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Short-term effects of dietary selenium on lactating sows to improve litter performance, milk composition and tissue selenium retention in piglets

  • Xing Hao Jin;Hong Jun Kim;Cheon Soo Kim;Yoo Yong Kim
    • Animal Bioscience
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    • v.36 no.7
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    • pp.1083-1090
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    • 2023
  • Objective: This study was conducted to evaluate the short-term effects of dietary selenium supplementation on lactating sows on the physiological response, litter performance, milk composition, and tissue selenium retention in piglets when selenium was provided by different sources and at different levels in a lactation diet. Methods: A total of 48 multiparous sows (Yorkshire×Landrace) with average body weight, backfat thickness, and parity were assigned to one of the four treatments with 12 sows per treatment using a 2×2 factorial arrangement in a completely randomized design. Inorganic or organic Se sources were added to the diet at 0.30 ppm and 0.50 ppm Se. Treatments were as follows: i) IS30, basal diet + inorganic Se 0.30 ppm; ii) IS50, basal diet + inorganic Se 0.50 ppm; iii) OS30, basal diet + organic Se 0.30 ppm; and iv) OS50: basal diet + organic Se 0.50 ppm. Results: At Day 21 of lactation, a high tendency of litter weight (p = 0.08) and litter weight gain (p = 0.09) were observed when sows were fed an organic Se source. The milk Se concentration in the organic Se treatment was higher than that in the inorganic Se treatment at Day 21 of lactation (p<0.05). The serum Se concentrations of sows and piglets at Day 21 of lactation were significantly higher when lactating sows were fed organic Se instead of inorganic Se (p<0.01). During the suckling period, the kidney and muscle Se concentrations of piglets at Day 21 of lactation were significantly higher when the sow dietary Se source was organic (p<0.05). Liver Se concentrations were affected by Se source and level (p<0.05). This also resulted in an interaction response at 21 days of lactation (p<0.05). Conclusion: The supplementation of dietary organic Se in a lactating diet could improve sow feed consumption, piglet performance, milk Se level, and the Se status of sows and piglets.

Effects of different levels of dietary crude protein on the physiological response, reproductive performance, blood profiles, milk composition and odor emission in gestating sows

  • Hongjun Kim;Xinghao Jin;Cheonsoo Kim;Niru Pan;Yoo Yong Kim
    • Animal Bioscience
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    • v.36 no.8
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    • pp.1263-1273
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    • 2023
  • Objective: This study was conducted to evaluate the effects of crude protein (CP) levels on the physiological response, reproductive performance, blood profiles, milk composition and odor emission in gestating sows. Methods: Seventy-two multiparous sows (Yorkshire×Landrace) of average body weight (BW), backfat thickness, and parity were assigned to one of six treatments with 10 or 11 sows per treatment in a completely randomized design. Experimental diets with different CP levels were as follows: i) CP11, corn-soybean-based diet containing 11% CP; ii) CP12, corn-soybean-based diet containing 12% CP; iii) CP13, corn-soybean-based diet containing 13% CP; iv) CP14, corn-soybean-based diet containing 14% CP; v) CP15, corn-soybean-based diet containing 15% CP; and vi) CP16: corn-soybean-based diet containing 16% CP. Results: There was no significant difference in the performance of sow or piglet growth when sows were fed different dietary protein levels. Milk fat (linear, p = 0.05) and total solids (linear, p = 0.04) decreased as dietary CP levels increased. Increasing dietary CP levels in the gestation diet caused a significant increase in creatinine at days 35 and 110 of gestation (linear, p = 0.01; linear, p = 0.01). The total protein in sows also increased as dietary CP levels increased during the gestation period and 24 hours postpartum (linear, p = 0.01; linear, p = 0.01). During the whole experimental period, an increase in urea in sows was observed when sows were fed increasing levels of dietary CP (linear, p = 0.01), and increasing blood urea nitrogen (BUN) concentrations were observed as well. In the blood parameters of piglets, there were linear improvements in creatinine (linear, p = 0.01), total protein (linear, p = 0.01), urea (linear, p = 0.01), and BUN (linear, p = 0.01) with increasing levels of dietary CP as measured 24 hours postpartum. At two measurement points (days 35 and 110) of gestation, the odor gas concentration, including amine, ammonia, and hydrogen sulfide, increased linearly when sows fed diets with increasing levels of dietary CP (linear, p = 0.01). Moreover, as dietary CP levels increased to 16%, the odor gas concentration was increased with a quadratic response (quadratic, p = 0.01). Conclusion: Reducing dietary CP levels from 16% to 11% in a gestating diet did not exert detrimental effects on sow body condition or piglet performance. Moreover, a low protein diet (11% CP) may improve dietary protein utilization and metabolism to reduce odor gas emissions in manure and urine in gestating sows.

Effect of feeding frequency on reproductive performances and stress responses in gestating sows

  • Sung-Woong Jung;Sungho Do;Jae-Cheol Jang;Jinsu Hong;Geonil Lee;Yoo Yong Kim
    • Journal of Animal Science and Technology
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    • v.66 no.1
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    • pp.135-144
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    • 2024
  • The objective of this study was to investigate the influence of feeding frequency on a sow's reproductive performance and stress response during gestation. A total of twenty multiparous sows (Yorkshire × Landrace) were used in a completely randomized design based on their parity, body weight (BW), and backfat thickness (BFT), and the sows were allotted to two different feeding systems: 1) once daily feeding (OF) and 2) twice daily feeding (TF) in corn-soybean meal based diets. The gestation diet was formulated to contain 3,265 kcal of metabolizable energy (ME) / kg, 12.90% of crude protein (CP), and 0.75 % of total lysine. The lactation diet was formulated to contain 3,265 kcal of ME / kg, 16.80% of CP, and 1.08% of total lysine and provided ad libitum during lactation. In gestation, sow BFT and BF changes were not affected by feeding frequency, but higher BW and BW gain from day 35 to 90 and day 35 to 110 were observed in OF sow (p < 0.10). In lactation, feeding frequency did not influence on BW, BW gain, BFT, BF changes, average daily feed intake, and wean-to-estrus interval. Also, there were no differences in litter size, litter weight and piglet weight in lactating sows. OF sows had higher (p < 0.05; p < 0.10) protein, solid-not-fat, and total solid concentrations in colostrum compared to TF sows, while OF sows had a lower (p < 0.05) lactose concentration in colostrum compared to TF sows. Sows in OF showed significantly lower average daily water consumption (ADWC) from day 35 to 110 of gestation (p < 0.05). While there were no significant differences in stereotypic behaviors and salivary cortisol levels during gestation between treatments, the OF sows showed less time spending on the activity at day 105 (p < 0.05). In conclusion, reduced feeding frequency increased BW gain during gestation, decreased activation time, and changed the colostrum composition. This information may contribute to the understanding of the physiological and behavioral change of gestating sows by manipulating feeding frequency.

The Application of Customer Relationship Management for the Effective Prenatal Care (효과적인 산전관리를 위한 고객관계관리(CRM)의 도입)

  • Shin, Sook;Paik, Soo-Kyung;Kang, Sung-Hong;Kim, Yu-Mi
    • Korea Journal of Hospital Management
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    • v.10 no.1
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    • pp.93-114
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    • 2005
  • The prenatal care is the preventive medical service to help the pregnant mother deliver the healthy baby. It's regular examines give some chances to check-up the healthy conditions. This thesis concentrates on the CRM system to support an effective prenatal care system and prove the effectiveness of it. As CRM is the adapted management related to the customer's own information, it is important to develop the CRM model classified by the patients characteristics. A general hospital in Busan operated the CRM system to carry out the effective prenatal care and there is an analysis to ensure the effectiveness of CRM system for the pregnant women in our maternity ward. The results can be summarized as follows: 1) According to the comparisons with the CRM system, we can conclude the system is desirable. (1) Maternal Age : In the age distribution, the prenatal visit frequency, triple marker freqency, oral GTT and targeted ultrasonography in the experimental group in 30 to 34 years old is higher on the whole. For over 35 years old group, the higher frequency comes out in the oral GTT and targeted ultrasonography and for 25 to 29 years old group the different figure shows just in the targeted ultrasonography. (2) Area of residence: There is a clear difference in all the items in Busan and near area but no sign of difference in prenatal visits and oral GTT in other residencial area. Especially in the targeted ultrasonography the higher figure shows in the experimental group located in the both areas. The targeted ultrasonography is known as the specific examination which should be examined by the specialists, on the contrary the other examinations can be operated in the small clinic. So the public information and seminars related with ultrasonography increases the check-up frequency. The clinic requests some ultrasonographical examinations to the specialists in general hospital. (3) Parity: The clear difference shows that the CRM system causes the prenatal visit frequency to become higher in experimental group. The figure is 9.7 times and 8.6 times each. This is opposite that the past study said multiparity reduced the average prenatal visits. But the result of CRM is considered as the method to help the multiparity understand the importance of the prenatal care. (4) Obstetrical history: In the experimental group of the spontaneous delivery group, the figure is higher in the prenatal visit frequency, triple marker, oral GTT and targeted ultrasonography but the Caesarean section delivery group has higher figure in targeted ultrasonography. (5) In the first check-up, the rate of targeted ultrasonography in under 16 week pregnancy, in the 16 week pregnancy to 32 week pregnancy and the over 32 week pregnancy in the experimental group is upper than the compared one. For the oral GTT, there is a difference in under 16 week pregnancy but no difference in prenatal visits and triple marker. 2) The analysis of characteristics of prenatal care through the decision tree resulted in the fact that the most important variable is the residential area. After the delivery frequency is following, the obstetrical history and maternal age are in order. It is the same result in the triple marker and oral GTT. Consequently it is the same order of important variables in CRM system. The effectiveness of CRM system is proved in this study. The CRM system is a marketing method to control and lead the customers through the segmentation of customer data. It increases the new customer aquisition, maintenance of loyal customers, augmentation of customers value, activation of potential customers and creation of life time customers. So eventually it can enlarge the customers value. The medical institution should make efforts to establish the data base enforced by the customer's information on the underlying ordinary data system to carry out the CRM system effectively. In addition, it should develop the a variety of marketing strategy in order to set up one to one marketing satisfying the needs of individual patients.

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Studies on Factors affecting on Reproductive traits of the Pig Farms managed by EDP System (전산관리 양돈농가의 번식성적에 미치는 요인에 관한 연구)

  • Kim, H.S.;Kim, B.W.;Kim, H.C.;Lee, K.W.;Ha, J.K.;Jeon, J.T.;Lee, J.G.
    • Journal of Animal Science and Technology
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    • v.45 no.6
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    • pp.917-922
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    • 2003
  • This study was conducted to investigate effects of farm, type of sow Landrace${\times}$Yorkshire, LY; Yorkshire${\times}$ Landrace, YL; Yorkshire${\times}$Yorkshire, YY and multi-cross bred sow, MBS), parity, farrowing year, farrowing season and mating method on reproductive traits such as total number born per litter, number of born alive per litter, number of weaned per litter, number of mummified per litter, number of stillbirth. The Reproductive Records of 3,387 litters from January, 1999 to September, 2002 were obtained from four pig farms managed by Electronic Data Processing(EDP) system. Reproductive performances for two types of F1 Sows(YL and LY) were estimated as 11.34${\pm}$0.266 and 11.57${\pm}$0.263 heads for total number of born per litter, 10.56${\pm}$0.216 and 11.81${\pm}$0.251 heads for number of born alive per litter, and 10.05${\pm}$0.131 and 9.96${\pm}$0.153 heads for number of weaned per litter, respectively. These records are significantly higher(P〈0.05) than those of YY and MBS. However, number of mummified per litter, number of stillborn per litter, number of dead by diarrhea per litter, number of dead by other reasons during lactating period per litter and estrus interval did not show significant difference between types of sows. There were more total number of born per litter and number of weaned per litter in year 2001 than other year. As year passed, number of dead by crush per litter, number of dead by diarrhea per litter and number of dead by other reasons during lactating period per litter reduced from 0.18${\pm}$0.023 to 0.07${\pm}$0.022 head, 0.12${\pm}$0.21 to 0.02${\pm}$0.020 head and 0.43${\pm}$0.041 to 0.22${\pm}$0.040 head, respectively and weaning rate increased from 0.94${\pm}$0.005% to 0.97${\pm}$0.005%. The total number of born per litter and number of born alive per litter were higher(P〈0.05) in the case of mating twice than mating once. The number of weaned per litter, number of mummified per litter and number of stillborn per litter were not significant(P〈0.05) between mating methods. Estrus interval was shorter on the occasion of twice artificial insemination(5.24${\pm}$0.153days) than twice natural mating(6.51${\pm}$0.466days).

Development of a Device for Estimating the Optimal Artificial Insemination Time of Individually Stalled Sows Using Image Processing (영상처리기법을 이용한 스톨 사육 모돈의 인공수정적기 예측 장치 개발)

  • Kim, D.J.;Yeon, S.C.;Chang, H.H.
    • Journal of Animal Science and Technology
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    • v.49 no.5
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    • pp.677-688
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    • 2007
  • 돼지를 포함한 대부분의 동물은 일정한 발정주기를 가지고 일정한 시기에 배란을 하는 자연배란동물이지만, 토끼, 고양이, 밍크 등의 암놈은 교미자극에 의해 배란이 일어나는 유기배란동물이다. 또한 1년에 한 번만 발정하는 단발정동물과 1년에 수차례 발정하는 다발정동물이 있다. 이 중에서 모돈은 1년에 수차례 발정하는 다발정 동물로서 발정기에 들면 비발정기와는 다른 행동을 나타낸다(Diehl 등, 2001). 양돈가의 수익을 최대화하기 위해서는 비생산일수를 최소로 줄여야 한다. 모돈의 비생산일수를 줄일 수 있는 한 가지 방법은 성공적으로 교배를 시키는 것이다. 이처럼 성공적으로 교배를 시키기 위해서는 수정적기를 정확히 예측해야 한다. 만약 수정적기를 정확히 판단하지 못하여 수태가 되지 않으면, 비생산일수가 늘어나 손실을 입게 된다. 따라서 수정적기를 정확히 판단하는 것은 모돈의 성공적인 인공수정에 있어서 중요한 요소이다. 수정적기는 배란이 일어나기 전 10시간에서 12시간 사이이며, 발정이 시작되는 시점을 기준으로 하였을 때 경산돈의 경우 26시간에서 34시간 사이이고 미경산돈의 경우는 18시간에서 26시간 사이이다(Evans 등, 2001). 현재 하루에 두 번 모돈의 발정을 확인하는 것이 일반화되어 있으며, 이 때 웅돈을 접촉시키거나 육안관찰을 통하여 발정 유무를 판단한다. 이러한 방법에는 숙련된 기술과 풍부한 경험이 요구될 뿐만 아니라 총 소요노동력의 30% 정도가 요구된다(Perez 등, 1986). 하루에 두 번밖에 발정을 감지하지 않기 때문에 발정이 언제 시작되었는지를 정확히 알 수 없으며, 또한 발정의 대부분이 새벽에 시작되므로 수정적기를 정확히 판단하기란 매우 어렵다. 만약 발정을 감지했더라도 적기에 인공수정을 하지 못한다면, 수태율이 낮아지므로 경제적 손실이 초래된다. 현재 이러한 문제점 때문에 2회에서 3회에 걸쳐 인공수정을 하고 있으나 이에 따른 소요비용과 소요노동력 등은 양돈가의 부담을 가중시키는 요인이 되고 있다. 돼지는 발정기가 되면 비발정기에 나타내지 않던 외음부의 냄새를 맡는 행동, 귀를 세우는 행동 및 승가허용 행동 등을 나타낸다(Diehl 등, 2001). 또한 돼지는 비발정기에 비하여 발정기에 더 많은 활동량을 나타낸다(Altman, 1941; Erez and Hartsock, 1990). Freson 등(1998)은 스톨에서 개별적으로 사육되고 있는 모돈의 활동량을 적외선센서를 이용하여 측정함으로써 발정을 86%까지 감지하였다고 보고하였다. 그러나 이 연구는 단지 모돈의 발정을 감지하였을 뿐 번식관리에 있어서 가장 중요한 수정적기의 판단 기준을 제시하지 못하였다. 따라서, 본 연구는 스톨에서 사육되는 모돈의 활동량을 측정함으로써 발정시작시각을 감지하고 이를 기준으로 인공수정적기를 예측할 수 있는 인공수정적기 예측 장치를 개발한 후 이의 성능을 농장실증실험을 통하여 시험하고자 수행되었다.

Association between SNPs on equine chromosomes 3 and body conformation of 12 month of age in Jeju crossbred horses (Jeju crossbred에서 3번 염색체 단일염기변이와 12개월령 체형과의 연관관계)

  • Kim, Nam-Young;Choi, Jung-Woo;Chae, Hyun-Seok;Baek, Kwang-Soo;Son, Jun-Kyu;Shin, Sang-Min;Woo, Jae-Hoon;Park, Seol-Hwa;Hong, Hyun-Jun;Kim, Su-Yeon;Yang, Young-Hoon
    • Journal of Embryo Transfer
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    • v.31 no.3
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    • pp.227-233
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    • 2016
  • This study was conducted to analyze the effect of single nucleotide polymorphisms (SNPs) on the equine chromosomes (ECA) 3 for the body conformations of 12 month of age in Jeju crossbred (Jeju horses ${\times}$ Thoroughbred). A total of 199 Jeju crossbred horse samples were obtained from the National Institute of Subtropical Livestock Research Institute for this study. To correctly estimate the body conformations, we measured thirteen elements relevant to the body conformation such as body weight, wither height, body length for all the 199 horses at 12 month of age. Furthermore, all the horses were genotyped using four SNPs including the BIEC2-808466, BIEC2-808543, BIEC2-808967, BIEC2-809370, of which genomic coordinates range approximately from 105.1Mbp to 110 Mbp in the ECA3. For the phenotypic data sets, the average body weight was $193.7{\pm}24.5kg$ and the height was $124.5{\pm}4.0cm$. As for the genotypic data, the miner allele frequencies of the SNPs were shown to be varied from 0.01 to 0.291. Using the phenotypic and genotypic data sets, analysis of covariance was performed to find any association between those SNP genotypes and body conformations, using year of birth, month of birth, sex, and parity as the covariance components. The result showed that alternative genotypes in the BIEC2-808967 and BIEC2-809370 SNPs were significantly associated with the body length (P<0.05) and the wither height (P<0.05) respectively in the Jeju crossbred horses. Therefore, it is estimated that there are significant associations in the body conformation of 12 month of age of Jeju crossbred for those two SNPs used in this study.

Risk Aversion in Forward Foreign Currency Markets (선도환시장(先渡換市場)에서의 위험회피도(危險回避度)에 관한 연구(硏究))

  • Jang, Ik-Hwan
    • The Korean Journal of Financial Management
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    • v.8 no.1
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    • pp.179-197
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    • 1991
  • 선도환의 가격을 결정하는 접근방법에는 2차자산(derivative assets)이라는 선도계약의 기본특성에 기초한 재정거래(arbitrage)에 의한 방법이 가장 많이 이용되고 있다. 재정거래방식에는 선도환과 현물외환가격간의 상호관련성에 의하여 선도환가격을 이자율평가설(covered interest rate parity : CIRP), 즉 현물가격과 양국간의 이자율차이의 합으로 표시하고 있다. 특히 현물가격과 이자율은 모두 현재시점에서 의사결정자에게 알려져 있기때문에 선도환가격은 확실성하에서 결정되어 미래에 대한 예측이나 투자자의 위험회피도와는 관계없이 결정된다는 것이 특징이다. 이자율평가설에 관한 많은 실증연구는 거래 비용을 고려한 경우 현실적으로 적절하다고 보고 있다(Frenkel and Levich ; 1975, 1977). 다른 방법으로는 선도환의 미래예측기능에만 촛점을 맞추어 가격결정을 하는 투기, 예측접근방법(speculative efficiency approach : 이하에서는 SEA라 함)이 있다. 이 방법 중에서 가장 단순한 형태로 표시된 가설, 즉 '선도환가격은 미래기대현물가격과 같다'는 가설은 대부분의 실증분석에서 기각되고 있다. 이에 따라 SEA에서는 선도환가격이 미래에 대한 기대치뿐만 아니라 위험프리미엄까지 함께 포함하고 있다는 새로운 가설을 설정하고 이에 대한 실증분석을 진행한다. 이 가설은 이론적 모형에서 출발한 것이 아니기 때문에, 특히 기대치와 위험프레미엄 모두가 측정 불가능하다는 점으로 인하여 실증분석상 많은 어려움을 겪게 된다. 이러한 어려움을 피하기 위하여 많은 연구에서는 이자율평가설을 이용하여 선도환가격에 포함된 위험프레미엄에 대해 추론 내지 그 행태를 설명하려고 한다. 이자율평가설을 이용하여 분석모형을 설정하고 실증분석을 하는 것은 몇가지 근본적인 문제점을 내포하고 있다. 먼저, 앞서 지적한 바와 같이 이자율평가설을 가정한다는 것은 SEA에서 주된 관심이 되는 미래예측이나 위험프레미엄과는 관계없이 선도가격이 결정 된다는 것을 의미한다. 따라서 이자율평가설을 가정하여 설정된 분석모형은 선도환시장의 효율성이나 균형가격결정에 대한 시사점을 제공할 수 없다는 것을 의미한다. 즉, 가정한 시장효율성을 실증분석을 통하여 다시 검증하려는 것과 같다. 이러한 개념적 차원에서의 문제점 이외에도 실증분석에서의 추정상의 문제점 또한 존재한다. 대부분의 연구들이 현물자산의 균형가격결정모형에 이자율평가설을 추가로 결합하기 때문에 이러한 방법으로 설정한 분석모형은 그 기초가 되는 현물가격모형과는 달리 자의적 조작이 가능한 형태로 나타나며 이를 이용한 모수의 추정은 불필요한 편기(bias)를 가지게 된다. 본 연구에서는 이러한 실증분석상의 편기에 관한 문제점이 명확하고 구체적으로 나타나는 Mark(1985)의 실증연구를 재분석하고 실증자료를 통하여 위험회피도의 추정치에 편기가 발생하는 근본원인이 이자율평가설을 부적절하게 사용하는데 있다는 것을 확인 하고자 한다. 실증분석결과는 본문의 <표 1>에 제시되어 있으며 그 내용을 간략하게 요약하면 다음과 같다. (A) 실증분석모형 : 본 연구에서는 다기간 자산가격결정모형중에서 대표적인 Lucas (1978)모형을 직접 사용한다. $$1={\beta}\;E_t[\frac{U'(C_{t+1})\;P_t\;s_{t+1}}{U'(C_t)\;P_{t+1}\;s_t}]$$ (2) $U'(c_t)$$P_t$는 t시점에서의 소비에 대한 한계효용과 소비재의 가격을, $s_t$$f_t$는 외환의 현물과 선도가격을, $E_t$${\beta}$는 조건부 기대치와 시간할인계수를 나타낸다. Mark는 위의 식 (2)를 이자율평가설과 결합한 다음의 모형 (4)를 사용한다. $$0=E_t[\frac{U'(C_{t+1})\;P_t\;(s_{t+1}-f_t)}{U'(C_t)\;P_{t+1}\;s_t}]$$ (4) (B) 실증분석의 결과 위험회피계수 ${\gamma}$의 추정치 : Mark의 경우에는 ${\gamma}$의 추정치의 값이 0에서 50.38까지 매우 큰 폭의 변화를 보이고 있다. 특히 비내구성제품의 소비량과 선도프레미엄을 사용한 경우 ${\gamma}$의 추정치의 값은 17.51로 비정상적으로 높게 나타난다. 반면에 본 연구에서는 추정치가 1.3으로 주식시장자료를 사용한 다른 연구결과와 비슷한 수준이다. ${\gamma}$추정치의 정확도 : Mark에서는 추정치의 표준오차가 최소 15.65에서 최대 42.43으로 매우 높은 반면 본 연구에서는 0.3에서 0.5수준으로 상대적으로 매우 정확한 추정 결과를 보여주고 있다. 모형의 정확도 : 모형 (4)에 대한 적합도 검증은 시용된 도구변수(instrumental variables)의 종류에 따라 크게 차이가 난다. 시차변수(lagged variables)를 사용하지 않고 현재소비와 선도프레미엄만을 사용할 경우 모형 (4)는 2.8% 또는 2.3% 유의수준에서 기각되는 반면 모형 (2)는 5% 유의수준에서 기각되지 않는다. 위와같은 실증분석의 결과는 앞서 논의한 바와 같이 이자율평가설을 사용하여 균형자산가격 결정모형을 변형시킴으로써 불필요한 편기를 발생시킨다는 것을 명확하게 보여주는 것이다.

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A study on the efficient application of the replicating portfolio according to the tax imposition within K-OTC market for activating financial transactions of small-medium and venture business (중소 벤처 기업의 금융거래 활성화를 위하여 K-OTC 시장에서 조세부과에 따른 복제포트폴리오의 효율적 활용에 대한 연구)

  • Yoo, Joon-soo
    • Journal of Venture Innovation
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    • v.1 no.1
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    • pp.83-98
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    • 2018
  • This paper makes a theoretical approach to the differences between transaction tax and capital gains tax when the financial instruments are traded and imposed taxes in K-OTC market, a newly emerging off-board market. Since it is difficult to reduce risk to the level which investors would like to pursue - depending on the taxation methods of portfolio-composed financial instruments - when it comes to forming a synthetic bond to hedge risk, this paper also seeks for effective taxation methods to make this applicable. First of all, to thoroughly review the taxation balance of synthetic bonds, this paper analyzed the effects of the transaction tax and capital gains tax imposed upon synthetic bonds according to the changes in final stock price and strike price in K-OTC market, and analyzed after-tax profit differences among them depending on whether income tax deduction took place or not. As a result of the research upon the tax gap in transaction tax and capital gains tax according to the changes of final stock prices, it was shown that imposing transaction tax is more likely to be effective for some level of risk hedging with replicating portfolio considering taxation policies and financial markets, since the effect of the transaction tax has a much lower tax gap than that of capital gains tax. In addition, in relation to whether income tax deduction was permitted or not, it was proved that the effect of the transaction tax and the capital gains tax vary depending on the variation in the strike price. Above all, it was shown that if the strike price is lower than the stock price, the transaction tax will be less affected by the existence of income tax deduction than the capital gains tax, while both will be equally affected by the existence of income tax deduction if the strike price is higher than the stock price. Further study would be to demonstrate the validation of this in the K-OTC market with actual financial instruments and, also, to seek for a more systematic hedging method by using a ratio analysis approach to the calculation of the option transaction tax

Functional MRI of Visual cortex in the Patients with Occipital Lobe Ischemia (후두엽의 허혈성 뇌졸중 환자에서 시각피질의 기능적 자기공명영상)

  • 이영준;정태섭;윤영수;한승한;조영재;배준호
    • Investigative Magnetic Resonance Imaging
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    • v.3 no.2
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    • pp.173-178
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    • 1999
  • Purpose : To evaluate the usefulness of functional MRI (fMRI) of visual cortex in patients with ischemic infarction in the occipital lobe. Materials and Methods : Four patients with the symptoms and signs of visual cortical ischemia were included. Functional MRI was performed by 2D-FLASH technique with the parameter of 90/56msec TR/TE, $40^{\circ}$ flip angle, $240{\times}240{\;}FOV,{\;}64{\times}128$ matrix number, 8.32 seconds acquisition time, 8mm slice thickness. An axial slice including both visual cortices was selected and alternative activation and resting of the visual cortex was performed using red color photostimulator. all patients undertook visual field test, and vascular abnormality was examined by MRA (n=4) and DSA (n=2). fMRI results were compared with the results of a visual field test, conventional MRI and cerebral angiography. Results : On fMRI, decreased activity of the visual cortex was found in the occipital lobe corresponding to stenosis of the posterior cerebral artery or its branch noted on angiogram. However, 2 of 4 patients showed no abnormal findings on conventional MRI. Visual field defect was noted in 3 patients, one and of whom showed no abnormality on conventional MRI and diffusion-weighted image, but revealed decreased activity in the corresponding visual cortex on fMRI. Conclusion : fMRI may be a sensitive method for detection of the status of decreased blood flow or vascular reserve which other methods can not.

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