, radiological findings and associated pulmonary diseases of these patients were evaluated. Results : Most patients were non-smokers, old aged, housewifes who resided in a farming village. The common respiratory symptoms were dyspnea, cough and hemoptysis. The predominant X-ray findings were a multiple bronchial wall thickening(89%), bronchial narrowing or atelectasis (76%) and a mediastinal lymph node enlargement with/without calcification (78%). Pulmonary function test usually showed mild obstructive ventilatory abnormalities but no patient showed a restrictive ventilatory pattern and the patients were frequently affected with chronic bronchitis(51%), post-obstructive pneumonia(40%) and chronic asthma(4%). Conclusion : Because BAF is frequently associated with chronic bronchitis and obstructive pneumonia as well as tuberculosis, a careful clinical evaluation and accurate differential diagnosis is more essential than empirical anti-tuberculous medication.

Prediction of Nitrate Contamination of Groundwater in the Northern Nonsan area Using Multiple Regression Analysis (다중 회귀 분석을 이용한 논산 북부 지역 지하수의 질산성 질소 오염 예측)

  • Kim, Eun-Young;Koh, Dong-Chan;Ko, Kyung-Seok;Yeo, In-Wook
    • Journal of Soil and Groundwater Environment
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    • v.13 no.5
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    • pp.57-73
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    • 2008
  • Nitrate concentrations were measured up to 49 mg/L (as $NO_3$-N) and 22% of the samples exceeded drinking water standard in shallow and bedrock groundwater of the northern Nonsan area. Nitrate concentrations showed a significant difference among land use groups. To predict nitrate concentration in groundwater, multiple regression analysis was carried out using hydrogeologic parameters of soil media, topography and land use which were categorized as several groups, well depth and altitude, and field parameters of temperature, pH, DO and EC. Hydrogeologic parameters were quantified as area proportions of each category within circular buffers centering at wells. Regression was performed to all the combination of variables and the most relevant model was selected based on adjusted coefficient of determination (Adj. $R^2$). Regression using hydrogelogic parameters with varying buffer radii show highest Adj. $R^2$ at 50m and 300m for shallow and bedrock groundwater, respectively. Shallow groundwater has higher Adj. $R^2$ than bedrock groundwater indicating higher susceptibility to hydrogeologic properties of surface environment near the well. Land use and soil media was major explanatory variables for shallow and bedrock groundwater, respectively and residential area was a major variable in both shallow and bedrock groundwater. Regression involving hydrogeologic parameters and field parameters showed that EC, paddy and pH were major variables in shallow groundwater whereas DO, EC and natural area were in bedrock groundwater. Field parameters have much higher explanatory power over the hydrogeologic parameters suggesting field parameters which are routinely measured can provide important information on each well in assessment of nitrate contamination. The most relevant buffer radii can be applied to estimation of travel time of contaminants in surface environment to wells.

Solitary Juvenile Polyps and Colonoscopic Polypectomy in Children (연소성 대장 용종의 내시경적 용종 절제술)

  • Cheon, Kyoung Whoon;Kim, Jae Young;Kim, Sung Won
    • Clinical and Experimental Pediatrics
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    • v.46 no.3
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    • pp.236-241
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    • 2003
  • Purpose : This study was performed to know the clinical profile and effectiveness of colonoscopic polypectomy in patients with solitary juvenile polyp. Methods : This study included 19 children, aged 1.8 to 11.4 years, who underwent colonoscopic polypectomy and histologically proven solitary juvenile polyps between March 1998 and August 2002. We analyzed their detailed history, clinical manifestations, colonoscopic examination, method of anesthesia and results of colonoscopic polypectomy. Results : The mean age of the 19 cases was $4.7{\pm}2.8year$. The male to female ratio was 1 : 1.1. Hematochezia, the main indication of colonoscopy, was present in all cases. Combined symptoms were mucoid stool or diarrhea(42%), abdominal pain(26%), constipation(11%) and anal fissure(11%). Anemia(Hb <10 g/dL) in four cases recovered spontaneously after polypectomy. Complications associated with premedication, sedation and colonoscopy itself did not occur. Bleeding developed in two cases(11%) after polypectomy. One of them was controlled with hemoclipping. The main site of polyps was the rectosigmoid colon in 15 cases(79%). The size of the polyps ranged from 0.5 to 3.5 cm. The interval between the onset of symptoms and polypectomy was from 0.1 to 42 months. Conclusion : Juvenile polyps are a common cause of benign, chronic and recurrent rectal bleeding. Colonoscopic polypectomy is a simple, safe and effective therapeutic method. So earlier colonoscopy might avoid uneffective treatment and prevent untoward problems such as fear of parents and anemia.

Glutamate-and NMDA-induced calcium influx at synaptosomes and the difference of their actions (Glutamate와 NMDA에 의한 Synaptosome에서의 칼슘 유입과 이들의 작용의 차이)

  • Lee, Chung-Soo;Sim, Jae-Keon;Shin, Yong-Kyoo;Lee, Kwang-Soo
    • The Korean Journal of Pharmacology
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    • v.24 no.1
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    • pp.71-81
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    • 1988
  • Glutamate and aspartate may evoke an increase in membrane permeability to monovalent cations and $Ca^{++}$. However, it is uncertain whether $Ca^{++}$ influx is mediated by voltage dependent $Ca^{++}$ channels or by excitatory amino acid activated channels. In addition, the influences of excitatory amino acids on $Ca^{++}$ uptake by neuronal tissues as well as the responses of their actions to extracellular $Mg^{++}$ concentration are different. $K^{+}$ induced $Ca^{++}$ uptake by synaptosomes was dependent on extracellular $Mg^{++}$ up to 5 mM and at concentration of 10 mM, $Ca^{++}$ influx was rather reduced. In $Na^{+}$ rich media, glutamate-and aspartate-induced $Ca^{++}$ uptake was increased by $Mg^{++}$ in a dose independent manner. However, the response for NMDA was inhibited by $Mg^{++}$ at concentrations above 2 mM. $K^+$-and glutamate-induced $Ca^{++}$ influx s were inhibited by 2,4-dinitrophenol, chlorprom-azine and verapamil but not by tetraethylammonium chloride. Tetrodotoxin effectively inhibited the action of glutamate but did not affect that of $K^+$. The response for MNDA was inhibited by 2, 4-dinitrophenol and tetrodotoxin, slightly inhibited by verapamil, and not affected by tetraethylammonium chloride. In $Na^{++}$ rich medium, depolarizing action of glutamate, aspartate and MNDA on synaptosomes was not demonstrated, whereas these agents stimulated $Ca^{++}$ uptake and caused $Ca^{++}$ influx induced depolarization at mitochondria. On the other hand, the activities of synaptosomal ATPases were not affected by excitatory amino acids at 5 mM. The results suggest that glutamate or NMDA induced $Ca^{++}$ influx at synaptosomes exhibits different responses for extracellular $Mg^{++}$ Ex citatory amino acids induced $Ca^{++}$ influx at synaptosomes may be associated with increased permeability of membrane for $Na^{++}$ and $Ca^{++}$ except $K^{++}$ and membrane depolarization due to increased ionic permeability.

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A Study on the Change of Landscape in Bulguksa Temple through a Iconographic Materials in the Period of Japanese Occupation (일제강점기 도상자료를 통한 불국사의 경관변화에 관한 연구)

  • Kim, Kyu-Won;Ahn, Gye-Bog;Sim, Woo-Kyung
    • Journal of the Korean Institute of Traditional Landscape Architecture
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    • v.33 no.1
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    • pp.21-30
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    • 2015
  • Bulguksa Temple, a typical temple of Silla was lost during Japanese Invasion of Korea and there are records of reconstructing in its record, Bulguksa Sajeok. There is no record after that. And reconstructing was stopped due to lack of money and repair works were conducted for two times in Japanese colonial era. First repair work was from 1989 to 1919 and second repair work was conducted from 1922 to 1925. After Liberation, Bulguksa Temple Restoration Committee was established in 1969 and the construction has started since 1970 after excavation investigation to complete in 1973. The shape of south arcade without walls in the main temple of Bulguksa was found in a blue print of Bulguksa in Japanese colonial era in National Archives of Korea now and a picture of Bulguksa in 1902 taken by Sekino Tadashi. It verified the correlation between Gupumyeonji which was discovered in restoration work in 1970s and a legend of Muyoungtap. And a stair from the hall of Paradise to the main temple was introduced as a stair including Pure Land Buddhism doctrine in many literature materials, but a blue print of Bulguksa in Japanese colonial era and reports of excavation investigation in 1970s verified that it was a temporary stair built by Japan and its meaning was given later. This research checked the scenery of Bulguksa Temple before Japanese colonial era and it is intended for basic data to conduct restoration or reconstruction project in the future.

Impact of the Rice-Duck Farming System on Regional Agricultural Environment at Hongsung Area (오리농법에 의한 벼 재배가 지역 환경에 미치는 영향 평가)

  • Roh, Kee-An;Kim, Min-Kyeong;Ko, Byong-Gu;Kim, Gun-Yeob;Shim, Kyo-Moon;Jeong, Hyun-Cheol;Lee, Deog-Bae
    • Korean Journal of Soil Science and Fertilizer
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    • v.42 no.spc
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    • pp.57-61
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    • 2009
  • To clarify the impact of the rice-duck farming system on the regional environment and the surrounding, a case study was carried out at Hongdong Reservoir valley of Hongdong-myeon and Janggok-myeon, Hongseong-gun, Chungcheongnam-do where the density of livestock grazing is the highest and rice cultivation with the rice-duck farming system is extensively practiced. The soil characteristics and water qualities at paddy fields were compared between two rice cultivation methods of rice-duck farming system and conventional farming system. The organic matters and available phosphate contents in soil of paddy fields where the rice-duck farming system was practiced were higher than those of paddy fields where conventional farming system was practiced. However, the available phosphate content was lower than the optimum for rice cultivation and the mean concentration of paddy soil in Korea. The surface water quality of the paddy field with the rice-duck farming system was practiced had higher EC (137 %), $COD_{Cr}$ (220 %), T-N (172 %), and T-P (226 %) contents than that with the conventional farming system was practiced. Especially, $COD_{Cr}$ and T-P were more than 2 times higher, which tells that the possibility of water pollution by drainage water of paddy field is higher in the paddy fields with the rice-duck farming system practiced than in those with the conventional farming practiced. The higher contents of T-P and $COD_{Cr}$ in surface water at the paddy field of rice-duck farming system practiced were directly caused by soil particles in the muddy water. Consequently, it is necessary to thoroughly manage the irrigation and drainage system of rice-duck farming system practiced to prevent outflow of surface water from paddy and pollution of surrounding water system.

Antioxidative activity, including Inhibitory activities of ACE, APN and $\alpha$-amylase, in Theaceae Plants Native to Jeju Island (제주도 자생 차나무과 식물의 ACE, APN, $\alpha$-amylase 저해 활성 및 항산화활성에 대한 연구)

  • Oh, Soon-Ja;Lee, Jin-Ho;Ko, Kwang-Sup;Shin, Dong-Bum;Koh, Seok-Chan
    • Korean Journal of Plant Resources
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    • v.23 no.5
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    • pp.406-414
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    • 2010
  • Antioxidative activity, including inhibitory activities of angiotensin I converting enzyme(ACE), aminopeptidase N(APN) and $\alpha$-amylase, was investigated in the methanol extracts from Theaceae plants native to Jeju island, in order to select the plant species containing bioactive materials for functional food or medicines. ACE inhibitory activity was above 50% in Ternstroemia japonica(stem bark) and Cleyera japonica(leaf), and APN inhibitory activity was low to be positive only in C. japonica(leaf, stem bark) and T. japonica(stem bark). $\alpha$-Amylase inhibitory activity was above 30% in Camellia japonica(fruit), Eurya emarginata(stem), T. japonica(stem bark) and Thea sinensis(stem). The antioxidative activity, estimated by the DPPH radical scavenging capacity, was above 30% in C. japonica(stem bark), T. japonica(stem bark) and T. sinensis(leaf). Particularly, the antioxidative activity analyzed by dot-blot test was very high in C. japonica(stem bark) relatively to those of other plants, and remained high in the low concentration($1.25\;{\mu}g/m{\ell}$). From the TLC analysis of antioxidative compounds, EGC(Rf 0.26) was found to have high activity in stem bark of C. japonica and EGCG(Rf 0.09) was found to have high activity in stem bark of C. japonica, E. emarginata, and T. japonica. Five bands (Rf 0.54, 0.46,0.44, 0.16, 0.03) which were not identified as compared with catechins were detected as polyphenolic compounds on the TLC plates sprayed with the Folin-Ciocalteu solution or the Ferric chloride-alcohol solution. These results suggests that Theaceae plants except E. japonica could be potentially used as a resource of bioactive materials for functional foods or medicines and further research is reguired to identify the bioactive substances and determine the functions of them.

Changing Patterns of Infect ions with Digenetic Larval Trematodes from Fresh-water Fish in River Taega, Gyeongsangbuk-do Province, Korea (경북(慶北) 대가천(大駕川)에서 채집(採集)된 담수어(淡水魚)에 있어서 흡충류(吸蟲類) 피낭유충(被囊幼蟲) 기생상(寄生狀)의 변화(變化))

  • Joo, Kyung-Hwa;Kim, Tae-Hyoung;Joo, Chong-Yoon
    • Journal of agricultural medicine and community health
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    • v.26 no.2
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    • pp.161-179
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    • 2001
  • Recent patterns of infections with digenetic larval trematodes from fresh-water fish were studied in five locations of the river Taega during the period from October, 1998 to September, 2000, and compared with the data reported previously in the same river. The fish were collected using following techniques ; fishing, throwing a castnet, and using a bait of crushed oil cake in a transparent plastic bowl. Of 19 species of fish examined, eight species of encysted larvae, Clonorchis sinensis, Cyathocotyle orientalis, Centrocestus armatus, Clinostomum complanatum, Exorchis oviformis, Metagonimus species, Metacecaria hasegawai, and Metorchs orientalis, and two kinds of undetermined cyst A and C were found. The encysted larvae of Exorchis oviformis were found most frequently from 12 species of fresh-water fish, followed by Metacercaria hasegawai larvae from 9 species, the cyst of Clonorchis sinensis and Cyathocotyle orientalis from 7 species, Centrocestus armatus from 3 species, Clino- stomum complanatum from 2 species, and Metorchis orientalis from 1 species. The infection rates of fish with Clonorchis sinensis larvae were lower than those reported in 1993, whereas their intensity of infection was found lowered in 3 species, Pungtungia herz I, Saurogobio dabry i, and Squalidus jap onicus coreanus. The infection rates and intensity of 6 species of fish with Metagonimus sp ecies larvae were lower than the results in 1993, while the rates in several species of fish with Exorchis oviformis rather higher. The encysted larvae of Cyathocotyle orientalis, Metacercaria hasegawai, and Metorchis orientalis showed variations in infection rates of fish in 1993 and in the present study. However, It was impossible to compare the infection rates for the encysted larvae on the scales, fins and tail as they varied so considerably in both 1993 and 2000 surveys. This study indicate that the rate of infection with digenetic larval trematodes in fresh-water fish was still relatively high in the river Taega, and the metacercarial burden in the fish varies greatly by different fish in 1993.

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Thermal Water Level Change and Geochemistry in the Suanbo Area, Korea (수안보지역의 온천수위 변동과 수리지구화학에 관한 연구)

  • Yum, Byoung-Woo;Kim, Yongje
    • Journal of the Korean Society of Groundwater Environment
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    • v.6 no.2
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    • pp.59-65
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    • 1999
  • Both the groundwater changes due to different pumping rates and the geochemistry of thermal waters in the Suanbo area are considered in this study. The observation of groundwater level change since 1991 shows that the change is directly correlated with pumping rates of thermal waters and reveals the retardation of ca. 5 weeks after pumping. The hydrogeological aquifer in the area is under reducing condition. The thermal waters are of Na-HCO$_3$ type. and are alkaline (pH=8.5∼8.7) with low TDS values (274∼284 mg/l) and high concentrations of Na (68∼72 mg/l). F (6.4∼8.9 mg/l), and HCO$_3$(136∼146 mg/l). Oxygen and hydrogen isotope ratios of thermal water indicate a meteoric water origin. The activities of Rn-222 and Ra-226 in both thermal water and local groundwater were determined to delineate possible geochemical controls on the Rn-222 and Ra-226. The Rn-222 concentrations are several orders of magnitude greater than the Ra-226 concentrations. The concentrations of Rn-222 range from 190 to 7.490 pCi/1 with an average of 2,522 pCil/l. and those of Ra-226 average 0.32 pCi/1 with the range from 0.25 to 0.42 pCi/1. The concentrations of Rn-222 and Ra-226 are inversely correlated with EC and alkalinity. The pH it positively correlated with Ra-226. The correlation between Rn-222 and Ra-226 is poor. Thermal waters in the study area are produced from highly fractured phyllite. The thermal water qualify. CSAMT (controled-source audiofrequency magnetotelluric) prospecting, and petrological evidences, however, indicate that the heat is possibly transmitted through deep normal faults reaching a deep granite batholith, and the phyllite acts only as a groundwater pathway.

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