• The Korean Journal of Financial Studies
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• v.3 no.1
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• pp.233-265
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• 1996

We examine the impact of public and private information on price movements using the thirty DJIA stocks and twenty-one NASDAQ stocks. We find that the standard deviation of daily returns on information days (dividend announcement, earnings announcement, insider purchase, or insider sale) is much higher than on no-information days. Both public information matters at the NYSE, probably due to masked identification of insiders. Earnings announcement has the greatest impact for both DJIA and NASDAQ stocks, and there is some evidence of positive impact of insider asle on return volatility of NASDAQ stocks. There has been considerable debate, e.g., French and Roll (1986), over whether market volatility is due to public information or private information-the latter gathered through costly search and only revealed through trading. Public information is composed of (1) marketwide public information such as regularly scheduled federal economic announcements (e.g., employment, GNP, leading indicators) and (2) company-specific public information such as dividend and earnings announcements. Policy makers and corporate insiders have a better access to marketwide private information (e.g., a new monetary policy decision made in the Federal Reserve Board meeting) and company-specific private information, respectively, compated to the general public. Ederington and Lee (1993) show that marketwide public information accounts for most of the observed volatility patterns in interest rate and foreign exchange futures markets. Company-specific public information is explored by Patell and Wolfson (1984) and Jennings and Starks (1985). They show that dividend and earnings announcements induce higher than normal volatility in equity prices. Kyle (1985), Admati and Pfleiderer (1988), Barclay, Litzenberger and Warner (1990), Foster and Viswanathan (1990), Back (1992), and Barclay and Warner (1993) show that the private information help by informed traders and revealed through trading influences market volatility. Cornell and Sirri (1992)' and Meulbroek (1992) investigate the actual insider trading activities in a tender offer case and the prosecuted illegal trading cased, respectively. This paper examines the aggregate and individual impact of marketwide information, company-specific public information, and company-specific private information on equity prices. Specifically, we use the thirty common stocks in the Dow Jones Industrial Average (DJIA) and twenty one National Association of Securities Dealers Automated Quotations (NASDAQ) common stocks to examine how their prices react to information. Marketwide information (public and private) is estimated by the movement in the Standard and Poors (S & P) 500 Index price for the DJIA stocks and the movement in the NASDAQ Composite Index price for the NASDAQ stocks. Divedend and earnings announcements are used as a subset of company-specific public information. The trading activity of corporate insiders (major corporate officers, members of the board of directors, and owners of at least 10 percent of any equity class) with an access to private information can be cannot legally trade on private information. Therefore, most insider transactions are not necessarily based on private information. Nevertheless, we hypothesize that market participants observe how insiders trade in order to infer any information that they cannot possess because insiders tend to buy (sell) when they have good (bad) information about their company. For example, Damodaran and Liu (1993) show that insiders of real estate investment trusts buy (sell) after they receive favorable (unfavorable) appraisal news before the information in these appraisals is released to the public. Price discovery in a competitive multiple-dealership market (NASDAQ) would be different from that in a monopolistic specialist system (NYSE). Consequently, we hypothesize that NASDAQ stocks are affected more by private information (or more precisely, insider trading) than the DJIA stocks. In the next section, we describe our choices of the fifty-one stocks and the public and private information set. We also discuss institutional differences between the NYSE and the NASDAQ market. In Section II, we examine the implications of public and private information for the volatility of daily returns of each stock. In Section III, we turn to the question of the relative importance of individual elements of our information set. Further analysis of the five DJIA stocks and the four NASDAQ stocks that are most sensitive to earnings announcements is given in Section IV, and our results are summarized in Section V.

• Korean Journal of Environmental Agriculture
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• v.40 no.2
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• pp.108-117
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• 2021

BACKGROUND: Dichlobentiazox is a newly registered pesticide in Korea as a triazole fungicide and requires establishment of an official analysis method for the safety management. Therefore, the aim of this study was to determine the residual analysis method of dichlobentiazox for the five representative agricultural products. METHODS AND RESULTS: Three QuEChERS methods were applied to establish the extraction method, and the EN method was finally selected through the recovery test. In addition, various adsorbent agents were applied to establish the clean-up method. As a result, it was found that the recovery of the tested pesticide was reduced when using the d-SPE method with PSA and GCB, but C₁₈ showed an excellent recovery. Therefore this method was established as the final analysis method. For the analysis, LC-MS/MS was used with consideration of the selectivity and sensitivity of the target pesticide and was operated in MRM mode. The results of the recovery test using the established analysis method and inter laboratory validation showed a valid range of 70-120%, with standard deviation and coefficient of variation of less than 3.0% and 11.6%, respectively. CONCLUSION: Dichlobentiazox could be analyzed with a modified QuEChERS method, and the method determined would be widely available to ensure the safety of residual pesticides in Korea.

• Journal of Korean Society of Forest Science
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• v.112 no.4
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• pp.417-425
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• 2023

The aim of this study was to derive stem taper equations for Quercus acuta, one of main evergreen broad-leaved tree species found in warm temperate regions, and to prepare a stem volume table using those stem taper equations. A total of 688 individual trees were used in the analysis, which were collected from Jeonnam-do, Gyeongnam-do, and Jeju-do. The stem taper models applied to derive the stem curve pattern were the Max and Burkhart, Kozak, and Lee models. Among the three stem taper models, the best explanation of the stem curve shape of Q. acuta was found to be given by the Kozak model, which showed a fitness index of 0.9583, bias of 0.0352, percentage of estimated standard error of 1.1439, and mean absolute deviation of 0.6751. Thus, the stem taper of Q. acuta was estimated using the Kozak model. Moreover,thestemvolumecalculationwasperforme d by applying the Smalian formula to the diameter and height of each stem interval. In addition, an analysis of variance (ANOVA) was conducted to compare the two existing Q. acuta stem volume tables (2007 and 2010) and the newly created stem volume table (2023). This analysis revealed that the stem volume table constructed in the Wando region in 2007 included about twice as much as the stem volume tables constructed in 2010 and 2023. The stem volume table (2023) developed in this study is not only based on the regional collection range and number of utilized trees but also on a sound scientific basis. Therefore, it can be used at the national level as an official stem volume table for Q. acuta.

• Journal of Food Hygiene and Safety
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• v.34 no.2
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• pp.124-134
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• 2019

An analytical method was developed for the determination of broflanilide and its metabolites in agricultural products. Sample preparation was conducted using the QuEChERS (Quick, Easy, Cheap, Effective, Rugged and Safe) method and LC-MS/MS (liquid chromatograph-tandem mass spectrometer). The analytes were extracted with acetonitrile and cleaned up using d-SPE (dispersive solid phase extraction) sorbents such as anhydrous magnesium sulfate, primary secondary amine (PSA) and octadecyl ($C_{18}$). The limit of detection (LOD) and quantification (LOQ) were 0.004 and 0.01 mg/kg, respectively. The recovery results for broflanilide, DM-8007 and S(PFP-OH)-8007 ranged between 90.7 to 113.7%, 88.2 to 109.7% and 79.8 to 97.8% at different concentration levels (LOQ, 10LOQ, 50LOQ) with relative standard deviation (RSD) less than 8.8%. The inter-laboratory study recovery results for broflanilide and DM-8007 and S (PFP-OH)-8007 ranged between 86.3 to 109.1%, 87.8 to 109.7% and 78.8 to 102.1%, and RSD values were also below 21%. All values were consistent with the criteria ranges requested in the Codex guidelines (CAC/GL 40-1993, 2003) and the Food and Drug Safety Evaluation guidelines (2016). Therefore, the proposed analytical method was accurate, effective and sensitive for broflanilide determination in agricultural commodities.

• Korean Journal of Poultry Science
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• v.16 no.2
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• pp.61-71
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• 1989

The purposes of this study were to investigate the genetic variations by backcrossing in commercial chickens. Backcrossing was carried out successively back to parent stock (P.S). Heritabilities and genetic correlation coefficients were estimated to verify the genetic variations. The data obtained from a breeding programme with commercial chickens (I strain) were collected from 1955 to 1987 at Poultry Breeding Farm, Seoul National University. Data came from a total of 1230 female offspring. The results obtained are summarized as follows： 1. The general performance ($Mean\pmStandard deviation$) of each trait was $663.94\pm87.11$g for 8 weeks body weight, $1579.1\pm155.43$g for 20 weeks body weight, $2124.1\pm215.3$g for 40 weeks body weight, $2269.1\pm242.94$g for 60 weeks body weight, $168.43\pm12.94$ day for a9e at sexual maturity (SM), $214.52\pm29.82$ eggs , for total egg number to 60 weeks of age (TEN), $61.45\pm3.48$ g for average weight (AEW), $13180.7\pm1823.22$ g for total egg mass to 60 weeks of age(TEM). All traits, except 10 weeks body weight and AEW, were significant for the degrees of backcross (p＜0.01). 2. The pooled estimates of heritabilities derived from the sire, dam and combined variance components were 0.47~0.52 for age at sexual maturity (SM), 0.07~0.37 for total egg number (TEN), 0.40~0.54 for average egg weight (AEW), 0.18~0.27 for total egg mass (TEM). High heritability estimates were found for SM and AEW. TEN and TEM were estimated to be a lowly heritable traits. Heritability estimates from dam components were higher than those from sire components. These differences might be due to non-additive genetic effect and maternal effect. 3. The estimates of heritabilities and standard errors derived from combined variance components for different degrees of backcross were $0.47\pm0.11$ (BCO), $0.42\pm0.16$ (BC1), $0.51\pm0.29$ (BC2) for TEN, $0.59\pm0.20$ (BCO), $0.43\pm0.17$ (BC1), $0.35\pm0.18$ (BC2) for AEW, $0.28\pm0.12$(BC0), $0.20\pm0.11$(BC1), $0.18\pm0.14$ (BC2) for TEM. Heritability estimates for AEW and TEM were decreased by backcrossing while those for SM and TEN remained constant. Since backcrossing contributes to increased homozygosity, the genetic variation of the traits (AEW and TEM) decreased . 4. The pooled estimates of genetic correlation coefficients were -0.55 between SM and TEN, 0.20 between SM and AEW, -0.29 between TEN and AEW, 0.82 between TEM and TEN, 0.31 between TEM and AEW, -0.42 between TEM and SM. The genetic correlation between TEM and TEN was higher than that between TEM and AEW, and it was suggested that egg mass was strongly affected by egg number. Also, age at sexual maturity(SM) contributes to egg mass(TEM). 5. When backcrossing was carried out successively, the genetic correlation between TEM and TEN increased (BC0：0.79, BC1：0.82, BC2：0.91) but those between TEM and SM decreased (BC0：-0.54, BC1：-0.36, BC2：-0.09) with successive backcrosses.