• 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.

• Geophysics and Geophysical Exploration
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• v.19 no.1
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• pp.1-10
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• 2016

The hypocenter distribution of microseismic events generated by hydraulic fracturing for shale gas development provides essential information for understanding characteristics of fracture network. In this study, we evaluate how inaccurate velocity models influence the inversion results of two widely used location programs, hypoellipse and hypoDD, which are developed based on an iterative linear inversion. We assume that 98 stations are densely located inside the circle with a radius of 4 km and 5 artificial hypocenter sets (S0 ~ S4) are located from the center of the network to the south with 1 km interval. Each hypocenter set contains 25 events placed on the plane. To quantify accuracies of the inversion results, we defined 6 parameters: difference between average hypocenters of assumed and inverted locations, $d_1$; ratio of assumed and inverted areas estimated by hypocenters, r; difference between dip of the reference plane and the best fitting plane for determined hypocenters, ${\theta}$; difference between strike of the reference plane and the best fitting plane for determined hypocenters, ${\phi}$; root-mean-square distance between hypocenters and the best fitting plane, $d_2$; root-mean-square error in horizontal direction on the best fitting plane, $d_3$. Synthetic travel times are calculated for the reference model having 1D layered structure and the inaccurate velocity model for the inversion is constructed by using normal distribution with standard deviations of 0.1, 0.2, and 0.3 km/s, respectively, with respect to the reference model. The parameters $d_1$, r, ${\theta}$, and $d_2$ show positive correlation with the level of velocity perturbations, but the others are not sensitive to the perturbations except S4, which is located at the outer boundary of the network. In cases of S0, S1, S2, and S3, hypoellipse and hypoDD provide similar results for $d_1$. However, for other parameters, hypoDD shows much better results and errors of locations can be reduced by about several meters regardless of the level of perturbations. In light of the purpose to understand the characteristics of hydraulic fracturing, $1{\sigma}$ error of velocity structure should be under 0.2 km/s in hypoellipse and 0.3 km/s in hypoDD.

• The Korean Journal of Air & Space Law and Policy
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• v.29 no.2
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• pp.205-237
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• 2014

Last 50 years there were a lot of space subjects launched by space activities of many states and these activities also had created tremendous, significant space debris contaminating the environment of outer space. The large number of space debris which are surrounding the earth have the serious possibilities of destroying a satellite or causing huge threat to the space vehicles. For example, Chinese anti-satellite missile test was conducted by China on January 11, 2007. As a consequence a Chinese weather satellite was destroyed by a kinetic kill vehicle traveling with a speed of 8 km/s in the opposite direction. Anti-satellite missile tests like this,contribute to the formation of enormous orbital space debris which can remain in orbit for many years and could interfere with future space activity (Kessler Syndrome). The test is the largest recorded creation of space debris in history with at least 2,317 pieces of trackable size (golf ball size and larger) and an estimated 150,000 debris particles and more. Several nations responded negatively to the test and highlighted the serious consequences of engaging in the militarization of space. The timing and occasion aroused the suspicion of its demonstration of anti-satellite (ASAT) capabilities following the Chinese test of an ASAT system in 2007 destroying a satellite but creating significant space debris. Therefore this breakup seemed to serve as a momentum of the UN Space Debris Mitigation Guidelines and the background of the EU initiatives for the International Code of Conduct for Outer Space Activities. The UN Space Debris Mitigation Guidelines thus adopted contain many technical elements that all the States involved in the outer space activities are expected to observe to produce least space debris from the moment of design of their launchers and satellites until the end of satellite life. Although the norms are on the voluntary basis which is normal in the current international space law environment where any attempt to formulate binding international rules has to face opposition and sometimes unnecessary screening from many corners of numerous countries. Nevertheless, because of common concerns of space-faring countries, the Guidelines could be adopted smoothly and are believed faithfully followed by most countries. It is a rare success story of international cooperation in the area of outer space. The EU has proposed an International Code of Conduct for Outer Space Activities as a transparency and confidence-building measure. It is designed to enhance the safety, security and sustainability of activities in outer space. The purpose of the Code to reduce the space debris, to allow exchange of the information on the space activities, and to protect the space objects through safety and security. Of the space issues, the space debris reduction and the space traffic management require some urgent attention. But the current legal instruments of the outer space do not have any binding rules to be applied thereto despite the incresing activities on the outer space. We need to start somewhere sometime soon before it's too late with the chaotic situation. In this article, with a view point of this problem, focused on the the Chinese test of an ASAT system in 2007 destroying a satellite but creating significant space debris and tried to analyse the issues of space debris reduction.

• Trans-
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• v.1
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• pp.21-44
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• 2016

Advertisement is composed with symbol and sign with messages trying to express. Especially, ad with dancer introduces goods or meaning of contents with the motion of dance. In this, contents of dance or motion of dancer contains symbol and sign, understanding how ad and dance are expressed meanings with which symbol and the symbolic meaning of dance or dancer on ad. To that end, this study is for analyzing expressed symbol with dance corresponds with the aim of ad and finding the way or attitude of how normal people accept dance by reevaluating symbolic meaning of dance itself. In this study, advertisement producer and director's related data is secured for understanding direction and intention of producer, and previous study related with the study purpose, image, and effect are analyzed for understanding image of dance as a physical sign on TV advertisement. With data from www.TVCF.co.kr. TV advertisement analysis is conducted only with four ads in 2008(Nam Kwang Eng. & Const Co., Lotte Dept. Store(premium sale/gift card), Hyundai Motor Company Santa Fe -Pilobolus) and one ad in 2011(PNS The zone Sash Italy Arena di Verona when dance was used for advertisement with the highest frequency per year. Also, based on considered important factors from repeatedly watching each advertisement, scenes where movement or motion of dancer and screen word is greatly changed are analyzed as a priority. Image analysis of dance is conducted with structure studies based on physical image(line, costume, expression) and dan image(type motion, qualitative feature, mood of dance). As a result, the symbolic dance image appeared in TV advertisement can be discussed as follows. First, symbol and sign of dance on advertisement corresponds with material objects of advertisement. For instance, on the TV advertisement where Lee Youngwoo appeared, his motion as a signifer means challenge for the future of Nam Kwang Eng. & Const Co., with fast turn, jump, assemble turning jump, and sliding. Second, physical image of dancer depending on intention of sender corresponds in general, but there are somewhat differences in image of dance. This makes people to unconsciously recognize symbolic image of dance on TV ad while they watch it at the same time. Especially, when it comes to advertisement, it exposes frequently with broadcasting of organized programs from a broadcaster, living long-time memory. It can be differ based on idea and character of each of receiver. Advertisement is a medium making people naturally adopt cultural art for ordinary people in their lives. Broadcasting public art from TV advertisement widely exposes pure art to people, which was only avaliable for minority, sublimating it as an art of public culture.

• Radiation Oncology Journal
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• v.23 no.4
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• pp.236-242
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• 2005

Purpose: To evaluate the role of surgical clips and scars in determining electron boost field for early stage breast cancer undergoing conserving surgery and postoperative radiotherapy and to provide an optimal method in drawing the boost field. Materials and Methods: Twenty patients who had $4{\sim}7$ surgical clips in the excision cavity were selected for this study. The depth informations were obtained to determine electron energy by measuring the distance from the skin to chest wall (SCD) and to the clip implanted in the most posterior area of tumor bed. Three different electron fields were outlined on a simulation film. The radiological tumor bed was determined by connecting all the clips implanted during surgery Clinical field (CF) was drawn by adding 3 cm margin around surgical scar. Surgical field (SF) was drawn by adding 2 cm margin around surgical clips and an Ideal field (IF) was outlined by adding 2 cm margin around both scar and clips. These fields were digitized into our planning system to measure the area of each separate field. The areas of the three different electron boost fields were compared. Finally, surgical clips were contoured on axial CT images and dose volume histogram was plotted to investigate 3-dimensional coverage of the clips. Results : The average depth difference between SCD and the maximal clip location was $0.7{\pm}0.55cm$. Greater difference of 5 mm or more was seen in 12 patients. The average shift between the borders of scar and clips were 1.7 1.2, 1.2, and 0.9 cm in superior, inferior, medial, and lateral directions, respectively. The area of the CF was larger than SF and IF in 6y20 patients. In 15/20 patients, the area difference between SF and if was less than 5%. One to three clips were seen outside the CF in 15/20 patients. In addition, dosimetrically inadequate coverage of clips (less than 80% of prescribed dose) were observed in 17/20 patients when CF was used as the boost field. Conclusion: The electron field determined from clinical scar underestimates the tumor bed in superior-inferior direction significantly and thereby underdosing the tissue at risk. The electron field obtained from surgical clips alone dose not cover the entire scar properly As a consequence, our technique, which combines the surgical clips and clinical scars in determining electron boost field, was proved to be effective in minimizing the geographical miss as well as normal tissue complications.

• Korean Journal of Ecology and Environment
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• v.47 no.3
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• pp.160-166
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• 2014

This study was aimed at looking into the distribution status and age structure of Abies holophylla population in Sudo-Am temple forest. It was found that a total of 302 individuals of Abies holophylla existed which were more than 2m in height within the study area. Furthermore the population size is one of the largest in the southern region of Korea. The CBH of Abies holophylla ranged from 1.5 cm to 500.8 cm. Age structure of Abies holophylla looks like a gourd-shaped bottle. This means that they have an unstable structure status and do not survive very long. This status results from a variety of factors including, vegetation succession, anthropogenic activities, and global warming. The environmental characteristics of Abies holophylla population was $931{\pm}64.5m$ in mean altitude, $19.2{\pm}8.7^{\circ}$ in mean slope in the northeastern and southeastern area of the slope direction, and $1,324,323{\pm}174,459wh\;m^{-2}$ in average of direct normal irradiation. Among the site environmental factors, the significant ones which influence the potential habitat for Abies holophylla distribution were chosen using the MaxEnt model. According to the results of this study, altitude and slope were found as the important factors. The average value of environmental conditions by ROC analysis were altitude 903.2 m, slope $20.04^{\circ}$, irradiation $1,352.248wh\;m^{-2}$, and the southeastern aspect.

• The Journal of the Petrological Society of Korea
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• v.9 no.1
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• pp.13-28
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• 2000

Chojeong area is mainly composed of the Ogcheon Group which consists of regionally metamorphosed, age-unknown sedimentary rocks. In the northwestern parts, the Group is intruded by the Jurassic Daebo granite and Cretaceous felsic and mafic dykes. The lowermost, Midongsan Formation which consists of milky white impure quartzite, crops out along the anticline axes with N40E trend. Ungyori quartzite Formation is intercalated with quartzite and slate. Miwon Formation is most widely exposed in the area and consists mainly of phyllitic sandy rocks with a thin crystalline limestone bed. Hwajeonri Formation is divided into two parts, pelitic lower and calcareous upper parts, composed with phyllite and slate. Changri and Hwanggangri Formations are typical members of Ogcheon Group, the former bearing coally graphite seams consists mainly of black slate and phyllite with intercalated greenish grey phyllite, the latter is pebble bearing phyllite formation of which matrix and pebbles are variable in compositions and size. Biotite granite, porphyritic granite and two mica granite belong to Jurassic so-called Dabo granite. They intruded the Ogcheon Group forming vast contact metarnophic zone. Quartz porphyry, mafic dyke and felsite intruded along the marginal zone of porphyritic granite batholith and fracture of NS trend. Main structural lineaments in Ogcheon Group shows N25-45E, NS and N30-45W trends. The N25-45E trends are mainly from general ductile deformation during regional metamorphism, showing isoclinal folding, Fl foliations and lithological erosional characters. Some of these trends are due to normal faults. The NS and N30-45W trends represent brittle deformation including faults and joints. In the area of granitic batholith, NS to N30- 45 trends are from the direction of dykes. In the soils of the area, average contents of heavy metal elements such as Cd, Cr, Cu, Pb, and Zn are 0.2, 50.6, 35.5, 27.9, and 93.4 ppm respectively, which are not higher than the average values of natural soils, under the tolerable level. Enrichment Index does not show any heavy metal pollution in the area. Average depths of weathering(5m vs. 2m), porosities(43.94 vs. 51.80), densities(l.29 vs. 1.15), and permeabilities(2.52 vs. 8.07) are comparable in granite areas and in the phyllite areas of Ogcheon Group.

• Geophysics and Geophysical Exploration
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• v.5 no.4
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• pp.280-290
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• 2002

Three-dimensional (3-D) electromagnetic (EM) modeling algorithm has been developed using finite element method (FEM) to acquire more efficient interpretation techniques of EM data. When FEM based on nodal elements is applied to EM problem, spurious solutions, so called 'vector parasite', are occurred due to the discontinuity of normal electric fields and may lead the completely erroneous results. Among the methods curing the spurious problem, this study adopts vector element of which basis function has the amplitude and direction. To reduce computational cost and required core memory, complex bi-conjugate gradient (CBCG) method is applied to solving complex symmetric matrix of FEM and point Jacobi method is used to accelerate convergence rate. To verify the developed 3-D EM modeling algorithm, its electric and magnetic field for a layered-earth model are compared with those of layered-earth solution. As we expected, the vector based FEM developed in this study does not cause ny vector parasite problem, while conventional nodal based FEM causes lots of errors due to the discontinuity of field variables. For testing the applicability to high frequencies 100 MHz is used as an operating frequency for the layer structure. Modeled fields calculated from developed code are also well matched with the layered-earth ones for a model with dielectric anomaly as well as conductive anomaly. In a vertical electric dipole source case, however, the discontinuity of field variables causes the conventional nodal based FEM to include a lot of errors due to the vector parasite. Even for the case, the vector based FEM gave almost the same results as the layered-earth solution. The magnetic fields induced by a dielectric anomaly at high frequencies show unique behaviors different from those by a conductive anomaly. Since our 3-D EM modeling code can reflect the effect from a dielectric anomaly as well as a conductive anomaly, it may be a groundwork not only to apply high frequency EM method to the field survey but also to analyze the fold data obtained by high frequency EM method.

• Journal of the Korea Concrete Institute
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• v.14 no.1
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• pp.126-135
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• 2002

Plate bonding technique has been widely used in strengthening of existing concrete structures, although it has often a serious problem of premature falure such as interface separation and rip-off. However, this premature failure problem has not been well explored yet especially in view of local failure mechanism around the interface of plate ends. The purpose of the present study is, therefore, to identify the local failure of strengthened plates and to derive a separation criterion at the interface of plates. To this end, a comprehensive experimental program has been set up. The double lap pull-out tests considering pure shear force and half beam tests considering combined flexure-shear force were performed. The main experimental parameters include plate thickness, adhesive thickness, and plate end arrangement. The strains along the longitudinal direction of steel plates have been measured and the shear stress were calculated from those measures strains. The effects of plate thickness, bonded length, and plate end treatment have been also clarified from the present test results. Nonlinear finite element analysis has been performed and compared with test results. The Interface properties are also modeled to present the separation failure behavior of strengthened members. The cracking patterns as well as maximum failure loads agree well with test data. The relation between maximum shear and normal stresses at the interface has been derived to propose a separation failure criterion of strengthened members. The present study allows more realistic analysis and design of externally strengthened flexural member with steel plates.

• The Journal of Korean Academy of Prosthodontics
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• v.59 no.2
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• pp.181-189
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• 2021

Purpose: The purpose of this study is to investigate the stress response and sleep state of the new patients who visit the hospital for prosthodontic treatment due to tooth loss to make reference to further treatment direction. Materials and methods: Examinations, consultations, and surveys were conducted on 236 patients (94 males, 142 females, and 24-86 years old), who newly registered at the department of prosthodontics at Pusan national university hospital, for 2 years from 2018. The number of remaining teeth, edentulous arch, possibility of mastication, and future prosthetic treatment directions were recorded. The visual analogue scale (VAS), stress response inventory (SRI) and Insomnia severity index (ISI) were used as tools to measure patient's subjective discomfort, stress response, and sleep status. Results: Among the entire prosthodontic patient group, the average value of 'fatigue' was significantly higher among the 7 items of SRI, and the value of 'aggression' was significantly lower (P<.001). There are a significant difference between the edentulous and full dentition in the oral discomfort value measured by VAS (P=.004). In cases where less than 20 teeth remain, mastication is impossible, and patients who are planning treatment with removable prostheses, VAS value and 'depression' and 'fatigue' values in SRI were higher than those in the reverse case (P<.05). The patients showed severe level in VAS value have high value of 'tension', 'somatization', 'depression', 'fatigue'and 'frustration'in SRI than non-serious patients (P<.05). Clinical insomnia occurred in 11.4% of all patients, and women had significantly lower sleep quality than men (P=.044). Patients with insomnia showed significantly higher scores on the VAS value and all 7 SRI items than those of normal sleepers (P<.05). Conclusion: The new prosthetics had high 'fatigue' value among the 7 items of SRI. The oral condition, number of residual teeth and mastication function and clinical insomnia affected oral discomfort and the stress response.