• Economic Analysis
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• v.27 no.1
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• pp.1-36
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• 2021

Given the US dollar's status as a global safe haven, global factors, such as US monetary policy, may have considerable impacts on financial markets in other countries. Regarding such hypothesis, this paper looked at the impacts of US monetary policy on domestic bond and FX swap markets through an event study. According to our analysis, US monetary policy had significant positive impacts on domestic interest rates. In particular, it turned out to have bigger impacts on long-term products with high term premiums. By period, the correlation between US monetary policy and domestic interest rates was not significant before the financial crisis, but was clearly positive after the crisis. The US conventional monetary policy was seen to have big impacts on short-term and medium-term KTB yields, while its unconventional monetary policy had major impacts on long-term KTB yields. Moreover, FX swap rates reacted very sensitively to US monetary policy shocks before the financial crisis, while they did not show any significant reactions after the crisis. This suggests that, in line with the covered interest rate parity, the impact of US monetary policy shocks was transmitted to domestic financial markets mainly through swap rate adjustments before the global financial crisis, but through the changes in domestic interest rates during the post-crisis period.

• The Korean Journal of Financial Studies
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• v.8 no.1
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• pp.157-188
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• 2002

본 연구는 우리나라 IPO시장에서 나타나고 있는 초과수익률의 원인을 밝히고자 최근 벤처금융의 중심으로 급부상하고 있는 KOSDAQ시장의 공모 IPO를 대상으로 실증분석을 시도하였다. 연구결과 상장일 표본전체 IPO의 초과수익률(AR1)이 9.91%로 나타났으며, 벤처캐피탈투자 IPO는 5.13%, 비투자 IPO는 13.29%로 나타났다. 상한가의 행진이 종료된 날을 기준으로 한 표본전체 IPO의 초과수익률(AR2)은 30.97%, 벤처캐피탈 투자기업 IPO는 24.34%, 비투자기업 IPO는 34.67%로 나타났다. 초과수익률의 원인을 분석하기 위한 8개의 변수 중 IPO의 수요증감 척도인 KOSDAQ 지수는 초과수익률(AR)과는 양(+)의 관계로, 벤처캐피탈리스트들의 능력 및 가치책정의 행태를 엿볼 수 있는 변수인 본질가치와 공모가액의 차이는 음(-)의 관계로, 사업규모나 자본조달의 크기를 엿볼 수 있는 공모금액의 크기는 양(+)의 관계로 1% 유의수준에서 유의한 것으로 나타났다. 그러나 여타 변수들은 통계적으로 유의성을 확보하지는 못하였으나 초과수익률의 원인이론으로 '신호이론'과 '투기적 거품가설'에 의한 설명이 가능하였으며 분석결과를 다음과 같이 정리할 수 있었다. 첫째, IPO 본질가치에 대한 신뢰와 IPO의 발행규모에 대한 신뢰수준이 통계적으로 유의한 결과로 나타났는바 이러한 결과는 기업가치와 벤처 또는 사업의 계속적 수행 등에 대한 신호역할을 수행하고 있다고 할 수 있으며 상장초기 초과수익률은 주로 이러한 신호역할에 의한 수요집중으로 발생된 결과인 것으로 사료되었다. 둘째, 노련한 벤처캐피탈회사로 선정된 KTB의 투자기업들은 상장 후 4주간의 거래에 있어 AR 평균이 음(-)으로 여타 벤처캐피탈이 투자된 기업보다 손실 폭이 더욱 켰음에도 불구하고 상장일 초과수익률 AR2가 매우 높게 나타나 우리나라 IPO시장에 있어 과민반응(fads) 현상이 존재하고 있는 것으로 분석되었다. 셋째, 벤처캐피탈 투자 IPO의 초과수익률이 상대적으로 낮아 벤처캐피탈 투자여부가 IPO의 저가발행 수준을 축소하고 있어 벤처캐피탈리스트의 제 3자 보증역할이 어느 정도는 수행되고 있는 것으로 분석되었다.

• Journal of the Korean Association of Oral and Maxillofacial Surgeons
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• v.30 no.5
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• pp.406-413
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• 2004

Progress in medical science and cell biology has resulted in the transplantation of human cells and tissues from on human into another, facilitating reproduction and the restoration of form and function, as well as enhancing the quality of life. For more than 40 years, society has recognized the medical and humanitarian value of donation and transplanting organs and tissues. The standard operating procedures of hard tissues reflect the collective expertise and conscientious efforts of tissue bank professionals to provide a foundation for the guidance of tissue banking activities. Procurement of allograft tissues from surgical bone donors is a part of tissue banking. During the past decades the use of bone allografts has become widely accepted for the filling of skelectal defects in a variety of surgical procedures. In particular in the field of orthopaedic and oral and maxillofacial surgery the demand for allografts obtained from either living or post-mortem donors has increased. Hospital-based tissue banks mainly retrieve allografts from living donors undergoing primary total hip replacement for osteoarthritis or hemi arthroplasty for hip fractures and orthgnatic surgery such as angle reduction. Although bone banks have existed for many years, the elements of organized and maintaining a hospital bone bank have not been well documented. The experience with a tissue bank at Korea Tissue Bank(KTB) between 2001 and 2004 provides a model of procurement, storage, processing, sterilization and documentation associated with such a facility. The following report describes the standard operating procedures of hard tissues such as femoral head obtained from living donors.

• Journal of the Korean earth science society
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• v.25 no.1
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• pp.22-31
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• 2004

Laboratory experiments were conducted in order to find effects of the intermediate principal stress of ${\sigma}_{2}$ on rock fractures and faults. Polyaxial tests were carried out under the most generalized compressive stress conditions, in which different magnitudes of the least and intermediate principal stresses ${\sigma}_{3}$ and ${\sigma}_{2}$ were maintained constant, and the maximum stress ${\sigma}_{1}$, was increased to failure. Two crystalline rocks (Westerly granite and KTB amphibolite) exhibited similar mechanical behavior, much of which is neglected in conventional triaxial compression tests in which ${\sigma}_{2}$ = ${\sigma}_{3}$. Compressive rock failure took the form of a main shear fracture, or fault, steeply dipping in ${\sigma}_{3}$ direction with its strike aligned with ${\sigma}_{2}$ direction. Rock strength rose significantly with the magnitude of ${\sigma}_{2}$, suggesting that the commonly used Mohr-type failure criteria, which ignore the ${\sigma}_{2}$ effect, predict only the lower limit of rock strength for a given ${\sigma}_{3}$ level. The true triaxial failure criterion for each of the crystalline rocks can be expressed as the octahedral shear stress at failure as a function of the mean normal stress acting on the fault plane. It is found that the onset of dilatancy increases considerably for higher ${\sigma}_{2}$. Thus, ${\sigma}_{2}$ extends the elastic range for a given ${\sigma}_{3}$ and, hence, retards the onset of the failure process. SEM inspection of the micromechanics leading to specimen failure showed a multitude of stress-induced microcracks localized on both sides of the through-going fault. Microcracks gradually align themselves with the ${\sigma}_{1}$-${\sigma}_{2}$ plane as the magnitude of ${\sigma}_{2}$ is raised.

• Journal of Information Management
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• v.26 no.1
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• pp.52-79
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• 1995

The objective of this study is to apply Information Resource Management(IRM) methodology to corporate library and information units. The focus of the study fixes how to start, develop and establish IRM in corporations. The methodology of IRM is based on the way of integrating information contents and systems by information technology. The body of this study consists of three parts. Part 1 surveys the review of IRM progress, its definitions, its components, IRM policy, and IRM human resource. Part 2 suggests a modeling for IRM methodology, which includes the inventory for pinpointing each information resource entity(IRE), the analysis of information needs, the measuring cost of IRE, and the evaluation of information value. Part 3 investigates internal and external information resources of certain corporations and analyses the users' information needs.

• Journal of Intelligence and Information Systems
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• v.28 no.4
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• pp.81-94
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• 2022

Real estate and artworks were considered challenging investment targets for individual investors because of their relatively high average transaction price despite their long investment history. Recently, the so-called fractional investment, generally known as investing in a share of the ownership right for real-life assets, etc., and most investors perceive that they actually own a piece (fraction) of the ownership right through their investments, is gaining popularity. Founded in 2016, Musicow started the first service that allows users to invest in copyright fees related to music distribution. Using the LSTM algorithm, one of the deep learning algorithms, this research predict the price of right to participate in copyright fees traded in Musicow. In addition to variables related to claims such as transfer price, transaction volume of claims, and copyright fees, comprehensive indicators indicating the market conditions for music copyright fees participation, exchange rates reflecting economic conditions, KTB interest rates, and Korea Composite Stock Index were also used as variables. As a result, it was confirmed that the LSTM algorithm accurately predicts the transaction price even in the case of fractional investment which has a relatively low transaction volume.

• Research in Plant Disease
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• v.12 no.2
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• pp.91-98
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• 2006

A filtrate powder, designated as KNF2022, produced from culture broth of Acinetobacter sp. KTB3 was tested for their inhibitory effects on Pepper mild mottle virus (PMMoV) infection to Nicotiana glutinosa or N. tabacum cv. Xanthi nc. When 1/100 dilution with distilled water was treated to the plants and PMMoV was inoculated, the inhibition was estimated to be 94.3 and 95.6%, respectively. The same concentrations of KNF2022 inhibited infections of Pepper mottle virus (PepMoV) and Cucumber mosaic virus (CMV) on Chenopodium amaranticolor by 97.1 and 92.5%, respectively. Duration of inhibitory activity of the filtrate powder from Acinetobacter sp. culture broth against PMMoV infection on N. glutinosa was maintained for 2 days at 80% inhibition level, however, the inhibitory effect was diminished from 4 days after treatment to 50% levels. To evaluate inhibitory effects on systemic host plants of the antiviral agent, symptom developments of PMMoV, PepMoV and CMV on KNF2022-treated pepper plants were investigated. Delayed symptom developments until 10 days after inoculation (DAI) were observed for all the three viruses when the viruses were inoculated individually, and these delayed symptom development effects were maintained until 30 DAI in case of PepMoV. Moreover, PepMoV was not detected by RT-PCR and ELISA until 30 DAI. These delayed symptom development effects were diminished in all combinations of three virus co-inoculations due to synergism of three viruses on symptom developments. Inhibitory effect of KNF2022 was verified under electron microscopic examinations using purified virus preparations. Particles of PMMoV and PepMoV were observed on specimens from 5 min after KNF2022 treatment, and the particle sizes were reached in the range of 200-250 nm and 400-600 nm, respectively. Furthermore, the viral particles were destructed and particle sizes were reached in the range of 100-150 nm and 300-500 nm, respectively, on 60 min after treatments. Reduction of local lesion numbers on N. tabacum cv. Xanthi nc and C. amaranticolor were accompanied with reduction of virus particle sizes. In the case of CMV destructed particle numbers were also increased according to incubation period after KNF2022 treatment and local lesions on C. amaranticolor were reduced.

• Knowledge Management Research
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• v.22 no.4
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• pp.71-85
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• 2021

The purpose of this study is to find out which artificial intelligence methodology is most suitable for creating a foreign exchange rate prediction model using the indicators of bond market and interest rate market. KTBs and MSBs, which are representative products of the Korea bond market, are sold on a large scale when a risk aversion occurs, and in such cases, the USD/KRW exchange rate often rises. When USD liquidity problems occur in the onshore Korean market, the KRW Cross-Currency Swap price in the interest rate market falls, then it plays as a signal to buy USD/KRW in the foreign exchange market. Considering that the price and movement of products traded in the bond market and interest rate market directly or indirectly affect the foreign exchange market, it may be regarded that there is a close and complementary relationship among the three markets. There have been studies that reveal the relationship and correlation between the bond market, interest rate market, and foreign exchange market, but many exchange rate prediction studies in the past have mainly focused on studies based on macroeconomic indicators such as GDP, current account surplus/deficit, and inflation while active research to predict the exchange rate of the foreign exchange market using artificial intelligence based on the bond market and interest rate market indicators has not been conducted yet. This study uses the bond market and interest rate market indicator, runs artificial neural network suitable for nonlinear data analysis, logistic regression suitable for linear data analysis, and decision tree suitable for nonlinear & linear data analysis, and proves that the artificial neural network is the most suitable methodology for predicting the foreign exchange rates which are nonlinear and times series data. Beyond revealing the simple correlation between the bond market, interest rate market, and foreign exchange market, capturing the trading signals between the three markets to reveal the active correlation and prove the mutual organic movement is not only to provide foreign exchange market traders with a new trading model but also to be expected to contribute to increasing the efficiency and the knowledge management of the entire financial market.

• Land and Housing Review
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• v.11 no.2
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• pp.33-46
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• 2020

As the fastest growing office transaction volume in Korea, there's been a need for development of indicators to accurately diagnose the office capital market. The purpose of this paper is experimentally calculate to the office price index for effective benchmark indices in Seoul. The quantitative methodology used a Case-Shiller Repeat Sales Model (1991), based on actual multiple office transaction dataset with over minimum 1,653 ㎡ from Q3 1999 to 4Q 2019 in the case of 1,536 buildings within Seoul Metropolitan. In addition, the collected historical data and spatial statistical analysis tools were treated with the SAS 9.4 and ArcGIS 10.7 programs. The main empirical results of research are briefly summarized as follows; First, Seoul office price index was estimated to be 344.3 point (2001.1Q=100.0P) at the end of 2019, and has more than tripled over the past two decades. it means that the sales price of office per 3.3 ㎡ has consistently risen more than 12% every year since 2000, which is far above the indices for apartment housing index, announced by the MOLIT (2009). Second, between quarterly and annual office price index for the two-step estimation of the MIT Real Estate Research Center (MIT/CRE), T, L, AL variables have statistically significant coefficient (Beta) all of the mode l (p<0.01). Third, it was possible to produce a more stable office price index against the basic index by using the Moore-Penrose's pseoudo inverse technique at low transaction frequency. Fourth, as an lagging indicators, the office price index is closely related to key macroeconomic indicators, such as GDP(+), KOSPI(+), interest rates (5-year KTB, -). This facts indicate that long-term office investment tends to outperform other financial assets owing to high return and low risk pattern. In conclusion, these findings are practically meaningful to presenting an new office price index that increases accuracy and then attempting to preliminary applications for the case of Seoul. Moreover, it can provide sincerely useful benchmark about investing an office and predicting changes of the sales price among market participants (e.g. policy maker, investor, landlord, tenant, user) in the future.