• The Korean Journal of Financial Management
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• v.24 no.2
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• pp.41-79
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• 2007

This study examines the expiration-day effects of stock index futures and options in the Korean stock market. The so-called 'expiration-day effects', which are the abnormal stock price movements on derivatives expiration days, arise mainly from cash settlement. Index arbitragers have to bear the risk of their positions unless they liquidate their index stocks on the expiration day. If many arbitragers execute large buy or sell orders on the expiration day, abnormal trading volumes are likely to be observed. If a lot of arbitragers unwind positions in the same direction, temporary trading imbalances induce abnormal stock market volatility. By contrast, if some information arrives at market, the abnormal trading activity must be considered a normal process of price discovery. Stoll and Whaley(1987) investigated the aggregate price and volume effects of the S&P 500 index on the expiration day. In a related study, Stoll and Whaley(1990) found a similarity between the price behavior of stocks that are subject to program trading and of the stocks that are not. Thus far, there have been few studies about the expiration-day effects in the Korean stock market. While previous Korean studies use the KOSPI 200 index data, we analyze the price and trading volume behavior of individual stocks as well as the index. Analyzing individual stocks is important for two reasons. First, stock index is a market average. Consequently, it cannot reflect the behavior of many individual stocks. For example, if the expiration-day effects are mainly related to a specific group, it cannot be said that the expiration of derivatives itself destabilizes the stock market. Analyzing individual stocks enables us to investigate the scope of the expiration-day effects. Second, we can find the relationship between the firm characteristics and the expiration-day effects. For example, if the expiration-day effects exist in large stocks not belonging to the KOSPI 200 index, program trading may not be related to the expiration-day effects. The examination of individual stocks has led us to the cause of the expiration-day effects. Using the intraday data during the period May 3, 1996 through December 30, 2003, we first examine the price and volume effects of the KOSPI 200 and NON-KOSPI 200 index following the Stoll and Whaley(1987) methodology. We calculate the NON-KOSPI 200 index by using the returns and market capitalization of the KOSPI and KOSPI 200 index. In individual stocks, we divide KOSPI 200 stocks by size into three groups and match NON-KOSPI 200 stocks with KOSPI 200 stocks having the closest firm characteristics. We compare KOSPI 200 stocks with NON-KOSPI 200 stocks. To test whether the expiration-day effects are related to order imbalances or new information, we check price reversals on the next day. Finally, we perform a cross-sectional regression analysis to elaborate on the impact of the firm characteristics on price reversals. The main results seem to support the expiration-day effects, especially on stock index futures expiration days. The price behavior of stocks that are subject to program trading is shown to have price effects, abnormal return volatility, and large volumes during the last half hour of trading on the expiration day. Return reversals are also found in the KOSPI 200 index and stocks. However, there is no evidence of abnormal trading volume, or price reversals in the NON-KOSPI 200 index and stocks. The expiration-day effects are proportional to the size of stocks and the nearness to the settlement time. Since program trading is often said to be concentrated in high capitalization stocks, these results imply that the expiration-day effects seem to be associated with program trading and the settlement price determination procedure. In summary, the expiration-day effects in the Korean stock market do not exist in all stocks, but in large capitalization stocks belonging to the KOSPI 200 index. Additionally, the expiration-day effects in the Korean stock market are generally due, not to information, but to trading imbalances.

• Korean journal of applied entomology
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• v.47 no.1
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• pp.87-93
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• 2008

Bacillus thuringiensis with selected high toxicities against tobacco cutworm, Spodoptera litura were isolated from domestic soils. When being observed under a phase-contrast microscope, the insecticidal crystal proteins were showed a bipyramidal crystal types. New CAB 109 isolate was identified to B. thuringiensis subsp. aizawai in the H serotype. As a results of insecticidal activities between CAB 109 isolate and 3 existing ready-made products against 3rd larva of S. litura, CAB 109 isolate showed 100% mortality with spore concentration $(1.3{\times}10^7cfu/ml)$. It was a very high insecticidal activity compared with a existing ready-made B. t. products. $LD_{50}$ values of CAB 109 isolate was $9.78{\times}10^5,\;6.87{\times}10^6\;and\;1.83{\times}10^7cfu/ml$ spore concentration against 2nd, 3rd and 4th larva of S. litura, respectively. Unlike Plutella xylostella, S. litura was slowly died after application up to 7 days. The weight of S. litura larva applied with CAB 109 isolate were 6-7 times less than controlled group. Even though it didn't die, it did not grow into next larva. The result observed with scanning electron microscope was that CAB 109 isolate of B. t. aizawai formed a typical bipyramidal crystal protein type. Otherwise, when CAB 109 isolate was examined with SDS-PAGE and with trypsin, there was no difference between CAB 109 strain and ready-made products of B. thuringiensis.

• Journal of the Korean Society of Food Science and Nutrition
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• v.41 no.1
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• pp.79-86
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• 2012

This study was performed to investigate the physiochemical properties and anti-diabetic effect of yacon vinegar by two-step fermentation. Yacon was matured at room temperature for 20 days. The sugar content of yacon juice prepared from mature yacon was approximately $14^{\circ}Brix$. In the first stage, yacon wine was produced from the juice at $28^{\circ}C$ for 6 days. In the second stage, acetic acid fermentation was conducted at $30^{\circ}C$ and 200 rpm for 6 days to produce yacon vinegar with 4.75% acidity. The major free sugars of yacon vinegar were glucose and fructose at 2,072.12 mg% and 463.95 mg%, respectively. The acetic acid content was the highest of the major organic acids at 3,881.44 mg%. The total free amino acid content was 62.88 mg% with the main free amino acids being proline, ${\gamma}$-amino-n-butyric acid and ornithine. The major minerals of yacon vinegar were Ca, K and Mg. The in vivo anti-diabetic activity of yacon vinegar was investigated in high-fat diet (HFD)/streptozotocin (STZ)-induced diabetic mice. Diabetic mice were administered orally with 10% yacon juice and two yacon vinegars (5% and 10%) at a dose of 7 mL/kg body weight once per day for 4 weeks. Five% yacon vinegar improved the fasting blood glucose levels and glucose tolerance test significantly compared to the diabetic control group (p<0.05). Yacon vinegar increased the pancreatic C-peptide concentration in a dose-dependent manner. These results show that 5% yacon vinegar has a more potent effect on ameliorating hyperglycemia than 10% yacon juice.

• Journal of the Korean Society of Food Science and Nutrition
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• v.41 no.1
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• pp.65-72
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• 2012

The aim of this study was to evaluate the effects of unripened cheese supplements on lipid metabolism and antioxidant status in hypercholesterolemic SD rats. Rats were induced to have hypercholesterolemia by feeding them high cholesterol diet (0.5% cholesterol and 0.2% sodium cholate) for 4 weeks and then divided into 2 groups. One group was fed a high cholesterol diet with 5% unripened cheese (URC) daily for 6 weeks, and the other one was fed a high cholesterol diet without 5% unripened cheese (URC) daily for 6 weeks. Significantly-increased plasma total cholesterol (TC), triglycerides (TG), and AST activity because of the high-cholesterol diet were reduced 18.8%, 40.5%, and 33%, respectively, by URC supplementation. Also, URC lowered hepatic total lipids, TCs, and TGs, whereas fecal lipid profiles were not changed by URC. The supplementation of URC resulted in an increase of plasma retinol and ${\alpha}$-tocopherol by 40.5% and 39.2% and leukoytic DNA resistance to oxidative stress by 52.3% compared to hypercholesterolemic control. These results suggest that unripened cheese supplements could exert significant health benefits to those with hypercholesterolemia through ameliorating lipid profiles and antioxidant effects.

• Journal of the Korean Society of Food Science and Nutrition
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• v.42 no.7
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• pp.1043-1053
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• 2013

We investigated the ability of soybean curd residue (SCR) and its fermented products to inhibit obesity and improve the blood lipid profiles of obese mice fed a high-fat diet. Samples were prepared by fermenting SCR with Aspergillus oryzae var effuses KACC 44990 (ASCR), a microbe used for the fermentation of traditional Korean Meju, and with Monascus pilosus IFO 4480 (MSCR), a microbe used for the production of red rice. In addition, AMSCR, a mixture composed of equal amounts of ASCR and MSCR, was also prepared. Male mice were divided into six groups and fed with either a normal diet, a high-fat diet, or a high-fat diet supplemented with SCR, ASCR, MSCR, or AMSCR. After 8 weeks, body weight gain, serum and hepatic lipid profiles, and the activities of enzymes that generate or scavenge reactive oxygen species (ROS) were evaluated. Compared with the high-fat diet group, all the test groups showed a significant reduction in body, organ, and epididymal fat weight gain. These effects were observed with supplements in the order AMSCR>ASCR>MSCR>SCR. Similarly, supplements of test samples reduced high levels of serum and hepatic triglycerides (TG), total cholesterol, and low-density lipoprotein (LDL) cholesterol caused by hight-fat diet, while high-density lipoprotein (HDL) cholesterol was increased. Interestingly, the ability of ASCR to lower serum TG was stronger than that of MSCR, while MSCR showed a stronger hypocholesterolemic effect than ASCR. Meanwhile, AMSCR returned comprehensively serum lipid levels to normal. In addition, hepatic damage was prevented with effects in the order AMSCR>ASCR>MSCR>SCR. Hepatic ROS generating system including xanthine oxidase (XO) and ROS scavenging system including superoxide dismutase (SOD), glutathione peroxidase (GPX) and glutathione S-transferase (GST) were recovered to normal level by all test diets. In conclusion, this study suggests that SCR and its fermented products can inhibit obesity and improve lipid profiles.

• Tuberculosis and Respiratory Diseases
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• v.41 no.5
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• pp.513-520
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• 1994

Background: The pathogenesis of silicosis has been focused on the interaction between alveolar macrophages and silica particle. Although fibrosis in silicosis has been studied extensively, the mechanism is still not fully understood. There is increasing evidence that monokines and arachidonic acid metabolites macrophage are involved in pathogenesis of silicosis. Recently, it was reported that prostaglandin E2 produced from macrophage counteracts the stimulatory effects of other monokines on fibroblast proliferation or collagen production. Until now, it was remained uncertain by which mechanism silica particle may activate alveolar macrophage to an enhanced release of prostaglandin E2. Methods: In order to investigate the relationship between the activity of alveolar macrophage and the production of $PGE_2$ from activated alveolar macrophage, the authors measured hydrogen peroxide and $PGE_2$ from alveolar macrophages activated by silica in vitro and from alveolar macrophages in the silicotic nodules from rat. Experimental silicosis was induced by intratracheal infusion of silica($SiO_2$) suspended in saline(50 mg/ml) in Sprague-Dawley rats. Results: produced by 1) The silicotic nodules with fibrosis were seen from the sections of rat lung at 60 days after intratracheal injection with 50 mg aqueous suspension of silica(Fig. 1). 2) In vitro, silica caused the dose dependent increase of hydrogen peroxide(p<0.05, Fig. 2A) and $PGE_2$(p>0.05, Fig. 2B) release from alveolar macrophages. Alveolar macrophages from rat with silicotic nodules released more hydrogen peroxide and $PGE_2$ than those of control group(p<0.05, Fig. 3). Conclusion: These results suggest that silica particle could activate macrophage directly and enhanced the release of $PGE_2$ and hydrogen peroxide from the alveolar macrophage.

• Tuberculosis and Respiratory Diseases
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• v.58 no.5
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• pp.473-479
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• 2005

Background : Gefitinib targets the epidermal growth factor receptor r(EGFR), and Gefitinib has antitumor activity in patient with non-small cell lung cancer (NSCLC). However, only 10 to 20 percent of patients show a clinical response to this drug, and the molecular mechanisms underlying patient sensitivity to gefitinib are unknown. PTEN (Phosphatase and tensin homolog deleted on chromosome Ten) plays a role for the modulation of the phosphatidylinositol 3-kinase pathway (PI3K), which is involved in cell proliferation and survival, so that it can inhibit cell cycle progression and induce G1 arrest. Therefore, we analyzed the relationship between PTEN expression and gefitinib's responsiveness in patients having advanced non small cell lung cancer that had progressed after previous chemotherapy. Methods : The expression of PTEN was studied by immunohistochemistry in paraffin-embedded tumor blocks that were obtained from 22 patients who had been treated with gefitinib from JAN, 2001 to AUG. 2004. For the evaluation of the relationships between the PTEN expression, the clinical stage and the basal characteristics, those cases that showed the respective antigen expression in >50% of the tumor cells were considered positive. Results : The positive rate of PTEN staining was 55% of the total of 22 patients. There was a significant relationship between the increased expression of PTEN and the response group (p=0.039). However, there was no significant relationship between the expression of PTEN and other clinicopathologic characteristics. Conclusion: The expression of PTEN in patients with advanced non small cell lung cancer that has progressed after previous chemotherapy may play a role in gefitinib's responsiveness.

• Information Systems Review
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• v.18 no.1
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• pp.57-78
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• 2016

Hacking has raised many critical issues in the modern world, particularly because the size and cost of the damages caused by this disruptive activity have steadily increased. Accordingly, many significant studies have been conducted by behavioral scientists to understand hackers and their practices. Nonetheless, only qualitative methods, such as interviews, meta-studies, and media studies, have been employed in such studies because of hacker sampling limitations. Existing studies have determined that intrinsic motivation was the dominant factor influencing hackers, and that their techniques were mainly acquired from online hacking communities. However, such results have yet to be causally proven. This study attempted to identify the causal factors influencing the motivational and environmental factors encouraging hackers to learn hacking skills. To this end, hacker community members using the theory of planned behavior were observed to identify the causal factors of their learning of hacking skills. We selected a group of students who were developing their hacking skills. The survey was conducted over a two-week period in May 2015 with a total of 227 students as respondents. After list-wise deletion, 215 of the responses were deemed usable (94.7 percent). In summary, the hackers were aware that hacking skills are considered socially unethical, and their attitudes toward the learning of hacking skills were affected by both intrinsic and extrinsic motivations. In addition, the characteristics of the online hacking community affected their perceived behavioral control. This study introduced new concepts in the process of conducting a causal relationship analysis on a hacker sample. Moreover, this research expanded the discussion on the causal direction of subjective norms in unethical research, and empirically confirmed that both intrinsic and extrinsic motivations affect the learning of hacking skills. This study also made a practical contribution by raising the educational and policy response issues for ethical hackers and demonstrating the necessity to intensify the punishment for hacking.

• Journal of Life Science
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• v.30 no.5
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• pp.428-433
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• 2020

In this study, we created pupal stage extracts of Apis mellifera L. drones for use in cosmetic materials. The effect of the drone pupae extract (DPE) on HDF cells was assessed for analysis of anti-wrinkle activity by collagen or collagenase gene expression, and the skin-lightening effect was studied by in vitro tyrosinase inhibition and B16F10 melanoma assay; the two cells were found to be non-cellular when the concentration of DPE was 100 ㎍/ml. Albutin concentration (positive control) in the whitening test was set at a capacity of 100 ug/ml and m-melanocyte stimulating hormone (α-MSH). A melanin-producing induction material was set at a concentration of 100 nM, and the expression of collagen type I and MMP1 collagenase was measured using HDF cells. MMP1 expression was seen to reduce in a concentration-dependent manner in treatment with DPE. Inhibiting melanin generation with B16F12 cells indicated a tendency to decrease in the DPE treatment group. Both L-Tyrosine and L-DOPA as DPE were used in an in vitro tyrosinase induction test to demonstrate the effects of tyrosinase suppression on concentrations. The higher the concentration of DPE, the greater the wrinkle reduction and whitening effect. In conclusion, it was found that DPE is an effective smoothing and whitening material by increasing collagen generation and inhibiting collagenase expression and reducing melanin production.

• Journal of Preventive Medicine and Public Health
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• v.29 no.2 s.53
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• pp.199-214
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• 1996

To investigate the factors which affecting the cognitive function and depression of the 65 or more age group, the authors surveyed for the subjects in the region of Taejon and nearby Taejon area. 729 studied subjects were tested for cognitive function with MMSE and depression with GDS. The main results were followings; In the studied subjects, the rate of normal cognitive function was 56.8%, the rate of mildly impaired was 24.1% and the rate of severe impairment was 19.1%. The cognitive function level was closely related to the depression score. As the age increased, the cognitive function was more impaired. Sexual difference was also existed in the cognitive function level and the depression score. After adjusting the effect of age, the variables such as sex, marital status, education level, past job, instrumental ability of daily living, regular physical exercise, frequencies of going out the house, chest discomfort, visual and auditory disturbance, and dizziness had the significant relationship with cognitive function impairment. Among these variables instrumental ADL, age, visual disturbance, and sex showed statistical significance in the logistic regression model. In the multiple stepwise regression, the variables which had significant relationship to depression score were education level, frequencies of going out house, current job and house work activity, regular physical exercise, instrumental ADL, self-rated health and nutritional status, dimness, visual disturbance, and chest pain. In conclusion, main characteristics which had close relationship to the cognitive function and depression symptoms in the studied subjects were physical function and self rated health status.