• Title/Summary/Keyword: 1990′s

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Extrafetal Transfer of $Li^{+}$ in Amniotic Fluid of Pregnant Rabbits (토끼에서 태자를 통하지 않은 양수내 $Li^{+}$의 이동)

  • Kim, Young-Jae;Ho, Won-Kyung;Sung, Ho-Kyung
    • The Korean Journal of Physiology
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    • v.24 no.1
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    • pp.27-37
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    • 1990
  • The extrafetal transfer of $Li^{+}$ in amniotic fluid was studied in 45 pregnant rabbits. LiCl solution was administered either intravenously to mother or directly into the amniotic sac and monitored the appearance and disappearance of $Li^{+}$ in the amniotic fluid, then calculated the transfer rate of $Li^{+}$ of extrafetal origin. To study the transplacental $Li^{+}$ transfer, a solution of 150 mM LiCl was infused continuously via maternal vein (initial dose: 0.7 mmol/kg, maintaining dose: 0.03 mmol/kg/min) and the $Li^{+}$ concentration was measured in maternal blood and amniotic fluid after 60 and 120 minutes of infusion. Change in the volume of aminotic fluid was determined by Congo red dilution method at the same time. Effects of duration of gestation was not considered in this study. Extrafetal transport of $Li^{+}$ into the amniotic fluid was estimated by comparing the $Li^{+}$ concentration and volume of amniotic fluid determined before and after ligating the placental vessels. Extrafetal $Li^{+}$ transport from the amniotic fluid was determined by observing the time dependent disappearance of $Li^{+}$ and Congo red in amniotic fluid after injecting 0.5 ml solution of 15 mM or 90 mM LiCl and 50 mg/ml Congo red. Following are the results obtained: 1) During infusion of LiCl through maternal vein the ratio of the aminotic $Li^{+}$/maternal plasma $Li^{+}$ increased significantly along with the increment of fetal weight. 2) The volume of amniotic fluid of larger fetuses than 20.5 gm increased significantly during administration of LiCl while that of smaller fetuses did not change. 3) After umbilical cord ligation the $Li^{+}$ concentration of amniotic fluid of larger fetuses than 20.5 gm was decreased to $59.9{\pm}10.3%$ and $56.9{\pm}42.9%$ $(mean{\pm}S.D.)$ of those of control group after 60 and 120 minutes of LiCl infusion respectively. In amniotic fluid of smaller fetuses than 20.5 gm, there was no significant difference between control and ligation groups. 4) The disappearance rate of Congo red in the amniotic fluid was $45.2{\pm}8.2%/hr$. 5) The disappearance rate of $Li^{+}$ after intraamniotic injection of LiCl depended on the amount injected. On injecting $7.5\;{\mu}mol$ LiCl, $Li^{+}$ disappeared rapidly from the amniotic fluid and the rates after 60 min and 90 min were $97.0{\pm}2.8,\;98.5{\pm}2.0%$ respectively. On injecting $45\;{\mu}mol$ LiCl, the rates were $56.0{\pm}15.4,\;78.9{\pm}14.5%$ at 60 and 90 min. 6) From the above results it was concluded: a) $Li^{+}$ transfer into the amniotic fluid increased along with the fetal growth and one half of $Li^{+}$ influx is through the extrafetal route even after the maturation of fetal kidney. b) One half of the $Li^{+}$ transfer from the amniotic fluid was through swallowing of fetus, while the remaining half was transfered rapidly through amniotic membrane, which was concentration limited.

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Effects of Electrolytes and Drugs on the Inhibitory Junction Potentials Recorded from the Antrum of Guinea-pig Stomach (기니피그 유문동에서 기록되는 억제성 접합부 전압에 미치는 전해질과 약물의 효과)

  • Goo, Yong-Sook;Suh, Suk-Hyo;Lee, Suk-Ho;Hwang, Sang-Ik;Kim, Ki-Whan
    • The Korean Journal of Physiology
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    • v.24 no.1
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    • pp.1-13
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    • 1990
  • The effects of electrolytes, adenosine, ATP, 5-hydroxytryptamine (5-HT, serotonin) and ketanserin on the inhibitory junction potentials (IJPs) were investigated to clarify the interactions of these drugs with the neurotransmitters released from non-adrenergic, non-cholinergic nerves in the antrum of guinea-pig stomach. Electrical responses of antral circular muscle cells were recorded intracellularly using glass capillary microelectrode filled with 3 M KCI. All experiments were performed in Tris-buffered Tyrode soluition which was aerated with 100% $O_{2}$ and kept at $35^{\circ}C$. The results obtained were as follows: 1) Inhibitory junction potential (IJP) was recorded in antral strip, while excitatory junction potential (EJP) was recorded in fundic strip. 2) IJP recorded in antral strip was not influenced by atropine $(10^{-6}\;M)$ and guanethidine $(5{\times}10^{-6})$. 3) The amplitude of IJP increased in high $Ca^{2+}$ solution, while that of IJP decreased in high $Mg^{2+}$ solution or by $Ca^{2+}$ antagonist (verapamil). Apamin, $Ca^{2+}$-activated $K^{+}$ channel blocker blocked IJP completely. 4) ATP and adenosine decreased the amplitude of IJP. 5) 5-HT decreased the amplitude of IJP with no change of the amplitude of slow waves, while ketanserin (5-HT type 2 blocker) decreased the amplitude of slow waves markedly with no change in that of IJP. From the above results, the following conclusions could be made. 1) IJP recorded in antral strip is resulted from neurotransmitters released from non-adrenergic, non-cholinergic nerves. 2) An increase in the concentration of external $Ca^{2+}$ enhances the release of neurotransmitters from non-adrenergic, non-cholinergic nerves which activate the $Ca^{2+}$-dependent $K^{+}$ channel.

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Development of Benthic Macroinvertebrates Index (BMI) for Biological Assessment on Stream Environment (하천환경의 생물학적 평가를 위한 저서동물지수(BMI)의 개발)

  • Kong, Dongsoo;Son, Se-Hwan;Hwang, Soon-Jin;Won, Doo Hee;Kim, Myoung Chul;Park, Jung Ho;Jeon, Te Su;Lee, Jong Eun;Kim, Jong Hyun;Kim, Jong Sun;Park, Jaeheung;Kwak, Inn Sil;Ham, Sun Ah;Jun, Yung-Chul;Park, Young-Seuk;Lee, Jae-Kwan;Lee, Su-Woong;Park, Chang-Hee;Moon, Jeong-Suk;Kim, Jin-Young;Park, Hae Kyung;Park, Sun Jin;Kwon, Yongju;Kim, Piljae;Kim, Ah Reum
    • Journal of Korean Society on Water Environment
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    • v.34 no.2
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    • pp.183-201
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    • 2018
  • The tolerance of Korean benthic macroinvertebrates to organic pollution has been analyzed since the early 1990s. However, considering the fact that there have been related studies carried out in some European countries since the early 20th century, the history of the research in Korea is very short and there is still much knowledge to supplement. We revised the saprobic valency, the saprobic value and the indicator weight value of 190 benthic macroinvertebrates taxa through the data of water quality and individual abundance collected from 7,086 sampling units in Korea from 2008 to 2014. The individual abundance of Uracanthella (Ephemeroptera) as a representative, one of the most common and abundant taxa in Korea, showed a typical lognormal distribution to 5-day biochemical oxygen demand (BOD5) concentration, and a normal distribution to the class interval of BOD5 concentration according to saprobic series. The value combining the mean individual abundance and the relative frequency of occurrence was a more efficient indicator value than that of each property alone. Benthic Macroinertebrates Index (BMI) was newly proposed as a modification of the saprobic index of Zelinka and Marvan (1961). BMI showed extremely significant correlation (determination coefficient $r^2$ > 0.6, n = 569 sites) with the concentration of BOD5, and the coefficient was a little higher than those of the previous indices. Until now, there has been very little research on the assessment of biological integrity of benthic macroinvertebrates community in Korea. While continuing researches into improve the reliability of BMI, it is necessary to develop multimetric indices for evaluating the integrity, including the composition of species and functional guilds, and the richness and diversity of the community.

Surgical Treatment of Pulmonary Atresia with Intact Ventricular Septum -Effect of the size of tricuspid valve annulus on the surgical outcome- (영아기에 발견된 심실중격이 온전한 폐동맥 폐쇄증의 외과적 수술요법 술전 삼첨판륜 크기 가 수술 결과에 미치는 영향)

  • 이정렬;윤태진
    • Journal of Chest Surgery
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    • v.29 no.10
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    • pp.1081-1089
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    • 1996
  • Pulmonary atresia with intact ventricular septum has continued to have a high surgical mortality and morbidity. This mAy attribute to the non-uniformity of the anomaly. We reviewed a total of 34 infants with pulmonary atresla and intact ventricular septum managed in this hospital between 1987 and 1995. Mean age and body weight were 57.2 (range, 3-208) days and 4.1 (range, B.3∼6.8) kg. The preoperative Z-value of the diameter of the tricuspid valve was less than -2 in 85.2% of patients and less than -4 in 33. 3% . It is well correlated w th right ventricular cavity size (n=27. r10.68, p< 0.05). Coronary artery-right ventricular fistulas were identified in 3 patients, and right ventricular dependency was suspected in 1 Over All hospital mortality was 23.5%(8/34), although it decreased to 16.6%(4124) in 1990s. Subsequent procedures were performed in 6 patients between 3 days and 58 months after Initial palliation : one bidirectional cavopulmonary shunt and 1 Fontan operation after systemic-pulmonary shunt, 3 transannular patch + atrial septal defect closure and 1 additional systemic-pulmonary shunt after polmonary valvectomy or valvotomy. Changes of Z-values of the diameter of tricuspid valve have been followed up in 11 patients between 1 and 66 months postoperatively. Z-values were increased In 5 out of 8 transannular right ventriculAr outflow tract enlargement group and in 1 out of 3 pulmonary valvectomy or valvotomy group. Our data suggest that tailoring a treatment to right ventricular cavity size and coronary anom lies may improve the surgical outcome. A Z-value of the tricuspid valve diameter could be used.

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"Legal Study on Boundary between Airspace and Outer Space" (영공(領空)과 우주공간(宇宙空間)의 한계(限界)에 관한 법적(法的) 고찰(考察))

  • Choi, Wan-Sik
    • The Korean Journal of Air & Space Law and Policy
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    • v.2
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    • pp.31-67
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    • 1990
  • One of the first issues which arose in the evolution of air law was the determination of the vertical limits of airspace over private property. In 1959 the UN in its Ad Hoc Committee on the Peaceful Uses of Outer Space, started to give attention to the question of the meaning of the term "outer space". Discussions in the United Nations regarding the delimitation issue were often divided between those in favour of a functional approach ("functionalists"), and those seeking the delineation of a boundary ("spatialists"). The functionalists, backed initially by both major space powers, which viewed any boundary as possibly restricting their access to space(Whether for peaceful or military purposes), won the first rounds, starting with the 1959 Report of the Ad Hoc Committee on the Peaceful Uses of Outer Space which did not consider that the topic called for priority consideration. In 1966, however, the spatialists, were able to place the issue on the agenda of the Outer Sapce Committee pursuant to Resolution 2222 (xxx1). However, the spatialists were not able to present a common position since there existed a variety of propositions for delineation of a boundary. Over the years, the funtionalists have seemed to be losing ground. As the element of location is a decisive factor for the choice of the legal regime to be applied, a purely functional approach to the regulation of activities in the space above the Earth does not offer a solution. It is therefore to be welcomed that there is clear evidence of a growing recognition of the defect inherent to such an approach and that a spatial approach to the problem is gaining support both by a growing number of States as well as by publicists. The search for a solution of the problem of demarcating the two different legal regimes governing the space above the Earth has undoubtedly been facilitated, and a number of countries, among them Argentina, Belgium, France, Italy and Mexico have already advocated the acceptance of the lower boundary of outer space at a height of 100km. The adoption of the principle of sovereignty at that height does not mean that States would not be allowed to take protective measures against space activities above that height which constitute a threat to their security. A parallel can be drawn with the defence of the State's security on the high seas. Measures taken by States in their own protection on the high seas outside the territorial waters-provided that they are proportionate to the danger-are not considered to infringe the principle of international law. The most important issue in this context relates to the problem of a right of passage for space craft through foreign air space in order to reach outer space. In the reports to former ILA Conferences an explanation was given of the reasons why no customary rule of freedom of passage for aircraft through foreign territorial air space could as yet be said to exist. It was suggested, however, that though the essential elements for the creation of a rule of customary international law allowing such passage were still lacking, developments apperaed to point to a steady growth of a feeling of necessity for such a rule. A definite treaty solution of the demarcation problem would require further study which should be carried out by the UN Outer Space Committee in close co-operation with other interested international organizations, including ICAO. If a limit between air space and outer space were established, air space would automatically come under the regime of the Chicago Convention alone. The use of the word "recognize" in Art. I of chicago convention is an acknowledgement of sovereignty over airspace existing as a general principle of law, the binding force of which exists independently of the Convention. Further it is important to note that the Aricle recognizes this sovereignty, as existing for every state, holding it immaterial whether the state is or is not a contracting state. The functional criteria having been created by reference to either the nature of activity or the nature of the space object, the next hurdle would be to provide methods of verification. With regard to the question of international verification the establishment of an International Satelite Monitoring Agency is required. The path towards the successful delimitation of outer space from territorial space is doubtless narrow and stony but the establishment of a precise legal framework, consonant with the basic principles of international law, for the future activities of states in outer space will, it is still believed, remove a source of potentially dangerous conflicts between states, and furthermore afford some safeguard of the rights and interests of non-space powers which otherwise are likely to be eroded by incipient customs based on at present almost complete freedom of action of the space powers.

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Clinical and Immunologic Features of Miliary Tuberculosis with Positive Bone Marrow Study (골수생검 양성인 속립성 결핵의 고찰)

  • Song, Kwang-Seon;Yong, Suk-Joong;Shin, Kye-Chul;Lee, Won-Yeon;Ryu, Jeong-Seon
    • Tuberculosis and Respiratory Diseases
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    • v.43 no.1
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    • pp.22-29
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    • 1996
  • Background: Abnormalities of the peripheral blood are frequent and varied in patients with miliary tuberculosis. Anemia, leukopenia, thrombocytopenia, pancytopenia, monocytosis, basophilia, eosinophilia and leukemoid reactions have been reported. These abnormalities are more frequent in patients with positive bone marrow study. In this report, we evaluated clinical, hematological and immunological features in patients with miliary tuberculosis in order to know whether difference is existed between "bone marrow biopsy positive group(pathologically proven to miliary tuberculosis)" and "negative group". Method: Clinical evaluation, serum ADA, sIL-2R, and T-lymphocyte subsets were measured in 40 patients with miliary tuberculosis who received bone marrow biopsy. Results: 1) The average age of patients was 39 year-old. There were 23 male and 17 female patients. Associated extrapulmonary tuberculosis are 9 CNS tuberculosis, 6 joint tuberculosis, and 2 tuberculous pleurisy. 2) Sixteen of the 40 patients were positive bone marrow biopsy(60%). 3) Sixteen of the 40 patients(60%) had anemia(11 positive patients: 13 negative patients). Leukopenia occurred in 12 per cent(4:1). Thrombocytopenia was noted in 10%(3:1). 4) The mean value of serum ADA was 83 U/L(90 U/L: 70.6 U/L, p=0.23). 5) The mean activity of Soluble IL-2 receptor was 4,643 pmol/L($6840{\pm}7446\;pmol/L$: $1,897{\pm}1,663\;pmol/L$, p=0.06). 6) In the T lymphocyte subsets, the percent of T-lymphocytes was 64%(62%:73%, p=0.2). In some patients(9), $T_4$ and $T_8$ ratio in BAL fluid($1.97{\pm}1.2$) was higher than that in the peripheral blood($1.16{\pm}0.5$). Conclusion: Bone marrow examination are diagnostic in 60% of cases of miliary tuberculosis. Percents of the total T lymphocyte and helper T cell in BAL are more elevated than in peripheral blood. There was no significant difference in peripheral blood abnormalities and marker of T lymphocyte activation between the bone marrow biopsy positive and negative group.

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Private Income Transfers and Old-Age Income Security (사적소득이전과 노후소득보장)

  • Kim, Hisam
    • KDI Journal of Economic Policy
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    • v.30 no.1
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    • pp.71-130
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    • 2008
  • Using data from the Korean Labor & Income Panel Study (KLIPS), this study investigates private income transfers in Korea, where adult children have undertaken the most responsibility of supporting their elderly parents without well-established social safety net for the elderly. According to the KLIPS data, three out of five households provided some type of support for their aged parents and two out of five households of the elderly received financial support from their adult children on a regular base. However, the private income transfers in Korea are not enough to alleviate the impact of the fall in the earned income of those who retired and are approaching an age of needing financial assistance from external source. The monthly income of those at least the age of 75, even with the earning of their spouses, is below the staggering amount of 450,000 won, which indicates that the elderly in Korea are at high risk of poverty. In order to analyze microeconomic factors affecting the private income transfers to the elderly parents, the following three samples extracted from the KLIPS data are used: a sample of respondents of age 50 or older with detailed information on their financial status; a five-year household panel sample in which their unobserved family-specific and time-invariant characteristics can be controlled by the fixed-effects model; and a sample of the younger split-off household in which characteristics of both the elderly household and their adult children household can be controlled simultaneously. The results of estimating private income transfer models using these samples can be summarized as follows. First, the dominant motive lies on the children-to-parent altruistic relationship. Additionally, another is based on exchange motive, which is paid to the elderly parents who take care of their grandchildren. Second, the amount of private income transfers has negative correlation with the income of the elderly parents, while being positively correlated with the income of the adult children. However, its income elasticity is not that high. Third, the amount of private income transfers shows a pattern of reaching the highest level when the elderly parents are in the age of 75 years old, following a decreasing pattern thereafter. Fourth, public assistance, such as the National Basic Livelihood Security benefit, appears to crowd out private transfers. Private transfers have fared better than public transfers in alleviating elderly poverty, but the role of public transfers has been increasing rapidly since the welfare expansion after the financial crisis in the late 1990s, so that one of four elderly people depends on public transfers as their main income source in 2003. As of the same year, however, there existed and occupied 12% of the elderly households those who seemed eligible for the National Basic Livelihood benefit but did not receive any public assistance. To remove elderly poverty, government may need to improve welfare delivery system as well as to increase welfare budget for the poor. In the face of persistent elderly poverty and increasing demand for public support for the elderly, which will lead to increasing government debt, welfare policy needs targeting toward the neediest rather than expanding universal benefits that have less effect of income redistribution and heavier cost. Identifying every disadvantaged elderly in dire need for economic support and providing them with the basic livelihood security would be the most important and imminent responsibility that we all should assume to prepare for the growing aged population, and this also should accompany measures to utilize the elderly workforce with enough capability and strong will to work.

Regulatory Reform Proposals for the Korean Deep Sea Fishing Industry (원양어업(遠洋漁業)에 대한 정부규제(政府規制)의 개선방안(改善方案))

  • Kim, Jong-seok
    • KDI Journal of Economic Policy
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    • v.12 no.1
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    • pp.93-110
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    • 1990
  • The basic purpose behind the Korean government's policy toward the Korean deep sea fishing industry is to limit growth of the industry. Therefore, the regulations on the industry are generally restrictive and interventionist. The policy is intended to maintain high domestic fish prices in order to protect the domestic coastal fishing industry. Some regulations have also been introduced to maintain "industrial order." Each fishing vessel must obtain a government permit for operation. The permit specifies the kind of fish it can catch, the area of sea in which it can operate, and the port at which it can unload its catches. The number of permits government issues each year is based on the estimates of the demand increase calculated by government officials, and the government traditionally has been fairly conservative in its estimation, reflecting its concern for fish price stabilization, which actually implies a gradual increase of the prices. There is also a restriction on importing vessels from abroad. This regulation is intended to protect the domestic shipbuilding industry. However, this regulation has resulted in an unusually high average age of Korean fishing vessels, causing fishing costs to rise. These regulations and the inflexible response of the regulators to changing circumstances have resulted in many problems: i) high domestic fish prices, which are, to some extent deliberately, inflated to three or four times the level of international prices, resulting in huge consumer welfare losses; ii) over-exploitation of coastal fish resources; iii) provision of a hospitable environment for inefficient firms to survive, which is especially evident from the fact that, despite the high fish prices in Korea, most of the firms in the industry do not enjoy high profitability. It also must be pointed out that the actual beneficiaries of the high fish prices are the large operators, who are protected from competition and provide most of the fish for domestic consumption, rather than the low-income fishing households and small coastal operators whom the policy was originally designed to help. This study proposes a set of regulatory reforms and policy changes which could Promote competition and equity within the industry and allow firms to reduce costs and increase productivity. Such changes can make the industry more efficient and internationally competitive. Major proposals are, among others: minimization of bureaucratic discretion in issuing fishing permits and maintaining transparency in the governments' decision-making processes; reduction of the government permit specifications and simplification of the operational categories within the industry; and removal of the restrictions on importing foreign fishing vessels.

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Limit Pricing by Noncooperative Oligopolists (과점산업(寡占産業)에서의 진입제한가격(進入制限價格))

  • Nam, Il-chong
    • KDI Journal of Economic Policy
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    • v.12 no.1
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    • pp.127-148
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    • 1990
  • A Milgrom-Roberts style signalling model of limit pricing is developed to analyze the possibility and the scope of limit pricing in general, noncooperative oligopolies. The model contains multiple incumbent firms facing a potential entrant and assumes an information asymmetry between incombents and the potential entrant about the market demand. There are two periods in the model. In period 1, n incumbent firms simultaneously and noncooperatively choose quantities. At the end of period 1, the potential entrant observes the market price and makes an entry decision. In period 2, depending on the entry decision of the entrant, n' or (n+1) firms choose quantities again before the game terminates. Since the choice of incumbent firms in period 1 depends on their information about demand, the market price in period 1 conveys information about the market demand. Thus, there is a systematic link between the market price and the profitability of entry. Using Bayes-Nash equilibrium as the solution concept, we find that there exist some demand conditions under which incumbent firms will limit price. In symmetric equilibria, incumbent firms each produce an output that is greater than the Cournot output and induce a price that is below the Cournot price. In doing so, each incumbent firm refrains from maximizing short-run profit and supplies a public good that is entry deterrence. The reason that entry is deterred by such a reduced price is that it conveys information about the demand of the industry that is unfavorable to the entrant. This establishes the possibility of limit pricing by noncooperative oligopolists in a setting that is fully rational, and also generalizes the result of Milgrom and Roberts to general oligopolies, confirming Bain's intuition. Limit pricing by incumbents explained above can be interpreted as a form of credible collusion in which each firm voluntarily deviates from myopic optimization in order to deter entry using their superior information. This type of implicit collusion differs from Folk-theorem type collusions in many ways and suggests that a collusion can be a credible one even in finite games as long as there is information asymmetry. Another important result is that as the number of incumbent firms approaches infinity, or as the industry approaches a competitive one, the probability that limit pricing occurs converges to zero and the probability of entry converges to that under complete information. This limit result confirms the intuition that as the number of agents sharing the same private information increases, the value of the private information decreases, and the probability that the information gets revealed increases. This limit result also supports the conventional belief that there is no entry problem in a competitive market. Considering the fact that limit pricing is generally believed to occur at an early stage of an industry and the fact that many industries in Korea are oligopolies in their infant stages, the theoretical results of this paper suggest that we should pay attention to the possibility of implicit collusion by incumbent firms aimed at deterring new entry using superior information. The long-term loss to the Korean economy from limit pricing can be very large if the industry in question is a part of the world market and the domestic potential entrant whose entry is deterred could .have developed into a competitor in the world market. In this case, the long-term loss to the Korean economy should include the lost opportunity in the world market in addition to the domestic long-run welfare loss.

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Expiration-Day Effects: The Korean Evidence (주가지수 선물과 옵션의 만기일이 주식시장에 미치는 영향: 개별 종목 분석을 중심으로)

  • Choe, Hyuk;Eom, Yun-Sung
    • 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.

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