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Evaluating the usefulness of BinkieRTTM (oral positioning stent) for Head and Neck Radiotherapy (두경부암 환자 방사선 치료 시 BinkieRTTM(구강용 고정장치)에 대한 유용성 평가)

  • GyeongJin Lee;SangJun Son;GyeongDal Lim;ChanYong Kim;JeHee Lee
    • The Journal of Korean Society for Radiation Therapy
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    • v.34
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    • pp.21-30
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    • 2022
  • Purpose: The purpose of this study is to evaluate the effectiveness of oral positioning stent, the BinkieRTTM in radiation treatment for head and neck cancer patients in terms of tongue positions reproducibility, tongue doses and material properties. Materials and Methods: 24 cases using BinkieRTTM during radiation treatments were enrolled. The tongue was contoured on planning CT and CBCT images taken every 3 days during treatment, and then the DSC and center of tongue shift values were analyzed to evaluate the reproducibility of the tongue. The tongue dose was compared in terms of dose distribution when using BinkieRTTM and different type of oral stents (mouthpiece, paraffin wax). Randomly selected respective 10 patients were measured tongue doses of initial treatment plan for nasal cavity and unilateral parotid cancer. Finally, In terms of material evaluation, HU and relative electron density were identified in RTPS. Results: As a result of DSC analysis, it was 0.8 ± 0.07, skewness -0.8, kurtosis 0.61, and 95% CI was 0.79~0.82. To analyze the deviation of the central tongue shift during the treatment period, a 95% confidence interval for shift in the LR, SI, and AP directions were indicated, and a one-sample t-test for 0, which is an ideal value in the deviation(n=144). As a result of the t-test, the mean and SD in the LR and SI directions were 0.01 ± 0.14 cm (p→.05), 0.03 ± 0.25 cm (p→.05), and -0.08 ± 0.25 cm (p ←.05) in the AP direction. In the case of unilateral parotid cancer patients, the Dmean to the tongue of patients using BinkieRTTM was 16.92% ± 3.58% compared to the prescribed dose, and 23.99% ± 10.86% of patients with Paraffin Wax, indicating that the tongue dose was relatively lower when using BinkieRTTM (p←.05). On the other hand, among nasal cavity cancer patients, the Dmean of tongue dose for patients who used BinkieRTTM was 4.4% ± 5.6%, and for those who used mouthpiece, 5.9% ± 6.8%, but it was not statistically significant (p→.05). The relative electron density of Paraffin Wax, BinkieRTTM and Putty is 0.94, 0.99, 1.26 and the mass density is 0.95, 0.99 and 1.32 (g/cc), Transmission Factor is 0.99, 0.98, 0.96 respectively. Conclusion: The result of the tongue DSC analysis over the treatment period was about 0.8 and Deviation of the center of tongue shifts were within 0.2 cm, the reproducibility was more likely excellent. In the case of unilateral head and neck cancer patients, it was found that the use of BinkieRTTM rather than Paraffin Wax or Putty can reduce the unnecessary dose irradiated to the tongue. This study might be useful to understand of BinkieRTTM's properties and advantages. And also it could be another considered option as oral stent to keep the reproducibility of tongue and reducing dose during head and neck radiation treatments.

The Effect of Service Failure on the Desire for Betrayal and Retaliatory Behavior - Based on the Moderating Role of the Customer-Service Firm Relationship Quality (서비스 실패요인이 보복행위에 미치는 영향과 관계품질의 조절효과)

  • Kim, Mo Ran;Ahn, Kwang Ho
    • Asia Marketing Journal
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    • v.14 no.1
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    • pp.99-130
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    • 2012
  • Service failure and a poor service recovery may lead loyal customers to try to aggressively punish the service firm. We use perceived betrayal and desire for vengeance as the key constructs to understand customer retaliation. Perceived betrayal is defined as a customer's belief that a firm has intentionally violated what is normative in the context of their relationship. And the desire for vengeance is defined as the retaliatory feelings that consumers feel toward a firm, such as the desire to exert harm on the firm. The perceived betrayal and the desire for vengeance are key antecedents of retaliatory behaviors such as vindictive complaining, negative WOM and third-party complaining for publicity. The empirical results suggest that betrayal is a key motivational factor that lead customers to restore fairness by making use of all means, including retaliation. We also find that relationship quality has effect on a customer's response to a failure in service recovery. As the levels of relationship increases, a violation of the proper fairness has a stronger effect on the sense of betrayal experienced by customers. Considerable research has investigated consumer responses to dissatisfaction. But our study examine the response of outraged and highly frustrated consumers. We focus on emotional and behavioral processes that have not been covered by previous dissatisfaction researches and which are unique to outraged consumers caused by extremely dissatisfied purchase experience. It has recently been pointed out by various mass media that the customers not only have positive effects on the company performance but also put the company in crisis. It has often been reported that one customer's dissatisfaction, for example, never ends as it is, and it tends to grow for retaliating upon the company, depending on the level of seriousness of the dissatisfaction. This sometimes leads to a lawsuit against the company. Our study focuses on the customers' emotional and behavioral responses induced by their extreme dissatisfactions. We divided the customer groups into the customers with high relationship quality and the customers with low relationship quality, and the difference between two groups is examined. The objective of this study is to comprehend the causal relationship between the feeling of betrayal caused by the service failure and the retaliatory behavior triggered by the desire of revenge. Our study is divided into three parts. First, a causal relationship between perceived unfairness and the perceived betrayal and desire for revenge. Second, the effect of the perceived betrayal and desire for revenge on the retaliatory behavior is investigated. Finally, the moderating role of relationship quality in the causal relationship between the unfairness in service recovery and the perceived betrayal is analyzed. This study finds the following empirical results. The distributive unfairness, procedural unfairness and interactional unfairness had significant effects on the perceived betrayal. Especially, the perceived distributive unfairness results in the highest perceived betrayal. When the service company does not provide customers proper and sufficient compensation for the failure, they feel the strong sense of betrayal. And in the causal relationship between the perceived betrayal, desire for revenge and retaliatory behavior, the perceived betrayal has significant effects on e desire for revenge. In addition desire for revenge has significant effects on negative word of mouth, retaliatory complaining behavior and publicity of complaints through third group. Therefore the perceived unfairness has effects on retaliatory behavior through the mediation of the perceived betrayal and desire for revenge. Finally the moderating role of relationship quality was examined in the relationship between the unfairness and perceived betrayal. If the customers experienced the perceived unfairness in the process of service recovery, the customers with high relationship quality feel the stronger perceived betrayal than the customers with low relationship quality do. When they experience the double service failure, the customer group with high relationship quality accumulating the sense of trust feel the more perceived betrayal than the customer with low relationship quality who do not have strong trust. The contribution of this study is to find the effect of the service failure on the retaliatory behavior with the moderating roles of relationship quality. The dimensions of unfairness in service recovery is found to have differential effects on the perceived betrayal, desire for revenge. And these differential effect is moderated by the level of relationship quality.

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Uranium Adsorption Properties and Mechanisms of the WRK Bentonite at Different pH Condition as a Buffer Material in the Deep Geological Repository for the Spent Nuclear Fuel (사용후핵연료 심지층 처분장의 완충재 소재인 WRK 벤토나이트의 pH 차이에 따른 우라늄 흡착 특성과 기작)

  • Yuna Oh;Daehyun Shin;Danu Kim;Soyoung Jeon;Seon-ok Kim;Minhee Lee
    • Economic and Environmental Geology
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    • v.56 no.5
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    • pp.603-618
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    • 2023
  • This study focused on evaluating the suitability of the WRK (waste repository Korea) bentonite as a buffer material in the SNF (spent nuclear fuel) repository. The U (uranium) adsorption/desorption characteristics and the adsorption mechanisms of the WRK bentonite were presented through various analyses, adsorption/desorption experiments, and kinetic adsorption modeling at various pH conditions. Mineralogical and structural analyses supported that the major mineral of the WRK bentonite is the Ca-montmorillonite having the great possibility for the U adsorption. From results of the U adsorption/desorption experiments (intial U concentration: 1 mg/L) for the WRK bentonite, despite the low ratio of the WRK bentonite/U (2 g/L), high U adsorption efficiency (>74%) and low U desorption rate (<14%) were acquired at pH 5, 6, 10, and 11 in solution, supporting that the WRK bentonite can be used as the buffer material preventing the U migration in the SNF repository. Relatively low U adsorption efficiency (<45%) for the WRK bentonite was acquired at pH 3 and 7 because the U exists as various species in solution depending on pH and thus its U adsorption mechanisms are different due to the U speciation. Based on experimental results and previous studies, the main U adsorption mechanisms of the WRK bentonite were understood in viewpoint of the chemical adsorption. At the acid conditions (<pH 3), the U is apt to adsorb as forms of UO22+, mainly due to the ionic bond with Si-O or Al-O(OH) present on the WRK bentonite rather than the ion exchange with Ca2+ among layers of the WRK bentonite, showing the relatively low U adsorption efficiency. At the alkaline conditions (>pH 7), the U could be adsorbed in the form of anionic U-hydroxy complexes (UO2(OH)3-, UO2(OH)42-, (UO2)3(OH)7-, etc.), mainly by bonding with oxygen (O-) from Si-O or Al-O(OH) on the WRK bentonite or by co-precipitation in the form of hydroxide, showing the high U adsorption. At pH 7, the relatively low U adsorption efficiency (42%) was acquired in this study and it was due to the existence of the U-carbonates in solution, having relatively high solubility than other U species. The U adsorption efficiency of the WRK bentonite can be increased by maintaining a neutral or highly alkaline condition because of the formation of U-hydroxyl complexes rather than the uranyl ion (UO22+) in solution,and by restraining the formation of U-carbonate complexes in solution.

A Study on the Improvement of Flexible Working Hours (탄력적 근로시간제 개선에 대한 연구)

  • Kwon, Yong-man
    • Journal of Venture Innovation
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    • v.5 no.3
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    • pp.57-70
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    • 2022
  • In modern industrial capitalism, the relationship between the provision of work and the receipt of wages has become an important principle governing society. According to the labor contract, the wages provided by entrusting the right to dispose of one's labor to the employer are directly compensated, and human life should be guaranteed and reproduced with proper rest. The establishment of labor relations under free contracts represents a problem in protecting workers, and accordingly, the maximum of working hours is set as a minimum right for workers, and the standard for minimum rest is set and assigned. The reduction of working hours is very important in terms of the quality of life of workers, but it is also an important issue in efficient corporate activities. As of 2020, Korea has 1,908 hours of annual working hours, the third lowest among OECD 37 countries in the happiness index surveyed by the Sustainable Development Solution Network(SDSN), an agency under the United Nations. Accordingly, the necessity of reducing working hours has been recognized, and the maximum working hours per week has been limited to 52 hours since 2018. In this situation, various working hours are legally excluded as a way to maintain the company's value-added creation and meet the diverse needs of workers, and Korea's Labor Standards Act restricts flexible working hours within three months, flexible working hours exceeding three months, selective working hours, and extended working hours. However, in the discussion on the application of the revised flexible working hours system in 2021 and the expansion of the settlement unit period recently discussed, there is a problem with the flexible working hours system, which needs to be improved. Therefore, this paper aims to examine the problems of the flexible working hours system and improvement measures. The flexible working hours system is a system that does not violate working hours even if the legal working hours are exceeded on a specific day or week according to a predetermined standard, and does not have to pay additional wages for excessive overtime work. It is mainly useful as a form of shift work in manufacturing, sales service, continuous business or electricity, gas, water, and transportation for long-term operations. It is also used as a way to shorten working hours, such as expanding holidays through short working days. However, if the settlement unit period is expanded, it is disadvantageous to workers as the additional wages that workers can receive will not be received. Therefore, First, in order to expand the settlement unit period currently under discussion, additional wages should be paid for the period expanded from the current standard. Second, it is necessary to improve the application of the flexible working hours system to individual workers to have sufficient consultation with individual workers in a written agreement with the worker representative, Third, clarify the allowable time for extended work during the settlement unit period, and Fourth, limit the daily working hours or apply to continuous rest. In addition, since the written agreement of the worker representative is an important issue in the application of the flexible working hours system, it is necessary to secure the representation of the worker representative.

Analysis of Vegetation Structures and Vegetation-Environment Relationships of Medicinal on Short-term Income Forest Products, in Korea - Cudrania tricuspidata (Carrière) Bureau ex Lavallèe·Sorbus commixta Hedl.·Hovenia dulcis Thunb. - (임산물 약용수의 자생지 식생 구조와 환경과의 상관관계 분석 - 꾸지뽕나무·마가목·헛개나무 -)

  • Hyoun-Sook Kim;Sang-Myong Lee;Kil-Nam Kang;Seog-Gu Son;Si-Chul Ryu;Kyung-Joon Lee;Jong-Hoon Lee;Byung-Seol Lee;Joong-Ku Lee
    • Korean Journal of Environment and Ecology
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    • v.37 no.5
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    • pp.347-366
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    • 2023
  • In the present study, the vegetation was classified using the phytosociological method and canonical-correlation analysis (CCA) was implemented to analyze correlation between community structure and environmental factors in the natural habitats of forest byproducts, especially medicinal plants, such as Cudrania tricuspidata, Sorbus commixta, and Hovenia dulcis, in 2021-2022 to provide primary ecological data to establish environmental conditions for wild vegetable cultivation. A total of 11 plots in five regions, 8 plots in three regions, and 17 plots in 5 regions were selected for the natural habitats of C. tricuspidata in southern Korea, S. commixta in high mountains, and H. dulcis in valleys of central Korea, respectively. The importance value in each community was respectively analyzed as follows, in C. tricuspidata community, the importance value of C. tricuspidata (61.10) was the highest, followed by Celtis sinensis, Pinus thunbergii, Neolitsea aciculata, Styrax japonica, Carpinus coreana, Quercus serrata, and Q. acutissima. In Sorbus commixta community, Q. mongolica (57.21) was the highest, followed by, S. commixta (42.58), Betula ermani, Tilia amurensis, A. pseudosieboldianum, A. tschonoskii var. rubripes, Cornus controversa, Magnolia sieboldii, and Taxus cuspidata. In H. dulcis community, H. dulcis (64.58) was the highest, followed by Zelkova serrata, Cornus controversa, A. mono, Q. serrata, C. cordata, and Juglans mandshurica. As the result of the analysis on DBH of the major species having the high importance value, in C. tricuspidata community, C. tricuspidata, C. sinensis, Neolitsea aciculata, and C. coreana show the density of normal distribution, so the dominant status of these species is likely to continue. In S. commixta community, S. commixta show the density of reverse J-shaped curve, so the dominant status of these species is likely to be stable, and Q. mongolica, B. ermani and T. amurensis, show the density of normal distribution, so the dominant status of these species is likely to continue. In H. dulcis community, C. cordata, and J. mandshurica show the density of reverse J-shaped curve, so the dominant status of these species is likely to be stable, and H. dulcis, Z. serrata, C. controversa and A. mono had a formality distribution, suggesting a continuous domination of these species over the other species for the time being. The results of CCA ordination analysis using 11 environmental factors and 30 communities of three taxa classified by TWINSPAN analysis revealed that the altitude showed the strongest correlation with the vegetation. C. tricuspidata community was distributed on the moderate and gentle northeastern slope at low altitude with the highest pH, C.E.C, Ca2+, and Mg2 and various P2O5, whereas S. commixta community was distributed on the steep slope at high altitude with the highest O.M and T-N and lower P2O5, Ca2+, Mg2+, C.E.C and pH, which is the opposite tendency of the environment of C. tricuspidata community. H. dulcis community was distributed on the gentle northern slope at lower altitude with an average pH, O.M, T-N, Ca2+, Mg2+, and C.E.C, except higher P2O5.

Effect of Acute Ethanol Intoxication on the Pulmonary Compliance and Surfactant in Rats (급성(急性) Ethyl 알콜 중독(中毒) 흰쥐의 폐용압률(肺容壓率)과 폐포활성물질(肺胞活性物質)의 변화(變化))

  • Lee, Seung-Jung;Choo, Young-Eun
    • The Korean Journal of Physiology
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    • v.15 no.1
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    • pp.27-36
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    • 1981
  • Relatively little has been done on the metabolic changes of the lung produced by the excessive alcohol ingestion to the point of the acute alcohol intoxication. In the present study, an effort was made to clarify the possible changes of the pulmonary surfactant system by the acute alcohol ingestion. The dynamic pulmonary compliance and the levels of protein and inorganic phosphorus (Pi) of both lung lavage and extract were chosen as the parameters of the pulmonary surfactant activities. The albino rats of both sexes were used, and 1.5 ml of 50% ethanol per 100 g body weight was given by oral intubation, and the experiment was performed at 1, 3, 6, 12, and 24 hours after the alcohol ingestion. The rat was sacrificed by cutting the carotid arteries, and blood sample for the determination of hematocrit(Hct) and the blood alcohol concentration was obtained. Both lungs were completely removed without dammage to the lung tissue, and the pulmonary compliance was measured by the changes of pressure-volume(P-V) curves by inflating or deflating the lung with air. Immediately after the P-V curves were recorded, the lung lavage was obtained by washing the lobes with 15ml of isotonic saline 3 times with a syringe. Next, total lungs were homogenized and filtered to obtain the lung extract. The protein and Pi levels were measured using the lung lavage and extract as the samples, and the lung/body weight ratio(L/B ratio) was also calculated. The results thus obtained were compared with the normal values and summarized as follows. The blood alcohol concentration reached the highest level of $0.71{\pm}0.02\;g\;%$ at 1 hr and gradually decreased until 24 hrs$(0.36{\pm}0.02\;g%)$ after the alcohol ingestion, but all the experimental groups showed significant increase comparing with the normal. The highest Hct value was obtained at 1hr$(64.86{\pm}2.45%)$ and significantly elevated value was continued throughout the experiment. The L/B ratio was significantly lowered from 3hrs until 24hrs after the alcohol ingestion but from 6 th hr on, a generally elevated value was observed with a significant value at 12 hrs and gradual recovery to the normal value at 24 hrs after the alcohol ingestion. The pulmonary compliance at inflation and deflation did not change appreciablly from the normal until 3 hrs after the alcohol ingestion but from 6 th hr on, a generally elevated value was observed with a significant value at 12 hrs and gradual recovery to the normal value at 24 hrs after the alcohol ingestion. The protein level of the lung lavage stowed a significantly increased value of $12.36{\pm}0.35\;mg/gm(3rd hr)$, $12.70{\pm}0.74\;mg/gm(12 th hr)$, and $12.65{\pm}0.88\;mg/gm(24 th hr)$, respectively, comparing with the normal value of $10.65{\pm}0.62\;mg/gm$, and the Pi level also showed a similar tendency of significant increase at 12th hr $(7.65{\pm}0.63\;{\mu}mol/gm)$ and 24 th hr$(6.70{\pm}0.36\;{\mu}mol/gm)$ comparing with the normal value of $5.32{\pm}0.20\;{\mu}mol/gm$. The protein level of the lung extract in the alcohol group was generally similar to the normal value with a slight decrease at 1st and 3 rd hr, tut the Pi level of the lung extract was generally increased in the alcohol group, and a significant increase was observed at 6 th hr$(17.77{\pm}1.54\;{\mu}mol/gm)$, 12 th hr$(13.92{\pm}0.78\;{\mu}mol/gm)$ and 24 th hr$(14.57{\pm}0.53\;{\mu}mol/gm)$ of the alcohol ingestion comparing with the normal value of $10.34{\pm}0.37\;{\mu}mol/gm$. From the above, it may be concluded that the acute alcohol intoxication produces the metabolic changes of the lungs by the increased surfactant activities and elevated pulmonary compliance.

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Soil Physical Properties of Arable Land by Land Use Across the Country (토지이용별 전국 농경지 토양물리적 특성)

  • Cho, H.R.;Zhang, Y.S.;Han, K.H.;Cho, H.J.;Ryu, J.H.;Jung, K.Y.;Cho, K.R.;Ro, A.S.;Lim, S.J.;Choi, S.C.;Lee, J.I.;Lee, W.K.;Ahn, B.K.;Kim, B.H.;Kim, C.Y.;Park, J.H.;Hyun, S.H.
    • Korean Journal of Soil Science and Fertilizer
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    • v.45 no.3
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    • pp.344-352
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    • 2012
  • Soil physical properties determine soil quality in aspect of root growth, infiltration, water and nutrient holding capacity. Although the monitoring of soil physical properties is important for sustainable agricultural production, there were few studies. This study was conducted to investigate the condition of soil physical properties of arable land according to land use across the country. The work was investigated on plastic film house soils, upland soils, orchard soils, and paddy soils from 2008 to 2011, including depth of topsoil, bulk density, hardness, soil texture, and organic matter. The average physical properties were following; In plastic film house soils, the depth of topsoil was 16.2 cm. For the topsoils, hardness was 9.0 mm, bulk density was 1.09 Mg $m^{-3}$, and organic matter content was 29.0 g $kg^{-1}$. For the subsoils, hardness was 19.8 mm, bulk density was 1.32 Mg $m^{-3}$, and organic matter content was 29.5 g $kg^{-1}$; In upland soils, depth of topsoil was 13.3 cm. For the topsoils, hardness was 11.3 mm, bulk density was 1.33 Mg $m^{-3}$, and organic matter content was 20.6 g $kg^{-1}$. For the subsoils, hardness was 18.8 mm, bulk density was 1.52 Mg $m^{-3}$, and organic matter content was 13.0 g $kg^{-1}$. Classified by the types of crop, soil physical properties were high value in a group of deep-rooted vegetables and a group of short-rooted vegetables soil, but low value in a group of leafy vegetables soil; In orchard soils, the depth of topsoil was 15.4 cm. For the topsoils, hardness was 16.1 mm, bulk density was 1.25 Mg $m^{-3}$, and organic matter content was 28.5 g $kg^{-1}$. For the subsoils, hardness was 19.8 mm, bulk density was 1.41 Mg $m^{-3}$, and organic matter content was 15.9 g $kg^{-1}$; In paddy soils, the depth of topsoil was 17.5 cm. For the topsoils, hardness was 15.3 mm, bulk density was 1.22 Mg $m^{-3}$, and organic matter content was 23.5 g $kg^{-1}$. For the subsoils, hardness was 20.3 mm, bulk density was 1.47 Mg $m^{-3}$, and organic matter content was 17.5 g $kg^{-1}$. The average of bulk density was plastic film house soils < paddy soils < orchard soils < upland soils in order, according to land use. The bulk density value of topsoils is mainly distributed in 1.0~1.25 Mg $m^{-3}$. The bulk density value of subsoils is mostly distributed in more than 1.50, 1.35~1.50, and 1.0~1.50 Mg $m^{-3}$ for upland and paddy soils, orchard soils, and plastic film house soils, respectively. Classified by soil textural family, there was lower bulk density in clayey soil, and higher bulk density in fine silty and sandy soil. Soil physical properties and distribution of topography were different classified by the types of land use and growing crops. Therefore, we need to consider the types of land use and crop for appropriate soil management.

A Study on the Influence of the Selective Attributes of Home Meal Replacement on Perceived Utilitarian Value and Repurchase Intention: Focus on Consumers of Large Discount and Department Stores (HMR(Home Meal Replacement) 선택속성이 지각된 효용적 가치, 재구매 의도에 미치는 영향에 관한 연구: 대형 할인마트와 백화점 구매고객을 대상으로)

  • Seo, Kyung-Hwa;Choi, Won-Sik;Lee, Soo-Bum
    • Journal of the East Asian Society of Dietary Life
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    • v.21 no.6
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    • pp.934-947
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    • 2011
  • The purpose of this study is to analyze products for good taste and convenience, which become an engine to constantly create customers. In addition, this study is aimed at investigating the relationship between the selective attributes of Home Meal Replacement, the perceived utilitarian value, and the repurchase intention, and drawing new suggestions on the Home Meal Replacement market from a new marketing perspective. Based on a total of 215 samples, this study reviewed the reliability and fitness of the research model and verified a total of 5 hypothesized using the Amos program. The result of study modeling was GFI=0.905, AGFI=0.849, NFI=0.889, CFI=0.945, and RMR=0.0.092 at the level of $x^2$=230.22 (df=126, p<0.001). First, the food quality (${\beta}$=0.221), convenience (${\beta}$=0.334), packing (${\beta}$=0.278), and employee service (${\beta}$=0.204) of home meal replacement consideration attributes had a positive (+) influence on perceived utilitarian value. Second, perceived utilitarian value (${\beta}$=0.584) had a positive (+) influence on repurchase intention. The factors to differentiate one company from other competitors in terms of the utilitarian value are the quality of food, convenience, wrapping, and services by employees. This study has illustrated the need to focus on the development of a premium menu to compete with other companies and to continue to research and develop nutritious foods that are easy to cook. Moreover, the key factors to have a distinct and constant competitive edge over other companies are the alleviation of consumer anxiety over wrapping container materials, the development of more designs, and the accumulation of service know-how. Therefore, it is necessary for a company to strongly develop the key factors based on its resources as a core capability.

Estimation of GARCH Models and Performance Analysis of Volatility Trading System using Support Vector Regression (Support Vector Regression을 이용한 GARCH 모형의 추정과 투자전략의 성과분석)

  • Kim, Sun Woong;Choi, Heung Sik
    • Journal of Intelligence and Information Systems
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    • v.23 no.2
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    • pp.107-122
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    • 2017
  • Volatility in the stock market returns is a measure of investment risk. It plays a central role in portfolio optimization, asset pricing and risk management as well as most theoretical financial models. Engle(1982) presented a pioneering paper on the stock market volatility that explains the time-variant characteristics embedded in the stock market return volatility. His model, Autoregressive Conditional Heteroscedasticity (ARCH), was generalized by Bollerslev(1986) as GARCH models. Empirical studies have shown that GARCH models describes well the fat-tailed return distributions and volatility clustering phenomenon appearing in stock prices. The parameters of the GARCH models are generally estimated by the maximum likelihood estimation (MLE) based on the standard normal density. But, since 1987 Black Monday, the stock market prices have become very complex and shown a lot of noisy terms. Recent studies start to apply artificial intelligent approach in estimating the GARCH parameters as a substitute for the MLE. The paper presents SVR-based GARCH process and compares with MLE-based GARCH process to estimate the parameters of GARCH models which are known to well forecast stock market volatility. Kernel functions used in SVR estimation process are linear, polynomial and radial. We analyzed the suggested models with KOSPI 200 Index. This index is constituted by 200 blue chip stocks listed in the Korea Exchange. We sampled KOSPI 200 daily closing values from 2010 to 2015. Sample observations are 1487 days. We used 1187 days to train the suggested GARCH models and the remaining 300 days were used as testing data. First, symmetric and asymmetric GARCH models are estimated by MLE. We forecasted KOSPI 200 Index return volatility and the statistical metric MSE shows better results for the asymmetric GARCH models such as E-GARCH or GJR-GARCH. This is consistent with the documented non-normal return distribution characteristics with fat-tail and leptokurtosis. Compared with MLE estimation process, SVR-based GARCH models outperform the MLE methodology in KOSPI 200 Index return volatility forecasting. Polynomial kernel function shows exceptionally lower forecasting accuracy. We suggested Intelligent Volatility Trading System (IVTS) that utilizes the forecasted volatility results. IVTS entry rules are as follows. If forecasted tomorrow volatility will increase then buy volatility today. If forecasted tomorrow volatility will decrease then sell volatility today. If forecasted volatility direction does not change we hold the existing buy or sell positions. IVTS is assumed to buy and sell historical volatility values. This is somewhat unreal because we cannot trade historical volatility values themselves. But our simulation results are meaningful since the Korea Exchange introduced volatility futures contract that traders can trade since November 2014. The trading systems with SVR-based GARCH models show higher returns than MLE-based GARCH in the testing period. And trading profitable percentages of MLE-based GARCH IVTS models range from 47.5% to 50.0%, trading profitable percentages of SVR-based GARCH IVTS models range from 51.8% to 59.7%. MLE-based symmetric S-GARCH shows +150.2% return and SVR-based symmetric S-GARCH shows +526.4% return. MLE-based asymmetric E-GARCH shows -72% return and SVR-based asymmetric E-GARCH shows +245.6% return. MLE-based asymmetric GJR-GARCH shows -98.7% return and SVR-based asymmetric GJR-GARCH shows +126.3% return. Linear kernel function shows higher trading returns than radial kernel function. Best performance of SVR-based IVTS is +526.4% and that of MLE-based IVTS is +150.2%. SVR-based GARCH IVTS shows higher trading frequency. This study has some limitations. Our models are solely based on SVR. Other artificial intelligence models are needed to search for better performance. We do not consider costs incurred in the trading process including brokerage commissions and slippage costs. IVTS trading performance is unreal since we use historical volatility values as trading objects. The exact forecasting of stock market volatility is essential in the real trading as well as asset pricing models. Further studies on other machine learning-based GARCH models can give better information for the stock market investors.

COMPARATIVE ANALYSIS OF THE RELATIONSHIP BETWEEN BASAL BONE AND TEETH IN NORMAL OCCLUSION AND ANGLE'S CLASS I MALOCCLUSION (정상교합자와 I급 부정교합자에서 치아와 기저골의 관계에 대한 비교 분석)

  • MOON, Hye-Jeong;KYUNG, Hee-Moon;KWON, Oh-Won;KIM, Jung-Min
    • The korean journal of orthodontics
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    • v.22 no.2 s.37
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    • pp.413-426
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    • 1992
  • In order to analyze the relationship between teeth and basal bone for the maintainance of the good occlusion, the mesiodistal width of teeth, the basal arch width and the basal arch length were measured on the study model of the normal occlusion group and Angle's class I malocclusion group (non-extraction group, extraction group) The Maximum tooth material, the percentage of basal arch width to maximum tooth material, the percentage of basal arch length to maximum tooth material and the percentage of basal arch width plus basal arch length to maximum tooth material were caculated, and then statistical analysis was done. From thie study, the obtained results were as follows; 1. In maxilla, the percentage of basal arch width to maximum tooth material was $46.9{\pm}2.6\%$ in normal occlusion group, $49.4{\pm}3.9\%$ in non-extraction group, and $42.5{\pm}3.3\%$ in extraction group. In mandible, that was $46.6{\pm}2.4\%$ in normal occlusion group, $47.5{\pm}4.0\%$ in non-extraction group, and $42.6{\pm}2.6\%$ in extraction group. 2. In maxilla, the percentage of basal arch length to maximum tooth material was $33.4{\pm}1.9\%$ in normal occlusion group, $33.9{\pm}1.8\%$ in non-extraction group, and $28.7{\pm}2.5\%$ in extraction group. In mandible, that was $34.4{\pm}4.3\%$ in normal occlusion group, $36.5{\pm}1.9\%$ in non-extraction group, and $31.5{\pm}2.5\%$ in extraction group. 3. In maxilla, the percentage of basal arch width plus basal arch length to maximum tooth material was $80.3{\pm}3.4\%$ in normal occlusion group, $83.3{\pm}4.8\%$ in non-extraction group, and $71.2{\pm}4.3\%$ in extraction group. In mandible, that was $81.0{\pm}5.2\%$ in normal occlusion group, $84.0{\pm}5.4\%$ in non-extraction group, and $74.1{\pm}4.1\%$ in extraction group. 4. In Maxilla, the $95\%$ confidence interval of the percentage of basal arch width to maximum tooth material was $46.3-47.5\%$ in normal occlusion group, $48.1-50.7\%$ in non-extraction group, and $41.7-47.2\%$ in extraction group. In mandible, that was $46.1-47.2\%$ in normal occlusion group, $46.1-48.8\%$ in non-extraction group, and $42.0-43.3\%$ in extraction group. 5. In maxilla, the $95\%$ confidence interval of the percentage of basal arch length to maximum tooth material was $32.9-33.9\%$ in normal occlusion group, $33.3-34.5\%$ in non-extraction group, and $28.1-29.2\%$ in extraction group. In mandible, that was $33.4-3.4\%$ in noraml occlusion group, $35.8-37.2\%$ in non-extraction group, and $30.9-33.1\%$ in extraction group. 6. In maxilla, the $95\%$ confidence interval of thepercentage of basel arch width plus basal arch length to maximum tooth material was $79.5-81.0\%$ in normal occlusion group, $81.6-84.9\%$ in non-extraction group, and $70.1-72.2\%$ in extraction group. In mandible, that was $79.8-82.2\%$ in normal occlusion group, $82.1-85.5\%$ in non-extraction group, and $73.1-75.1\%$ in extraction group. 7. There was correlation between maxilla and mandible in the maximum tooth material, the basal arch width, the basal arch length, the percentage of basal arch width to maximum tooth material, the percentage of basal arch length to maximum tooth material and the percentage of basal arch width plus basal arch length to maximum tooth material, but not in the basal arch length of male of the extraction group. * A thesis submitted to the Council of the Graduate School of Kyungpook national University in partial fulfillment of the requirements for the degree of Master of Dental Science in December, 1991.

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