• The Korean Journal of Applied Statistics
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• v.25 no.1
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• pp.55-66
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• 2012

Option pricing models using L$\acute{e}$evy processes are suggested as an alternative to the Black-Scholes model since empirical studies showed that the Black-Sholes model could not reflect the movement of underlying assets. In this paper, we investigate whether the Variance Gamma model can reflect the movement of underlying assets in the Korean stock market better than the Black-Scholes model. For this purpose, we estimate parameters and perform likelihood ratio tests using KOSPI 200 data based on the density for the log return and the option pricing formula proposed in Madan et al. (1998). We also calculate some statistics to compare the models and examine if the volatility smile is corrected through regression analysis. The results show that the option price estimated under the Variance Gamma process is closer to the market price than the Black-Scholes price; however, the Variance Gamma model still cannot solve the volatility smile phenomenon.

• Structural Engineering and Mechanics
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• v.86 no.4
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• pp.547-571
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• 2023

To deeply probe the actual earthquake level and fragility of typical reinforced concrete (RC) structures under multiple intensity grades, considering diachronic measurement building stock samples and actual observations of representative catastrophic earth shocks in China from 1990 to 2010, RC structures were divided into traditional RC structures (TRCs) and bottom reinforced concrete frame seismic wall masonry (BFM) structures, and the empirical damage characteristics and mechanisms were analysed. A great deal of statistics and induction were developed on the historical experience investigation data of 59 typical catastrophic earthquakes in 9 provinces of China. The database and fragility matrix prediction model were established with TRCs of 4,122.5284×104 m² and 5,844 buildings and BFMs of 5,872 buildings as empirical seismic damage samples. By employing the methods of structural damage probability and statistics, nonlinear prediction of seismic vulnerability, and numerical and applied functional analysis, the comparison matrix of actual fragility probability prediction of TRC and BFM in multiple intensity regions under the latest version of China's macrointensity standard was established. A novel nonlinear regression prediction model of seismic vulnerability was proposed, and prediction models considering the seismic damage ratio and transcendental probability parameters were constructed. The time-varying vulnerability comparative model of the sample database was developed according to the different periods of multiple earthquakes. The new calculation method of the average fragility prediction index (AFPI) matrix parameter model has been proposed to predict the seismic fragility of an areal RC structure.

• Current Research on Agriculture and Life Sciences
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• v.4
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• pp.163-168
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• 1986

This study was carried out to compare the conditions of Korean and Japanese forestry. Two countries were appeared same trend in forestry condition, so our forestry in future can be estimated with compared Japanese forestry, but the results obtained are as follows ; 1) The average forest area per capita of the world, Japan and Korea are 0.9, 0.23 and 0.16 ha, respectively, this means that Korean forest area is not sufficient. The growing stock of forest per capita is $22.5m^3$ in Japan and $3.9m^3$ in Korea, but timber consumptions per capita are $1m^3$ in Japan and $0.2m^3$ in Korea. Those mean that both countries have not a plentiful resource of forestry. 2) The forestry production activity becomes gradually stagnation. Both in Korea and Japan, the reforestation and stumpage felling area show gradually decreasing tendency, the artificial forest ratio of total forest area is, at present, 28% in Korea and 40% in Japan. 3) In forestry demand aspect, the ratio of imported timber is 79% in Korea and 62.4% in Japan. Because the price index of timber is lower than the general price index, the dullness of forestry-related industries is expected in future. 4) The forestry labour supply has gradually difficulty because of the reduction in farming labour. 5) The managements of national forests show deficit operation, at present, both in Korea and Japan. The results above mentioned are derived form the poor forest resources, therefore, it is considered that rather more and continuous investment is necessary, but also forestry should be invested in the territorial conservation aspect.

• Korean Journal of Environmental Agriculture
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• v.17 no.2
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• pp.182-188
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• 1998

The effect of arbuscular mycorrhizae(AM) on the growth of trifoliate orange seeding were investigated in volcanic ash soil. Trifoliate orange is used as a root stock of citrus in Cheju island. Seedings innoculated with AM fungi were grown for 16 weeks in pots of various levels of fertilizer. Growth characteristics and mineral nutrient contents were measured and spores of AM fungi colonized were identified. Seventy % of the replicsted pots of seedings were colonized by AM in the treatment of high level fertilizer and additional phosphate (40g of 21-17-17 complex fertilizer and 50g of fused phosphate added to 50L of soil). In treatments of low levels fertilizer or without fused phosphate addition, the pots colonized were less than 20 %. Colonization of trifoliate seedings with AM fungi greatly increased the growth of seedings. Shoot length and weight of shoot and root positively regressed on AM colonization ratio. AM colonization caused higher concentrations of P, Cu and Mg in plant, and the relations were significant at 5 % level. Contents of N and Zn in plants also tended to increase, while that of Ca to decrease, with increasing colonization ratio. Four species of AM fungi - Glomus deserticola, G. rubiforme, G. vesiculiferum and Acaulospora sp, - were found in the soil where roots of trifoliate orange as an innoculation materials were collected. All of the 4 species were found in the inoculated pot soils after the seedling growth, indicating that these species can be colonized in trifoliate orange roots.

• Journal of Distribution Science
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• v.12 no.8
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• pp.113-121
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• 2014

Purpose - Recently, the number of corporations that practice environmental and social responsibility, besides engaging in traditional profit-seeking activities, has been growing steadily, as interest in Corporate Social Responsibility (CSR) is increasing. Recent research on CSR practices has identified the relationship between CSR activities and corporate value as one of the main issues in this respect. Considering that donations constitute a large proportion of a company's charitable activities, we considered the extent of donation expenses as a charitable activity in order to mitigate sample selection bias. Specifically, we analyzed the impact of donation expenses on firm value, while investigating if this impact varied in response to the level of corporate governance of firms. Research design, data, and methodology - We used non-financial firms listed on the Korean Stock Exchange, having their fiscal year end in December, and the sample period was 2006-2013. For the dependent variable, Tobin's q was used as the corporate value, and for the independent variable, donations were measured as the donation-expense-to-sales ratio. Corporate governance scores, as rated by the Korea Corporate Governance Service, were used to measure corporate governance levels because they consider the overall aspects of governance, including ownership structure, the board of directors, and the audit mechanism of individual companies. To examine the impact of donations on a company in relation to the level of corporate governance, we estimated regression models using the interaction terms of the governance dummy and donation variables. Then, we further estimated the regression models of two sub-samples that were classified according to the level of corporate governance. Similar to previous studies, the study uses variables that affect firm value, such as R&D expenditure, advertising expenses, EBITDA, debt-to-equity ratio, sales growth, company age, and company size as control variables. Results - The empirical results show that firm value significantly increased in response to an increase in donation expenses. Upon including the interaction terms of governance level dummy variables and donations, the coefficients of the interaction terms show significant positive values, while those of donation variables show significant negative values. In the strong governance sub-sample, the relationship between the donation expenses and corporate value was statistically positive (+) and significant. However, in the weak governance sub-sample, the relationship between the donation expenses and corporate value was statistically insignificant and negative (-). Conclusions - The empirical results suggest that donation expenses are significantly linked to an enhanced corporate value if firms have a good corporate governance structure. However, if the corporate governance structure is weak, the same relationship is not necessarily observed. The results of this study show that if a firm has high corporate governance, CSR practices enhance the company's reputation such that it has a positive (+) relationship with corporate value. If a firm has weak corporate governance, on the other hand, CSR practices are recognized as an agency cost and do not increase corporate value.

• The Journal of Bigdata
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• v.1 no.2
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• pp.21-34
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• 2016

There are various investment strategy reports available online, prepared by many financial analysts. If the correlation between the title of the report and analyst forecast can be found, we can tell from the title whether analyst' forecast will be reliable or not. The objective of this study is to see the correlation between the title of analyst investment strategy report and the actual result of forecast by using the Text Mining technique. The result of actual analysis showed that "strong buy and sell call" appeared in the title lead the higher accuracy of analyst forecast and fulfillment ratio. The results that potential investors can get better information by reading the title of the analyst report. We hope that this study could be the basis for new methodologies in this area.

• Korean journal of food and cookery science
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• v.12 no.3
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• pp.361-366
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• 1996

Acceptable fish noodles of better nutritional and sensory values than conventional noodle made only wheat flour were prepared by mixing wheat flour and ground tile fish (Branchioste gus japonicus). In oder to mask a distinctive fish odor, various herbs and spices, such as ginger (Zingiber officinale), curry (Chalcas koenigii), nutmeg (Myristica Pagrans), garlic (Ailium sativum), black pepper (Piper nigrum), lemon (Cirtus limon) or sodachi (Citrus sudachi) were added to the basic tile fish noodle. Also, for the purpose of enhancing eating qual ify and nutritional value of basic noodle were combined some agricultural or fishery products of Cheju island, citrus fruits; danyooja (Citrus danyooga), hagul (C. natfudaidai), medical plants; angelica utilis (Angelica keiskei), ginseng (Panax ginseng), cactus (Opuntia dillenii), vegetable; carrot (Daucus carota), dropwort (Oenanthe jnvanica), seaweeds; fusiforme (Hizkia fusiforme), gulfweed (Sargaceae hlvelium). The optimal mixing ratio for preparing the basic tile fish noodle amounted to ground tile fish 135 g: tile fish stock 139 $m\ell$: wheat flour 450 g: salts 10 g. The mixture of curry powder (2.5 g) and nutmeg powder (2.5 g) was proved to be the most effective combinations for masking unfavorable fish odor. The optimal amounts of materials to be added to the prepared basic noodle were 25 g citrus zest and 80m1 citrus juice for citrus fruits noodles, and ca. 140 g puree for noodles from medical plants, vegetables and seaweeds, respectively. The preference score obtained from consumer preference test, on a 9-point scales, were in oder of i) danyooja > carrot, angelica, ginseng > fusiforme, ii) hagul > dropwort, cactus > gulfweed. The shelf-life of tile fish noodle based on bacterial counting was estimated to be 7-days at 5$^{\circ}C$.

• Korean Journal of Food Science and Technology
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• v.7 no.2
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• pp.96-99
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• 1975

In order to establish an optimal flour milling method for naked barley, the tempering conditions, milling after pearling and mixed flour milling of naked barley with wheat were studied, and the following results were obtained. 1. For the tempering of naked barley, treatment for 48 hours at a moisture level of 13. 5% and addition of 0. 5% water prior to the flour milling is the most useful procedure. 2. The pearling of naked barley before or after tempering lowers the ash content in the flour, but the yield is reduced considerably and two steps of processing make the procedure unsuitable. 3. For the mixed flour milling, the mixing ratio of naked barley to wheat ranging from 10 : 90 to 20 : 80 is optimal.

• Journal of the Korean Institute of Intelligent Systems
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• v.25 no.2
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• pp.191-196
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• 2015

There have been many studies on statistical forecasting on firm's performance and stock price by applying various financial indicators such as debt ratio and sales growth rate. Selecting predictors for constructing a prediction model among the various financial indicators is very important for precise prediction. Most of the previous studies applied variable selection algorithms for selecting predictors. However, the variable selection algorithm is considered to be at risk of eliminating certain amount of information from the indicators that were excluded from model construction. Therefore, we propose a firm's performance prediction model which principal component analysis is applied instead of the variable selection algorithm, in order to reduce dimensionality of input variables of the prediction model. In this study, we constructed the proposed prediction model by using financial data of American IT companies to empirically analyze prediction performance of the model.

• The Journal of the Korea Contents Association
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• v.19 no.1
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• pp.463-471
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• 2019

Tapes are usually used in violent crimes and may contain important evidence. Separating adhesive side should be preceded to collect these evidence. In this study, we researched a novel dual-purpose reagent that can separate the tape without damaging and develop the fingerprints on porous surface when the tape is attached to A4 paper. As a result, the reagent of 1:2 ratio of 1,2-IND stock solution and HFE-7100 can separate without damaging the adhesive surface and develop fingerprints on separated A4 paper.