• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.2
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• pp.15-21
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• 2014

The long memory properties of the hedge ratio for stock and futures have not been systematically investigated by the extant literature. To investigate hedge ratio' long memory, this paper employs a data set including KOSPI200 and S&P500. Coakley, Dollery, and Kellard(2008) employ a data set including a stock index and commodities foreign exchange, and suggested the S&P500 to be a fractionally integrated process. This paper firstly estimates hedge ratios with two dynamic models, BEKK(Bollerslev, Engle, Kroner, and Kraft) and diagonal-BEKK, and tests the long memory of hedge ratios with Geweke and Porter-Hudak(1983)(henceforth GPH) and Lo's modified rescaled adjusted range test by Lo(1991). In empirical results, two hedge ratios based on KOSPI200 and S&P500 show considerably significant long memory behaviours. Thus, such results show the hedge ratios to be stationary and strongly reject the random walk hypothesis on hedge ratios, which violates the efficient market hypothesis.

• Journal of Korea Port Economic Association
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• v.26 no.2
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• pp.49-57
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• 2010

This paper examines the relationship between port import from China and macroeconomic variables such as international financial crisis, exchange rate, and industrial production during the period 2000-2009. I employ GPH cointegration methodology since the model must be stationary to avoid the spurious results. The empirical results show that our model is stationary as well as mean-reverting. This paper also applies impulse-response functions to get additional information regarding the responses of the port import to the shocks economic variables such as financial crisis, exchange rate, and industrial production. The results show that the response of port import to exchange rate and financial crisis declines at the first and dies out slowly.

• Solar Energy
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• v.11 no.3
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• pp.62-73
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• 1991

The purpose of the present work is to investigate the atomization characteristics and to find the available working conditions of given nozzles. Experimental investigations were carried out with the nozzles, "Delavan" and "Hago"(pressure atomizing simplex 1.25GPH), with $60^{\circ}$ and $80^{\circ}$ spray angles also at various nozzle pressures. In the present work, Sauter mean-diameter was utilized to describe the quality of the atomization. All sample droplets were microphotographed with high-contrust film at 50X magnification and analyzed by Nukiyama-Tanazawa distribution function. The $80^{\circ}$ spray angle gives better atomization function than $60^{\circ}$ spray angle, and available working conditions were set at approximately $8kg/cm^2$ nozzle pressure.

• Asia-Pacific Journal of Business
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• v.11 no.4
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• pp.255-269
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• 2020

Purpose - This paper analyzes the market efficiency focusing on the long memory properties of the domestic futures market. By decomposing futures prices into yield and volatility and looking at the long memory properties of the time series, this study aims to understand the futures market pricing and change behavior and risks, specifically and in detail. Design/methodology/approach - This study analyzes KOSPI 200 futures, KOSDAQ 150 futures, 3 and 10-year government bond futures, US dollar futures, yen futures, and euro futures, which are among the most actively traded on the Korea Exchange. To analyze the long memory and market efficiency, we used the Variance Ratio, Rescaled-Range(R/S), Geweke and Porter-Hudak(GPH) tests as semi- parametric methods, and ARFIMA-FIGARCH model as the parametric method. Findings - It was found that all seven futures supported the efficiency market hypothesis because the property of long memory turned out not to exist in their yield curves. On the other hand, in futures volatility, all 7 futures showed long memory properties in the analysis, which means that if new information is generated in the domestic futures market and the market volatility once expanded due to the impact, it does not decrease or shrink for a long period of time, but continues to affect the volatility. Research implications or Originality - The results of this paper suggest that it can be useful information for predicting changes and risks of volatility in the domestic futures market. In particular, it was found that the long memory properties would be further strengthened in the currency futures and bond rate futures markets after the global financial crisis if the regime changes of the domestic financial market are taken into account in the analysis.

• Korean Journal of Clinical Pharmacy
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• v.25 no.2
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• pp.61-67
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• 2015

Pharmacy education and training is continuously evolving to meet the requirement from the society in the UK. Most pharmacy schools offer the Master of pharmacy degree which is a four year undergraduate programme followed by a year of pre-registration placement spanning a year supervised by a professional pharmacist who has at least 3 years' post-registration experience; however, some universities provide either a 5-year sandwich course where the pre-registration training is split up into two periods of 6 months or a 2-year OSPAP programme for those who are already qualified as a pharmacist outside of the UK. The GPhC has announced that the format of the registration assessment is set to change in 2016. The exam questions from 2016 will be more clinical, practical and based around a patient in a real-life scenario. This article addresses important aspects of UK pharmacy education such as university curriculum, training programme, and licence exam, therefore, could potentially offer a significant contribution to the debate about raising academic standards of pharmacy education in South Korea.

• Transactions of Materials Processing
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• v.24 no.4
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• pp.287-292
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• 2015

The possibility of chemical precipitation for recycled ammonium paratungstate (APT) was studied. WO₃ particles were synthesized by chemical precipitation method using a 1:2 weight ratio of APT:DI-water. At the 500℃ sintering temperature, the X-ray diffraction results showed that APT completely decomposed to WO₃. For the granulated powder WC-Co, vacuum heat treatment at proper temperatures increases tap density and flow-ability. Hardness of the WC-Co thermal spray coating layer was measured in the range HV 831~1266. Spray conditions for the best characteristic values were an oxygen flow rate=1500 scfh, a fuel flow rate = 5.25gph and a gun distance = 320mm.

• Journal of Korea Port Economic Association
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• v.27 no.2
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• pp.27-38
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• 2011

The paper aims at examining the behavioral characteristics of the passenger car export of Gunsan, Pyeongtaek, and Ulsan port. This is accomplished by modelling export demand as exchange rate and the Unites States industrial production. All series span the period January 2001 to December 2010. I first show that both the series and the residuals are stationary at the 5 percent significance level. The result cannot reject the null hypothesis of a unit root in each of the level variables and of a unit root for the residuals from the cointegration regression at the 5 percent significance level. I hitherto make use of forecast error decomposition and historical decompositions The forecast error decomposition indicates that car export is endogenous to industrial production and exchange rate. The historical decompositions for the export show that the entire difference between actual export and the base forecast can be attributed to industrial production shocks since exchange rate moves closer to the actual data or the base forecast. It indicates that industrial production outperforms exchange rate in explaining the passenger car exports.

• Korean Journal of Food Science and Technology
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• v.50 no.4
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• pp.420-429
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• 2018

Skin ageing is associated with compromised performance of its fundamental barrier functions, with undesirable changes in appearance. Since this may introduce a detrimental impact on the quality of life, significant effort to discover effective ingredients against ageing is being invested. Recently, collagen hydrolysates containing tripeptides such as GlyPro-Hyp (GPH) have been developed with anticipation of improved effects compared to that of existing collagen hydrolysate-products. To evaluate the cutaneous hydration effect of collagen tripeptides (CTP), meaningful biomarkers in human dermal fibroblasts (HDF) and NC/Nga Tnd mice were analyzed in this study. Increased levels of ceramide kinase, hyaluronic acid, collagen 1A, and hyaluronan synthase-2 (HAS2), and decreased levels of hyaluronidase-1 (HYAL1) and CD44 in HDF cells were demonstrated. Furthermore, significant reduction of transepidermal water loss (TEWL), scratching behavior, HYAL1, $TNF-{\alpha}$ and IL-6 and increased water content and HAS2 were verified by in vivo tests. These results strongly suggest the potential of CTP as a skin hydration agent.

• Journal of Korea Port Economic Association
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• v.32 no.3
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• pp.35-46
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• 2016

This study investigates the export behavior of Busan, Gwangyang and Incheon Port. The monthly data cover the period from January 2000 to December 2015. We employ six export functions composed of various exchange rates and industrial production index. This paper finds that the nominal effective exchange rate is more appropriate for explaining the export behaviors of the three ports, regardless of the narrow and wide indices which comprise 26 and 61 economies for the nominal and real indices respectively. This paper tests whether exchange rate and industrial production are stationary or not, rejecting the null hypothesis of a unit root in each of the level variables and of a unit root for the residuals from the cointegration at the 5 percent significance level. The error-correction model is estimated to find that both Gwangyang and Incheon ports are much slower than Busan port in adjusting the short-run disequilibrium and Gwangyang port is a little slower than Incheon port. The rolling regressions show that the influence of exchange rate as well as industrial production tends to decrease in all of three ports. The variance decomposition, however, shows that the export variables are very exogenous and the export of Busan Port is the least exogenous and that of Gwangyang Port the most. This result indicates that the economic variables such as exchange rate and economic activity affect the export of Busan Port more strongly than that of Gwangyang and Incheon Port.