• 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.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.4
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• pp.233-244
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• 2018

The purpose of this study was to improve awareness of network marketing business in South Korea, which takes a quite negative view of network marketing, to raise awareness of "starting up a business" as independent business owners, to assist them in building their own subjecthood in network business and entrepreneurial identity, and ultimately to give some suggestions on how to improve their self-directed entrepreneurial competency and the quality of their business management. To make an empirical analysis of 121 independent business owners of Korean native network marketing, the personal and background variables of the entrepreneurs were selected as independent variables, and entrepreneurship was selected as a mediator variable. The selected dependent variables were financial and non-financial business performances. A multiple regression analysis was conducted by inputting the variables. The findings of the study were as follows: It produced an effect of more financial performance when the innovation of the independent business owners of network marketing was better, and this innovation was possible to have only when they improved in entrepreneurial efficacy and locus of control. In contrast, only authenticity had an effect on boosting non-financial business performance among the factors of entrepreneurship. To have authenticity, it's necessary to strengthen achievement needs and awareness of locus of control among the personal characteristics of the independent business owners of network marketing. Among the factors of entrepreneurship, there was better authenticity when their personal networks were broader among their background characteristics. In addition, self-efficacy that was one of personal characteristics made a direct contribution to the enhancement of non-financial performance. As a result, independent business owners of network marketing are required to hold a strong belief in their own business, to be active in business activities and to have a high efficacy as spontaneous principal agents, and they also are required to have more adventurous, planned, active and propulsive achievement needs that enable them to attain the goals of their business and keep moving forward. Besides, they should foster their locus-of-control competency that is to control, endure and be responsible for a variety of phenomena or incidents that they face, and there will be better financial performance or non-financial performance only when they demonstrate their self-belief and confidence and when they have faith in and conviction about themselves. For independent business owners of network marketing, a consumer-centered thinking that entails authenticity and trustworthiness and touches the hearts of customers is a more effective marketing strategy than an egocentric thinking as sellers when they approach customers. And they are expected to make progress in terms of the quality of business management when their business attachment or enthusiasm is great enough to match their own efficacy with entrepreneurial identity or strike a balance between them.

• Journal of Preventive Medicine and Public Health
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• v.30 no.4 s.59
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• pp.741-751
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• 1997

Measurement of blood lead (PbB) and blood zinc protoporphyrin (ZPP) are most common biological indices to identify the individual at risk for excess or the health sequences by lead exposure. Because PbB is known most important and reliable index of lead exposure, PbB is often regarded as a gold standard to detect lead exposure. But in Korea PbB is a secondary test item of detailed health check-up with positive finding of screening test in most occasion. Our lead standard requires all lead workers to take annual heath-check twice a year for investigation of their health effect due to lead exposure. Blood ZPP is one of most important index to detect high lead absorption in lead workers as a screening test. Measurement of blood ZPP is known ,well to correlate with PbB in steady state of exposure in most lead workers and is often used as a primary screening test to detect high lead absorption of lead workers with the advantage of simplicity, easiness, portability and low cost. The current cut-off criteria of blood ZPP for further detailed health check-up is $100{\mu}g/d\ell$ which is supposed to match the level of $40{\mu}g/d\ell$ of PbB according to our standard. Authors tried to investigate the validity of current criteria of cut-off level $(100{\mu}g/d\ell)$ of blood ZPP and possible another better cut-off level of it to detect the lead workers whose PbB level over $40{\mu}g/d\ell$. The subjects in our study were 212 male workers in three small scale storage battery industries. Blood ZPP, PbB and hemoglobin (Hb) were selected as the indices of lead exposure. The results were as follows. 1. The mean of blood ZPP, PbB and Hb in lead workers were $79.5{\pm}46.7{\mu}g/d\ell,\;38.7{\pm}15.1{\mu}g/d\ell,\;and\;14.8{\pm}1.2g/d\ell$, respectively. There were significant differences in blood ZPP, PbB and Hb by industry (P<0.01). 2. The percents of lead workers whose blood ZPP were above $100{\mu}g/d\ell$ in the group of work duration below 1, 1-4, 5-9 and above 10 years were 8.6%, 17.2%, 47.6%, and 50.0%, respectively. The percents of lead workers whose PbB were above $40{\mu}g/d\ell$ in those were 31.4%, 40.4%, 71.4%, and 86.4%, respectively. 3. The percents of lead workers whose PbB were below $40{\mu}g/d\ell$, $40-59{\mu}g/d\ell$ and above $60{\mu}g/d\ell$ were 54.7%, 34.9% and 10.4%, respectively. Those of lead workers whose blood ZPP were below $100{\mu}g/d\ell$, $100-149{\mu}g/d\ell$ and above $150{\mu}g/d\ell$ were 79.2%, 13.7% and 7.1%, respectively. 4. Simple linear regression of PbB on blood ZPP was statistically significant (P<0.01) and as PbB was $40{\mu}g/d\ell$, blood ZPP was $82.1{\mu}g/d\ell$. 5. While the highest sensitivity and specificity of blood ZPP test to detect lead workers with PbB eve. $40{\mu}g/d\ell$ were observed in the cut-off level of $50{\mu}g/d\ell$ and $100{\mu}g/d\ell$ of blood ZPP, respectively, the highest validity (sensitivity+specificity) of blood ZPP to detect lead workers with PbB over $40{\mu}g/d\ell$ was observed in the cut-off level of around $70{\mu}g/d\ell$ of blood ZPP. But even with optimal cut-off level of around $70{\mu}g/d\ell$ of blood ZPP, still 25.0% of false negative and 20.7% false positive lead workers were found. As the result of this study, it was suggested that reconsideration of current blood ZPP cut-off of our lead standard from $100{\mu}g/d\ell$ to somewhat lower level such as around $70{\mu}g/d\ell$ and the inclusion of PbB measurement as a primary screening test for lead workers was highly recommended for the effective prevention of lead workers.

• KOREAN JOURNAL OF CROP SCIENCE
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• v.47
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• pp.63-94
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• 2002

On the purpose to suggest an advanced scheme in assessing the domestic wheat quality, this paper reviewed the inspection systems of wheat in major wheat producing countries as well as the quality criteria which are being used in wheat grading and classification. Most wheat producing countries are adopting both classifications of class and grade to provide an objective evaluation and an official certification to their wheat. There are two main purposes in the wheat classification. The first objectives of classification is to match the wheat with market requirements to maximize market opportunities and returns to growers. The second is to ensure that payments to glowers aye made on the basis of the quality and condition of the grain delivered. Wheat classes has been assigned based on the combination of cultivation area, seed-coat color, kernel and varietal characteristics that are distinctive. Most reputable wheat marketers also employ a similar approach, whereby varieties of a particular type are grouped together, designed by seed coat colour, grain hardness, physical dough properties, and sometimes more precise specification such as starch quality, all of which are genetically inherited characteristics. This classification in simplistic terms is the categorization of a wheat variety into a commercial type or style of wheat that is recognizable for its end use capabilities. All varieties registered in a class are required to have a similar end-use performance that the shipment be consistent in processing quality, cargo to cargo and year to year, Grain inspectors have historically determined wheat classes according to visual kernel characteristics associated with traditional wheat varieties. As well, any new wheat variety must not conflict with the visual distinguishability rule that is used to separate wheats of different classes. Some varieties may possess characteristics of two or more classes. Therefore, knowledge of distinct varietal characteristics is necessary in making class determinations. The grading system sets maximum tolerance levels for a range of characteristics that ensure functionality and freedom from deleterious factors. Tests for the grading of wheat include such factors as plumpness, soundness, cleanliness, purity of type and general condition. Plumpness is measured by test weight. Soundness is indicated by the absence or presence of musty, sour or commercially objectionable foreign odors and by the percentage of damaged kernels that ave present in the wheat. Cleanliness is measured by determining the presence of foreign material after dockage has been removed. Purity of class is measured by classification of wheats in the test sample and by limitation for admixtures of different classes of wheat. Moisture does not influence the numerical grade. However, it is determined on all shipments and reported on the official certificate. U.S. wheat is divided into eight classes based on color, kernel Hardness and varietal characteristics. The classes are Durum, Hard Red Spring, Hard Red Winter, Soft Red Winter, Hard White, soft White, Unclassed and Mixed. Among them, Hard Red Spring wheat, Durum wheat, and Soft White wheat are further divided into three subclasses, respectively. Each class or subclass is divided into five U.S. numerical grades and U.S. Sample grade. Special grades are provided to emphasize special qualities or conditions affecting the value of wheat and are added to and made a part of the grade designation. Canadian wheat is also divided into fourteen classes based on cultivation area, color, kernel hardness and varietal characteristics. The classes have 2-5 numerical grades, a feed grade and sample grades depending on class and grading tolerance. The Canadian grading system is based mainly on visual evaluation, and it works based on the kernel visual distinguishability concept. The Australian wheat is classified based on geographical and quality differentiation. The wheat grown in Australia is predominantly white grained. There are commonly up to 20 different segregations of wheat in a given season. Each variety grown is assigned a category and a growing areas. The state governments in Australia, in cooperation with the Australian Wheat Board(AWB), issue receival standards and dockage schedules annually that list grade specifications and tolerances for Australian wheat. AWB is managing "Golden Rewards" which is designed to provide pricing accuracy and market signals for Australia's grain growers. Continuous payment scales for protein content from 6 to 16% and screenings levels from 0 to 10% based on varietal classification are presented by the Golden Rewards, and the active payment scales and prices can change with market movements.movements.

• The Journal of Korea Institute of Information, Electronics, and Communication Technology
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• v.11 no.2
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• pp.144-149
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• 2018

The eggs are incubated for 18 days through the generator and incubated in the developing incubator. During the developmental period, the weight loss of the fetus is correlated with the ventricular formation, and the proper ventricular formation is also associated with the healthy embryonic hatching and the egg hatching rate. However, in the incubator period of the domestic hatchery, it is a reality to acquire the resultant side by the Iranian standard weight measurement with the experience of the hatchery and the person concerned and the development period without the apparatus for measuring the present weight. As a result, prevalence of early mortality, hunger and illness during hatching are frequent. Monitoring the reduction of weaning weight is crucial to obtaining chick quality and hatching performance with weight changes within the development machine. Water loss is different depending on the size of eggs, egg shell, and elder group. We can expect to increase the hatching rate by measuring the weight change in real time and optimizing the ventilation change accordingly. There is a need to develop a real-time measurement system that can control 10 to 13% reduction of the total weight during hatching. The system through this study is a way to check the one - time directly when moving the existing egg, and it is impossible to control the measurement of the fetal water evaporation within the development period. Unlike systems that do not affect the hatching rate, four load cells are connected in parallel on the Arduino sketch board and the AT-command command is used to connect the mobile phone and computer in real time. The communication speed of Bluetooth was set to 15200 to match the communication speed of Arduino and Hyper-terminal program. The real - time monitoring system was designed to visually check the change of the weight of the fetus in the artificial incubator. In this way, we aimed to improve the hatching rate and health condition of the hatching eggs.

• The KIPS Transactions:PartC
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• v.10C no.6
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• pp.683-694
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• 2003

We present X-tree Diff, a change detection algorithm for tree-structured data. Our work is motivated by need to monitor massive volume of web documents and detect suspicious changes, called defacement attack on web sites. From this context, our algorithm should be very efficient in speed and use of memory space. X-tree Diff uses a special ordered labeled tree, X-tree, to represent XML/HTML documents. X-tree nodes have a special field, tMD, which stores a 128-bit hash value representing the structure and data of subtrees, so match identical subtrees form the old and new versions. During this process, X-tree Diff uses the Rule of Delaying Ambiguous Matchings, implying that it perform exact matching where a node in the old version has one-to one corrspondence with the corresponding node in the new, by delaying all the others. It drastically reduces the possibility of wrong matchings. X-tree Diff propagates such exact matchings upwards in Step 2, and obtain more matchings downwsards from roots in Step 3. In step 4, nodes to ve inserted or deleted are decided, We aldo show thst X-tree Diff runs on O(n), woere n is the number of noses in X-trees, in worst case as well as in average case, This result is even better than that of BULD Diff algorithm, which is O(n log(n)) in worst case, We experimented X-tree Diff on reat data, which are about 11,000 home pages from about 20 wev sites, instead of synthetic documets manipulated for experimented for ex[erimentation. Currently, X-treeDiff algorithm is being used in a commeercial hacking detection system, called the WIDS(Web-Document Intrusion Detection System), which is to find changes occured in registered websites, and report suspicious changes to users.

• Journal of KIISE:Databases
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• v.33 no.1
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• pp.42-55
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• 2006

We propose a single Index approach for subsequence matching that supports moving average transform of arbitrary order in time-series databases. Using the single index approach, we can reduce both storage space overhead and index maintenance overhead. Moving average transform is known to reduce the effect of noise and has been used in many areas such as econometrics since it is useful in finding overall trends. However, the previous research results have a problem of occurring index overhead both in storage space and in update maintenance since tile methods build several indexes to support arbitrary orders. In this paper, we first propose the concept of poly-order moving average transform, which uses a set of order values rather than one order value, by extending the original definition of moving average transform. That is, the poly-order transform makes a set of transformed windows from each original window since it transforms each window not for just one order value but for a set of order values. We then present theorems to formally prove the correctness of the poly-order transform based subsequence matching methods. Moreover, we propose two different subsequence matching methods supporting moving average transform of arbitrary order by applying the poly-order transform to the previous subsequence matching methods. Experimental results show that, for all the cases, the proposed methods improve performance significantly over the sequential scan. For real stock data, the proposed methods improve average performance by 22.4${\~}$33.8 times over the sequential scan. And, when comparing with the cases of building each index for all moving average orders, the proposed methods reduce the storage space required for indexes significantly by sacrificing only a little performance degradation(when we use 7 orders, the methods reduce the space by up to 1/7.0 while the performance degradation is only $9\%{\~}42\%$ on the average). In addition to the superiority in performance, index space, and index maintenance, the proposed methods have an advantage of being generalized to many sorts of other transforms including moving average transform. Therefore, we believe that our work can be widely and practically used in many sort of transform based subsequence matching methods.

• Journal of Korean Classical Literature and Education
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• no.38
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• pp.139-173
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• 2018

In the study of Guunmong, which is one of the representative classical $17^{th}$ century novels of the Joseon Dynasty, interpretations through The Book of Change(Juyeok) have recently emerged. It is necessary to more concretely investigate the themes of the research. The writer Kim man-jung wrote the work in an exile situation. In that time he composed a poem using Chinese letters with meaning connected to The book of Change. In particular, the discourse of Bok-gwae(復卦, ䷗) concentrating on the meaning of recovery might be a basis to construct the inner world of the work. The sentence of 'Bok goes well' in The Book of Change suitably match up with the hero's life in Guunmong. In addition the sentences of 'There is no illness in going and coming. So it will be no faults if friends arriver' can be applied to the meeting between the hero and heroines of Guunmong. The general declarations of The Book of Change are appropriate for explaining the contents of Guunmong. There are six Hyos that make up Gwae. The Hyos, from the first one at the bottom to the fifth one up above, connect to the characters of Guunmong. The phrase of 'Not going far away' regarding to the first Yang Hyo can be connected to Yang So-yu, hero of Guunmong. The phrase of 'Recovering beautifully' with regard to the second Eum Hyo can also be realized in the life of Jeong Gyeong-pae and Ga Chunun, two heroines of the work. The phrase of 'Danger owing to frequently recovering' regarding the third Eum Hyo can be applied to the position of Gye Seom-weol and Jeok Gyeong-hong. The phrase of 'Going middle with recovering alone' regarding the forth Eum Hyo can be matched with Sim Yo-yeon and Baek Reung-pa. The phrase of 'No regrets during an intense recovery' with regard to the fifth Eum Hyo is applicable to Yi So-hwa and Jin Chae-bong. The phrase of 'Boding of a confused recovering' regarding the sixth Eum Hyo is related to the writer's situation. The boding of confused recovering is owing to anti-royal road. The contrast between the royal road and the anti-royal road reflects Confucianism and Buddhism, dream and reality, and Yang So-yu in a dream and Seong Jin, who is same hero, in reality. Moreover, the structure of Guunmong which is organized in the form of reality-dream-reality, has a basis in this contrast. Considering these relationships, we can say the classical novel Guunmong is a fable of Bok-gwae. The work is a hopeful narration of an effective recovery that the writer anticipated in exile.

• Korean Journal of Breeding Science
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• v.43 no.6
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• pp.554-558
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• 2011

A single cross hybrid, 'Eolrukchal 1', is a bicolor waxy corn (Zea mays L.) developed by the maize breeding team at the National Institute of Crop Science (NICS), RDA in 2007. This hybrid, which has a high eating quality, was produced by crossing two inbred lines, KBW23 and KW33. KBW23 was a seed parent and KW33 was a the pollen parent of 'Eolrukchal 1'. Ear length and diameter of 'Eolrukchal 1' is 18.4 cm and 4.5 cm, respectively. The ratio of kernel set length/ear length is 89%, similar with that of a check hybrid, 'Chalok 1'. It is resistant to Exserohilum turcicum (Northern corn leaf blight) and its lodging resistance is higher than that of 'Chalok 1'. The yield of 'Eolrukchal 1' in fresh ear weight was 9.80 ton/ha and 14% higher than that of 'Chalok 1' in regional yield trials (RYT) from 2005 to 2007. A seed production of this hybrid has been well due to good match during crossing between the seed and the pollen parents. It is adaptable to the whole country except Jeju-do.

• Korean Journal of Heritage: History & Science
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• v.49 no.2
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• pp.190-205
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• 2016

Buddhist stupas, which are a symbolic architecture of Buddhism and enshrine the Jinsinsari of Buddha, were reinvented as stone stupas appropriate for the natural soil of Korea from existing wooden stupas around the 7th century after the introduction of Buddhism. Later, the construction of a stone stupa was expanded to local areas from the central area around the 9th century; thus, stone stupas of more diverse local colors were built in a nationwide scale, and today it is called a "country of stone stupas". While focusing on the stylistic interchanges between stone stupas, which were established in each region in accordance with the localization of the establishment of stone stupas that was begun actively from the 9th century, this paper selected several cases of stone stupas among about 50 stone stupas in the Gangwondo-region. First, the study compared the stone stupas and Buddhist priest tower of Seollimwonji, Jinjeonsaji, and Geodonsaji, which are located at the same temple site as the current Buddhist priest tower, from among typical Silla style stupas that match the 9 stone stupas in the Gangwon-do region. This is because stylistic interchanges were possible while there were mutually organic relationships between Buddhist statues such as stone stupas, Buddhist priest towers, stone lanterns, and Buddhist pedestals, which used the same stone material along with the expansion of Buddhism to local areas in accordance with the spread of Zen Buddhism in the 9th century. Second, a comparison was made of the stylistic similarities between the Woljeongsa Palgakgucheong (eight sides nine-storied) stone stupa and the Sinboksaji Samcheung (three-storied) stone stupa, which are totally different in regard to the number of stories and the flat form. These two stone stupas are representative Goryeo stone stupas. The Woljeongsa stone stupa is a Goguryeo-oriented stone stupa with many sided multiple stories whereas the Sinboksaji stone stupa has been known as an early case of the insertion of the support of Tapsin in each story. Although the two stone stupas may look very different, but through close investigation it was confirmed that there were many stylistic interchanges between them and not only the seated stone Buddha statue in the cylinder jewel case in front of the stupa but also the stone stupa established by the same master. Consequently, this paper aimed not merely to mention the simple patterns of stone stupas, but, further, to trace the interchange in patterns in accordance with the construction period based on those patterns.