• Title/Summary/Keyword: Five elements

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A Study on Relationship between Physical Elements and Tennis/Golf Elbow

  • Choi, Jungmin;Park, Jungwoo;Kim, Hyunseung
    • Journal of the Ergonomics Society of Korea
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    • v.36 no.3
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    • pp.183-196
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    • 2017
  • Objective: The purpose of this research was to assess the agreement between job physical risk factor analysis by ergonomists using ergonomic methods and physical examinations made by occupational physicians on the presence of musculoskeletal disorders of the upper extremities. Background: Ergonomics is the systematic application of principles concerned with the design of devices and working conditions for enhancing human capabilities and optimizing working and living conditions. Proper ergonomic design is necessary to prevent injuries and physical and emotional stress. The major types of ergonomic injuries and incidents are cumulative trauma disorders (CTDs), acute strains, sprains, and system failures. Minimization of use of excessive force and awkward postures can help to prevent such injuries Method: Initial data were collected as part of a larger study by the University of Utah Ergonomics and Safety program field data collection teams and medical data collection teams from the Rocky Mountain Center for Occupational and Environmental Health (RMCOEH). Subjects included 173 male and female workers, 83 at Beehive Clothing (a clothing plant), 74 at Autoliv (a plant making air bags for vehicles), and 16 at Deseret Meat (a meat-processing plant). Posture and effort levels were analyzed using a software program developed at the University of Utah (Utah Ergonomic Analysis Tool). The Ergonomic Epicondylitis Model (EEM) was developed to assess the risk of epicondylitis from observable job physical factors. The model considers five job risk factors: (1) intensity of exertion, (2) forearm rotation, (3) wrist posture, (4) elbow compression, and (5) speed of work. Qualitative ratings of these physical factors were determined during video analysis. Personal variables were also investigated to study their relationship with epicondylitis. Logistic regression models were used to determine the association between risk factors and symptoms of epicondyle pain. Results: Results of this study indicate that gender, smoking status, and BMI do have an effect on the risk of epicondylitis but there is not a statistically significant relationship between EEM and epicondylitis. Conclusion: This research studied the relationship between an Ergonomic Epicondylitis Model (EEM) and the occurrence of epicondylitis. The model was not predictive for epicondylitis. However, it is clear that epicondylitis was associated with some individual risk factors such as smoking status, gender, and BMI. Based on the results, future research may discover risk factors that seem to increase the risk of epicondylitis. Application: Although this research used a combination of questionnaire, ergonomic job analysis, and medical job analysis to specifically verify risk factors related to epicondylitis, there are limitations. This research did not have a very large sample size because only 173 subjects were available for this study. Also, it was conducted in only 3 facilities, a plant making air bags for vehicles, a meat-processing plant, and a clothing plant in Utah. If working conditions in other kinds of facilities are considered, results may improve. Therefore, future research should perform analysis with additional subjects in different kinds of facilities. Repetition and duration of a task were not considered as risk factors in this research. These two factors could be associated with epicondylitis so it could be important to include these factors in future research. Psychosocial data and workplace conditions (e.g., low temperature) were also noted during data collection, and could be used to further study the prevalence of epicondylitis. Univariate analysis methods could be used for each variable of EEM. This research was performed using multivariate analysis. Therefore, it was difficult to recognize the different effect of each variable. Basically, the difference between univariate and multivariate analysis is that univariate analysis deals with one predictor variable at a time, whereas multivariate analysis deals with multiple predictor variables combined in a predetermined manner. The univariate analysis could show how each variable is associated with epicondyle pain. This may allow more appropriate weighting factors to be determined and therefore improve the performance of the EEM.

A Study on the Legal System in the Inter-Governmental Agreement on the International Space Station (국제우주정거장협정의 법제도에 관한 고찰)

  • Kim, Jong-Bok
    • The Korean Journal of Air & Space Law and Policy
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    • no.spc
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    • pp.17-34
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    • 2007
  • The purpose of this paper is to study about the legal system of the Inter-governmental Agreement on the International Space Station('IGA') which was signed on Jan 29,1998. This paper is divided into three main parts ; 1) a review of ISS, 2) the principal rules of IGA, 3) the legal system of IGA. First, the paper draws an outline of ISS by dealing with (1) the definition, characteristics, and functions of ISS, (2) the composition of ISS. Second, the paper explains the principal rules of IGA which include (1) the rule of 'Partnership' and (2) the rule of 'Peaceful Purpose'. Third, the legal system of IGA is studied by looking at five different aspects: (1) the registration system, (2) a general jurisdiction, criminal jurisdiction and a control of jurisdiction, (3) intellectual property rights and other rights beside intellectual property, (4) cross-waiver of liability and several elements in compensation of damages, (5) the dispute resolution. IGA contains new contents and applications of legal system which was not included in the former space law. Therefore IGA will work as a model law for international cooperation of space development. It is important for us to study the matter of ISS, because disputes on the ISS are left solely to contracting parties although IGA will regulate overall situations. The renewed IGA is even more important because all the space development is expected to take place on an international cooperation basis. On the basis of this paper, all the important parts of IGA is expected to be further studied so that the research can contribute to the establishment of the legal system of space development in Korea.

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A Study on the Traditionary Famous Scenaries of Jeju-island through T'amna-Sipkyung and T'amna-Sullyokto (탐라십경과 탐라순력도를 통해 본 제주 승경의 전통)

  • Rho, Jae-Hyun;Shin, Byung-Chul;Han, Sang-Yub
    • Journal of the Korean Institute of Landscape Architecture
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    • v.37 no.3
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    • pp.91-104
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    • 2009
  • This paper attempts to look at the identity of the traditional famous sceneries of Jeju Island by investigating the relationship between 'Yeoung Ju-Sipikyung(瀛州十二景)', which are the representative beautiful scenes of Jeju Island, and two paintings 'T'amna-Sipkyungtdo(耽羅十景圖)' and 'T'amna-Sullyokto(耽羅巡歷圖)' by a grasp of the contents and meanings of these two paintings. The following are the results of the study. In the 'T'amna-Sipkyung', which is the origin of today's 12 beautiful sceneries of Jeju Island, Baekrokdam and Youngsil are both symbolic places and the backdrops against which Jeju's myths were formed. Jocheonjin, Seogwijin and Myoungwoljin, located near the seashores, are strategic footholds in protecting the territory of the island and connotatively contain its culture and history. Seongsan Ilchulbong, Sanbangsan, Chwibyeongdam and Cheonjeyeon Pokpo are not only the quintessentially beautiful scenes of Jeju but also belong to 'YeoungJu-Sipikyung'. And 'T'amna-Sullyokto', which describes the Jeju horses and tangerines that were presented to the king as tribute, offers scenic elements with a strong political tone and is related to the five scene of 'T'amna-Sullyokto', showing that 'defense' and 'tribute' are motives in choosing the sceneries of people's daily lives here. Jeju's daily scenes in particular have been continuously transmitted: 'Idyllic lives with the background of a tangerine orchard' are shown in 'Kowon Panggo' and 'Kyullim P'ungak', and Jeju horses grazing on pastures or being ridden in hunting trips are presented in 'Sanjang Kuma' and 'Kyorae Taeryop'. Besides Baekrokdam and Youngsil, which do not belong to Sunyeok(巡歷) corridor of minister Lee Hyoungsang, 'Yeoung Ju-Sipikyung', directly related to 'T'amna-Sipkyung', has six beautiful sceneries: Seongsan of Seongsan Ilchulbong, Baekrokdam of Baekrokmanseol, Younggok of Youngsilgiam, Sanbang of Sanbanggulsa Chwibyeongdam of Yongyeonyabeom and Seogwiso of Seojinnoseong. The image of 'Gosumokma', the tenth landscape of 'Yeoung Ju-Sipikyung', was expressed as it is, through 'Udojeomma' and 'Sanjangguma'. The ten beautiful sceneries of 'T'amna-Sipkyung' were also especially described in 'T'amna-Sullyokto', besides Baekrokdam and Youngsil, which do not belong to Sunyeok corridor. As the places and landscapes emphasized on 'T'amna-Sipkyungto' and 'T'amna-Sullyokto' in common have been transmitted by the politicians and ancestors of Jeju Island, they have become established as today's 'Yeoung Ju-Sipikyung', passing through correction processes. When considering this process of development, 'Yeoung Ju-Sipikyung' are worthy of heritage and traditional landscapes accomplished in a long difficult period based on investigation into beautiful Jeju Island and the love of the island people for their home.

A Mutual P3P Methodology for Privacy Preserving Context-Aware Systems Development (프라이버시 보호 상황인식 시스템 개발을 위한 쌍방향 P3P 방법론)

  • Kwon, Oh-Byung
    • Asia pacific journal of information systems
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    • v.18 no.1
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    • pp.145-162
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    • 2008
  • One of the big concerns in e-society is privacy issue. In special, in developing robust ubiquitous smart space and corresponding services, user profile and preference are collected by the service providers. Privacy issue would be more critical in context-aware services simply because most of the context data themselves are private information: user's current location, current schedule, friends nearby and even her/his health data. To realize the potential of ubiquitous smart space, the systems embedded in the space should corporate personal privacy preferences. When the users invoke a set of services, they are asked to allow the service providers or smart space to make use of personal information which is related to privacy concerns. For this reason, the users unhappily provide the personal information or even deny to get served. On the other side, service provider needs personal information as rich as possible with minimal personal information to discern royal and trustworthy customers and those who are not. It would be desirable to enlarge the allowable personal information complying with the service provider's request, whereas minimizing service provider's requiring personal information which is not allowed to be submitted and user's submitting information which is of no value to the service provider. In special, if any personal information required by the service provider is not allowed, service will not be provided to the user. P3P (Platform for Privacy Preferences) has been regarded as one of the promising alternatives to preserve the personal information in the course of electronic transactions. However, P3P mainly focuses on preserving the buyers' personal information. From time to time, the service provider's business data should be protected from the unintended usage from the buyers. Moreover, even though the user's privacy preference could depend on the context happened to the user, legacy P3P does not handle the contextual change of privacy preferences. Hence, the purpose of this paper is to propose a mutual P3P-based negotiation mechanism. To do so, service provider's privacy concern is considered as well as the users'. User's privacy policy on the service provider's information also should be informed to the service providers before the service begins. Second, privacy policy is contextually designed according to the user's current context because the nomadic user's privacy concern structure may be altered contextually. Hence, the methodology includes mutual privacy policy and personalization. Overall framework of the mechanism and new code of ethics is described in section 2. Pervasive platform for mutual P3P considers user type and context field, which involves current activity, location, social context, objects nearby and physical environments. Our mutual P3P includes the privacy preference not only for the buyers but also the sellers, that is, service providers. Negotiation methodology for mutual P3P is proposed in section 3. Based on the fact that privacy concern occurs when there are needs for information access and at the same time those for information hiding. Our mechanism was implemented based on an actual shopping mall to increase the feasibility of the idea proposed in this paper. A shopping service is assumed as a context-aware service, and data groups for the service are enumerated. The privacy policy for each data group is represented as APPEL format. To examine the performance of the example service, in section 4, simulation approach is adopted in this paper. For the simulation, five data elements are considered: $\cdot$ UserID $\cdot$ User preference $\cdot$ Phone number $\cdot$ Home address $\cdot$ Product information $\cdot$ Service profile. For the negotiation, reputation is selected as a strategic value. Then the following cases are compared: $\cdot$ Legacy P3P is considered $\cdot$ Mutual P3P is considered without strategic value $\cdot$ Mutual P3P is considered with strategic value. The simulation results show that mutual P3P outperforms legacy P3P. Moreover, we could conclude that when mutual P3P is considered with strategic value, performance was better than that of mutual P3P is considered without strategic value in terms of service safety.

Technical Standards and Safety Review of the Low and Intermediate Level Radioactive Waste Disposal Facility (중.저준위 방사성폐기물 처분시설에 대한 기술기준 및 안전심사)

  • Cheong, Jae-Hak;Lee, Kwan-Hee;Lee, Yun-Keun;Jeong, Chan-Woo;Rho, Byung-Hwan
    • Journal of Nuclear Fuel Cycle and Waste Technology(JNFCWT)
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    • v.6 no.4
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    • pp.357-368
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    • 2008
  • On July 31, 2008, the Government issued the construction and operation permit for the first low and intermediate level radioactive waste disposal facility in the Republic of Korea. In this paper, the fundamental regulatory framework, regulatory requirements and technical standards of the disposal facility are introduced, and the phased review process adopted for evaluation of the safety of the facility is briefly described. The Atomic Energy Act sets forth a stepwise regulatory framework for the whole life-cycle of the disposal facility such as siting, design, construction, operation, closure and institutional control. More detailed regulatory requirements and technical standards are stipulated in the subsequent regulations of the Atomic Energy Act and a series of Notices issued by the Ministry of Eduction, Science and Technology. The Korea Institute of Nuclear Safety, as entrusted by the Ministry under the Atomic Energy Act, conducted safety review on the disposal facility, and evaluated the compliance with relevant criteria in all technical elements(i.e. siting and structural safety, radiological environmental impact, operational safety, systems and components, quality assurance, and total systematic performance assessment, etc.). The overall safety review process can be phased into inception phase, initial review phase, main review phase and completion phase. The review results were reported to and deliberated by the five Sub-committees of the Special Committee on Nuclear Safety, and then reported to the Ministry. The Ministry issued the construction and operation permit of the disposal facility through the deliberation of the review results by the Nuclear Safety Commission. Hereafter, the safety of the repository will be reassured by a series of subsequent regulatory inspections and reviews under the Atomic Energy Act. In addition, the licensee's continuous implementation of the "Safety Promotion Plan" may also enhance the long-term safety of the repository and contribute to build-up the confidence of the safety case.

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Control of Mg and P Ion Concentration as a Precondition to Use N, K and Ca Ion Sensors in Closed Hydroponics (N, K, Ca의 한정된 이온센서 이용을 전제로 한 순환식 수경재배에서 P, Mg의 조절 방법)

  • Choi, Gyeong Lee;Yeo, Kyung Hwan;Rhee, Han Cheol;Lee, Seong Chan;Lee, Jung-Sup;Kang, Nam Jun;Kim, Hak Jin;Jung, Dae Hyun
    • Horticultural Science & Technology
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    • v.34 no.6
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    • pp.871-877
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    • 2016
  • Recycling nutrient solutions in closed hydroponic production systems is usually accompanied by an imbalance of nutrient solutions when concentration is controlled according to electrical conductivity (EC) levels. This study investigated whether it was possible to automatically control the concentrations of five essential elements nitrogen (N), phosphorus (P), potassium (K), calcium (Ca) and magnesium (Mg) using only N, K and Ca ion sensors. N, P, K, Ca, and Mg uptake was measured in the nutrient solution, and relationships between absorbed ions were analyzed through twice-repeated experiments in lettuce. Results confirmed that the pattern of $PO_4$ ion uptake was similar that of N, and the pattern of Mg ion uptake was similar that of Ca. $PO_4$ ion uptake was most highly correlated with N, and Mg was most highly correlated with Ca. Regression coefficients of N and $PO_4$ were significantly different at 1.04 and 0.55, respectively, but were similar between Ca and Mg at 0.35 and 0.40, respectively. Additional experiments were conducted to measure nutrient uptake in pak choi and rose plants, both to confirm the results from the first experiment in lettuce, and to assess possible application to other crops. Coefficients of determination both for N and $PO_4$, and Ca and Mg were considerably high ($R^2=0.86$) in cultured pak choi, and similar results were observed in cultured rose ($R^2=0.87$ and 0.73, respectively). Regression coefficients for cultured pak choi were 0.56 and 0.24, respectively, and for rose were 0.51 and 0.16, respectively. Although the results obtained for N and $PO_4$ were not consistent between the lettuce experiments, N and $PO_4$ have similar regression coefficients for all crops. No common coefficient was found between Ca and Mg.

The Basic principle of treatment according to the symptom (病證藥理) in Sasang Constitutional Medicine (사상인병증약리(四象人病證藥理)의 성립과정(成立過程)과 그 운영정신(運營精神)에 대한 고찰(考察))

  • Song, Il-Byung
    • Journal of Sasang Constitutional Medicine
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    • v.8 no.1
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    • pp.1-15
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    • 1996
  • The Sasang Constitutional Medicine seeks the psychosomatic balance, and the Basic principle of treatment according to the symptom(病證藥理) in Sasang Constitutional Medicine could be summarize as follows. 1. The pursuit of Shape-Image Medicine (形象醫學) and the Symptoms of shape - Symptoms of disease (形置病證). It established emotion, symptoms of constitution, and symptoms of constitutional disease on the base of Shape-Image Medicine (形象醫學) which means qi (氣) is inside and shape is outside (氣裡形表). 2. The inductive medicine and positive medicine. It systematized the Symptoms of shape - Symptoms of disease (形證病證) on the base of the medical practice of the ancients and Lee Jae-Ma (李濟馬)'s own experience inductively, and it present show to control the psychosomatic balance practically. 3. The pathology centering on human. Oriental medicine is based on Yin-Yang (陰陽) and Five elements (五行) and the harmony of nature and human (天人相應) of Taoism, but Sasang Constitutional Medicine is based on emotional and ethical pathology of Confucianism (儒學). 4. The treatment according to the symptom (病證藥理) in Sasang Constitutional Medicine centering on clear qi (正氣). The promotion and demotion (補瀉) which is based on clear qi (正氣) and evil qi (邪氣) is a basic principle in Oriental medicine, but In Sasang Constitutional Medicine it is attached importance to control of clear qi and classify obedience symptom and disobedience symptom (順 逆症) as the type to oppose disease. 5. The treatment according to the psychomatic symptoms. It takes importances to control of one-sided emotion as well as the treatment of psychical symptoms, and also to remedy disease as keeping under control one's mind. 6. The preventive medicine and the medicine to develop one's health. It is in pursuit of social health to develop personality through clear qi (正氣) in real life, to prevent disease, and to spread the sickness control of individual person. Sasang Constitutional Medicine pursuits the psychosomatic balance through 'Balance', 'Control', 'Self regulating Control' of the 'Golden Mean (中庸)' with the treatment according to the symptom (病證藥理) in Sasang Constitutional Medicine.

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Yongdoseo(龍圖墅) and Guimunwon(龜文園) which Applied a Sangsu(象數) Principle on Garden Composition (상수(象數) 원리를 정원구성에 적용한 용도서(龍圖墅)와 귀문원(龜文園))

  • Hong, Hyoung-Soon
    • Journal of the Korean Institute of Traditional Landscape Architecture
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    • v.30 no.2
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    • pp.119-129
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    • 2012
  • Yongdoseo and Guimunwon are described in "Bokgeo(卜居, fixabode)" of "Sanlimkyengje(山林經濟)" written by Manseon Hong. This record is a unique garden conceptual idea applying the principles of Hetu(河圖) and Luoshu(洛書), fanciful gardens which have not been actually constructed. Here, two garden types were concretely described respectively, however the underlying meaning therein cannot be apprehended without exact understanding about Sangsu studies. Therefore, the purpose of this study is to illuminate the meaning contained in Garden illustration and the historical meaning of landscape therein through considering this text. To achieve the purpose of this study, the writer and the compiler who are the background of this writing and the outline of Sangsu studies were investigated. Also, the principles of Saengsu(生數), Seongsu(成數), Yin Yang(陰陽), Four Bodies(四象), Palgwedo(八卦圖), etc. which are in Hetu and Luoshu were considered. The result of this study went through this research process is summarized as follows. First, Hetu Luoshu are conceptual definitions which wholly abstracted the basic propositions of Sangsu philosophy such as the universe change principle, etc., while Yongdoseo and Guimunwon can be said to be operational definitions which apply those as garden composition principle, enabling to experience the meaning contained therein concretely and explain it in a replicable way. This attempt is a unique example, unprecedented in Chinaas well. Second, as a livingspace, garden was selected as a means to concretize operational definitions about the meaning of Hetu Luoshu, and as the property to reproduce the bearings concept, the location and the number, etc. of Hetu Luoshu, Taegukjeong(太極亭), Shipjagak(十字閣), Dondae(墩臺), well, pond as well as various kinds of trees were used. Third, the main motif of Yongdoseo and Guimunwon is the relation between Apriority(先天) and Posterior(後天), and the relation between Constitution(體) and Use(用) of Hetu and Luoshu respectively. That is, Yongdoseo planted evergreen trees such as Shipjangcheong(十長靑) in order to symbolize the universe creation principle which Hetu stands for, i.e. silent, harmonious, orderly and win-win image. In Guimunwon, flowering trees(花木) and fruit trees(果木) were planted freely to express the change of Posterior which Luoshu stands for, thatis, dynamic, disharmonious, disorderly, incompatible(相剋) and changing image. The effects intended to be attained through such planting were, 'freshness and cheerfulness(淸爽)' of Yongdoseo and 'splendidness' of Guimunwon respectively. Sangsu studies based on Hetu and Luoshu is a unique thinking system to the Orient which came from the accumulated wisdom of several scholars from various schools through a long period since ancient times. Therefore, the concept and the theory thereof are profound and huge, and its viewpoints of interpretation are diverse. It is a limit of this study that more in-depth and various consideration was not performed. As a further research project, more empirical study of Orientalism such as Sangsu studies, etc. inherent in Traditional Garden is necessary.

Parameterization of the Temperature-Dependent Development of Panonychus citri (McGregor) (Acari: Tetranychidae) and a Matrix Model for Population Projection (귤응애 온도발육 매개변수 추정 및 개체군 추정 행렬모형)

  • Yang, Jin-Young;Choi, Kyung-San;Kim, Dong-Soon
    • Korean journal of applied entomology
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    • v.50 no.3
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    • pp.235-245
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    • 2011
  • Temperature-related parameters of Panonychus citri (McGregor) (Acarina: Tetranychidae) development were estimated and a stage-structured matrix model was developed. The lower threshold temperatures were estimated as $8.4^{\circ}C$ for eggs, $9.9^{\circ}C$ for larvae, $9.2^{\circ}C$ for protonymphs, and $10.9^{\circ}C$ for deutonymphs. Thermal constants were 113.6, 29.1, 29.8, and 33.4 degree days for eggs, larvae, protonymphs, and deutonymphs, respectively. Non-linear development models were established for each stage of P. citri. In addition, temperature-dependent total fecundity, age-specific oviposition rate, and age-specific survival rate models were developed for the construction of an oviposition model. P. citri age was categorized into five stages to construct a matrix model: eggs, larvae, protonymphs, deutonymphs and adults. For the elements in the projection matrix, transition probabilities from an age class to the next age class or the probabilities of remaining in an age class were obtained from development rate function of each stage (age classes). Also, the fecundity coefficients of adult population were expressed as the products of adult longevity completion rate (1/longevity) by temperature-dependent total fecundity. To evaluate the predictability of the matrix model, model outputs were compared with actual field data in a cool early season and hot mid to late season in 2004. The model outputs closely matched the actual field patterns within 30 d after the model was run in both the early and mid to late seasons. Therefore, the developed matrix model can be used to estimate the population density of P. citri for a period of 30 d in citrus orchards.

WHICH INFORMATION MOVES PRICES: EVIDENCE FROM DAYS WITH DIVIDEND AND EARNINGS ANNOUNCEMENTS AND INSIDER TRADING

  • Kim, Chan-Wung;Lee, Jae-Ha
    • The Korean Journal of Financial Studies
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    • v.3 no.1
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    • pp.233-265
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    • 1996
  • We examine the impact of public and private information on price movements using the thirty DJIA stocks and twenty-one NASDAQ stocks. We find that the standard deviation of daily returns on information days (dividend announcement, earnings announcement, insider purchase, or insider sale) is much higher than on no-information days. Both public information matters at the NYSE, probably due to masked identification of insiders. Earnings announcement has the greatest impact for both DJIA and NASDAQ stocks, and there is some evidence of positive impact of insider asle on return volatility of NASDAQ stocks. There has been considerable debate, e.g., French and Roll (1986), over whether market volatility is due to public information or private information-the latter gathered through costly search and only revealed through trading. Public information is composed of (1) marketwide public information such as regularly scheduled federal economic announcements (e.g., employment, GNP, leading indicators) and (2) company-specific public information such as dividend and earnings announcements. Policy makers and corporate insiders have a better access to marketwide private information (e.g., a new monetary policy decision made in the Federal Reserve Board meeting) and company-specific private information, respectively, compated to the general public. Ederington and Lee (1993) show that marketwide public information accounts for most of the observed volatility patterns in interest rate and foreign exchange futures markets. Company-specific public information is explored by Patell and Wolfson (1984) and Jennings and Starks (1985). They show that dividend and earnings announcements induce higher than normal volatility in equity prices. Kyle (1985), Admati and Pfleiderer (1988), Barclay, Litzenberger and Warner (1990), Foster and Viswanathan (1990), Back (1992), and Barclay and Warner (1993) show that the private information help by informed traders and revealed through trading influences market volatility. Cornell and Sirri (1992)' and Meulbroek (1992) investigate the actual insider trading activities in a tender offer case and the prosecuted illegal trading cased, respectively. This paper examines the aggregate and individual impact of marketwide information, company-specific public information, and company-specific private information on equity prices. Specifically, we use the thirty common stocks in the Dow Jones Industrial Average (DJIA) and twenty one National Association of Securities Dealers Automated Quotations (NASDAQ) common stocks to examine how their prices react to information. Marketwide information (public and private) is estimated by the movement in the Standard and Poors (S & P) 500 Index price for the DJIA stocks and the movement in the NASDAQ Composite Index price for the NASDAQ stocks. Divedend and earnings announcements are used as a subset of company-specific public information. The trading activity of corporate insiders (major corporate officers, members of the board of directors, and owners of at least 10 percent of any equity class) with an access to private information can be cannot legally trade on private information. Therefore, most insider transactions are not necessarily based on private information. Nevertheless, we hypothesize that market participants observe how insiders trade in order to infer any information that they cannot possess because insiders tend to buy (sell) when they have good (bad) information about their company. For example, Damodaran and Liu (1993) show that insiders of real estate investment trusts buy (sell) after they receive favorable (unfavorable) appraisal news before the information in these appraisals is released to the public. Price discovery in a competitive multiple-dealership market (NASDAQ) would be different from that in a monopolistic specialist system (NYSE). Consequently, we hypothesize that NASDAQ stocks are affected more by private information (or more precisely, insider trading) than the DJIA stocks. In the next section, we describe our choices of the fifty-one stocks and the public and private information set. We also discuss institutional differences between the NYSE and the NASDAQ market. In Section II, we examine the implications of public and private information for the volatility of daily returns of each stock. In Section III, we turn to the question of the relative importance of individual elements of our information set. Further analysis of the five DJIA stocks and the four NASDAQ stocks that are most sensitive to earnings announcements is given in Section IV, and our results are summarized in Section V.

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