• Title/Summary/Keyword: Asymmetric Information

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A Land Resources Survey of the Mula Area, S. E. Spain (동남(東南)스페인 Mula지역(地域)에서의 Land Resources Survey)

  • Yun, Suckew
    • Economic and Environmental Geology
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    • v.6 no.1
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    • pp.29-64
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    • 1973
  • A land resources survey in the semi-arid area, Mula in S. E. Spain, of $400km^2$ is compiled. The basic aim of the project is to investigate the intrinsic qualities of the land resources of the area by means of applying an integrated method of natural resources survey mainly concerning with analysis and synthesis of land complexes, each of them represents an area or a group of areas with similar patterns of landforms, soils and vegetation, based on a geomorphological approach. The area is characterized by a linear arrangement of relief pattern with an asymmetric homoclinal repetition of slope attitudes elongating WSW-ENE, dipping steeply on the NW sides and gently on the SE sides, which have been resulted from the post-Alpine folding of the Triassic to Cretaceous limestone, the Eocene limestone, the Oligocene sandstone and the lower Miocene limestone and marl, and the post-lower Miocene faulting, tilting and subsequent differential erosion of the Miocene sedimentary formations. An integrated body of information in geology, landforms, soils and vegetation, which are significantry interrelated as an environmental complex, has been obtained. Using this data, 26 land complexes developing on the various situations of landforms, such as folded mountain ranges, tilted tablelands, bevelled cuestas, degraded hill-lands associating with enormous foots lopes, undulating terrains and terraced or flat plains, have been differentiated, mapped and described. The soils of the area are mostly light colored calcic lithosols which have been derived dominantly from the marly parent materials and developed into remarkable slope catenas in some places depending on the relief conditions. The land uses of the area are mainly characterized by the perennially irrigated cultivation of citrus orchards along the terraced alluvial deposits fringing the Segura and Mula River, and the dry-land cereal cultivation on gentler slopes. Pioneer dry-land cultivations within the shrubs on steeper slopes are restricted to the unchannelled tributary drainage floors. The availability of water is a fundamental controlling factor for existence of native and cultivated vegetation as a whole, and a number of active processes including sheet wash and gully erosion, especially on the scarp slopes, are the other important factors to be considered in conservation and management of the land in the area.

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Economic Rationale of Compensating Balance Requirements and Its Impact on Money Supply (「꺾기」의 경제학(經濟學)과 통화량(通貨量) 효과분석(效果分析))

  • Jwa, Sung-hee
    • KDI Journal of Economic Policy
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    • v.14 no.1
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    • pp.89-119
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    • 1992
  • This paper purports to analyze the economic rationale of compensating balance requirements and its impact on money supply. This practice has recently been severely criticized for artificially increasing the money supply and, therefore, limiting the nation's aggregate lending policy under the tight constraint of the given money supply target. A review of the existing literature implies that compensating balance requirements is a banking practice which leads to corrections in the distortion of financial resource allocation due to the imperfection of financial market stemming from asymmetric information and/or financial regulations on deposit and lending rates. Therefore, the economic rationale of this practice is deemed to improve the efficiency of financial resource allocation. On the other hand, the macroeconomic impact of compensating balance requirements on the money supply depends on the impact on the money multiplier, which in turn depends on the desired ratio of deposit that people wish to maintain on the money borrowed from the banking system, and on the desired reserve ratio that the banking system would like to hold for deposit withdrawal. If the compensating balance requirements could increase the desired ratio of deposit to borrowing (bank lending), it will increase the available amount of total reserve within the banking system and, in turn, the money multiplier. However, this channel has not been fully analyzed in the literature, and the direction of the effect is ambiguous. If the practice could reduce the turn-over rate of deposit and, thereby, reduce the desired reserve ratio of the banking system, then it will also increase the money multiplier. While this channel operates unambiguously toward increasing the money multiplier, this effect will be limited by the extent that the banking system holds the excess reserve over the required reserve because the excess reserve will set the maximum amount for the desired reserve to fall. This paper tries to determine the effect on the money supply by empirically estimating the multiplier and the desired ratio of deposit to lending equations as functions of the ratio of compensating balance to the related lending, which is not observable and is estimated for the regression purpose. The results suggest that the effect of compensating balance requirements on the money supply in Korea does not exist or is very tenuous even if it could operate. Therefore, this paper concludes that the well publicized policy of cross cancelling the compensating balance and the related lending will not be effective at controlling the money supply and increasing the amount of loans without expanding the money supply.

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The Relationship among Returns, Volatilities, Trading Volume and Open Interests of KOSPI 200 Futures Markets (코스피 200 선물시장의 수익률, 변동성, 거래량 및 미결제약정간의 관련성)

  • Moon, Gyu-Hyen;Hong, Chung-Hyo
    • The Korean Journal of Financial Management
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    • v.24 no.4
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    • pp.107-134
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    • 2007
  • This paper tests the relationship among returns, volatilities, contracts and open interests of KOSPI 200 futures markets with the various dynamic models such as granger-causality, impulse response, variance decomposition and ARMA(1, 1)-GJR-GARCH(1, 1)-M. The sample period is from July 7, 1998 to December 29, 2005. The main empirical results are as follows; First, both contract change and open interest change of KOSPI 200 futures market tend to lead the returns of that according to the results of granger-causality, impulse response and variance decomposition with VAR. These results are likely to support the KOSPI 200 futures market seems to be inefficient with rejecting the hypothesis 1. Second, we also find that the returns and volatilities of the KOSPI 200 futures market are effected by both contract change and open interest change of that due to the results of ARMA(1,1)-GJR-GARCH(1,1)-M. These results also reject the hypothesis 1 and 2 suggesting the evidences of inefficiency of the KOSPI 200 futures market. Third, the study shows the asymmetric information effects among the variables. In addition, we can find the feedback relationship between the contract change and open interest change of KOSPI 200 futures market.

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The Financing Behavior and Financial Structure Determinants of Korean Manufacturing Firms (한국제조기업의 자금조달행태와 재무구조 결정요인에 관한 연구)

  • Shin, Dong-Ryung
    • The Korean Journal of Financial Management
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    • v.23 no.2
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    • pp.109-141
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    • 2006
  • The central factor in the pecking order theory of financial structure is the asymmetric distribution of information between managers and less-informed outside investors. Myers and Majluf (1984) show that this asymmetry leads managers to prefer internal funds to external funds. Funds are raised through equity issues only after the capacity to issue debt has been exhausted. In contrast, according to static tradeoff theory, an optimum financial structure exists by the tradeoff between tax saving by debt and bankruptcy costs. This study examines the recent changes of Korean firms' financial structure and financing behavior and the determinants of financial structure. The sample of firms comes from the period of $1996{\sim}2004$, and the number of firms is 32,003. The major findings are as follows. First, in contrast with previous studies using US firms as sample, Korean firms have been using debt financing as their major financing instrument. Especially, the firms in the fund deficit situation relies much more on $long{\sim}term$ and $short{\sim}term$ debts rather than on equity issues. Second, as is the case with previous studies using US firms sample indicates, the financing deficit variable can not explain perfectly the net debt issue. However, compared with net equity issue variable, net debt issue variable is more closely related to the financing deficit variable. Third, when financing deficit variable is added to the current list of explanatory variables of financial structure determinants model, it has a significant and positive explanatory power. In addition, the coefficients of determinants are much improved. Thus, it is concluded that although pecking order theory is not perfect, it appears to be more useful compared to static tradeoff theory, at least in explaining the recent financing behavior of Korean manufacturing firms.

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Asymmetric Activation in the Prefrontal Cortex and Heart Rate Variability by Sound-induced Affects (음향감성에 의한 전전두엽의 비대칭성과 심박동변이도)

  • Jang Eun-Hye;Lee Ji-Hye;Lee Sang-Tae;Kim Wuon-Shik
    • Science of Emotion and Sensibility
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    • v.8 no.1
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    • pp.47-54
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    • 2005
  • This study is aimed to inspect how the different sensitivities in Behavioral activation system(BAS) and behavioral inhibition system(BIS) modulate on the properties of physiological responses stimulated by positive or negative affective sound. We measured the electroencephalogram(EEG) and electrocardiogram (ECG) of 32 students, consisted of four groups depending on the BAS and BIS sensitivities, during listening to meditation music or noise. The EEG was recorded at Fpl and Fp2 sites and Power spectral density(PSD) of HRV was derived from the ECG, and the power of HRV was calculated for 3 major frequency ranges(low frequency[LF], medium frequency and high frequency[HF]). After listening to music or noise, subjects reported the affect induced by the sound. For EEG, the power in the alpha band at Fp2, especially in the alpha-2 band(9.0-11.0 Hz) increased during the subjects listening to music, while the power at Fpl increased during noise. During listening to meditation music, there is a tendency that the left-sided activation in prefrontal cortex(PFC) is positively correlated with the difference of BAS(Z)-BIS(Z). During listening to noise, there is a tendency that the right-sided activation in PFC is dominant in case any of the sensitivity of BAS or BIS is high. For HRV, we found that the index of MF/(LF+HF), during listening to music, was higher significantly in the individuals with a low BIS but high BAS than in the individuals with a low sensitivity both BIS and BAS individuals. With high BIS, regardless of the BAS sensitivity, the difference of this index values was not significant. From these results we suggest that the physiological responses of different individuals in BAS and BIS react differently under the same emotionally provocative challenge.

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Tectonic Movement in the Korean Peninsula (I): The Spatial Distribution of Tectonic Movement Identified by Terrain Analyses (한반도의 지반운동 ( I ): DEM 분석을 통한 지반운동의 공간적 분포 규명)

  • Park, Soo-Jin
    • Journal of the Korean Geographical Society
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    • v.42 no.3 s.120
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    • pp.368-387
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    • 2007
  • In order to explain geomorphological characteristics of the Korean Peninsula, it is necessary to understand the spatial distribution of tectonic movements and its causes. Even though geomorphological elements which might have been formed by tectonic movements(e.g. tilted overall landform, erosion surface, river terrace, marine terraces, etc.) have long been considered as main geomorphological research topics in Korea, the knowledge on the spatial distribution of tectonic movement is still limited. This research aims to identify the spatial distributions of tectonic movement via sequential analyses of Digital Elevation Model(DEM). This paper first developed a set of terrain analysis techniques derived from theoretical interrelationships between tectonic uplifts and landsurface denudation processes. The terrain analyses used in this research assume that elevations along major drainage basin divides might preserve original landsurfaces(psuedo-landsuface) that were formed by tectonic movement with relatively little influence by denudation processes. Psuedo-landsurfaces derived from a DEM show clear spatial distribution patterns with distinct directional alignments. Lines connecting psuedo-landsufaces in a certain direction are defined as psuedo-landsurface axes, which are again categorized into two groups: the first is uplift psuedo-landsurface axes that indicate the axis of landmass uplift; and the second is denudational psuedo-landsurface axes that cross step-shaped pusedo-landsurfaces formed via surface denudation. In total, 13 axes of pusedo-landsurface are identified in the Korean Peninsula, which show distinct direction, length, and relative uplift rate. Judging from the distribution of psudo-landsurfaces and their axes, it is concluded that the Korean Peninsula ran be divided into four tectonic regions, which are named as the Northern Tectonic Region, Center Tectonic Region, Southern Tectonic Region, and East Sea Tectonic Region, respectively. The Northern Tectonic Region had experienced a regional uplift centered at the Kaema plateau, and the rate of uplift gradually decreased toward southern, western and eastern directions. The Center Tectonic Region shows an arch-shaped uplift. Its uplift rate is the highest along the East Sea and the rate decreases towards the Yellow sea. The Southern Tectonic Region shows an asymmetric uplift centered a line connecting Dukyu and Jiri Mountains in the middle of the region. The eastern side of the Southern Regions shows higher uplift rate than that of the western side. The East Sea Tectonic Region includes south-eastern coastal area of the peninsula and Gilju-Myeongchun Jigudae, which shows relatively recent tectonic movements in Korea. Since this research visualizes the spatial heterogeneity of long-term tenonic movement in the Korean peninsula, this would provide valuable basic information on long-term and regional differences of geomorphological evolutionary processes and regional geomorphological differences of the Korean Peninsula.

Design of MAHA Supercomputing System for Human Genome Analysis (대용량 유전체 분석을 위한 고성능 컴퓨팅 시스템 MAHA)

  • Kim, Young Woo;Kim, Hong-Yeon;Bae, Seungjo;Kim, Hag-Young;Woo, Young-Choon;Park, Soo-Jun;Choi, Wan
    • KIPS Transactions on Software and Data Engineering
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    • v.2 no.2
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    • pp.81-90
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    • 2013
  • During the past decade, many changes and attempts have been tried and are continued developing new technologies in the computing area. The brick wall in computing area, especially power wall, changes computing paradigm from computing hardwares including processor and system architecture to programming environment and application usage. The high performance computing (HPC) area, especially, has been experienced catastrophic changes, and it is now considered as a key to the national competitiveness. In the late 2000's, many leading countries rushed to develop Exascale supercomputing systems, and as a results tens of PetaFLOPS system are prevalent now. In Korea, ICT is well developed and Korea is considered as a one of leading countries in the world, but not for supercomputing area. In this paper, we describe architecture design of MAHA supercomputing system which is aimed to develop 300 TeraFLOPS system for bio-informatics applications like human genome analysis and protein-protein docking. MAHA supercomputing system is consists of four major parts - computing hardware, file system, system software and bio-applications. MAHA supercomputing system is designed to utilize heterogeneous computing accelerators (co-processors like GPGPUs and MICs) to get more performance/$, performance/area, and performance/power. To provide high speed data movement and large capacity, MAHA file system is designed to have asymmetric cluster architecture, and consists of metadata server, data server, and client file system on top of SSD and MAID storage servers. MAHA system softwares are designed to provide user-friendliness and easy-to-use based on integrated system management component - like Bio Workflow management, Integrated Cluster management and Heterogeneous Resource management. MAHA supercomputing system was first installed in Dec., 2011. The theoretical performance of MAHA system was 50 TeraFLOPS and measured performance of 30.3 TeraFLOPS with 32 computing nodes. MAHA system will be upgraded to have 100 TeraFLOPS performance at Jan., 2013.

Recent Progress in Air-Conditioning and Refrigeration Research : A Review of Papers Published in the Korean Journal of Air-Conditioning and Refrigeration Engineering in 2015 (설비공학회 분야의 최근 연구 동향 : 2015년 학회지 논문에 대한 종합적 고찰)

  • Lee, Dae-Young;Kim, Sa Ryang;Kim, Hyun-Jung;Kim, Dong-Seon;Park, Jun-Seok;Ihm, Pyeong Chan
    • Korean Journal of Air-Conditioning and Refrigeration Engineering
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    • v.28 no.6
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    • pp.256-268
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    • 2016
  • This article reviews the papers published in the Korean Journal of Air-Conditioning and Refrigeration Engineering during 2015. It is intended to understand the status of current research in the areas of heating, cooling, ventilation, sanitation, and indoor environments of buildings and plant facilities. Conclusions are as follows. (1) The research works on the thermal and fluid engineering were carried out in the areas of flow, heat and mass transfer, cooling and heating, and air-conditioning, the renewable energy system and the flow inside building rooms. Research issues dealing with air-conditioning machines and fire and exhausting smoke were reduced. CFD seems to be spreading to more research areas. (2) Research works on heat transfer area were carried out in the categories of heat transfer characteristics, pool boiling and condensing heat transfer and industrial heat exchangers. Researches on heat transfer characteristics included the economic analysis of GHG emission, micro channel heat exchanger, effect of rib angle on thermal performance, the airside performance of fin-and-tube heat exchangers, theoretical analysis of a rotary heat exchanger, heat exchanger in a cryogenic environment, the performance of a cross-flow-type, indirect evaporative cooler made of paper/plastic film. In the area of pool boiling and condensing, the bubble jet loop heat pipe was studied. In the area of industrial heat exchangers, researches were performed on fin-tube heat exchanger, KSTAR PFC and vacuum vessel at baking phase, the performance of small-sized dehumidification rotor, design of gas-injection port of an asymmetric scroll compressor, effect of slot discharge-angle change on exhaust efficiency of range hood system with air curtain. (3) In the field of refrigeration, various studies were carried in the categories of refrigeration cycle, alternative refrigeration/energy system, system control. In the refrigeration cycle category, a cold-climate heat pump system, $CO_2$ cascade systems, ejector cycles and a PCM-based continuous heating system were investigated. In the alternative refrigeration/energy system category, a polymer adsorption heat pump, an alcohol absorption heat pump and a desiccant-based hybrid refrigeration system were investigated. In the system control category, turbo-refrigerator capacity controls and an absorption chiller fault diagnostics were investigated. (4) In building mechanical system research fields, eighteen studies were reported for achieving effective design of the mechanical systems, and also for maximizing the energy efficiency of buildings. The topics of the studies included energy performance, HVAC system, ventilation, and renewable energies, piping in the buildings. Proposed designs, performance tests using numerical methods and experiments provide useful information and key data which can improve the energy efficiency of the buildings. (5) The field of architectural environment was mostly focused on indoor environment and building energy. The main researches of indoor environment were related to the user and location awareness technology applied dimming lighting control system, the lighting performance evaluation for light-shelves, the improvement evaluation of air quality through analysis of ventilation efficiency and the evaluation of airtightness of sliding and LS window systems. The subjects of building energy were worked on the energy saving estimation of existing buildings, the developing model to predict heating energy usage in domestic city area and the performance evaluation of cooling applied with economizer control. The studies were also performed related to the experimental measurement of weight variation and thermal conductivity in polyurethane foam, the development of flame spread prevention system for sandwich panels, the utilization of heat from waste-incineration facility in large-scale horticultural facilities.

Trophic Level and Ecological Niche Assessment of Two Sympatric Freshwater Fish, Microphysogobio rapidus and Microphysogobio yaluensis Using Stable Isotope Analysis (안정동위원소 분석을 활용한 멸종위기종 여울마자와 동서종 돌마자의 영양단계 및 생태적 지위 평가)

  • Dae-Hee Lee;Hye-Ji Oh;Yerim Choi;Geun-Hyeok Hong;InHyuck Baek;Keun-Sik Kim;Kwang-Hyeon Chang;Ju-Duk Yoon
    • Korean Journal of Ecology and Environment
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    • v.57 no.1
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    • pp.39-50
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    • 2024
  • In ecosystems within limited resources, interspecific competition is inevitable, often leading to the competitive exclusion of inferior species. This study aims to provide foundational information for the conservation and restoration management of Microphysogobio rapidus by evaluating species' ecological response to biological factors within its habitat. To understand this relationship, we collected food web organisms from site where M. rapidus coexist with Microphysogobio yaluensis, a specie ecologically similar to M. rapidus, and evaluated the trophic levels (TL), isotopic niche space (INS), and the overlap of INS among fishes within the habitat using stable isotope analysis. Our analysis revealed that the M. rapidus exhibited a higher TL than M. yaluensis, with TL of 2.6 and 2.4, respectively. M. yaluensis exhibited a broad INS, significantly influencing the feeding characteristics of most fish. Conversely, M. rapidus showed a narrow INS and asymmetric feeding relationships with other species, in habitats with high competition levels. This feeding characteristics of M. rapidus indicate that the increase in competitors sharing the similar resources lead to a decrease in available resources and, consequently, is expected to result in a decrease in their density.