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Foreign Investors Response to the Foreign Exchange Rate Risk in the Korean Stock Markets (한국 주식시장에서 환위험에 대한 외국인 투자자의 반응)

  • Park, Jong-Won;Kwon, Taek-Ho;Lee, Woo-Baik
    • The Korean Journal of Financial Management
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    • v.25 no.4
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    • pp.53-78
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    • 2008
  • Foreign investors who invest in the Korean stock markets are exposed to two kinds of foreign exchange rate risk, the economic exposure and the translation exposure. The former is the foreign exchange rate exposure in return generating process of the assets invested and the latter is the foreign exchange rate exposure in the translation of domestic return into foreign investors' currency. Domestic investors, however, are exposed only to foreign exchange rate exposure in the asset invested. This different situation on foreign exchange rate exposure between foreign investors and domestic investors can induce different response to exchange rate change by investor groups. Previous studies on foreign exchange rate exposure of Korean firms reported that quite a few Korean firms are exposed to foreign exchange risks and suggested to manage the foreign exchange risks. Also, many studies on the market segmentation showed that a market can be practically segmented according to the characteristics of investor groups. These studies support the hypothesis that the Korean stock market can be practically segmented by the foreign investors' attitude to the foreign exchange rate exposure. This study examines the response of both foreign investors and domestic investors to the foreign exchange rate exposures in Korean stock markets. Test results show that foreign investors increase their sell transactions when the foreign exchange rate exposure of the previous day is negative. This result can be possible when foreign investors attempt to actively manage the decrease in value of their assets due to rising of exchange rate. Analysis on the sell order data is also supportive to this interpretation. Foreign investors also increase their buy transactions when the foreign exchange rate exposure of the previous day is negative. This result can be possible when foreign investors use actively the relation between the increase in asset value and the translation gain due to declining of exchange rate. Analyses on buy order data, however, do not show the same result as the analyses on transaction data. This difference may come from the difference of information contained in transaction data and order data. In summary, the result of the paper supports the hypothesis that foreign investors response differently to foreign exchange rate exposure compared with domestic, Korean investors. Two groups do not show different response when exchange rate exposure is positive, i.e., as foreign exchange rate is increase (decrease), the asset value is increase (decrease). However, foreign investors' response is different from that of domestic investors when exchange rate exposure is negative, i.e., as foreign exchange rate is increase (decrease), the asset value is decrease (increase). These results mean that foreign investors and domestic investors are placed in different situations related to foreign exchange rate exposure, and these differences are reflected in the Korean stock markets. And domestic investors need to consider foreign investors' different attitude to the foreign exchange rate exposure when they analysis foreign investors' trading behavior.

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The Study on New Radiating Structure with Multi-Layered Two-Dimensional Metallic Disk Array for Shaping flat-Topped Element Pattern (구형 빔 패턴 형성을 위한 다층 이차원 원형 도체 배열을 갖는 새로운 방사 구조에 대한 연구)

  • 엄순영;스코벨레프;전순익;최재익;박한규
    • The Journal of Korean Institute of Electromagnetic Engineering and Science
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    • v.13 no.7
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    • pp.667-678
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    • 2002
  • In this paper, a new radiating structure with a multi-layered two-dimensional metallic disk array was proposed for shaping the flat-topped element pattern. It is an infinite periodic planar array structure with metallic disks finitely stacked above the radiating circular waveguide apertures. The theoretical analysis was in detail performed using rigid full-wave analysis, and was based on modal representations for the fields in the partial regions of the array structure and for the currents on the metallic disks. The final system of linear algebraic equations was derived using the orthogonal property of vector wave functions, mode-matching method, boundary conditions and Galerkin's method, and also their unknown modal coefficients needed for calculation of the array characteristics were determined by Gauss elimination method. The application of the algorithm was demonstrated in an array design for shaping the flat-topped element patterns of $\pm$20$^{\circ}$ beam width in Ka-band. The optimal design parameters normalized by a wavelength for general applications are presented, which are obtained through optimization process on the basis of simulation and design experience. A Ka-band experimental breadboard with symmetric nineteen elements was fabricated to compare simulation results with experimental results. The metallic disks array structure stacked above the radiating circular waveguide apertures was realized using ion-beam deposition method on thin polymer films. It was shown that the calculated and measured element patterns of the breadboard were in very close agreement within the beam scanning range. The result analysis for side lobe and grating lobe was done, and also a blindness phenomenon was discussed, which may cause by multi-layered metallic disk structure at the broadside. Input VSWR of the breadboard was less than 1.14, and its gains measured at 29.0 GHz. 29.5 GHz and 30 GHz were 10.2 dB, 10.0 dB and 10.7 dB, respectively. The experimental and simulation results showed that the proposed multi-layered metallic disk array structure could shape the efficient flat-topped element pattern.

International Legal Regulation on Commercial Space Activity (상업적 우주활동의 국제법적 규제)

  • Lee, Young-Jin
    • The Korean Journal of Air & Space Law and Policy
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    • v.28 no.2
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    • pp.183-221
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    • 2013
  • While in the early stages of space activities only a few states engaged in the use of outer space, as is well known, commercial space activities have grown dramatically in recent years. Both states, state institutions, and international governmental organizations as well as many private enterprises are engaged in such commercial use of outer space by now. This development is not reflected in the present state of space law. The existing international instruments of space law were developed and finalized before this development and thus only provide very few and sometimes unfitting provisions for the commercial use of outer space and particularly the use by private enterprises. Law formulated in an era when the word "privatization" had not even been coined cannot contain potential problems caused by the increasing commercialization of outer space. For the promotion and further development of such commercial use of outer space it is necessary to clarify and establish the legal framework for such use, because participants will need this information for their future investments in this field. The purpose of this paper is to research and make an analysis of the contents and international regulation of international space commerce, which is rapidly proliferating and to review the process of improvement on national legislations relating to the commercialization of outer space in a few main space advanced countries to make the sustainable progress of commercial space activities project in international society. The legal implications of matters such as international commercial launch services, the liability aspects of such services, intellectual property rights, insurance, product liability insurance and materials processing could one day will be subject to regulated by international space law as well as domestic law. In fact, the question of commercialization is linked to the question of sharing benefits of space activities, and this currently is an agenda item in the Legal Subcommittee of UN COPUOS. Most of developed countries have enacted the national legislation for commercial space activities relating to the development of our space as follows : The National Aeronautic and Space Act of 1958 and the Commercial Space Act of 1998 in the United States, Outer Space Act of 1986 in England, Establishment Act of National Space Center of 1961 in France, Canadian Space Agency Act of 1990 in Canada, Space Basic Act of 2008 in Japan, and Law on Space Activity of 1993 in Russia. Becides there are currently three national legislations relating to space development and commercial space activities in Korea as follows : Aerospace Industry Development Promotion Act of 1987, Outer Space Development Promotion Act of 2005, Outer Space Damage Compensation Act of 2008. Commercial space great promise for the utilization and expansion of human outer space activities but aspring commercial actors must recognize that foreign policy, as well as obligations to the international community as a whole, ensure that commercial space activities will not operate in a legal and regulatory vacuum. As commercial space matures the law and accompanying regulation will most certainly evolve and choose to become participants in the inevitable evolution of law and regulation.

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Studies on the Hydrolysis of Holocellulose with Trichoderma viride Cellulase - (I) Effect of the treated substrate - (Cellulase에 의(依)한 목재당화(木材糖化)에 관(關)한 연구(硏究) - (I) 기질(基質) 처리(處理)의 효과(効果) -)

  • Cheong, Tae-Seong;Min, Du-Sik
    • Journal of Korean Society of Forest Science
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    • v.38 no.1
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    • pp.13-18
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    • 1978
  • In this study, enzymatic hydrolysis of the holocellulose from Alnus hirsuta (Spach) Rupr. (8-14 yr's) was investigated using crude cellulase preparations of Trichoderma viride Pers. ex. Fr. SANK 16374. And conducted on the optimum condition of the treated substrate for saccharification. A strain of Trichoderma viride Pers. ex. Fr. SANK 16374 was found to be highly efficient for the cellulase productivity, especially in the submerged culture process. The culture medium used in this experiment was prepared from an extract of wheat bran consisting also of $KH_2PO_410$, $(NH_4)_2$ $SO_4$ 3, $NaNO_3$ 3, and $MgSO_4$ $7H_2O$ 0.5g/l. Cellulose powder (Toyo filter paper, 60 mesh) was found to be an importent factar for inducing the cellulase formation. And the cellulase produced in the culture fluid was salted out quantitatively by the use of ammonium sulfate (Fig. 1) Reducing sugar was determined by the Dinitrosalicylic acid (DNS) method, using reagents prepared according to the method of Sumner (1925). The results obtained were summerized as follows; 1. The method of delignification were treated by the Peracetic acid (PA) method, according to the method of Toyama (1970). The yield of holocellulose were decreased in accordance with increasing concentration of Peracetic acid solution; delignification of Alnus hirsuta Rupr. with 20% Peracetic acid was satisfied for 48 hours and 40%~60% peracetic acid was satisfied for 24 hrs: 2. The substrate (holocellulose) was changed easely into fine powder with enzymatic hydrolysis and cellulase exhibits optimum activity on the reducing sugar formation from substrate at the range of 60-100 mesh. 3. The reducing sugar formation increased in accordance with increasing dry temperature on holocellulose substrate was found to be $190{\pm}5^{\circ}C$. 4. The optimal heat treated time of holocellulose substrate was found to be 45 min. for the reducing sugar formation showed the best products. The reducing sugar formation did not show statisticaly significent diflerences at 5% levels by heat treated time for 45 min. and 60 min.

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A Study on the Sedimentation of Dredged Soils and Shape Changes of a Transparent Vinyl Tube by Filling Tests - Anti-Crater Formation - (준설토 주입방법에 의한 비닐튜브체의 퇴적 및 변형 특성 - 크레이터 방지 기술을 중심으로 -)

  • Kim, Hyeong-Joo;Sung, Hyun-Jong;Lee, Kwang-Hyung;Lee, Jang-Baek
    • Journal of the Korean Geosynthetics Society
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    • v.13 no.2
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    • pp.1-10
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    • 2014
  • In this study, two different types of dredged fill injection methods are introduced and filling experiments were conducted to analyze the impact of each technique to the distribution and deposition of dredged soil fill and how it influence the final tube shape. Two transparent plastic tubes were fabricated to observe the deposition behavior of the deposited fill material. Both tubes measured 4.0 meters in length (L) and has vinyl tube diameters (D) of 0.5m and 0.7m. T-type and I-type inlet system are also introduced in this paper. The influence of this inlet systems to the distribution and deposition behavior of dredged soil fill inside the vinyl tubes were observed during the experiment. After the sedimentation of the slurry mixture, the water on top of the soil sediments are removed and the slurry mixture was re-injected into the vinyl tube, this process was carried out repeatedly. The shape changes of the vinyl tube, e.g. the changes in both tube height and width, are constantly monitored after each slurry injection and water draining phases. Crater formation was observed in the case of I-Type inlet system and a non-uniform sediment distribution occurred. For the diffusion deposit of soil particles to long distance are minimal shape technique using the T-Type inlet system. Therefore the undrain filling height ratio ($H/D_0$) was found to be around 0.54 to 0.64 and the horizontal strain ratio ($W/D_0$) ranges from 1.45 to 1.54. The filling soil height is proportional to dredged-material filling phases, but, horizontal strain ratio is constant or inversely reduced so that the center of tube body is raised in the upward direction.

Appling Nursing Theory to Clinical Practice of Home Health Care (가정간호실무에 적용가능한 이론적틀)

  • Woo, Seon-Hye
    • Journal of Home Health Care Nursing
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    • v.11 no.1
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    • pp.5-13
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    • 2004
  • The home health care industry has grown rapidly and can be expected to continue to grow in the foreseeable future. Home health care refers to the practice of nursing applied to clients with a health condition in the clients place of residence. clients and their designated care givers are the focus at home health nursing practice. The goal of care is to initiate. manage and evaluate the resources needed to promote the clients optimal level of well-being and function. Nursing activities necessary to achieve this goal may warrant preventive maintenance and restorative emphases to prevent potential problems from developing. Many project program were suggested home health care model for Korea's health care system and policy direction for expansion and establishment of home health care .But the aim of this paper is to provide on overview for theoretical frame work in home health care. Theories and conceptual frameworks or models are important nursing because they define and guide the boundaries of professional practice and identify key nurse-patient-caregiver relationships that emerge with caring. Following is the research with an investigation of the literature review in the University of Arizona international medline database, In conclusion, are as followers: First, many nursing theorists have had a tremendous impact on nursing practice. the following highlights those nursing theorists that are particularly helpful in understanding home health care. 1. Florence Nightingale : Our earliest theoretical legacy. Nightingale's believes are reflected in basic infection control practice such as hand washing and infectious waste disposal and are key nursing interventions in home care. 2. Martha Roger's :Science of unitary human beings theory. Rorger's believed that the focus of shared. non invasive healing modelities is the human environmental field rather than direct physical care. These modelities continue to evolve as our awareness (reflecting greater diversity, faster rhythms, motions, and ways of knowing) transcends time and space, allowing individuals to get in touch with their integral nature of unbroken wholeness. On people as ever changing energy fields have special relevance in home care especially with hospice and palliative care applications. 3. Madeline Leininger's; Transcultural nursing theory. Home care nurses move through a variety of communities and often care for patients from different cultural back grounds. Therefore Leininger's work has a good that with home care because home care nursing practice is very culturally focused. 4. Dorothea Orem's : Self care deficit theory. Orem's theory views care as something to be performed by both nurses and patients. The role of the nurse is to provide education and support that help patients acquire the necessary activities to perform self-care. Orem's theory is foundational to have care because it begins to truly acknowledge the role of the patient in managing his or her own health. which is referred to as self-care. 5. Margaret Neuman's; Health as expending consciousness theory. Neuman believes that health compasses disease and reflects an underlying pattern of person-environment interaction. A key application of 'Neuman's work to home care is for nurses to understand that health and illness do not necessarily exist at opposite ends of a continuum. 6. Jean Watson's: Theory of human caring. Watson's theory of human caring in nursing proposes human caring as the moral ideal of nursing. Nurses participate human caring to protect, enhance and preserve humanity by assisting individuals to fing meaning in illness. pain and existence and to help others gain self knowledge. self control. and self healing such thinking lends richness to theory development. as well as clinical practice in home care. Second, Robin Rice : Dynamic self determination for self care. (A theoretical framework for home care) Dynamical self determination for self care can be useful to home care nurses in a variety of ways. As research tool it can be reflected in the interview process when the home visit. The home care nurse's role is that of facilitator of patient self-determination for self care through numerous strategies. including patient education and case management.

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An Evaluation Model on Supply Factors of Urban Park (도시공원의 공급인자 평가모형)

  • Chang, Byung-Moon
    • Journal of the Korean Institute of Landscape Architecture
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    • v.38 no.1
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    • pp.1-11
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    • 2010
  • The purpose of this paper is to evaluate supply factors of urban parks to answer the research question: What are the causal effects of supply factors of urban parks on visitor satisfaction? After reviewing the literature and the Korean park planning process, we constructed a conceptual framework and have formulated the hypothesis of this research. We had obtained data through a questionnaire, which surveyed 452 visitors at 8 urban parks in Daegu Metropolitan City in 2008, based on a stratified sampling method. After the elimination of 96 unsuitable samples, we have analyzed the data using descriptive statistical methods, Pearson's correlation analysis and a path analysis method. We have found that: 1) While the direct and indirect effect of accessibility(ACC) on visitor satisfaction(VS) turned out to be 0.184 and 0.220, respectively, the indirect effect of information(IFM) and promotion(PRM) on VS turned out to be 0.101 and 0.177, respectively. 2) While the direct and indirect effect of service(SVR) on VS turned out to be 0.130 and 0.236, respectively, the direct effect of ACC turned out to be 0.698. 3) While the direct effect of ACC, SVR and attraction(ATT) on VS turned out to be 0.184, 0.130 and 0.698, respectively, composing 67.96% of causal effect, the indirect effect of ACC, IFM, PRM and SVR on VS turned out to be 0.220, 0.101, 0.177 and 0.236, respectively, composing 42.04% of causal effect. 4) The magnitude of causal effect of supply factors on VS turned out to be ATT(39.98%), ACC(23.14%), SVR(20.96%), PRM(10.14%) and IFM(5.78%) in order, and 5) the causal effect of external supply factors of ACC, IFM and PRM compose 39.06% of the causal effect while that of the internal supply factors of SVR and ATT is 69.94%. The research results suggest that: 1) Planning for park marketing strategy and remedial directions for existing urban parks, in order to increase visitor satisfaction, be focused on IFM and PRM, especially. 2) The research approach and path analysis method adopted by this research be valid and highly useful for planning and evaluation of other recreation areas. It is recommended that: 1) Structural Equation Model on supply factors of urban parks be established in the future. 2) Evaluation of supply factors by type of urban park be performed.

A review on teaching contents in area of Korean math textbook for first grade - even and odd number, composition and decomposition of numbers, calculation with carrying or with borrowing - (우리나라 초등학교 1학년 수학 교과서 <수와 연산> 영역의 지도 내용 검토 - 짝수.홀수, 수의 합성.분해, 받아올림.받아내림이 있는 계산 -)

  • Lee, Seung;Choi, Kyoung A;Park, Kyo Sik
    • Journal of the Korean School Mathematics Society
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    • v.18 no.1
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    • pp.1-14
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    • 2015
  • In this paper, in order to improve the teaching contents on even and odd number, composition and decomposition of numbers, and (1 digit)+(1 digit) with carrying, (10 and 1 digit)-(1 digit) with borrowing, the corresponding teaching contents in ${\ll}$Math 1-1${\gg}$, ${\ll}$Math 1-2${\gg}$ are critically reviewed. Implications obtained through this review can be summarized as follows. First, the current incomplete definition of even and odd numbers would need to be reconsidered, and the appropriateness of dealing with even and odd numbers in first grade would need to be reconsidered. Second, it is necessary to deal with composition and decomposition of numbers less than 20. That is, it need to be considered to compose (10 and 1 digit) with 10 and (1 digit) and to decompose (10 and 1 digit) into 10 and (1 digit) on the basis of the 10. And the sequence dealing with composition and decomposition of 10 before dealing with composition and decomposition of (10 and 1 digit) need to be considered. And it need to be considered that composing (10 and 1 digit) with (1 digit) and (1 digit) and decomposing (10 and 1 digit) into (1 digit) and (1 digit) are substantially useless. Third, it is necessary to eliminate the logical leap in the calculation process. That is, it need to be considered to use the composing (10 and 1 digit) with 10 and (1 digit) and decomposing (10 and 1 digit) into 10 and (1 digit) on the basis of the 10 to eliminate the leap which can be seen in the explanation of calculating (1 digit)+(1 digit) with carrying, (10 and 1 digit)-(1 digit) with borrowing. And it need to be considered to deal with the vertical format for calculation of (1 digit)+(1 digit) with carrying and (10 and 1 digit)-(1 digit) with borrowing in ${\ll}$Math 1-2${\gg}$, or it need to be considered not to deal with the vertical format for calculation of (1 digit)+(1 digit) with carrying and (10 and 1 digit)-(1 digit) with borrowing in ${\ll}$Math 1-2 workbook${\gg}$ for the consistency.

A Real-Time Head Tracking Algorithm Using Mean-Shift Color Convergence and Shape Based Refinement (Mean-Shift의 색 수렴성과 모양 기반의 재조정을 이용한 실시간 머리 추적 알고리즘)

  • Jeong Dong-Gil;Kang Dong-Goo;Yang Yu Kyung;Ra Jong Beom
    • Journal of the Institute of Electronics Engineers of Korea SP
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    • v.42 no.6
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    • pp.1-8
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    • 2005
  • In this paper, we propose a two-stage head tracking algorithm adequate for real-time active camera system having pan-tilt-zoom functions. In the color convergence stage, we first assume that the shape of a head is an ellipse and its model color histogram is acquired in advance. Then, the min-shift method is applied to roughly estimate a target position by examining the histogram similarity of the model and a candidate ellipse. To reflect the temporal change of object color and enhance the reliability of mean-shift based tracking, the target histogram obtained in the previous frame is considered to update the model histogram. In the updating process, to alleviate error-accumulation due to outliers in the target ellipse of the previous frame, the target histogram in the previous frame is obtained within an ellipse adaptively shrunken on the basis of the model histogram. In addition, to enhance tracking reliability further, we set the initial position closer to the true position by compensating the global motion, which is rapidly estimated on the basis of two 1-D projection datasets. In the subsequent stage, we refine the position and size of the ellipse obtained in the first stage by using shape information. Here, we define a robust shape-similarity function based on the gradient direction. Extensive experimental results proved that the proposed algorithm performs head hacking well, even when a person moves fast, the head size changes drastically, or the background has many clusters and distracting colors. Also, the propose algorithm can perform tracking with the processing speed of about 30 fps on a standard PC.

MIMIC 94 GHz high isolation single balanced cascode mixer (94 GHz 대역의 높은 격리 특성의 MIMIC single balanced cascode 믹서)

  • Lee, Sang-Jin;An, Dan;Lee, Mun-Kyo;Moon, Sung-Woon;Bang, Suk-Ho;Baek, Tae-Jong;Kwon, Hyuk-Ja;Jun, Byoung-Chul;Yoon, Jin-Seob;Rhee, Jin-Koo
    • Journal of the Institute of Electronics Engineers of Korea SD
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    • v.44 no.9
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    • pp.25-33
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    • 2007
  • In this paper, the high isolation and wideband 94 GHz MIMIC(Millimeter-wave Monolithic Integrated Circuit) single balanced cascode mixer was designed and fabricated. Also, we designed and fabricated a 3 dB tandem coupler which has a high isolation and wideband characteristic. The single balanced resistive mixer which does not require an external IF balun was designed using the 0.1 ${\mu}m$ InGaAs/InAlAs/GaAs metamorphic HEMT(High Electron Mobility Transistor). The DC characteristics of MHEMT's are 665 mA/mm of drain current density, 691 mS/mm of maximum transconductance. The current gain cut-off frequency($f_T$) is 189 GHz and the maximum oscillation frequency($f_{max}$) is 334 GHz. A 94 GHz single balanced cascode mixer was fabricated using our 0.1 ${\mu}m$ MHEMT MIMIC process. From the measurements, the fabricated couplers showed wideband characteristics. The conversion loss of single balanced cascode mixer was 9.8 dB at an LO power of 10.9 dBm. The LO to RF isolation of single balanced cascode mixer was 29.5 dB at 94 GHz. We obtained in this study a higher LO-RF isolation compared to some other single balanced mixers.