• Title/Summary/Keyword: E/Y ratio

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A Study on the Volatility of Global Stock Markets using Markov Regime Switching model (마코브국면전환모형을 이용한 글로벌 주식시장의 변동성에 대한 연구)

  • Lee, Kyung-Hee;Kim, Kyung-Soo
    • Management & Information Systems Review
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    • v.34 no.3
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    • pp.17-39
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    • 2015
  • This study examined the structural changes and volatility in the global stock markets using a Markov Regime Switching ARCH model developed by the Hamilton and Susmel (1994). Firstly, the US, Italy and Ireland showed that variance in the high volatility regime was more than five times that in the low volatility, while Korea, Russia, India, and Greece exhibited that variance in the high volatility regime was increased more than eight times that in the low. On average, a jump from regime 1 to regime 2 implied roughly three times increased in risk, while the risk during regime 3 was up to almost thirteen times than during regime 1 over the study period. And Korea, the US, India, Italy showed ARCH(1) and ARCH(2) effects, leverage and asymmetric effects. Secondly, 278 days were estimated in the persistence of low volatility regime, indicating that the mean transition probability between volatilities exhibited the highest long-term persistence in Korea. Thirdly, the coefficients appeared to be unstable structural changes and volatility for the stock markets in Chow tests during the Asian, Global and European financial crisis. In addition, 1-Step prediction error tests showed that stock markets were unstable during the Asian crisis of 1997-1998 except for Russia, and the Global crisis of 2007-2008 except for Korea and the European crisis of 2010-2011 except for Korea, the US, Russia and India. N-Step tests exhibited that most of stock markets were unstable during the Asian and Global crisis. There was little change in the Asian crisis in CUSUM tests, while stock markets were stable until the late 2000s except for some countries. Also there were stable and unstable stock markets mixed across countries in CUSUMSQ test during the crises. Fourthly, I confirmed a close relevance of the volatility between Korea and other countries in the stock markets through the likelihood ratio tests. Accordingly, I have identified the episode or events that generated the high volatility in the stock markets for the financial crisis, and for all seven stock markets the significant switch between the volatility regimes implied a considerable change in the market risk. It appeared that the high stock market volatility was related with business recession at the beginning in 1990s. By closely examining the history of political and economical events in the global countries, I found that the results of Lamoureux and Lastrapes (1990) were consistent with those of this paper, indicating there were the structural changes and volatility during the crises and specificly every high volatility regime in SWARCH-L(3,2) student t-model was accompanied by some important policy changes or financial crises in countries or other critical events in the international economy. The sophisticated nonlinear models are needed to further analysis.

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Analysis of Environmental Characteristics in Habitat of Amanita hemibapha (달걀버섯 발생지의 환경특성 분석)

  • Sou, Hong-Duck;Hur, Tae-Chul;Jung, Sung-Cheol;Joo, Sung-Hyun;Park, Hyun
    • The Korean Journal of Mycology
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    • v.39 no.3
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    • pp.164-170
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    • 2011
  • Amanita hemibapha is a kind of mycorrhizal mushroom which has a relation with host plants and environmental factors. For the purpose of studying the relationship between environmental factors and mushrooms, in this study we conducted to investigate the soil physicochemical properties, the distribution of plants and the diversity of mushrooms in Gwangyang, Chungdo and Daegu. Soil texture in habitate of Amanita hemibapha was Sandy Loam and Sandy Clay Loam which contains a high rate of sand. Soil pH was approximately 5.0 in all study sites. Total nitrogen contents, C/N ratio and available phosphate($P_2O_5$) were the highest at the Chungdo. However, Gwangyang and Chungdo represent similar Cation Exchange Capacity(C.E.C) and Daegu has much less than other areas. Exchangeable cations, $Ca^{2+}$ content was higher at Gwangyang and Chungdo than Daegu and $Na^+$ content was the highest at Chungdo among three sites. Daegu has much $Mg^{2+}$ contents followed by Chungdo and Gwangyang. Interestingly, $K^+$ content listed in reverse order of $Mg^{2+}$ at Gwangyang, Chungdo and Daegu. The main woody plants in study sites are confirmed as Carpinus laxiflora, Quercus mongolica, Q. serrata and Pinus densiflora. Quercus species are found as a common species in three study sites. Lastly, 8 family and 12 species of mushrooms are emerged in Gwangyang, also 8 family and 12 species and 5 family and 10 species are found in Chungdo and Daegu, respectively. Amanita pantherina, Boletus edulis, Tylopilus felleus and Marasmius maximus, which found in study sites, are also kind of mycorrhizal mushroom same as A. hemibaph. By using correspondence analysis, Q. mongolica, Q. serrata, Q. variabilis and C. laxiflora are expected to as a host plant of A. hemibapha.

Immunohistochemical study on distribution of proliferating cells and tumor formations in intestinal tracts of 1,2-dimethylhydrazine-treated rats (1,2-dimethylhydrazine을 투여한 rat 장관의 증식세포 분포와 종양발생에 대한 면역조직화학적 연구)

  • Kang, Won-hwa;Kwak, Soo-dong
    • Korean Journal of Veterinary Research
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    • v.37 no.1
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    • pp.167-176
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    • 1997
  • The present investigation was focussed mainly on the development of the tumors and proliferating cells on the intestinal tracts of 1, 2-dimethyl-hydrazine(DMH)-treated young or adult rats. 26 rats(Wistar, 14 young rats weighting approximately 130~180gm and 12 adult rats weighting approximately 500~550gm) were given subcutaneously once weekly with 20mg of DMH/kg body weight(BW)/week for 8~22 weeks. Individual body weight were recorded weekly at the same day and time. The rats were killed at 8, 13, 15. 17, 19, 21 and 22 weeks. The intestinal tracts were opened longitudinally and carefully examined for tumors. The localization, number, and size of tumors were noted. Tumor-bearing areas were dissected out and fixed on neutral buffered 10% formalin and normal-looking mucosa from 8~22 weeks rats were also taken for fixation. Paraffin sections were stained by H-E for histopathological examination or with immunohistochemical stain for bromodeoxyuridine(Brdur) positive cells. 1. The growth proportion of body weight appeared to be decreased in the DMH-treated young rats than in control young rats and body weight of DMH-treated adult rats appeared to be 13.4% or less lower than weighted on 0 week. 2. Macroscopically, the developed tumors in the intestinal tracts were not observed as early as the 13 weeks after DMH treatment. The number of developed tumors per rat was found to be 14.3, 18.8, 22.3 in 15, 17 and 22 weeks. The numbers of tumors in intestinal regions per rat were 2.1, 4.3, 5.4, 2.5 in duodenum, jejunum, ilium and colon on 15 weeks, 2.3, 6.4, 7.8, 2.3, on 17 weeks, and 2.7, 9.3, 9.0, 1.3 on 22 weeks, respectively and the ileum and jejunum were higher in appearance rate of tumors and tumor types are dome shapes and diameter of largest tumor were 6.3mm. 3. Histopathologically, intestinal mucosa were thickened by the irregular distorted and distended crypts following hyperplasia. The tumors developed on the mucosa and submucosa and were recognized to be adenocarcinoma. 4. Immunohistochemically, the labeling index(LI) was calculated as the ratio of the number of Brdur-labeled cells to the total number of column cells of the crypts with longitudinal axis. LI of Brdur positive cells per crypt were 5.6%, 8.0% on small intestine of control and 22 week group, respectively and 3.7%, 12.7% on large intestine of control and 22 week group, respectively and were appeared to be increase in 22 week group than in control group and to be more number of proliferating cells in 22 week group than in control group. 5. LI of Brdur positive cells in 1, 2, 3, 4, 5 segments of crypt column were 11.7%, 10.7%, 3.8%, 0.6%, 0% in small intestine of control group and 23.5%, 11.8%, 2.3%, 2.4%, 0.8% in small intestine of 22 week group, and 5.4%, 7.4%, 3.8%, 1.0%, 0.4% in large intestine of control group and 29.5%, 20.3%, 5.9%, 6.3%, 1.3% in large intestine of 22 week group respectively. So results indicate that the number of proliferating cells by DMH treatment increase and were concentrated on the 1, 2 segments of crypt columns.

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Anti-obesity Effects of Peucedanum japonicum Thunberg L. on 3T3-L1 Cells and High-fat Diet-induced Obese Mice (식방풍잎(Peucedanum japonicum Thunberg L.)의 물추출물이 3T3-L1 세포와 고지방식이로 유도된 마우스에서 항비만 효과)

  • Jung, Ho-Kyung;Sim, Mi-Ok;Jang, Ji-Hun;Kim, Tae-Muk;An, Byeong-Kwan;Kim, Min-Suk;Jung, Won Seok
    • Korean Journal of Plant Resources
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    • v.29 no.1
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    • pp.1-10
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    • 2016
  • Obesity is a pro-inflammatory state that contributes to the development of metabolic disorders such as hyperlipidemia, insulin resistance, type 2 diabetes, non-alcoholic fatty liver, and cardiovascular disease. In this study, we evaluated the inhibition of adipogenesis in 3T3-L1 cells and in high-fat diet (HFD)-induced obese mice by Peucedanum japonicum Thunberg L. water extract (PJT). Lipid accumulation measurement indicates that PJT markedly inhibited adipogenesis in a dose-dependent manner. RT-PCR results demonstrated that the mRNA expression of adipogenic transcription factors such as peroxisome proliferator-activated receptor-γ (PPARγ) and CCAAT/enhancer binding protein-α (C/EBPα) in 3T3-L1 cells were significantly down-regulated by PJT treatment. Oral administration of PJT (100, 300, and 500 ㎎/㎏, b.w/daily for 4 weeks) was conducted in high-fat diet induced obese mice and C57BL/6 mice. The PJT-administered group of HFD-induced mice had a lower body weight gain, along with decreased serum levels of glucose, triglycerides, and total cholesterol compared with the control mice, however, the HDL-cholesterol/total cholesterol ratio was increased. Furthermore, the elevated mRNA expression levels of adipogenesis related genes in the white adipose tissue of obese mice were significantly suppressed by PJT. These results indicate that PJT exhibits anti-obesity effects in obese mice by decreasing in serum lipid levels and lipogenesis related gene.

Physico-chemical and Microbial Properties of Sausages Affected by Plant Scale and Cooking Treatments during Refrigerated Storage (가열조건 및 공장 규모에 따른 소시지의 냉장저장 중 이화학적 및 미생물적 품질특성)

  • Choi, Yun-Sang;Ku, Su-Kyung;Jeon, Ki-Hong;Park, Jong-Dae;Lim, Sang-Dong;Kim, Hee-Ju;Kim, Ji-Ho;Kim, Young-Boong
    • Korean journal of food and cookery science
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    • v.32 no.4
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    • pp.390-399
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    • 2016
  • Purpose: The objective of this study was to examine the effect of plant scale and cooking conditions on the quality characteristics of sausages during refrigerated storage. Methods: Sausages used in this study were classified into two groups: those submitted to $1^{st}$ cooked treatments and those submitted to $2^{nd}$ cooked treatments. The pH, volatile basic nitrogen (VBN), gas production ratio, and microorganisms were measured in triplicate. Results: The change of quality in the products was assessed every 7 days by measuring pH, VBN levels, total microbes, coliform bacteria, Escherichia coli, and pathogenic bacteria in the products. Pathogenic bacteria such as Staphylococcus aureus, Listeria monocytogenes, Clostridium perfringens, and E. coli were not detected in the sausages with $1^{st}$ cooked treatments. The results showed that the pH of the sausages decline as storage time increased. The pH value of the sausages with $2^{nd}$ cooked treatments changed gradually. VBN levels were generally lower in products with $2^{nd}$ cooked treatments than in those with $1^{st}$ cooked treatments, but they varied with the type of products. On the $35^{th}$ day, the number of total microbes ranged between 6.13-7.12 log CFU/g in products with $1^{st}$ cooked treatments and 3.44-6.92 log CFU/g in products with $2^{nd}$ cooked treatments, showing fewer bacteria in the latter products. Conclusions: $1^{st}$ cooked treatments were effective in microbial control, but $2^{nd}$ cooked treatments could prolong the shelf life of the sausages, indicating a need for differential management of each product.

A Study on Sea Water and Ocean Current in the Sea Adjacent to Korea Peninsula -III. Chemical Characteristics of Water Masses in the Polar Front Area of the Central Korean East Sea- (한반도 근해의 해류와 해수특성 -III. 한국 동해 중부 극전선역에 출현하는 수괴의 화학적 특성-)

  • YANG Han-Soeb;KIM Seong-Soo;KANG Chang-Geun;CHO Kyu-Dae
    • Korean Journal of Fisheries and Aquatic Sciences
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    • v.24 no.3
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    • pp.185-192
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    • 1991
  • The vertical distribution and chemical characteristics of water masses were measured along two south-north transects in the polar front region of the central Korean East Sea. In February, a thermocline was present at depth between 50m and loom at the southern sites of a landward A-transect, and its depth was gradually deepened northward. At an outside B-transect, a thermocline was observed at significantly deep depth of 300m to 400m at two northern stations(Stn. 10 and 11), though the depth of the southward stations was nearly identical to that at the northward stations on a A-transect. In September, there were vertically more various water masses, i.e. the Tsushima Warm surface water(TWSW) or more than $20^{\circ}C$, the Tsushima Middle water(TMW) with a range of $12{\~}17^{\circ}C$, the North Korea Cold Water(NKCW) with $1{\~}7^{\circ}C$ temperature, the Japan Sea Proper Water(JSPW) of less than $1^{\circ}C$, and the mixed water. The North Korea Cold Water could be distinguishable from the other waters, especially from the mixed water of the Tsushima Middle Water and the Japan Sea Proper Water by the pattern of $T-O_2$ diagram. For instance, the North Korea Cold Water had higher oxygen by $1{\~}2ml/l$ than those in the mixed water, although both the two water masses ranged $1{\~}7^{\circ}C$ in water temperature. AOU value was the highest in the JSPW and the lowest in the TWSW. Also, AOU indicated a nearly linear and negative correlation with water temperature. However, AOU data for two masses, the NKCW and the TMW, in September departed remarkably from a regression line. Moreover, the ratio of $$\Delta P/\Delta AOU)$ in September was about $0.45{\mu}g-at/ml$ and higher than the value observed in the open sea. This high value could be elucidated by two factors; intrusion of the NKCW with high oxygen and molecular diffusion of dissolved oxygen from the surface into the lower layer. AOU would be a useful tracer for water masses in the polar front area of the Korean East Sea.

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Preparation of Edible Films from Soybean Meal (대두박을 이용한 가식성 필름의 제조에 관한 연구)

  • Yang, Sung-Bum;Cho, Seung-Yong;Rhee, Chul
    • Korean Journal of Food Science and Technology
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    • v.29 no.3
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    • pp.452-459
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    • 1997
  • Effect of extraction pH on mechanical properties such as tensile strength (TS) and elongation (E) and on water vapor permeability (WVP) of soybean protein isolate (SPI) edible films extracted from soybean meal was investigated. Five pHs, acidic range (pH 2.0 and pH 3.0), neutral range (pH 7.0) and alkalic range (pH 10.0 and 12.0), were used to extract SPI. TS of the film extracted at pH 7.0 was the lowest, and WVP of $SPI_3$ (SPI extracted at pH 3) film was the lowest value among the films. The WVP of $SPI_3$ films was $3.349\;{\times}\;10^{-10}\;g{\cdot}m/m^2{\cdot}s{\cdot}Pa$ and increased to $3.871\;{\times}\;10^{-10}\;g{\cdot}m/m^2{\cdot}s{\cdot}Pa$ as film thickness increased from $55\;{\mu}m$ to $72\;{\mu}m$ thickness. Three different plasticizers (glycerol, polyethylene glycol and propylene glycol) were used for $SPI_2$ (SPI extracted at pH 2) film. TS of $SPI_2$ films was 12.297 MPa and decreased to 1.356 MPa for glycerol and showed the same trend in other two plasticizers. The SPI films extracted at acidic range were shown higher mechanical properties and lower water vapor permeabilities than those of extracted at neutral and alkalic ranges. The difference of SPI film properties seemed to be attributed by 11S/7S ratio as well as protein content.

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Relation of Health Status, Nutrient Intake, and Dietary Self-Efficacy to the Obesity Levels of Male Workers (남성 근로자의 비만정도에 따른 건강상태와 영양상태 및 식이 자기효능감과의 관계)

  • Jang, Hyun-Sook
    • Journal of the Korean Society of Food Science and Nutrition
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    • v.36 no.7
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    • pp.849-858
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    • 2007
  • This study was intended to collect the baseline information on health status, nutrient intakes and dietary self-efficacy according to the obesity levels of male workers. Nutrient intakes of 224 male workers were assessed by 24 hr recall method; also, dietary attitude and dietary self-efficacy were investigated by self-administerd questionnaires. Biochemical characteristics such as blood pressure (SBP, DBP), total cholesterol(TC), hemoglobin (Hb), blood glucose (BG), SGOT, SGPT and ${\gamma}-GTP$ were assessed. Subjects were divided into normal, overweight and obese groups by body mass index (BMI). The health status was analyzed as normal group, health concerned group and disease suspected group. Weight, percent ideal body weight (PIBW), BMI and body circumference (waist, hip) and waist-hip ratio were high in the order of obese group, overweight group and normal group. Body fat mass was high also in the order of obese, overweight and normal group. Blood pressure (SBP, DBP) was the highest in obese group. SGOT, SGPT, ${\gamma}-GTP$ were higher in the obese group than normal and overweight groups. It was Proven that the percentage of those evaluated as low nutrient intakes were 71% for Ca, 50.9% for Zn, 70.5% for vitamin B2, 56.3% for vitamin C and 81.3% for folic acid. The dietary attitude scores were high according to the dietary self-efficacy. The age was positively correlated with dietary attitude, and the dietary attitude was positively correlated with dietary self-efficacy and total energy intakes. Dietary attitude showed the greatest total causal effect in relation to dietary self-efficacy. The results of this study showed some health problems and nutritional problems, indicating the need for nutritional management for male workers.

Anti-atherogenic Effect of Green Tea Product through Hypolipidemic and Anti-oxidative Action in Ovariectomized Rats (난소절제 흰쥐에서 녹차가공품의 지질강하와 항산화 작용을 통한 항동맥경화 효과)

  • Cho, Mi-Kyung;Noh, Kyung-Hee;Kim, Jin-Ju;Song, Young-Sun
    • Journal of the Korean Society of Food Science and Nutrition
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    • v.36 no.10
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    • pp.1263-1270
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    • 2007
  • This study was carried out to investigate the effect of green tea product (GTP) on the risk factors of atherosclerosis in ovariectomized (OVX) rats. Sprague-Dewley female rats (10 weeks) weighing approximately $279{\pm}2g$ were divided into 4 groups: sham operated control group treated with high cholesterol diet (Sham-C), OVX control group treated with high cholesterol diet (OVX-C), OVX-G 5% group treated with high cholesterol containing 5% GTP and OVX-G 20% group treated with high cholesterol diet containing 20% GTP. Serum TG concentrations was lower in OVX-G 20% group than in the OVX-C group, whereas ratio of HDL-cholesterol to total cholesterol (%) was significantly (p<0.05) increased in the 20% GTP supplementation group than in the Sham-C and OVX-C groups. Tumor necrosis $factor-{\alpha}$ levels were significantly (p<0.05) decreased in the OVX-G 20% group. Hepatic TG levels were significantly (p<0.05) lowered in OVX-G 20% group than in the other groups. Glutathione levels and antioxidant enzyme activities including glutathione-reductase and Mn-superoxide dismutase in liver were significantly (p<0.05) higher in the OVX-G 20% group in the OVX-C group. Fecal total cholesterol concentrations were increased in the GTP supplementation groups than in the OVX-C group. From the above results, it is concluded that GTP may reduce the risk of atherosclerosis via hypolipidemic action. Therefore, it may be used to possibly improve the hyperlipemia in menopausal women.

Fish Community Characteristics and Habitat Aspects of Endangered Species Pseudopungtungia tenuicorpa and Acheilognathus signifer in the Hwayangcheon Stream, Hangang River of Songnisan National Park, Korea (속리산국립공원 화양천의 어류군집 특성 및 멸종위기종 가는돌고기 Pseudopungtungia tenuicorpa와 묵납자루 Acheilognathus signifer의 서식양상)

  • Ko, Myeong-Hun;Han, Mee-Sook;Myung, Ra-Yeon;Yun, Hyeong-Jin
    • Korean Journal of Ichthyology
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    • v.31 no.4
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    • pp.222-234
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    • 2019
  • Fish community characteristics and habitat aspects of endangered species, Pseudopungtungia tenuicorpa and Acheilognathus signifer were investigated in the Hwayangcheon Stream of Songnisan National Park, a tributary of the Hangang River, Korea from April to October 2018. During this period, there were 29 species of 8 families collected from 11 survey stations using kick nets, cast nets long bag set nets. The dominant and subdominant species were Zacco koreanus (38.81%) and Rhynchocypris oxycephalus (16.64%), respectively. The next most abundant species were Z. platypus (14.28%), Pungtungia herzi (6.92%), Hemibarbus longirostris (4.52%), Pseudogobio esocinus (3.51%), A. signifer (2.31%) and P. tenuicorpa (1.90%). Among the fish collected, 18 species (62.1%) were Korean endemic species. Endangered species were A. signifer, P. tenuicorpa and Gobiobotia brevibarba. From upstream to downstream, the dominance index has gradually decreased, but number of species and individuals, diversity and evenness has gradually increased. Also, river health (index of biological integrity) is assessed as good (St. 1~8) and very good (St. 9~11). Fish communities were divided into four sections by the similarity index based on species and their numbers, i.e., upper section (St. 1~2, 4~5), upper-middle section (St. 3, 6), middle section (St. 7~9) and lower section (St. 10~11). Endangered species, Pseudopungtungia tenuicorpa inhabited in mostly lower section (St. 10~11) with rock and boulder bottoms, and age groups in April estimated from total length indicated that the 44~61 mm group is 1 year old, the 66~81 mm group is 2 years old, the 88~99 mm group is 3 years old, and the 104~107 mm group is more than 4 years old. Also, endangered species, A. signifer inhabited in middle-lower section (St. 7~11) with boulder and cobble bottoms and slow velocity, which the place inhabited by water plants. Meanwhile, their age structure in April estimated from total length indicated that the 30~43 mm group is 1 year old, the 48~58 mm group is 2 years old, the 62~77 mm group is 3 years old, and the 84~100 mm group is more than 4 years old. The sex ratio of female (47) to male (42) was 1 : 0.89.