• Title/Summary/Keyword: Panel Structure

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Rollover Effects on KOSPI 200 Index Option Prices (KOSPI 200 지수 옵션 만기시 Rollover 효과에 관한 연구)

  • Kim, Tae-Yong;Lee, Jung-Ho;Cho, Jin-Wan
    • The Korean Journal of Financial Management
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    • v.22 no.1
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    • pp.71-91
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    • 2005
  • The object or this paper is to analyze the rollover effect on KOSPI 200 index option prices. Especially we analyze the implied volatilities of the options that became the near maturity options as the old one expired. For this analysis, a panel data of KOSPI 200 Index Option Prices from year 1999 to year 2001 were used, and following results were obtained. First, after controlling for the underlying index returns, strike prices and other pricing factors, the call option prices tend to decrease while the put option prices tend to increase during the week of expiry. Second, if one concentrates on the daily price changes, call option prices tend to go up on Thursday (as the old options expire), and then experience a price decrease on the following day, while the reverse is true for the put options. These results imply that the option prices are affected by some of the market micro-structure effects such as whether the option is the near maturity option. We conjecture that the reason for this is related to the undervaluation of KOSPI 200 futures. The results from this paper have implications on the timing of option trades. If one wants to buy put options, and/or sell call options, he has better off by executing his intended trades before the old options expire. On the other hand, if one wants to buy call options, and/or sell put options, hi has better off by executing his intended trades after the expiry.

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Search for the Meaning of Social Support in Korean Society (Social Support의 한국적 의미)

  • 오가실;서미혜;이선옥;김정아;오경옥;정추자;김희순
    • Journal of Korean Academy of Nursing
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    • v.24 no.2
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    • pp.264-277
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    • 1994
  • In Korea the concept of social support was first used as a research concept in nursing and has not had much application in the clinical field. Another problem is that research on social support has used a direct translation of the words “social support” into Korean as “sawhejuk jiji”. Three questions were posed to direct the re-search. 1) Is there a concept of social support in Korean society? 2) if so, what words or expressions are used to de-scribe it? 3) further, if so, how is social support structured and how does it function? In order to answer the research questions a three-step research methodology was used : The first step consisted of a literature review on re-search related to social support and on information on the background of, and the way of thinking re-lated to interpersonal relations among Korean people. The second step, which was done to identify whether there is a concept of social support in korean society, involved interviewing a sample of the population. The third step involved a panel discussion that included the members of the research team and three consultants, a sociologist, a philosopher and a scholor in korean literature. A review of the literature on interpersonal relationships in traditional korean society identified a four cirole structure that explains interpersonal relationships. The first circle with “me” at the center is the family but here “me” disappears into the “we” that is essential for a cooperative agricultural society. In the second circle are those close to “me” but outside the family. The third circle includes those with whom “I ” have infrequent but regular contact and with whom correct conduct is important. The last circle is all the people with whom “I” have nothing in common. They are excluded in interpersonal relationships. The literature on interpersonal relationships showed that within the traditional Korean society people lived in villages where most people were very familiar with each other. “Yun”, the social network established the connection and “Jung”, the feeling of affection increased with time as the connection was strengthened. In the traditional village psychological support was provided through “Mallaniki”, “Pumashi” and “Kae” with the latter two also providing material support. In modern Korea there are more informal and formal social networks, like social services and community activities on the formal level and cultural and leisure groups along with “kae’s on the informal level. But even with this modern variety of groups, most social support comes from informal networks that resemble the traditiorlal “Pumashi”, “Kai” md “Mallaniki”. The six member research team interviewed 65 people in order to identify whether there is a concept of social support and then analysed their responses. There were 20 different words describing the reception of the social support and these could be grouped into seven major categories : virtuous, fortunate, helped, supported, blessed, attached(receiving affection) and receiving (grace) benevolence. there were 27 words describing the act of social support which could be categorized into seven major categories : love, looking after, affection(attachment), kindness(goodness), faith, psychological help and material help. for the meaning of social support translated as “sawhe juk jiji” there were a total of 14 different answers which could be categorized into 3 major categories : help, agreement, and faith. In third step, the results of the literature review and the answers to the questions were discussed in a pannel. The results of the discussion led to the following definition of social support in Korea which is shaped like a the four sided pyramid on a base. Social support is the apex of the pyramid and four sides are made up of : “do-oom” (both emotional and material help), “jung” (connectedness, or relationship bound by affection, regard or shared common experience ), “midum” (faith or belief in), “eunhae” (kindness or benevolence). The research team identified “Yun”( the basic network of relationships) as the base of the pyramid and as such the foundation for the components of social support in Korean culture. On “Yun” rest the other four components of social support : “Jung”, “Midum”, “Do-oom”, and “Eunhae”, For social support to take place there must be “Yun”. This is an important factor in social support. In private social network “Jung” is an essential factor in social support. But not in the public social network. “Yun” is a condition for “Jung” and “Jung” is the manifestation of support.

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An Experimental Study on the Pore Structure and Thermal Properties of Lightweight Foamed Concrete by Foaming Agent Type (기포제 종류에 따른 경량기포콘크리트의 기포구조 및 열적특성에 관한 실험적 연구)

  • Kim, Jin-Man;Choi, Hun-Gug;Park, Sun-Gyu
    • Journal of the Korea Institute of Building Construction
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    • v.9 no.4
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    • pp.63-73
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    • 2009
  • Recently, the use of lightweight panels in building structures has been increasing. Of the various lightweight panel types, styrofoam sandwich panels are inexpensive and are excellent in terms of their insulation capacity and their constructability. However, sandwich panels that include organic material are quite vulnerable to fire, and thus can numerous casualties in the event of a fire due to the lack of time to vacate and their emission of poisonous gas. On the other hand, lightweight foamed concrete is excellent, both in terms of its insulation ability and its fire resistance, due to its Inner pores. The properties of lightweight concrete is influenced by foaming agent type. Accordingly, this study investigates the insulation properties by foaming agent type, to evaluate the possibility of using light-weight foamed concrete instead of styrene foam. Our research found thatnon-heating zone temperature of lightweight foamed concrete using AP (Aluminum Powder) and FP (animal protein foaming agent) are lower than that of light-weight foamed concrete using AES (alkyl ether lactic acid ester). Lightweight foamed concrete using AES and FP satisfied fire performance requirements of two hours at a foam ratio 50, 100. Lightweight foamed concrete using AP satisfied fire performance requirements of two hours at AP ratio 0.1, 0.15. The insulation properties were better in closed pore foamed concrete by made AP, FP than with open pore foamed concrete made using AES.

Showing Filial Piety: Ancestral Burial Ground on the Inwangsan Mountain at the National Museum of Korea (과시된 효심: 국립중앙박물관 소장 <인왕선영도(仁旺先塋圖)> 연구)

  • Lee, Jaeho
    • MISULJARYO - National Museum of Korea Art Journal
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    • v.96
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    • pp.123-154
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    • 2019
  • Ancestral Burial Ground on the Inwangsan Mountain is a ten-panel folding screen with images and postscripts. Commissioned by Bak Gyeong-bin (dates unknown), this screen was painted by Jo Jung-muk (1820-after 1894) in 1868. The postscripts were written by Hong Seon-ju (dates unknown). The National Museum of Korea restored this painting, which had been housed in the museum on separate sheets, to its original folding screen format. The museum also opened the screen to the public for the first time at the special exhibition Through the Eyes of Joseon Painters: Real Scenery Landscapes of Korea held from July 23 to September 22, 2019. Ancestral Burial Ground on the Inwangsan Mountain depicts real scenery on the western slopes of Inwangsan Mountain spanning present-day Hongje-dong and Hongeun-dong in Seodaemun-gu, Seoul. In the distance, the Bukhansan Mountain ridges are illustrated. The painting also bears place names, including Inwangsan Mountain, Chumohyeon Hill, Hongjewon Inn, Samgaksan Mountain, Daenammun Gate, and Mireukdang Hall. The names and depictions of these places show similarities to those found on late Joseon maps. Jo Jung-muk is thought to have studied the geographical information marked on maps so as to illustrate a broad landscape in this painting. Field trips to the real scenery depicted in the painting have revealed that Jo exaggerated or omitted natural features and blended and arranged them into a row for the purposes of the horizontal picture plane. Jo Jung-muk was a painter proficient at drawing conventional landscapes in the style of the Southern School of Chinese painting. Details in Ancestral Burial Ground on the Inwangsan Mountain reflect the painting style of the School of Four Wangs. Jo also applied a more decorative style to some areas. The nineteenth-century court painters of the Dohwaseo(Royal Bureau of Painting), including Jo, employed such decorative painting styles by drawing houses based on painting manuals, applying dots formed like sprinkled black pepper to depict mounds of earth and illustrating flowers by dotted thick pigment. Moreover, Ancestral Burial Ground on the Inwangsan Mountain shows the individualistic style of Jeong Seon(1676~1759) in the rocks drawn with sweeping brushstrokes in dark ink, the massiveness of the mountain terrain, and the pine trees simply depicted using horizontal brushstrokes. Jo Jung-muk is presumed to have borrowed the authority and styles of Jeong Seon, who was well-known for his real scenery landscapes of Inwangsan Mountain. Nonetheless, the painting lacks an spontaneous sense of space and fails in conveying an impression of actual sites. Additionally, the excessively grand screen does not allow Jo Jung-muk to fully express his own style. In Ancestral Burial Ground on the Inwangsan Mountain, the texts of the postscripts nicely correspond to the images depicted. Their contents can be divided into six parts: (1) the occupant of the tomb and the reason for its relocation; (2) the location and geomancy of the tomb; (3) memorial services held at the tomb and mysterious responses received during the memorial services; (4) cooperation among villagers to manage the tomb; (5) the filial piety of Bak Gyeong-bin, who commissioned the painting and guarded the tomb; and (6) significance of the postscripts. The second part in particular is faithfully depicted in the painting since it can easily be visualized. According to the fifth part revealing the motive for the production of the painting, the commissioner Bak Gyeongbin was satisfied with the painting, stating that "it appears impeccable and is just as if the tomb were newly built." The composition of the natural features in a row as if explaining each one lacks painterly beauty, but it does succeed in providing information on the geomantic topography of the gravesite. A fair number of the existing depictions of gravesites are woodblock prints of family gravesites produced after the eighteenth century. Most of these are included in genealogical records and anthologies. According to sixteenth- and seventeenth-century historical records, hanging scrolls of family gravesites served as objects of worship. Bowing in front of these paintings was considered a substitute ritual when descendants could not physically be present to maintain their parents' or other ancestors' tombs. Han Hyo-won (1468-1534) and Jo Sil-gul (1591-1658) commissioned the production of family burial ground paintings and asked distinguished figures of the time to write a preface for the paintings, thus showing off their filial piety. Such examples are considered precedents for Ancestral Burial Ground on the Inwangsan Mountain. Hermitage of the Recluse Seokjeong in a private collection and Old Villa in Hwagae County at the National Museum of Korea are not paintings of family gravesites. However, they serve as references for seventeenth-century paintings depicting family gravesites in that they are hanging scrolls in the style of the paintings of literary gatherings and they illustrate geomancy. As an object of worship, Ancestral Burial Ground on the Inwangsan Mountain recalls a portrait. As indicated in the postscripts, the painting made Bak Gyeong-bin "feel like hearing his father's cough and seeing his attitudes and behaviors with my eyes." The fable of Xu Xiaosu, who gazed at the portrait of his father day and night, is reflected in this gravesite painting evoking a deceased parent. It is still unclear why Bak Gyeong-bin commissioned Ancestral Burial Ground on the Inwangsan Mountain to be produced as a real scenery landscape in the folding screen format rather than a hanging scroll or woodblock print, the conventional formats for a family gravesite paintings. In the nineteenth century, commoners came to produce numerous folding screens for use during the four rites of coming of age, marriage, burial, and ancestral rituals. However, they did not always use the screens in accordance with the nature of these rites. In the Ancestral Burial Ground on the Inwangsan Mountain, the real scenery landscape appears to have been emphasized more than the image of the gravesite in order to allow the screen to be applied during different rituals or for use to decorate space. The burial mound, which should be the essence of Ancestral Burial Ground on the Inwangsan Mountain, might have been obscured in order to hide its violation of the prohibition on the construction of tombs on the four mountains around the capital. At the western foot of Inwangsan Mountain, which was illustrated in this painting, the construction of tombs was forbidden. In 1832, a tomb discovered illegally built on the forbidden area was immediately dug up and the related people were severely punished. This indicates that the prohibition was effective until the mid-nineteenth century. The postscripts on the Ancestral Burial Ground on the Inwangsan Mountain document in detail Bak Gyeong-bin's efforts to obtain the land as a burial site. The help and connivance of villagers were necessary to use the burial site, probably because constructing tombs within the prohibited area was a burden on the family and villagers. Seokpajeong Pavilion by Yi Han-cheol (1808~1880), currently housed at the Los Angeles County Museum of Art, is another real scenery landscape in the format of a folding screen that is contemporaneous and comparable with Ancestral Burial Ground on the Inwangsan Mountain. In 1861 when Seokpajeong Pavilion was created, both Yi Han-cheol and Jo Jung-muk participated in the production of a portrait of King Cheoljong. Thus, it is highly probable that Jo Jung-muk may have observed the painting process of Yi's Seokpajeong Pavilion. A few years later, when Jo Jungmuk was commissioned to produce Ancestral Burial Ground on the Inwangsan Mountain, his experience with the impressive real scenery landscape of the Seokpajeong Pavilion screen could have been reflected in his work. The difference in the painting style between these two paintings is presumed to be a result of the tastes and purposes of the commissioners. Since Ancestral Burial Ground on the Inwangsan Mountain contains the multilayered structure of a real scenery landscape and family gravesite, it seems to have been perceived in myriad different ways depending on the viewer's level of knowledge, closeness to the commissioner, or viewing time. In the postscripts to the painting, the name and nickname of the tomb occupant as well as the place of his surname are not recorded. He is simply referred to as "Mister Bak." Biographical information about the commissioner Bak Gyeong-bin is also unavailable. However, given that his family did not enter government service, he is thought to have been a person of low standing who could not become a member of the ruling elite despite financial wherewithal. Moreover, it is hard to perceive Hong Seon-ju, who wrote the postscripts, as a member of the nobility. He might have been a low-level administrative official who belonged to the Gyeongajeon, as documented in the Seungjeongwon ilgi (Daily Records of Royal Secretariat of the Joseon Dynasty). Bak Gyeong-bin is presumed to have moved the tomb of his father to a propitious site and commissioned Ancestral Burial Ground on the Inwangsan Mountain to stress his filial piety, a conservative value, out of his desire to enter the upper class. However, Ancestral Burial Ground on the Inwangsan Mountain failed to live up to its original purpose and ended up as a contradictory image due to its multiple applications and the concern over the exposure of the violation of the prohibition on the construction of tombs on the prohibited area. Forty-seven years after its production, this screen became a part of the collection at the Royal Yi Household Museum with each panel being separated. This suggests that Bak Gyeong-bin's dream of bringing fortune and raising his family's social status by selecting a propitious gravesite did not come true.