• The Korean Journal of Financial Management
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• v.24 no.2
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• pp.41-79
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• 2007

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

• Tunnel and Underground Space
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• v.16 no.2 s.61
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• pp.109-134
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• 2006

Rocks undergo weathering processes influenced by changing in pressure-temperature condition, atmosphere, underground water, and rainfall. The weathering processes change physical and chemical characteristics of the rocks. Once the rocks are weathered, the characteristics of them are changed and, because of the changing, several disadvantages such as rock slope failures and underground water spouts are can occur. Before we cut a large rock slope, therefore, we must analyze current weathering conditions of rocks and predict weathering processes in the future. Through the results of such analyses, we can judge reinforcement works. In order to comply with such requests, chemical weathering sensitivity analysis which was analyzed from chemical weathering velocities and other characteristics of rocks has been applied in several prior construction works in Korea. But, It is defective to use directly in engineering fields because it was developed for soils(not rocks), it has too mny factors must be considered and the relationships between the factors are not clear, and it is hard to explain the weathering processes in engineering time range. Besides above, because it has been used for isotropic rocks, this method is hard to apply to anisotropic rocks such as sedimentary rocks. Acceding to studies from morphologists (e.g. Oguchi et al., 1994; Sunamura, 1996; Norwick and Dexter, 2002), time dependent strength reduction influenced by weathering shows a negative exponential function form. Appling this relation, one can synthesize the factors which influence the weathering processes to the strength reduction, and get meaningful estimates in engineering viewpoint. We suggest this weathering sensitivity characterization method as a technique that can explain time dependent weathering sensitivity characteristics through strength changes and can directly applied the rock slope design.

• Journal of the Mineralogical Society of Korea
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• v.30 no.2
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• pp.59-70
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• 2017

$SiO_2$ is one of the most abundant constituents of the Earth's crust and mantle. Probing its electronic structures at high pressures is essential to understand their elastic and thermodynamic properties in the Earth's interior. The in situ high-pressure x-ray Raman scattering (XRS) experiment has been effective in providing detailed bonding transitions of the low-z materials under extreme compression. However, the relationship between the local atomic structures and XRS features at high pressure has not been fully established. The ab initio calculations have been used to overcome such experimental difficulties. Here we report the partial density of states (PDOS) of O atoms and the O K-edge XRS spectra of ${\alpha}-quartz$, ${\alpha}-cristobalite$, and $CaCl_2$-type $SiO_2$ phases calculated using ab initio calculations based on the full-potential linearized augmented plane wave (FP-LAPW) method. The unoccupied O PDOSs of the $CaCl_2$-type $SiO_2$ calculated with and without applying the core-hole effects present significantly distinctive features. The unoccupied O p states of the ${\alpha}-quartz$, ${\alpha}-cristobalite$ and $CaCl_2$-type $SiO_2$ calculated with considering the core-hole effect present similar features to their calculated O K-edge XRS spectra. This confirms that characteristic features in the O K-edge XRS stem from the electronic transition from 1s to unoccupied 2p states. The current results indicate that the core-hole effects should be taken in to consideration to calculate the precise O K-edge XRS features of the $SiO_2$ polymorphs at high pressure. Furthermore, we also calculated O K-edge XRS spectrum for $CaCl_2$-type $SiO_2$ at ~63 GPa. As the experimental spectra for these high pressure phases are not currently available, the current results for the $CaCl_2$-type $SiO_2$ provide useful prospect to predict in situ high-pressure XRS spectra.

• Journal of Korean Society of Disaster and Security
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• v.12 no.4
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• pp.1-13
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• 2019

Recently, as the occurrence frequency of sudden floods due to climate change increased, it is necessary to install the facilities that can cope with the initial stormwater. Most researches have been conducted on the design of facilities applying the Low Impact Development (LID) and the reduction effect on rainfall runoff to examine with 1D or 2D numerical models. However, the studies on the examination about flow characteristics and stability of pipe network systems were relatively insufficient in the literature. In this study, the stability of the pipe network system in rainwater storage tank was examined by using 3D numerical model, FLOW-3D. The changes of velocity and dynamic pressure were examined according to the number of rainwater storage tank and compared with the design criteria to derive the optimal design plan for a rainwater storage tank. As a results of numerical simulation with the design values in the previous study, it was confirmed that the velocity became increased as the number of rainwater storage tank increased. And magnitude of the velocity in pipes was formed within the design criteria. However, the velocity in the additional rainwater storage pipe was about 3.44 m/s exceeding the allowable range of the design criteria, when three or more additional rainwater storage tanks were installed. In the case of turbulence intensity and bottom shear stress, the bottom shear stress was larger than the critical shear stress as the additional rainwater storage was increased. So, the deposition of sediment was unlikely to occur, but it should be considered that the floc was formed by the reduction of the turbulence intensity. In addition, the dynamic pressure was also satisfied with the design criteria when the results were compared with the allowable internal pressure of the pipes generally used in the design of rainwater storage tank. Based on these results, it was suitable to install up to two additional rainwater storage tanks because the drainage becomes well when increasing of the number of storage tank and the velocity in the pipe becomes faster to be vulnerable to damage the pipe. However, this study has a assumption about the specifications of the rainwater storage tanks and the inflow of stormwater and has a limitation such that deriving the suitable rainwater storage tank design by simply adding the storage tank. Therefore, the various storage tank types and stormwater inflow scenarios will be asked to derive more efficient design plans in the future.

• Tunnel and Underground Space
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• v.30 no.4
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• pp.382-393
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• 2020

The engineered barrier system of high-level radioactive waste disposal must maintain its performance in the long term, because it must play a role in slowing the rate of leakage to the surrounding rock mass even if a radionuclide leak occurs from the canister. In particular, it is very important to clarify gas dilation flow phenomenon clearly, that occurs only in a medium containing a large amount of clay material such as a bentonite buffer, which can affect the long-term performance of the bentonite buffer. Accordingly, DECOVALEX-2019 Task A was conducted to identify the hydraulic-mechanical mechanism for the dilation flow, and to develop and verify a new numerical analysis technique for quantitative evaluation of gas migration phenomena. In this study, based on the conventional two-phase flow and mechanical behavior with effective stresses in the porous medium, the hydraulic-mechanical model was developed considering the concept of damage to simulate the formation of micro-cracks and expansion of the medium and the corresponding change in the hydraulic properties. Model verification and validation were conducted through comparison with the results of 1D and 3D gas injection tests. As a result of the numerical analysis, it was possible to model the sudden increase in pore water pressure, stress, gas inflow and outflow rate due to the dilation flow induced by gas pressure, however, the influence of the hydraulic-mechanical interaction was underestimated. Nevertheless, this study can provide a preliminary model for the dilation flow and a basis for developing an advanced model. It is believed that it can be used not only for analyzing data from laboratory and field tests, but also for long-term performance evaluation of the high-level radioactive waste disposal system.

• Journal of Korean Society of Coastal and Ocean Engineers
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• v.32 no.2
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• pp.135-145
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• 2020

Wave observation is widely used to direct observation method for observing the water surface elevation using wave buoy or pressure gauge and remote-sensing wave observation method. The wave buoy and pressure gauge can produce high-quality wave data but have disadvantages of the high risk of damage and loss of the instrument, and high maintenance cost in the offshore area. On the other hand, remote observation method such as radar is easy to maintain by installing the equipment on the land, but the accuracy is somewhat lower than the direct observation method. This study investigates the data quality of MIROS Wave and Current Radar (MWR) installed at Dokdo and improve the data quality of remote wave observation data using the wave buoy (CWB) observation data operated by the Korea Meteorological Administration. We applied and developed the three types of wave data quality control; 1) the combined use (Optimal Filter) of the filter designed by MIROS (Reduce Noise Frequency, Phillips Check, Energy Level Check), 2) Spike Test Algorithm (Spike Test) developed by OOI (Ocean Observatories Initiative) and 3) a new filter (H-Ts QC) using the significant wave height-period relationship. As a result, the wave observation data of MWR using three quality control have some reliability about the significant wave height. On the other hand, there are still some errors in the significant wave period, so improvements are required. Also, since the wave observation data of MWR is different somewhat from the CWB data in high waves of over 3 m, further research such as collection and analysis of long-term remote wave observation data and filter development is necessary.

• Journal of the Korean Institute of Gas
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• v.8 no.2 s.23
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• pp.15-27
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• 2004

The purpose of this paper is to improve the performance of Polymer electrolyte fuel cell(PEMFC) by studying the channel dimension of bipolar plates using commercial CFD program 'Fluent'. Simulations are done ranging from 0.5 to 3.0mm for different size in order to find the channel size which shoves the highst hydrogen consumption. The results showed that the smaller channel width, land width, channel depth, the higher hydrogen consumption in anode. When channel width is increased, the pressure drop in channel is decreased because total channel length Is decreased, and when land width is increased, the net hydrogen consumption is decreased because hydrogen is diffused under the land width. It is also found that the influence of hydrogen consumption is larger at different channel width than it at different land width. The change of hydrogen consumption with different channel depth isn't as large as it with different channel width, but channel depth has to be small as can as it does because it has influence on the volume of bipolar plates. however the hydrogen utilization among the channel sizes more than 1.0mm which can be machined in reality is the most at channel width 1.0, land width 1.0, channel depth 0.5mm and considered as optimum channel size. The fuel cell combined with 2cm${\times}$2cm diagonal or serpentine type flow field and MEA(Membrane Electrode Assembly) is tested using 100W PEMFC test station to confirm that the channel size studied in simulation. The results showed that diagonal and serpentine flow field have similarly high OCV and current density of diagonal (low field is higher($2-40mA/m^2$) than that of serpentine flow field under 0.6 voltage, but the current density of serpentine type has higher performance($5-10mA/m^2$) than that of diagonal flow field under 0.7-0.8 voltage.

• Korean Journal of Environmental Agriculture
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• v.37 no.4
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• pp.268-276
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• 2018

BACKGROUND: In the month of January 2018, fine dust alerts and warnings were issued 36 times for $PM_{10}$ and 81 times for PM2.5. Air quality is becoming a serious issue nation-wide. Although interest in air-purifying plants is growing due to the controversy over the risk of chemical substances of regular air-purifying solutions, industrial spread of the plants has been limited due to their efficiency in air-conditioning perspective. METHODS AND RESULTS: This study aims to propose a vegetation-based bio-filter system that can assure total indoor air volume for the efficient application of air-purifying plants. In order to evaluate the quantitative performance of the system, time-series analysis was conducted on air-conditioning performance, indoor air quality, and comfort index improvement effects in a lecture room-style laboratory with 16 persons present in the room. The system provided 4.24 ACH ventilation rate and reduced indoor temperature by $1.6^{\circ}C$ and black bulb temperature by $1.0^{\circ}C$. Relative humidity increased by 24.4% and deteriorated comfort index. However, this seemed to be offset by turbulent flow created from the operation of air blowers. While $PM_{10}$ was reduced by 39.5% to $22.11{\mu}g/m^3$, $CO_2$ increased up to 1,329ppm. It is interpreted that released $CO_2$ could not be processed because light compensation point was not reached. As for the indoor comfort index, PMV was reduced by 83.6 % and PPD was reduced by 47.0% on average, indicating that indoor space in a comfort range could be created by operating vegetation-based bio-filters. CONCLUSION: The study confirmed that the vegetation-based bio-filter system is effective in lowering indoor temperature and $PM_{10}$ and has positive effects on creating comfortable indoor space in terms of PMV and PPD.

• KOREAN JOURNAL OF CROP SCIENCE
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• v.40 no.1
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• pp.98-102
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• 1995

Popped popcorn generally have a regular popping direction and typical shape. But the reason and mechanism are not clear yet. This experiment was carried out to investigate the shape moulding factor of popped popcorn. Pericarp thickness of tip-cap section of kernels is slightly thicker than that of top section and this fact provides the important information to the reason. Popping starts when the moisture pressure of heated popcorn is increased and reaches at the critical pressure. Therefore, in the same moisture pressure conditions, top sections are bursted first because their pericarp section is thinner than that of tip-cap section. At the very moment tip-cap sections pull down the top sections of peri carp as bi-metal does. So kernels which removed tip-cap section showed the irregular popping shape because they lost the tip-cap pericarp function. How-ever, kernels which removed embryo showed the typical popping shape but their popping volume was small due to emition and shortage of critical moisture pressure. But kernels which removed the whole pericarp and top pericarp were not popped at all because moisture was entirely emitting out of kernels. These results suggest that the shape moulding factor of popped popcorn is the pericarp thickness differences between the top and tip-cap section of kernels.