• Journal of Korea Trade
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• v.27 no.1
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• pp.139-158
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• 2023

Purpose - The study of co-movements between stock markets is a crucial area of finance and has recently received much interest in a variety of studies, especially in international finance. Stock market co-movements are a major phenomenon in financial markets, but they are not necessarily independent of the real market. Several studies support the idea that bilateral trade linkages significantly impact stock market correlations. Motivated by this perspective, this study investigates whether real market integration due to trade agreements brings about financial market integration in terms of stock market co-movement. Design/methodology - Over the 10 free trade agreements (FTAs) signed by the United States, using a dynamic conditional correlations (DCC) multivariate GARCH (MGRACH) model, we empirically measure the degree of integration by finding DCCs between the US market and the partner country's market. We then track how these correlations evolve over time and compare the results before and after trade agreements. Findings - According to the empirical results, there are positive return spillover effects from the US market to eight counterpart equity markets, except Jordan, Morocco, and Singapore. Especially Mexico, Canada, and Chile have large return spillover effects at the 1% significance level. All partner countries of FTAs generally have positive correlations with the US over the entire period, but the size and variance are somewhat different by country. Meanwhile, not all countries that signed trade agreements with the United States showed the same pattern of stock market co-movement after the agreement. Korea, Mexico, Chile, Colombia, Peru, and Singapore show increasing DCC patterns after trade agreements with the US. However, Canada, Australia, Bahrain, Jordan, and Morocco do not show different patterns before and after trade agreements in DCCs. These countries generally have the characteristic of relatively lower or higher co-movements in stock markets with the US before the signing of the FTAs. Originality/value - To our knowledge, few studies have directly examined the linkages between trade agreements and stock markets. Our approach is novel as it considers the problem of conditional heteroscedasticity and visualizes the change of correlations with time variations. Moreover, analyzing several trade agreements based on the United States enables the results of cross-country pairs to be compared. Hence, this study provides information on the degree of stock market integration with countries with which the United States has trade agreements, while simultaneously allowing us to track whether there have been changes in stock market integration patterns before and after trade agreements.

• Korean Journal of Social Welfare
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• v.68 no.1
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• pp.225-248
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• 2016

This study explores the effects on development of poor children by community-based orchestra educational activities and the orchestra educational activities factors for promoting the effects using longitudinal data are those collected for "The Evaluation of the Impact of Our Neighborhood Orchestra on Children's Learning" made by the Seoul Philharmonic Orchestra. For these purposes, this study employed a latent growth model analysis of the factors such as depression, aggressive behavior, communality and interpersonal relationship of development of poor children and evaluation, satisfaction, outsiders'attention and participation of facilitative factors. The result shows that they displayed significantly positive development in depression, aggressive behavior, and interpersonal relationship. It appears that the evaluation on music achievement had a positive impact on the rate of change in communality, while the evaluation on attitude had an impact in the initial value of depression, aggressive behavior, and communality, also the sense of satisfaction had a positive impact on the initial value of communality and interpersonal relationship in conditional models. And parents' attention and participation had a negative impact on the initial value of aggressive behavior, while the attention and participation of the community showed a positive impact on the initial value of depression and aggressive behavior. Based on these results, this study attempted to broaden the understanding of the development of poor children taking part in orchestra-based educational activities and provide a practical basis for social workers' direct invention, and look for new ways by shedding light on the merits of the cultural/art education of poor children that engage in the community-based orchestra educational activities.

• Restorative Dentistry and Endodontics
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• v.36 no.2
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• pp.132-138
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• 2011

Objectives: The purpose of this study was to evaluate curing degree of three dual-cure resin cements with the elapsed time in self-cure and dual-cure mode by means of the repeated measure of micro-hardness. Materials and Methods: Two dual-cure self-adhesive resin cements studied were Maxcem Elite (Kerr), Rely-X Unicem (3M ESPE) and one conventional dual-cure resin cement was Rely-X ARC resin cement (3M ESPE). Twenty specimens for each cements were made in Teflon mould and divided equally by self-cure and dual-cure mode and left in dark, $36^{\circ}C$, 100% relative humidity conditional-micro-hardness was measured at 10 min, 30 min, 1 hr, 3 hr, 6 hr, 12 hr and 24 hr after baseline. The results of micro-hardness value were statistically analyzed using independent samples t-test and one-way ANOVA with multiple comparisons using Scheffe's test. Results: The micro-hardness values were increased with time in every test groups. Dual-cure mode obtained higher micro-hardness value than self-cure mode except after one hour of Maxcem. Self-cured Rely-X Unicem showed lowest value and dual-cured Rely-X Unicem showed highest value in every measuring time. Conclusions: Sufficient light curing to dual-cure resin cements should provided for achieve maximum curing.

• Journal of Korea Trade
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• v.26 no.4
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• pp.1-22
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• 2022

Purpose - This paper empirically investigates the effect of a rise in the global value chain (GVC) on the industry-level efficiency of resource allocation (based on plant-level inefficiency measures) in Korea, with a focus on various channels through which a rise in the GVC can increase competition among firms and thus induce resources to be allocated more efficiently across firms. Design/methodology - We empirically investigate the relationship between the industry-specific importance of GVC and the industry-level allocative inefficiency that is measured as the dispersion of the plant-level marginal revenue of capital (MRK) as in Hsieh and Klenow's (2009) influential model. We compute MRK dispersion for industries sorted by various characteristics that are closely related to firm/industry sensitivity to the GVC. In other words, we compute the average industry-level MRK dispersion for industries sorted by industry-specific importance of GVC and compute the difference between the two groups of industries (higher vs. lower than the median GVC); we also calculate the difference between industries sorted by industry-specific export (import) intensity. This is our difference-in-difference estimate of the MRK dispersion associated with the GVC for the export (import)-intensive industry versus the non-export (non-import)-intensive industry. This difference-in-difference estimate of the MRK dispersion conditional vs. unconditional on firm-level productivity is then calculated further (triple-difference estimate). Findings - A rise in GVC is associated with a decrease in the MRK dispersion in the export-intensive industry compared to the non-export-intensive industry. The same is true for industries that rely heavily on imports versus those that do not (i.e., import intensive vs. non-intensive). Furthermore, the reduction in the MRK dispersion in the export-intensive industry associated with an increase in the GVC is disproportionately greater for high-productivity firms. In contrast, the negative relationship between GVC and MRK dispersion in the import-intensive industry is disproportionately smaller for high-productivity firms. Originality/value - Existing studies focus on the relationship between GVC and aggregate output, exports, and imports at the country level. We investigate detailed firm/industry-level mechanisms that determine the relationship between GVC, trade, and productivity. Using the plant-level data in South Korea, we investigate how GVC is related to the cross-firm MRK dispersion, an important measure of allocative inefficiency, based on Hsieh and Klenow's (2009) influential economic theory. This is the first study to provide plant-level evidence of how GVC affects MRK dispersion. Furthermore, we examine how the relationship between GVC and MRK-dispersion varies across export intensity, import intensity, and firm-level productivity, providing insight into how GVC can affect firms' exposure to competition in the global market differently depending on market conditions and thus generate trade-related productivity gains.

• Korean Journal of Environment and Ecology
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• v.26 no.2
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• pp.273-282
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• 2012

This study has estimated Gyeongju National Park's natural environment and cultural relic value in the same way and then been performed to compare the size of the value. Representative method to measure environmental property is contingent valuation methods, CVM. The variables and estimated models adopted for the calculation were same and the respondents were asked by distinguishing between the amount which they would pay to preserve the natural environment and that which they were willing to pay to preserve the cultural relics. As the result, WTP(Willing to pay), the amount that they were willing to pay to preserve the natural environment of Gyeongju National Park was 17,838 won per person and that to preserve the cultural relics appeared to be 316,248 won per person. Based on this, it was estimated that the value of the natural environment with which Gyeongju National Park provided annual visitors was 47 billion won and that the annual value of the cultural relics was 845.7 billion. If the natural environment and the cultural relics value elements are united, it can be estimated that the natural environment and cultural relic value got at the time of people's first visit to Gyeongju National Park is 334,086 won and that the annual value is 893.4 billion won. In this study, the value of the cultural relics has been estimated 18 times higher than that of the natural environment. This reason was that visitors judged that a total of 66 cultural properties including 11 national treasures, 23 treasures, 13 historic places, one historic sites and scenic spot and 18 local cultural properties, etc. which were distributed in Gyeongju National Park were worth far more than the natural environment. Based on the result of this study, the operating management plan of Gyeongju National Park should include a differentiated operation strategy through consultation with relevant experts by taking into account characteristics of the physical components.

• Journal of the Korean Society of Food Science and Nutrition
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• v.37 no.11
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• pp.1435-1442
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• 2008

The purpose of this study was to identify the influence of consumption value on healthy functional food choice. Also, this study explored the role of health motivation, health concern, and food involvement as a moderating variable in the relationship between consumption value and healthy functional food choice. A total of 281 responses were collected using on-site survey (response rate 96.0%) from college students in Daegu, Gyeoungbuk Province. The questionnaire contained questions on consumption value, health motivation, health concern, food involvement, and purchasing intention of healthy functional food. The respondents rated the items using a 5-point scale from 1 (strongly disagree) to 5 (strongly agree). According to the confirmatory factor analysis, item evaluating using factor loading resulted in the retention of 25 consumption value items loading on seven factors, four health motivation items loading one factor, six health concern items loading on one factor, and four food involvement items loading on one factor with an internal consistency. Results of stepwise regression found that social value-I, emotional, functional, epistemic, and conditional values among consumption value determined the purchasing intention of healthy functional food. Results of hierarchical regression showed that health concern had a positive effect on the relationship between social value-I and purchasing intention of healthy functional food.

• The Korean Journal of Applied Statistics
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• v.22 no.2
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• pp.261-270
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• 2009

Current financial crisis triggered by shaky U.S. banking system adds to the emphasis on the importance of the volatility in controlling and understanding financial time series data. The ARCH and GARCH models have been useful in analyzing economic time series volatilities. In particular, multivariate GARCH(MGARCH, for short) provides both volatilities and conditional correlations between several time series and these are in turn applied to computations of hedge-ratio and VaR. In this short article, we try to assess various MGARCH models with respect to the back-testing performances in VaR study. To this end, 14 korean stock prices are analyzed and it is found that MGARCH outperforms rolling window, and BEKK and CCC are relatively conservative in back-testing performance.

• School Mathematics
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• v.17 no.2
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• pp.241-255
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• 2015

The purpose of this study is to analyze teachers' understanding on generating random number in Monte Carlo simulation and to provide educational implications in school practice. The results showed that the 70% of the teachers selected wrong ideas from three types for random-number as strategies for problem solving a probability problem and also they make some errors to justify their opinion. The first kind of the errors was that the probability of a point or boundary was equal to the value of the probability density function in the continuous probability distribution. The second kind of the errors was that the teachers failed to recognize that the sample space has been changed by conditional probability. The third kind of the errors was that when two random variables X, Y are independence of each other, then only, joint probability distribution is satisfied $P(X=x,\;Y=y)=p(X=x){\times}P(Y=y{\mid}X=x)$.

• Proceedings of the IEEK Conference
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• 2004.08c
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• pp.814-818
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• 2004

Off-line handwritten character recognition is in difficulty of incomplete preprocessing because it has not dynamic and timing information besides has various handwriting, extreme overlap of the consonant and vowel and many error image of stroke. Consequently off-line handwritten character recognition needs to study about preprocessing of various methods such as binarization and thinning. This paper considers running time of watershed algorithm and the quality of resulting image as preprocessing For off-line handwritten Korean character recognition. So it proposes application of effective watershed algorithm for segmentation of character region and background region in gray level character image and segmentation function for binarization image and segmentation function for binarization by extracted watershed image. Besides it proposes thinning methods which effectively extracts skeleton through conditional test mask considering running time and quality. of skeleton, estimates efficiency of existing methods and this paper's methods as running time and quality. Watershed image conversion uses prewitt operator for gradient image conversion, extracts local minima considering 8-neighborhood pixel. And methods by using difference of mean value is used in region merging step, Converted watershed image by means of this methods separates effectively character region and background region applying to segmentation function. Average execution time on the previous method was 2.16 second and on this paper method was 1.72 second. We prove that this paper's method removed noise effectively with overlap stroke as compared with the previous method.

• Proceedings of the Korean Geotechical Society Conference
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• 2010.09a
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• pp.1168-1176
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• 2010

Currently drilling investigation and the SPT in parallel not only organization and peculation sincerity quality historian of test to be old the data was abundant with the site ground investigation test which is representative and the research of empirical formula in compliance with many scholar was accomplished and was come. The data which is like this wide is used with geotechnical engineering data of plan and space-time of the field which is various. SPT with tentative voluntary skillful degree record method of variety and technical expert of equipment, according to site conditional is consistent the quality of ground condition but cannot be made to show there is a tendency and specially the point whose is difficult actually accurately to follow the interval which decides in quality as a matter of tentative standard of drill and the test in parallel and a tentative method exists. From the research which sees consequently also the skill of variety and technical expert of equipment of SPT, strong point of the SPT automation logger will be able to complement the problem point of quality etc. of site condition under comparison analyzing should have been boiled about SPT of existing and tentative methods and N-value.