• 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.

• Child Health Nursing Research
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• v.7 no.2
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• pp.245-257
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• 2001

This study analyzed the services as operated by the Child Health Telephone Service Center. The Center is a toll free service operated as part of the community services of the Korean Academic Society of Child Health Nursing. The aim of the study was to describe the concerns of child caregivers regarding child health care as discussed during telephone counseling. Specific objectives were as follows: 1. To analyze the activities of the Center. 2. To describe the characteristics of caregivers who made phone calls for counseling services and also the characteristics of their children. 3. To analyze the content of the counseling sessions. 4. To analyze counseling content according to the characteristics of the caregivers and their children. Data used for the study were obtained from the counseling records for the period from Sept. to Dec. 1999, as kept by the three counselors at the Center. The total number of calls was 8,261 and that consisted of 15,150 questions. The total questions were merged into 13,236 by eliminating those questions which overlapped or were of similar content. The final 13,236 questions were used for the final analyses. Almost of the callers (98.4％) were mothers. Among them 89.6％ were between 25 and 35 years of age. Geographical distribution of the callers covered the whole nation. The largest numbers who made the calls were from the Seoul metropolitan area (36％), followed by 28％ from Kyung Gi Province, and 20％ were from the Kyung Sang area. Among 8,261 callers, 72.8％ were first users. Sex of the babies and children in question for counseling was about even for males and females and ages ranged from one month to six years. The largest group (62.5％) was the less than six month age group. The finalized 13,236 questions/problems were categorized into 11 problem areas. They were in order of frequency, physical problems, feedings and nutrient concerns, information on child rearing, growth and development, guidance on utilization of child care facilities, elimination problems, sleeping concerns, immunization related concerns, behavior problems, injury and accidents, and safety measures. The most frequent problems for counseling were physical signs and symptoms (27.3％), followed by feeding and nutrients, information on child rearing, and growth and development. Of physical problems, abnormal gastrointestinal signs and symptoms were the most frequent concern and skin problems were next at 25％ and 23.3％ respectively. Loose bowels, vomiting and constipation were the most frequent gastrointestinal problems. Atopic dermatitis had the highest frequency at 53.3％ with diaper rash being the second highest among the skin problems. About 80％ of the growth and developmental category were physical development concerns related to physiological, body growth, and motor and sensory development. This study constitutes the activity report for the first year of the Center. The findings correspond with literature reports on child health problems and parents educational needs. One recommendation from this study is that since the services of the Center are carried out only by telephone, the psychology of the counselees and the counselor relationship must be considered for better services.

• Journal of Korean Society of Forest Science
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• v.99 no.1
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• pp.102-110
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• 2010

This study was performed to find out the inhibitory effect of Rhus Verniciflua extract on lipid peroxidation and inflammatory cytokines during endurance exercise training for 8 weeks in rats. For this study, Sprague-Dawley rats were divided into 4 groups; sedentary (SED), exercise training (TRA), RVS extract ingestion (RVE), and RVS extract ingestion and exercise training (RVE-TRA). TRA and RVE-TRA were trained on treadmill with increasing speed gradually and administered 10 mL/kg/d of Rhus Verniciflua extract orally to RVE and RVE-TRA. In order to analyze antioxidant function, blood SOD (superoxide dismutase), GSH-Px (glutathione peroxidase), and MDA (malondialdehyde) were examined. And, analysis of inflammatory cytokines were examined using IL-6 (interleukin-6), TNF-${\alpha}$ (tumor necrosis factor-alpha), CRP (C-reactive protein), and NO (nitric oxide). SOD in TRA was significantly higher than SED and RVE (p<0.05), and RVE-TRA was highest among the groups (p<0.05). The MDA content of TRA, RVE and RVE-TRA were significantly lower than SED. GSH-Px activity of SED was significantly lower than other groups (p<0.05). IL-6 and TNF-${\alpha}$ content of RVE and RVE-TRA were significantly lower than SED and TRA (p<0.05). CRP concentration of SED was the lowest among groups (p<0.05). Finally, NO concentration of SED and TRA were higher than RVE and RVE-TRA (p<0.05). These results suggested that it is efficient for rats to reduce lipid peroxidation and induce anti-inflammatory by taking RVS extract during exercise training. Afterwards, if studies on the properties of RVS extract can be made with various ways, use of Rhus Verniciflua trees might be made widely which are growing naturally in mountains in Korea.

• Tuberculosis and Respiratory Diseases
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• v.49 no.1
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• pp.60-71
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• 2000

Backgrounds : Cathepsin D, an aspartic lysosomal proteinase, is believed to be involved in local invasion and metastasis of tumor cells by its proteolytic activity and has been described to be associated with tumor progression and prognosis in some human malignancies including breast cancer. But, its prognostic value for human lung cancer remains to be determined. The purpose of this study is to determine clinicopathological and prognostic significance of cathepsin D expression in non-small cell lung cancer. Method : Using a polyclonal antibody, immunohistochemical analysis of cathepsin D was performed on paraffin embedded sections of tumors obtained surgically from 54 patients with non-small cell lung cancer (37 squamous cell carcinoma, 14 adenocarcinoma, 2 large cell carcinoma, and 1 undifferentiated carcinoma). Results : Eighteen patients (33.3%) showed positive immunoreactivities of cathepsin D in tumor cells. No significant correlation of cathepsin D expression in tumor cells was found in p-stage (surgical-pathologic stage), tumor size, tumor factor, nodal involvement, and differentiation. Of 54 patients, 29 (53.7%) patients showed moderate to massive cathepsin D-positive stromal cells within the tumor tissues, while the rest (46.3%) showed few cathepsin D-positive stromal cells within the tumor tissues. Cathepsin D expression in stromal cells was significantly associated with p-stage in non-small cell lung canær (p=0.031). No significant correlation of the degree of cathepsin D-positive stromal cells was found in tumor size, T -factor, nodal involvement, differentiation Cathepsin D expression status in tumor cells and stromal cells was not significantly associated with prognosis expressed by survival rate. The results of multivariate analyses of variables possibly associated with prognosis showed that nodal involvement was the only independent prognostic factor in all patients. Conclusion : Cathepsin D expression in stromal cells was significantly associated with p-stage in non-small cell lung cancer. However, it was not related to other clinicopathologic features and prognosis, and Cathepsin D expression in tumor was not related to p-stage and prognosis.

• Tuberculosis and Respiratory Diseases
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• v.55 no.1
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• pp.31-40
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• 2003

Background : A CT scan is a useful modality for the diagnosis and evaluation of disease activity in patients with pulmonary tuberculosis. However, the CT diagnosis of pulmonary tuberculosis is sometimes difficult in patients with an atypical CT pattern, especially with lobar consolidation mimicking pneumonia. The aim of this study was to evaluate the clinical and CT features of pulmonary tuberculosis, simulating pneumonia, from a CT scan. Materials and Methods : The clinical and CT features in 21 patients, where the CT diagnosis was pneumonia, or the CT differential diagnosis included pneumonia, were retrospectively analyzed. Results : Of the 21 patients, 6 were immunocompromised, 15 presented with fever or leukocytosis and 15 showed positive sputum smear test for acid fast bacilli. Also, 17 of the 21 patients showed a positive sputum culture test. On the CT scan, consolidation was noted in all patients (100%), volume loss of the involved lobe or segment in 12 (57%), bronchogenic spread in 15 (71%), a cavity in 7 (33%) and bronchial wall thickening also in 7 (33%). The location of the consolidation revealed a relatively even distribution, with no specific predilection site. The other associated pulmonary diseases included ARDS, bronchiectasis, severe pulmonary emphysema, idiopathic pulmonary fibrosis and pulmonary alveolar proteinosis. Conclusion : In the immunocompromised patients, or patients with an underlying pulmonary disease, whose CT scans showed pulmonary consolidation, especially in association with findings of bronchogenic spread, a cavity or bronchial wall thickening, meticulous examination for pulmonary tuberculosis is recommended.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.5 no.1
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• pp.45-67
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• 2010

On July 21st in 2005, People's Bank of China (PBOC) turned the currency peg against the U.S. dollar into managed currency system based on a basket of unnamed currencies under China's exchanged rate regime. This change means that China's enterprises are not free from currency fluctuations. The purpose of this study is to analyze the relations between Renminbi fluctuations in the floating exchange rate and financial results of venture companies. The process and outcomes of this study are as follows, First, in order to measure the financial results of venture companies, I choose venture companies in Shandong Province listed on the Shanghai Stock Exchange (SSE) at random and several quarter financial sheets according to safety ratios, profitability ratios, growth ratios, activity ratios. Second, I arrange the daily Renminbi exchange rate data announced from July 21st, 2005 to December 31st, 2008 by PBOC into the quarterly data. Third, in order to confirm the relations between Renminbi fluctuations and financial results of venture companies, I carry out Pearson's correlation analysis. As a result, the revaluation of the Chinese Renminbi has weakly negative effects on debt ratio, total assets turnover ratio and equity turnover ratio in statistics. But the revaluation of the Chinese Renminbi is not related to other financial index in statistics. The result of this study is that the revaluation of the Chinese Renminbi has little influence on the export and import of Chinese venture companies and certifies the fact that Chinese venture companies have much foreign currency assets. In addition to avoid the currency exposure risk, this study shows the effective method about currency exposure risk which adjusts proportion of Renminbi to foreign currency.

• Journal of Genetic Medicine
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• v.5 no.1
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• pp.26-33
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• 2008

Purpose : Phenylketonuria(PKU) is an inborn error of metabolism and a genetic disorder resulting from a deficiency of phenylalanine hydroxylase(PAH) and decreased activity of tetrahydrobiopterin(BH4).In this study the correlation between the DNA mutation and clinical manifestations was investigated and PAH DNA mutations were compared bewteen Asian and Caucasian populations. Methods : DNA was isolated from peripheral leukocytes. The PAH gene was amplified by Polymerase Chain Reaction(PCR) and the sequence was analyzed with Multiplex Ligation-dependent Probe Amplification(MLPA). Results : We characterized the PAH gene of 102 independent Korean patients with PKU. PAH nucleotide sequence analysis revealed 44 different mutations, including 10 novel mutations comprising 9 missense mutations(N207D, K95del, A447P, G344D, P69S, S391I, A202T, G103S, and I306L) and 1 novel splice-site variant mutation(IVS10-3C>G). R243Q was the most prevalent mutation in this study. A259T has not previously been reported in Asian populations, but we found that this mutation had a frequency of 10.1% in our study. Furthermore, the genotypes of $BH_4$ responsive patients were analyzed and were divided into two groups: $BH_4$ medication-only group and $BH_4$ medication with diet therapy group. In the $BH_4$ medication-only group and $BH_4$ medication with diet therapy group, R241C was the most common mutation. Conclusion : Novel mutations in the PAH gene of PKU patients are still being discovered. Additional information as to the frequency of mutations in the tetrahydrobiopterine responsive gene is also accumulating. We anticipate that knowledge of these PKU gene mutations will assist the diagnosis, genetic counseling, and therapeutic treatment of PKU patients in future.

• Information Systems Review
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• v.18 no.1
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• pp.57-78
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• 2016

Hacking has raised many critical issues in the modern world, particularly because the size and cost of the damages caused by this disruptive activity have steadily increased. Accordingly, many significant studies have been conducted by behavioral scientists to understand hackers and their practices. Nonetheless, only qualitative methods, such as interviews, meta-studies, and media studies, have been employed in such studies because of hacker sampling limitations. Existing studies have determined that intrinsic motivation was the dominant factor influencing hackers, and that their techniques were mainly acquired from online hacking communities. However, such results have yet to be causally proven. This study attempted to identify the causal factors influencing the motivational and environmental factors encouraging hackers to learn hacking skills. To this end, hacker community members using the theory of planned behavior were observed to identify the causal factors of their learning of hacking skills. We selected a group of students who were developing their hacking skills. The survey was conducted over a two-week period in May 2015 with a total of 227 students as respondents. After list-wise deletion, 215 of the responses were deemed usable (94.7 percent). In summary, the hackers were aware that hacking skills are considered socially unethical, and their attitudes toward the learning of hacking skills were affected by both intrinsic and extrinsic motivations. In addition, the characteristics of the online hacking community affected their perceived behavioral control. This study introduced new concepts in the process of conducting a causal relationship analysis on a hacker sample. Moreover, this research expanded the discussion on the causal direction of subjective norms in unethical research, and empirically confirmed that both intrinsic and extrinsic motivations affect the learning of hacking skills. This study also made a practical contribution by raising the educational and policy response issues for ethical hackers and demonstrating the necessity to intensify the punishment for hacking.

• Journal of Life Science
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• v.18 no.9
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• pp.1194-1201
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• 2008

Water temperature-dependent fluctuations of biochemical and molecular activities in the harmful dinoflagellate, Cochlodinium polykrikoides were studied. In terms of genomic DNA concentration, a similar value of 0.6 was observed at $12^{\circ}C$ and $15^{\circ}C$. However, DNA significantly increased beyond $18^{\circ}C$ (p<0.05), to a maximum of 1.8 at $24^{\circ}C$. DNA concentration significantly decreased to 0.6. The concentrations of RNA and total protein were likely at their highest values of 1.7 and 0.07 ${\mu}g$ $ml^{-1}$ at $24^{\circ}C$, respectively. RNA and total protein concentrations began to increase at $15^{\circ}C$. Oxygen availability between lower and higher temperatures was significantly different and increased from $18^{\circ}C$ according to light intensity, regardless of wavelengths (p<0.05). At $24^{\circ}C$, the highest value of the maximum electron transport rate ($ETR_{max}$), ranging from 537.9 (Ch 1) to 602.5 ${\mu}mol$ electrons $g^{-1}$ Chl ${\alpha}s^{-1}$ (Ch 4), was also apparent. Nitrate reductase (NR) and ATPase activities were at their highest values of 0.11 ${\mu}mol$ $NO_{2}^{-}$ ${\mu}g^{-1}$ Chl ${\alpha}h^{-1}$ and 0.78 pmol 100 $mg^{-1}$ at $24^{\circ}C$, respectively. In an analysis of CHN, the concentration of C and N also significantly increased (p<0.05). Most of the measurements for the cellular activities at $27^{\circ}C$, however, were less than at $24^{\circ}C$. These results suggest that the sub-cellular activities of C. polykrikoides are sensitive to changes in water temperature. It may be desirable to estimate at $18^{\circ}C$ the initiation of the massive blooming development of C. polykrikoides. In nature, it will be very difficult to maintain the massive blooms beyond $24^{\circ}C$ because of a possibly significant decrease in molecular activity of C. polykrikoides.

• Journal of Life Science
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• v.30 no.5
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• pp.428-433
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• 2020

In this study, we created pupal stage extracts of Apis mellifera L. drones for use in cosmetic materials. The effect of the drone pupae extract (DPE) on HDF cells was assessed for analysis of anti-wrinkle activity by collagen or collagenase gene expression, and the skin-lightening effect was studied by in vitro tyrosinase inhibition and B16F10 melanoma assay; the two cells were found to be non-cellular when the concentration of DPE was 100 ㎍/ml. Albutin concentration (positive control) in the whitening test was set at a capacity of 100 ug/ml and m-melanocyte stimulating hormone (α-MSH). A melanin-producing induction material was set at a concentration of 100 nM, and the expression of collagen type I and MMP1 collagenase was measured using HDF cells. MMP1 expression was seen to reduce in a concentration-dependent manner in treatment with DPE. Inhibiting melanin generation with B16F12 cells indicated a tendency to decrease in the DPE treatment group. Both L-Tyrosine and L-DOPA as DPE were used in an in vitro tyrosinase induction test to demonstrate the effects of tyrosinase suppression on concentrations. The higher the concentration of DPE, the greater the wrinkle reduction and whitening effect. In conclusion, it was found that DPE is an effective smoothing and whitening material by increasing collagen generation and inhibiting collagenase expression and reducing melanin production.