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

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

• Journal of Intelligence and Information Systems
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• v.20 no.3
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• pp.45-58
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• 2014

The Korean Culture Contents spread out to Worldwide, because the Korean wave is sweeping in the world. The contents stand in the middle of the Korean wave that we are used it. Each country is ongoing to keep their Culture industry improve the national brand and High added value. Performing contents is important factor of arousal in the enterprise industry. To improve high arousal confidence of product and positive attitude by populace is one of important factor by advertiser. Culture contents is the same situation. If culture contents have trusted by everyone, they will give information their around to spread word-of-mouth. So, many researcher study to measure for person's arousal analysis by statistical survey, physiological response, body movement and facial expression. First, Statistical survey has a problem that it is not possible to measure each person's arousal real time and we cannot get good survey result after they watched contents. Second, physiological response should be checked with surround because experimenter sets sensors up their chair or space by each of them. Additionally it is difficult to handle provided amount of information with real time from their sensor. Third, body movement is easy to get their movement from camera but it difficult to set up experimental condition, to measure their body language and to get the meaning. Lastly, many researcher study facial expression. They measures facial expression, eye tracking and face posed. Most of previous studies about arousal and interest are mostly limited to reaction of just one person and they have problems with application multi audiences. They have a particular method, for example they need room light surround, but set limits only one person and special environment condition in the laboratory. Also, we need to measure arousal in the contents, but is difficult to define also it is not easy to collect reaction by audiences immediately. Many audience in the theater watch performance. We suggest the system to measure multi-audience's reaction with real-time during performance. We use difference image analysis method for multi-audience but it weaks a dark field. To overcome dark environment during recoding IR camera can get the photo from dark area. In addition we present Multi-Audience Engagement Index (MAEI) to calculate algorithm which sources from sound, audience' movement and eye tracking value. Algorithm calculates audience arousal from the mobile survey, sound value, audience' reaction and audience eye's tracking. It improves accuracy of Multi-Audience Engagement Index, we compare Multi-Audience Engagement Index with mobile survey. And then it send the result to reporting system and proposal an interested persons. Mobile surveys are easy, fast, and visitors' discomfort can be minimized. Also additional information can be provided mobile advantage. Mobile application to communicate with the database, real-time information on visitors' attitudes focused on the content stored. Database can provide different survey every time based on provided information. The example shown in the survey are as follows: Impressive scene, Satisfied, Touched, Interested, Didn't pay attention and so on. The suggested system is combine as 3 parts. The system consist of three parts, External Device, Server and Internal Device. External Device can record multi-Audience in the dark field with IR camera and sound signal. Also we use survey with mobile application and send the data to ERD Server DB. The Server part's contain contents' data, such as each scene's weights value, group audience weights index, camera control program, algorithm and calculate Multi-Audience Engagement Index. Internal Device presents Multi-Audience Engagement Index with Web UI, print and display field monitor. Our system is test-operated by the Mogencelab in the DMC display exhibition hall which is located in the Sangam Dong, Mapo Gu, Seoul. We have still gotten from visitor daily. If we find this system audience arousal factor with this will be very useful to create contents.

• Journal of the Korean Institute of Traditional Landscape Architecture
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• v.36 no.3
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• pp.26-36
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• 2018

This study aims to examine the characteristics of landscape through the analysis of location and the landscape of Gugok while also conducting the empirical study through the literature review, field study, and digital analysis of the Okgung Gugok. Oksan Gugok is a set of songs set in Ogsan Creek(玉山川)or Jagyese Creek(紫溪川, 紫玉山), which flows in front of the Oksan Memorial Hall(李彦迪), which is dedicated to the Lee Eong-jeok (李彦迪). We first ascertained the location and configuration of Oksan Gogok. Second, we confirmed the accurate location of Oksan Gogok by utilizing the digital topographic map of Oksan Gogok which was submitted by Google Earth Pro and Geographic Information Center as well as the length of the longitude of the gravel measured by the Trimble Juno SB GPS. Through the study of the literature and the field investigation, The results of the study are as follows. First, Yi Eonjeok was not a direct composer of Oksan Gugok, nor did he produce "Oksan Gugokha(Music)". Lee Ia-sung(李野淳), the ninth Youngest Son of Tweo-Kye, Hwang Lee, visited the "Oksan Gugokha" in the spring of 1823(Sunjo 23), which was the 270th years after the reign of Yi Eonjeok. At this time, receiving the proposal of Ian Sung, Lee Jung-eom(李鼎儼), Lee Jung-gi(李鼎基), and Lee Jung-byeong(李鼎秉), the descendants of Ian Sung set up a song and created Oksan Gugok Music. And the Essay of Oksan Travel Companions writted by Lee Jung-gi turns out being a crucial data to describe the situation when setting up the Ok-San Gugok. Second, In the majority of cases, Gogok Forest is a forest managed by a Confucian Scholar, not run by ordinary people. The creation of "Oksan Bugok Music" can be regarded as an expression of pride that the descendants of Yi Eonjeok and Lee Hwang, and next generation of several Confucian scholars had inherited traditional Neo-Confucian. Third, Lee Jung-eom's "Oksan Donghaengki" contains a detailed description of the "Oksan Gugokha" process and the process of creating a song. Fourth, We examined the location of one to nine Oksan songs again. In particular, eight songs and nine songs were located at irregular intervals, and eight songs were identified as $36^{\circ}01^{\prime}08.60^{{\prime}{\prime}}N$, $129^{\circ}09^{\prime}31.20^{{\prime}{\prime}}E$. Referring to the ancient kingdom of Taojam, the nine-stringed Sainam was unbiased as a lower rock where the two valleys of the East West congregate. The location was estimated at $36^{\circ}01^{\prime}19.79^{{\prime}{\prime}}N$, $129^{\circ}09^{\prime}30.26^{{\prime}{\prime}}E$. Fifth, The landscape elements and landscapes presented in Lee Jung-eom's "Oksan Gugokha" were divided into form, semantic and climatic elements. As a result, Lee Jung-eom's Cho Young-gwan was able to see the ideal of mountain water and the feeling of being idle in nature as well as the sense of freedom. Sixth, After examining the appearance of the elements and the frequency of the appearance of the landscape, 'water' and 'mountain' were the absolute factors that emphasized the original curved environment at the mouth of Lee Jung-eom. Therefore, there was gugokga can gauge the fresh ideas(神仙思想)and retreat ever(隱居思想). This inherent harmony between the landscape as well as through the mulah any ideas that one with nature and meditation, Confucian tube.

• Horticultural Science & Technology
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• v.33 no.1
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• pp.39-46
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• 2015

Objective of this research was to investigate the influence of compositions and concentrations of fertilizer solutions on the vegetative growth and nutrient uptake of 'Seolhyang' strawberry. To achieve this, the solutions of acid fertilizer (AF), neutral fertilizer (NF), and basic fertilizer (BF) were prepared at concentrations of 100 or $200mg{\cdot}L^{-1}$ based on N and applied during the 100 days after transplanting. The changes in chemical properties of the soil solution were analysed every two weeks, and crop growth measurements as well as tissue analyses for mineral contents were conducted 100 days after fertilization. The growth was the highest in the treatments with BF, followed by those with NF and AF. The heaviest fresh and dry weights among treatments were 151.3 and 37.8 g, respectively, with BF $200mg{\cdot}L^{-1}$. In terms of tissue nutrient contents, the highest N, P and Na contents, of 3.08, 0.54, and 0.10%, respectively, were observed in the treatment with NF $200mg{\cdot}L^{-1}$. The highest K content was 2.83%, in the treatment with AF $200mg{\cdot}L^{-1}$, while the highest Ca and Mg were 0.98 and 0.42%, respectively, in BF $100mg{\cdot}L^{-1}$. The AF treatments had higher tissue Fe, Mn, Zn, and Cu contents compared to those of NF or BF when fertilizer concentrations were controlled to equal. During the 100 days after fertilization, the highest and lowest pH in soil solution of root media among all treatments tested were 6.67 in BF $100mg{\cdot}L^{-1}$ and 4.69 in AF $200mg{\cdot}L^{-1}$, respectively. The highest and lowest ECs were $5.132dS{\cdot}m^{-1}$ in BF $200mg{\cdot}L^{-1}$ and $1.448dS{\cdot}m^{-1}$ in BF $100mg{\cdot}L^{-1}$, respectively. For the concentrations of macronutrients in the soil solution of root media, the AF $200mg{\cdot}L^{-1}$ treatment gave the highest $NH_4$ concentrations followed by NF $200mg{\cdot}L^{-1}$ and AF $100mg{\cdot}L^{-1}$. The K concentrations in all treatments rose gradually after day 42 in all treatments. When fertilizer concentrations were controlled to equal, the highest Ca and Mg concentrations were observed in AF followed by NF and BF until day 84 in fertilization. The BF treatments produced the highest $NO_3$ concentrations, followed by NF and AF. The trends in the change of $PO_4$ concentration were similar in all treatments. The $SO_4$ concentrations were higher in treatments with AF than those with NF or BF until day 70 in fertilization. These results indicate that compositions of fertilizer solution should to be modified to contain more alkali nutrients when 'Seolhyang' strawberry is cultivated through inert media and nutri-culture systems.

• The Journal of Korean Philosophical History
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• no.23
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• pp.99-128
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• 2008

This research analyzes some Korean historical figures and presents the core values of their leaderships so that we can bring up the theory of leadership which would be compatible with the current circumstances around Korea. Through this work, we expected that we would not only find out typical examples among historical leaders but also reaffirm our identities in our history. As a result of the research, it was possible to classify some figures in history into several patterns and discover their archetypal qualities. Those qualities were 'transform(實事)', 'challenge(決死)', 'energize(風流)', 'create(創案)', and 'envision(開新)' respectively. Among the qualities, this research concentrated on the quality of 'challenge', exclusively 'death-defying spirit'. This spirit is the one with which historical leaders could sacrifice their lives for their great causes. This research selected twelve figures as incarnations of death-defying spirit, who are Gyebaek(階伯), Ganggamchan(姜邯贊), Euljimundeok(乙支文德), Choeyoung(崔瑩),ChungMongju(鄭夢周), Seongsammun (成三問), Yisunsin(李舜臣), Gwakjaewoo(郭再祐), Choeikhyeon(崔益鉉), Anjunggeun(安重根), Yunbonggil(尹奉吉), Yijun(李儁). Through analyzing their core values and abilities and categorizing some historical cases into four spheres such as a private sphere, relations sphere, a community sphere, and a society sphere, we came to find a certain element in common among those figures. It was that they eventually took the lead by showing the goal and the ideal to their people at all times. Moreover, their goals were always not only obvious but also unwavering. In the second chapter, I described the core value in a private sphere, so called '志靑靑'. It implies that a leader should set his ultimate goal and then try to attain it with an unyielding will. Obvious self-confidence and unfailing self-creed are core values in a private sphere. In the third chapter, I described the core value in a relative sphere, the relationship between one and others. It is '守信結義'. It indicates that a leader should win confidence from others by discharging his duties in the relation with others. Confidence is the highest leveled affection to others. Thus, mutual reliance should be based on truthful sincerity and affection toward others. Stubbornness and strictness are needed not to be prompted by pity simultaneously. In the fourth chapter, I described the core value in a community sphere. It is '丹心合力'. For this value, what are required to a leader are both his community spirit and his loyalty to one's community. Moreover, the strong sense of responsibility and the attitude of taking an initiative among others are also required. Thus, it can be said that the great power to conduct the community is so called fine teamwork. What's more, the attitude of the leader can exert a great influence on his community. In the fifth chapter, I described the core value of death defying spirit in the society sphere. This value might be more definite and explicit than other ones described above. A leader should prepare willingly for one's death to fulfill his great duties. 'What to do' is more important for a leader than 'how to do'. That is to say, a leader should always do righteous things. Efficiency is nothing but one of his interests. A leader must be the one who behaves himself always according to righteousness. Unless a leader's behaviors are based on righteousness, it is absolutely impossible that a leader exerts his leadership toward people very efficiently. Thus, it can be said that a true leader is the one not only who is of morality and but also who tries to fulfill his duties.

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

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

• 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)₄^2-, (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.

• Korean Journal of Heritage: History & Science
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• v.57 no.3
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• pp.116-137
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• 2024

This study quantitatively explored the interrelationship between water features and surrounding waterscape elements through a literature review and observational study targeting nine waterscapes of Suzhou Classical Garden in Jiangsu Province, China, which is designated as a UNESCO World Heritage Site. The purpose was to understand the objective characteristics of classical Chinese gardens and seek a basis for their differences from Korean gardens. The average area of water space in Suzhou gardens was 1,680.7㎡, which accounted for 21.3% of the total garden area, showing large variation by garden. Most of the Suzhou Gardens use springs and wells as their water sources. The Surging Waves Pavillion uses surface water, and Retreat & Reflection Garden uses seasonal water as its water source. The water pipes in Suzhou Garden are divided into a water outlet and a water outlet(water holes). Of these, the water outlet is a water outlet that imitates the water outlet just to induce a visual effect, and focuses on the meaning of the water system. It is judged to have been combined with the trend of Suzhou gardens. In addition, it was confirmed that, semantically, the arrangement of the water polo in Suzhou Garden is based on the traditional 'Gamyeo(堪輿) theory'. Meanwhile, there are five types of methods for bringing water to Suzhou Garden: Jiginbeop(直引法), Myeonggeobeop(明渠法), Invasionbeop(滲透法), Gwandobeop(管道法), and Chakjeongbeop(鑿井法). Suzhou Classical Garden mainly applies the infiltration method and the irrigation method as a method of securing water in the garden, which can be classified and defined as the water catchment method(集水法) and the water pulling method(引水法) in the domestic classification method. Among the watering techniques in Korean traditional gardens, watering methods such as 'suspension waterfall(懸瀑)', 'flying waterfall(飛瀑)' and water eluted(湧出), have not been found, and it is believed that they mainly 'rely on hide with dignity(姿逸)' and 'submerged current(潛流)' techniques. As for the watering technique, no watering technique was found that uses a Muneomi, which is applied in traditional Korean gardens. As this was applied, the seal method, penetration method, and Gwandobeop were also used in water extraction techniques. And at the inlet and outlet of Suzhou Garden, the main static water bodies were lakes, swamps, and dams. While the eastern water bodies are classified into streams, waterfalls, and springs, the water spaces in the three gardens reflect the centrifugal distributed arrangement, and the water spaces in the six places reflect the water landscape effect due to the centripetal concentrated arrangement. And as a water space landscape design technique, the techniques of 'Gyeok(隔)' and 'Pa(破)' were mainly applied at the inlet, and the techniques of 'Eom(隔)' and 'Pa(破)' were mainly applied at the outlet. For example, most bridges were built around the inlet, and sa(榭), heon(軒), gak(閣), pavilion(亭), and corridor(廊) were built, and the outlet was concealed with a stone wall. Therefore, it is understood to have embodied Suzhou Garden's idea of water(理水), which says, "Although it was created by humans, it is as if the sky is mine(雖由人作，宛自天開)."A trend was detected. Lastly, as a result of analyzing the degree of concealment and exposure in the visual composition of the inlet and outlet, it was confirmed that the water outlet was exposed only at the Eobijeong and Mountain Villa with Embracing Beauty view points of The Surging Waves Pavillion and the water outlet was hidden at other view points. Looking at these results, the 'Hyang-Hyang-Ba-Mi-Bob(向向發微法)' from the perspective of left-orientation theory of Feng Shui, which is applied in Korean traditional gardens in classical Chinese garden water management, "makes water visible as it comes in, but invisible as it goes out." It is judged that the technique was barely matched.

• Journal of Korean Neurosurgical Society
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• v.30 no.10
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• pp.1210-1219
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• 2001

Introduction : The purpose of this study was to analyze the safety, pullout strength and radiographic characteristics of unicortical and bicortical screws of cervical facet within cadaveric specimens and evaluate the influence of level of training on the positioning of these screws. Methods : Twenty-one cadavers, mean 78.9 years of age, underwent bilateral placement of 3.5mm AO lateral mass screw from C3-C6(n=168) using a slight variation of the Magerl technique. Intraoperative imaging was not used. The right side(unicortical) utilized only 14mm screws(effective length of 11mm) while on the left side to determine the length of the screw after the ventral cortex had been drilled. Three spine surgeons(attending, fellow, chief resident) with varying levels of spine training performed the procedure on seven cadavers each. All spines were harvested and lateral radiographs were taken. Individual cervical vertebrae were carefully dissected and then axial radiographs were taken. The screws were evaluated clinically and radiographically for their safety. Screws were graded clinically for their safety with respect to the spinal cord, facet joint, nerve root and vertebral artery. The grades consisted of the following categories : "satisfactory", "at risk" and "direct injury". Each screw was also graded according to its zone placement. Screw position was quantified by measuring a sagittal angle from the lateral radiograph and an axial angle from the axial radiograph. Pull-out force was determined for all screws using a material testing machine. Results : Dissection revealed that fifteen screws on the left side actually had only unicortical and not bicortical purchase as intended. The majority of screws(92.8%) were satisfactory in terms of safety. There were no injuries to the spinal cord. On the right side(unicortical), 98.9% of the screws were "satisfactory" and on the left side(bicortical) 68.1% were "satisfactory". There was a 5.8% incidence of direct arterial injury and a 17.4% incidence of direct nerve root injury with the bicortical screws. There were no "direct injuries" with the unicortical screws for the nerve root or vertebral artery. The unicortical screws had a 21.4% incidence of direct injury of the facet joint, while the bicortical screws had a 21.7% incidence. The majority of "direct injury" of bicortical screws were placed by the surgeon with the least experience. The performance of the resident surgeon was significantly different from the attending or fellow(p<0.05) in terms of safety of the nerve root and vertebral artery. The attending's performance was significantly better than the resident or fellow(p<0.05) in terms of safety of the facet joint. There was no relationship between the safety of a screw and its zone placement. The axial deviation angle measured $23.5{\pm}6.6$ degrees and $19.8{\pm}7.9$ degrees for the unicortical and bicortical screws, respectively. The resident surgeon had a significantly lower angle than the attending or fellow(p<0.05). The sagittal angle measured $66.3{\pm}7.0$ degrees and $62.3{\pm}7.9$ degrees for the unicortical and bicortical screws, respectively. The attending had a significantly lower sagittal angle than the fellow or resident(p<0.05). Thirty-three screws that entered the facet joint were tested for pull-out strength but excluded from the data because they were not lateral mass screws per-se and had deviated substantially from the intended final trajectory. The mean pull-out force for all screws was $542.9{\pm}296.6N$. There was no statistically significant difference between the pull-out force for unicortical($519.9{\pm}286.9N$) and bicortical($565.2{\pm}306N$) screws. There was no significant difference in pull-out strengths with respect to zone placement. Conclusion : It is our belief that the risk associated with bicortical purchase mandates formal spine training if it is to be done safely and accurately. Unicortical screws are safer regardless of level of training. It is apparent that 14mm lateral mass screws placed in a supero-lateral trajectory in the adult cervical spine provide an equivalent strength with a much lower risk of injury than the longer bicortical screws placed in a similar orientation.

• Asia Marketing Journal
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• v.14 no.2
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• pp.39-63
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• 2012

Previous studies of reward programs have generally focused on designing the best programs for consumers and suggested that consumers' perception of the value of reward programs can vary according to the type of reward program (e.g., hedonic vs. utilitarian and direct vs. indirect) and its timing (e.g., immediate vs. delayed). These studies have typically assumed that consumers' preference for reward programs has a positive effect on brand loyalty. However, Dowling and Uncles (1997) pointed out that this preference does not necessarily foster brand loyalty. In this regard, the present study verifies this assumption by examining the effects of consumers' perception of the value of reward programs on their brand loyalty. Although reward programs are widely used by online shopping malls, most studies have examined the conditions under which consumers are most likely to value loyalty programs in the context of offline shopping. In the context of online shopping, however, consumers' preferences may have little effect on their brand loyalty because they have more opportunities for comparing diverse reward programs offered by many online shopping malls. That is, in online shopping, finding attractive reward programs may require little effort on the part of consumers, who are likely to switch to other online shopping malls. Accordingly, this study empirically examines whether consumers' perception of the value of reward programs influences their brand loyalty in the context of online shopping. Meanwhile, consumers seek utilitarian and/or hedonic value from their online shopping activity(Jones et al., 2006; Barbin et al., 1994). They visit online shopping malls to buy something necessary (utilitarian value) and/or enjoy the process of shopping itself (hedonic value). In this sense, reward programs may reinforce utilitarian as well as hedonic value, and their effect may vary according to the type of reward (utilitarian vs. hedonic). According to Chaudhuri and Holbrook (2001), consumers' perception of the value of a brand can influence their brand loyalty through brand trust and affect. Utilitarian value influences brand loyalty through brand trust, whereas hedonic value influences it through brand affect. This indicates that the effect of this perception on brand trust or affect may be moderated by the type of reward program. Specifically, this perception may have a greater effect on brand trust for utilitarian reward programs than for hedonic ones, whereas the opposite may be true for brand affect. Given the above discussion, the present study is conducted with three objectives in order to provide practical implications for online shopping malls to strategically use reward program for establishing profitable relationship with customers. First, the present study examines whether reward programs can be an effective marketing tool for increasing brand loyalty in the context of online shopping. Second, it investigates the paths through which consumers' perception of the value of reward programs influences their brand loyalty. Third, it analyzes the effects of this perception on brand trust and affect by considering the type of reward program as a moderator. This study suggests and empirically analyzes a new research model for examining how consumers' perception of the value of reward programs influences their brand loyalty in the context of online shopping. The model postulates the following 10 hypotheses about the structural relationships between five constructs: (H1) Consumers' perception of the value of reward programs has a positive effect on their program loyalty; (H2) Program loyalty has a positive effect on brand loyalty; (H3) Consumers' perception of the value of reward programs has a positive effect on their brand trust; (H4) Consumers' perception of the value of reward programs has a positive effect on their brand affect; (H5) Brand trust has a positive effect on program loyalty; (H6) Brand affect has a positive effect on program loyalty; (H7) Brand trust has a positive effect on brand loyalty; (H8) Brand affect has a positive effect on brand loyalty; (H9) Consumers' perception of the value of reward programs is more likely to influence their brand trust for utilitarian reward programs than for hedonic ones; and (H10) Consumers' perception of the value of reward programs is more likely to influence their brand affect for hedonic reward programs than for utilitarian ones. To test the hypotheses, we considered a sample of 220 undergraduate students in Korea (male:113). We randomly assigned these participants to one of two groups based on the type of reward program (utilitarian: transportation card, hedonic: movie ticket). We instructed the participants to imagine that they were offered these reward programs while visiting an online shopping mall. We then asked them to answer some questions about their perception of the value of the reward programs, program loyalty, brand loyalty, brand trust, and brand affect, in that order. We also asked some questions about their demographic backgrounds and then debriefed them. We employed the structural equation modeling (SEM) method with AMOS 18.0. The results provide support for some hypotheses (H1, H3, H4, H7, H8, and H9) while providing no support for others (H2, H5, H6, H10) (see Figure 1). Noteworthy is that the path proposed by previous studies, "value perception → program loyalty → brand loyalty," was not significant in the context of online shopping, whereas this study's proposed path, "value perception → brand trust/brand affect → brand loyalty," was significant. In addition, the results indicate that the type of reward program moderated the relationship between consumers' value perception and brand trust but not the relationship between their value perception and brand affect. These results have some important implications. First, this study is one of the first to examine how consumers' perception of the value of reward programs influences their brand loyalty in the context of online shopping. In particular, the results indicate that the proposed path, "value perception → brand trust/brand affect → brand loyalty," can better explain the effects of reward programs on brand loyalty than existing paths. Furthermore, these results suggest that online shopping malls should place greater emphasis on the type of reward program when devising reward programs. To foster brand loyalty, they should reinforce the type of shopping value that consumers emphasize by providing them with appropriate reward programs. If consumers prefer utilitarian value to hedonic value, then online shopping malls should offer utilitarian reward programs and vice versa.