• Journal of Distribution Science
• /
• v.11 no.10
• /
• pp.55-62
• /
• 2013

Purpose - The purpose of this study is to suggest a risk factor that significantly explains foreign currency risk premia. In recent years, some studies have found that the performance of the simultaneous consumption risk model improves considerably when tested on foreign currency portfolios, which are constructed based on the international interest rates differentials. However, this paper focuses on the long-run consumption risk factor. In our empirical research, we found that the real excess returns of high interest rate currency portfolios depreciate on average, when the future American long-run consumption growth rate appears low. This makes the high interest rate currency portfolios have relatively high risk premia. Meanwhile, the real excess returns of low interest rate currency portfolios appreciate on average, under the same conditions, which results in relatively low risk premia for these portfolios. Therefore, this long-run consumption risk factor might explain why low interest rate currencies do not appreciate as much as the interest rate differential, and why high interest rate currencies do not depreciate as much as the interest rate differential. Research design, data, methodology - In our explanation, we provide new evidence on the success of long-run consumption risks in currency risk premia by focusing on the long-run consumption risks borne by American representative investors. To uncover the hidden link between exchange rates and long-run consumption growth, we set the eight currency portfolios as our basic assets, which have been built based on the foreign interest rates of eighty countries. As these eight currency portfolios are rebalanced every year, the first group always contains the lowest interest rate currencies, and the last group contains the highest interest rate currencies. Against these basic eight currency portfolios, we estimate the long-run consumption risk model. We use recursive utility framework and the stochastic discount factor that depends on the present value of expected future consumption growth rates. We find that our model is optimized in the two-year period of constructing the durable consumption expectation factor. Our main results surprisingly surpass the performance of the existing benchmark simultaneous consumption model in terms of R², relatively risk aversion coefficient γ, and p-value of J-test. Results - The performance of our model is superior. R², relatively risk aversion coefficient γ, and p-value of J-test of our long-run durable consumption model are 90%, 93%, and 65.5%, respectively, while those of EZ-DCAPM are 87%, 113%, and 62.8%, respectively. Thus, we can speculate that the risk premia in foreign currency markets have been determined by the long-run consumption risk. Conclusions - The aggregate long-run consumption growth risk explains a large part of the average change in the real excess returns of foreign currency portfolios. The real excess returns of high interest rate currency portfolios depreciate on average when American long-run consumption growth rate is low, and the real excess returns of low interest rate currency portfolios appreciate under the same conditions. Thus, the low interest rate currency portfolios allow investors to hedge against aggregate long-run consumption growth risk.

• Biotechnology and Bioprocess Engineering:BBE
• /
• v.5 no.2
• /
• pp.130-135
• /
• 2000

The characteristics of two different modes of perfusion culture, intermittent and continuous bleedings, were investigated by culturing the hybridoma cells producing von Willebrand Factor (vWF) monoclonal antibody (McAb) in a 15 L bioreactor without clogging the filter. Both culture methods exhibited similar profiles of cell density and metabolite concentrations during the culture period at the cell concentration of around 1${\times}$107 cells/mL. When the perfusion rate was increased, the intermittrnt bleeding culture showed problems of ammonia accumulation and decrease of cell viability. The continuous bleeding culture in terms of nutrient consumption and metabolite production kinetics. But the analysis of specific oxygen consumption rate showed that the specific oxygen consumption rate of intermittent bleeding culture was similar to that of exponential growth phase. The continuous bleeding culture showed higher specific oxygen consumption rate of intermittent bleeding culture. finally we proved the possibility of long-term operation of continuous bleeding culture and produced approximately 40 g of vWF McAb in a 15L bioreactor after one-month operation.

• Nuclear Engineering and Technology
• /
• v.52 no.4
• /
• pp.689-699
• /
• 2020

In this work, new multi-recycling options of TRU nuclides using PWR fuel assemblies comprised of MOX and FCM (Fully Ceramic Micro Encapsulated) fuels are suggested and neutronically analyzed. These options do not use a fully recycling of TRU but a partial recycling where TRUs from MOX fuels are recycled while the ones from FCM fuels are not recycled due to their high consumption rate resulted from high burnup. In particular, additional external TRU feed in MOX fuels for each cycle was considered to significantly increase the TRU consumption rate and the finally selected option is to use external TRU and enriched uranium feed as a makeup for the heavy metal consumption in MOX fuels. This hybrid external feeding of TRU and enriched uranium in MOX fuel was shown to be very effective in significantly increasing TRU consumption rate, maintaining long cycle length, and achieving negative void reactivity worth during recycling.

• Korean Journal of Fisheries and Aquatic Sciences
• /
• v.33 no.2
• /
• pp.110-114
• /
• 2000

Effects of the combinations of six oxygen concentrations ($control, 0.6, 1.0, 2.0, 3.4 and 7.4 mg DO/l$) and two salinity levels ($20{\%_{\circ}} and 32{\%_{\circ}}$) on the rates of oxygen consumption, ammonia excretion and mortality of the mysid, Neomysis awatschensis were tested at $20{\circ}C$. The lethal level ($96 hr-LC-(50)$) of dissolved oxygen for mysid at $20{\%_{\circ}} and 32{\%_{\circ}} were 2,20 mg DO/l and 1.60 mg DO/l$ respectively, and all mysids died within $24hr at 0.6 mg DO/l$. Oxygen consumption rate of mysid was increased with dissolved oxygen increase at $20{\%_{\circ}} and 32{\%_{\circ}}$, but ammonia excretion rate was high af $1.0 mg DO/l$ during 96h exposure to DO concentration, and significantly greater in $20{\%_{\circ}} than 32{\%_{\circ}}$. $O:N$ ratio of mysid exposed during 96hr with salinity anil dissolved oxygen was below $10 at 20{\%_{\circ}} and 1,0{\~}2.0 mg DO/l, and was 4.4 at 32{\%_{\circ}} and 1.0 mg DO/l$. These results indicated that mysids were capable of changing their energy substrate in response to salinity and DO changes, and obtaining energy from proteins.

• Journal of Environmental Health Sciences
• /
• v.9 no.1
• /
• pp.1-13
• /
• 1983

This study was carried out to investigate nitrification in the main stream of the Naktong river for two times, 12-13 August and 23-26 September 1982. The results of this study were as follows : 1. The increase of nitrogen concentration was due to inflow of Geumho river, which was polluted by the municipal and industrial wastewater of Daegu city. 2. The rate constant of ammonia calculated for three reaches was high according to the stream flow and was eminently low in the reach from Goroung to Gangjung. (0.068-0.116 $day^{-1}$). This phenomena might be attributed to the sublethal or even lethal effect upon aquatic life by relatively low DO concentration and high heavy metal concentration. 3. DO consumption rate by nitrification was highest for the reach from Goroung to Daeam where was affected by Geumho river. (56.7-147.8%). This phenomena might be attributed to low DO concentration and high nitrogen concentration. Especially, the less stream flow was, the higher DO consumption was. And so, nitrification in the station where is low DO concentration, especially under the low flow condition, might cause more serious water quality management problem. Therefore, for the purpose of effective conservation of water quality in the Naktong river, it was suggested that We have more concern about the nitrogen compound, and more study on the nitrification phenomena.

• Agribusiness and Information Management
• /
• v.6 no.2
• /
• pp.1-12
• /
• 2014

HMR is a home-style food product designed for convenience and cooked outside the home leaving out cumbersome cooking process and consumed at home. The present paper aims to find out factors that influence the consumption of HMR by analyzing data on food consumption during the 3 years between December 2010 and November 2013. Following the classification of Costa et al. (2001), this study categorized HMR products as 3 types as follows: C1 (ready to eat), C2 (ready to heat) and C3 (ready to cook), and examined factors affecting purchase rate and per capita purchase price for each type of HMR product. The results of our analysis show that only the purchase rate of C3 products was influenced by whether the purchaser was housewife with job or not. For those who do not live together with parents, per capita purchase price for HMR was high; and the more they ate out, the higher the purchase rate of HMR was.

• Journal of Embryo Transfer
• /
• v.29 no.3
• /
• pp.257-264
• /
• 2014

Recently, several approaches have been used to measure the oxygen consumption rates of individual embryos, but relationship between oxygen consumption and pregnancy rates of Hanwoo following embryo transfer has not yet been reported. In this study, we investigated the correlation between oxygen consumption rate and pregnancy rates of Hanwoo embryo using a SECM. In addition to, the expression of apoptosis-related genes was determined using real-time PCR by extracting RNA according to the oxygen consumption of in vivo embryo. First, we found that the oxygen consumption significantly increased in blastocyst-stage embryos (blastocyst) compared to early blastocyst stage embryos, indicating that oxygen consumption reflects the embryo quality (Grade I). The oxygen consumption or GI blastocysts were significantly higher than those of GII blastocysts ($10.2{\times}10^{14}/mol\;s^{-1}$ versus $6.4{\times}10^{14}/mol\;s^{-1}$, p<0.05). Pregnant rate in recipient cow was 0, 60 and 80% in the transplantation of embryo with the oxygen consumption of below 10.0, 10.0~12.0 and over $12.0{\times}10^{14}/mol\;s^{-1}$, respectively. Apoptosis regulatory genes, Hsp-70.1 were significantly increased in over-10.0 group than below 10.0 group but in Caspase-3, Bax and P53 gene, there was no significant difference. In conclusion, These results suggest that measurement of oxygen consumption maybe help increase the pregnant rate of Hanwoo embryos.

• Korean Journal of Fisheries and Aquatic Sciences
• /
• v.35 no.5
• /
• pp.485-489
• /
• 2002

To investigate the effects of the dissolved oxygen concentration (DO) of Tetillarca granosa (Linnaeus), We measured $LC_{50}$, survival, oxygen consumption rate, filtration rates and blood composition under $10{\cdot}{\pm}0.5^{\circ}C$ and $25{\cdot}0.5^{\circ}C$ as a function of DO. The 16 days-$LC_{50}$ of DO for T. granosa was 1.31 mg DO/L in large individual and 0.95 mg DO/L in small individual. At 25$^{\circ}C$, the $LC_{50}$ of DO in large and small individual was 1.13 and 1.M mg DO/L, respectively. With decreasing DO, oxygen consumption rate, and filtration rates of T. granosa decreased. Blood composition of T. granosa was analysed hemoglobin, glucose, total protein, total cholesterol, GOT and GPT, Hg was increased with decreasing DO, but glucose was decreased below 1.2 mg DO/L. Total protein, total cholesterol, GOT and GPT were investigated irregular and decreasing aspect.

• Journal of the Korean Solar Energy Society
• /
• v.40 no.3
• /
• pp.21-31
• /
• 2020

The government mandates gradually zero energy building and Photovoltaic power generation systems installed in buildings are emerging as the most realistic alternative to increase the independence rate of building energy. In this study, we propose a method to reduce the power consumption of households by increasing the PV capacity of balconies and applying the method used the charged electric power stored in batteries after sunset. In order to evaluate the electric power energy savings of the residential BESS, a balcony PV 1.2 kW and a battery pack 2 kWh were installed for 9 houses in 4 apartments in Seoul and Gyeonggi-do. The BESS is charged when the balcony PV is generated electric power, and when solar power generation is finished, it supplies power to the electric appliances connected to the load. As a result of installing the solar PV module 1.2 kW and 2 kWh class BESS for 3 households located in Seoul and Gyeonggi-do, the average electric power consumption saving rate was 40%. The reduction in electricity consumption in the case of zero generation surplus power by maximizing the utilization rate of BESS has been improved to about 53%. Therefore, in order to increase the self-sufficiency rate of electric energy in apartment houses, it is effective to increase the solar photovoltaic capacity of the balcony and apply the residential BESS. In the future, it is believed that the balcony PV and home BESS will play a key role in achieving mandatory zero-energy housing.

• Journal of Korean Society on Water Environment
• /
• v.36 no.6
• /
• pp.535-545
• /
• 2020

This study aims to conserve and monitor energy use in public sewage treatment plants by utilizing data from the SCADA system and by controlling the aeration rate required for maintaining effluent water quality. Power consumption in the sewage treatment process was predicted using the equipment's uptime, efficiency, and inherent power consumption. The predicted energy consumption was calibrated by measured data. Additionally, energy efficiency indicators were proposed based on statistical data for energy use, capacity, and effluent quality. In one case study, a sewage treatment plant operated via the SBR process used ~30% of energy consumed in maintaining the bioreactors and treated water tanks (included decanting pump and cleaning systems). Energy consumption analysis with the K-ECO Tool-kit was conducted for unit processing. The results showed that about 58.7% of total energy consumed was used in the preliminary and biological treatment rotating equipment such as the blower and pump. In addition, the energy consumption rate was higher to the order of 19.2% in the phosphorus removal process, 16.0% during sludge treatment, and 6.1% during disinfection and discharge. In terms of equipment energy usage, feeding and decanting pumps accounted for 40% of total energy consumed following 27% for blowers. By controlling the aeration rate based on the proposed feedback control system, the DO concentration was reduced by 56% compared pre-controls and the aeration amount decreased by 28%. The overall power consumption of the plant was reduced by 6% via aeration control.