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An Empirical Study on the Characteristics of Stock Returns in Chinese Stock Market -Focusing on the period of 1995 to 2007 - (중국 주식시장의 수익률 특성에 관한 실증연구 - 1995년부터 2007년 기간을 중심으로 -)

  • Kim, Kyung Won;Choi, Joon Hwan
    • International Area Studies Review
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    • v.13 no.3
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    • pp.287-308
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    • 2009
  • This article examines the distributional characteristics of the return of Chinese stock market indices. The majority of previous empirical researches have tended to focus upon the simple stock market index. However, this study focuses on the four indices which represent the characteristics of each stock market index. The empirical findings indicate that the returns of the four chinese indices are not normally distributed at conventional levels. The Ljimg-Box -statistics indicate the returns of the index of A shares are not serially autocorrelated. However, the returns of the index of B shares are serially autocorrelated. The empirical findings also indicate returns of the four chinese indices are not serially autocorrelated. The statistics of Regression Specification Error Test and ARCH indicate the returns of all four indices are not serially linear. The findings also indicate that E- GARCH model is the most fittest model for the returns of the four chinese indices and the forecast error can be reduced by using student t distribution rather normal distribution.

Transcriptome profiling of rubber tree (Hevea brasiliensis) discovers candidate regulators of the cold stress response

  • Gong, Xiao-Xiao;Yan, Bing-Yu;Hu, Jin;Yang, Cui-Ping;Li, Yi-Jian;Liu, Jin-Ping;Liao, Wen-Bin
    • Genes and Genomics
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    • v.40 no.11
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    • pp.1181-1197
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    • 2018
  • Tropical plant rubber tree (Hevea brasiliensis) is the sole source of commercial natural rubber and low-temperature stress is the most important limiting factor for its cultivation. To characterize the gene expression profiles of H. brasiliensis under the cold stress and discover the key cold stress-induced genes. Three cDNA libraries, CT (control), LT2 (cold treatment at $4^{\circ}C$ for 2 h) and LT24 (cold treatment at $4^{\circ}C$ for 24 h) were constructed for RNA sequencing (RNA-Seq) and gene expression profiling. Quantitative real time PCR (qRT-PCR) was conducted to validate the RNA-Seq and gene differentially expression results. A total of 1457 and 2328 differentially expressed genes (DEGs) in LT2 and LT24 compared with CT were respectively detected. Most significantly enriched KEGG pathways included flavonoid biosynthesis, phenylpropanoid biosynthesis, plant hormone signal transduction, cutin, suberine and wax biosynthesis, Pentose and glucuronate interconversions, phenylalanine metabolism and starch and sucrose metabolism. A total of 239 transcription factors (TFs) were differentially expressed following 2 h or/and 24 h of cold treatment. Cold-response transcription factor families included ARR-B, B3, BES1, bHLH, C2H, CO-like, Dof, ERF, FAR1, G2-like, GRAS, GRF, HD-ZIP, HSF, LBD, MIKC-MADS, M-type MADS, MYB, MYB-related, NAC, RAV, SRS, TALE, TCP, Trihelix, WOX, WRKY, YABBY and ZF-HD. The genome-wide transcriptional response of rubber tree to the cold treatments were determined and a large number of DEGs were characterized including 239 transcription factors, providing important clues for further elucidation of the mechanisms of cold stress responses in rubber tree.

Estimation of the Optimal Harvest and Stock Assessment of Hairtail Caught by Multiple Fisheries (다수어업의 갈치 자원평가 및 최적어획량 추정)

  • Nam, Jongoh;Cho, Hoonseok
    • Ocean and Polar Research
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    • v.40 no.4
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    • pp.237-247
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    • 2018
  • This study aims to estimate optimal harvests, fishing efforts, and stock levels of hairtail harvested by the large pair bottom trawl, the large otter trawl, the large purse seine, the offshore long line, and the offshore angling fisheries by using the surplus production models and the current value Hamiltonian method. Processes of this study are as follows. First of all, this study estimates the standardized fishing efforts regarding the harvesting of the hairtail by the above five fishing gears based on the general linear model developed by Gavaris. Secondly, this study estimates environmental carrying capacity (k), intrinsic growth rate (r), and catchability coefficient (q) by applying the Clarke Yoshimoto Pooley (CY&P) model among various surplus production models. Thirdly, this study estimates the optimal harvests, fishing efforts, and stock levels regarding the hairtail by the current value Hamiltonian method, including the average landing price, the average unit cost, and the social discount rate. Finally, this study attempts a sensitivity analysis to figure out changes in optimal harvests, fishing efforts, and stock levels due to changes in the average landing price and the average unit cost. As results induced by the current value Hamiltonian method, the optimal harvests, fishing efforts, and stock levels regarding the hairtail caught by several fishing gears were estimated as 33,133 tons, 901,080 horse power, and 79,877 tons, respectively. In addition, from the results of the sensitivity analysis, first of all, if the average landing price of the hairtail constantly increases, the optimal harvests of it increase at a decreasing rate, and then harvests finally slightly decrease as a result of decreases in stock levels. Secondly, if the average unit cost of fishing efforts continuously increases, the optimal fishing efforts decreases, but optimal stock levels increase. Optimal harvests start climbing and then decrease continuously due to increases in the average unit cost. In summary, this study suggests that the optimal harvests (33,133 tons) were larger than actual harvests (25,133 tons), but the optimal fishing efforts (901,080 horse power) were much less than estimated standardized fishing efforts (1,277,284 horse power), corresponding to the average of the recent three years (2014-2016). This result implies that the hairtail has been inefficiently harvested and recently overfished due to excessive fishing efforts. Efficient management and conservation policies on stock levels need to be urgently implemented. Some appropriate strategies would be to include the hairtail in the Korean TAC species or to extend the closed fishing season for this species.

Exosomal miR-181b-5p Downregulation in Ascites Serves as a Potential Diagnostic Biomarker for Gastric Cancer-associated Malignant Ascites

  • Yun, Jieun;Han, Sang-Bae;Kim, Hong Jun;Go, Se-il;Lee, Won Sup;Bae, Woo Kyun;Cho, Sang-Hee;Song, Eun-Kee;Lee, Ok-Jun;Kim, Hee Kyung;Yang, Yaewon;Kwon, Jihyun;Chae, Hee Bok;Lee, Ki Hyeong;Han, Hye Sook
    • Journal of Gastric Cancer
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    • v.19 no.3
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    • pp.301-314
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    • 2019
  • Purpose: Peritoneal carcinomatosis in gastric cancer (GC) patients results in extremely poor prognosis. Malignant ascites samples are the most appropriate biological material to use to evaluate biomarkers for peritoneal carcinomatosis. This study identified exosomal MicroRNAs (miRNAs) differently expressed between benign liver cirrhosis-associated ascites (LC-ascites) and malignant gastric cancer-associated ascites (GC-ascites), and validated their role as diagnostic biomarkers for GC-ascites. Materials and Methods: Total RNA was extracted from exosomes isolated from 165 ascites samples (73 LC-ascites and 92 GC-ascites). Initially, microarrays were used to screen the expression levels of 2,006 miRNAs in the discovery cohort (n=22). Subsequently, quantitative reverse transcriptase-polymerase chain reaction (qRT-PCR) analyses were performed to validate the expression levels of selected exosomal miRNAs in the training (n=70) and validation (n=73) cohorts. Furthermore, carcinoembryonic antigen (CEA) levels were determined in ascites samples. Results: The miR-574-3p, miR-181b-5p, miR-4481, and miR-181d were significantly downregulated in the GC-ascites samples compared to the LC-ascites samples, and miR-181b-5p showed the best diagnostic performance for GC-ascites (area under the curve [AUC]=0.798 and 0.846 for the training and validation cohorts, respectively). The diagnostic performance of CEA for GC-ascites was improved by the combined analysis of miR-181b-5p and CEA (AUC=0.981 and 0.946 for the training and validation cohorts, respectively). Conclusions: We identified exosomal miRNAs capable of distinguishing between non-malignant and GC-ascites, showing that the combined use of miR-181b-5p and CEA could improve diagnosis.

TFAP2C Promotes Cell Proliferation by Upregulating CDC20 and TRIB3 in Non-small Cell Lung Cancer Cells (비소세포폐암 발달 과정에서 TFAP2C에 의해 발현되는 CDC20과 TRIB3의 원암유전자 기능에 관한 연구)

  • Kim, Dain;Do, Hyunhee;Kang, JiHoon;Youn, BuHyun;Kim, Wanyeon
    • Journal of Life Science
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    • v.29 no.6
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    • pp.645-652
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    • 2019
  • Non-small cell lung cancer (NSCLC) has the infamous distinction of being the leading cause of global cancer-related death over the past decade, and novel molecular targets are urgently required to change this status. We previously conducted a microarray analysis to investigate the association of transcription factor activating enhancer-binding protein 2C (TFAP2C) with NSCLC and revealed its oncogenic roles in NSCLC development. In this study, to identify new biomarkers for NSCLC, we focused on several oncogenes from the microarray analysis that are transcriptionally regulated by TFAP2C. Here, the cell division cycle 20 (CDC20) and tribbles pseudokinase 3 (TRIB3) were subsequently found as potential potent oncogenes as they are positively regulated by TFAP2C. The results showed that the mRNA and protein levels of CDC20 and TRIB3 were down-regulated in two NSCLC cell lines (NCI-H292 and NCI-H838), which were treated with TFAP2C siRNA, and that the overexpression of either CDC20 or TRIB3 was responsible for promoting cell viability in both NSCLC cell lines. In addition, apoptotic levels of NCI-H292 and NCI-H838 cells treated with TFAP2C siRNA were found to be suppressed by the overexpression of either CDC20 or TRIB3. Together, these results suggest that CDC20 and TRIB3 are positively related to NSCLC tumorigenesis and that they should be considered as potential prognostic markers for developing an NSCLC therapy.

Development of embedded type antenna structure with NFC and WPC complex function (NFC 와 WPC 복합기능의 삽입형 안테나 복합체 개발)

  • Park, Rog-gook;Lee, Deok-soo;Jang, Jeong-sun
    • Journal of Platform Technology
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    • v.6 no.4
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    • pp.59-68
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    • 2018
  • The objective of this study is to develop an embedded antenna structure with NFC and WPC composite functions. By selecting stable materials, the optimal component ratio of the polymer sheet was determined. The low cost embedded winding method compared to the existing FPCB was devised. During the winding process, characterization and process technology were developed. We also fabricated a ferrite mold to process the WPC grooves and developed the process technology for optimizing the WPC antenna. The following conclusions were obtained. (1) Optimum composition ratio was derived as Fe 87.5%, Si 7%, Al 5.5% and selected as the final material. (2) Optimal sheet conditions were derived from the experimental evaluation method and the experimental design method through the combination test of the optimized sheet and the conventional mass production FPCB. (3) According to coil diameter and inner diameter, Q value fluctuation, resistance value and efficiency fluctuation are obtained. Therefore, the most suitable coil condition is selected and Rx matching is performed. (4) The EMV load modulation test and the cognitive distance test of the polymer sheet and the ferrite sheet showed that the recognition distance of the polymer sheet at 1k and 4K was 32-33 mm and the recognition distance of the ferrite sheet at the same condition was 30-31 mm.

Growth of Candida albicans Biofilm is Inhibited by Salvia miltiorrhiza (단삼에 의한 Candida albicans 바이오필름 발달의 억제)

  • Lee, Heung-Shick;Kim, Younhee
    • Microbiology and Biotechnology Letters
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    • v.47 no.3
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    • pp.465-472
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    • 2019
  • Candida albicans is an opportunistic human pathogen that causes infections. Candidiasis is often related to antifungal resistance because the pathogen has the ability to form biofilms. In a previous study, we found that the Salvia miltiorriza ethanol extract demonstrated anticandidal activity by altering membrane permeability and inhibiting the cell wall synthesis in C. albicans. Our results here demonstrate that $78{\mu}g/ml$ of the S. miltiorriza extract significantly diminished the early stage biofilms formed by 10 clinical C. albicans isolates by 51.3%; this was analyzed by 2,3-Bis-(2-methoxy-4-nitro-5-sulfophenyl)-2H-tetrazolium-5-carboxanilide salt (XTT) reduction assay. The effect of the S. miltiorrhiza extract on the adhesion of C. albicans cells to polystyrene plates and germ tube formation was examined via microscopic investigation. Although the density of the adhered cells was remarkably reduced up on incubation with $39{\mu}g/ml$ S. miltiorrhiza extract, germ tube formation by C. albicans was rarely affected. Quantitative real-time PCR analysis showed that the S. miltiorrhiza extract downregulated the expression of C. albicans hypha-specific genes, EAP1 by 34.7% (p < 0.001), ALS1 by 45.0% (p < 0.001), ALS3 by 48.1% (p < 0.001), and ECE1 by 21.3% (p = 0.006), respectively. Our data suggest that the S. miltiorrhiza ethanol extract significantly inhibited the early stage of biofilm formation by C. albicans by interfering with cell adhesion, by downregulating EAP1, ALS1 and ALS3, and presumably by modifying the cell wall and membrane structure.

Genetic Characterization of H7-subtype Avian Influenza Viruses (H7 아형 조류인플루엔자 바이러스의 유전자 특성)

  • Yeo, Jiin;Kwon, Hyuk-Moo;Sung, Haan-Woo
    • Korean Journal of Poultry Science
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    • v.46 no.3
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    • pp.173-183
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    • 2019
  • Based on their virulence, the avian influenza viruses (AIVs) are classified into two pathotypes: low pathogenic avian influenza (LPAI) virus and highly pathogenic avian influenza (HPAI) virus. Among the 16 HA subtypes of AIV, only the H5 and H7 subtypes are classified as HPAI. Some AIVs, including H5 and H7 viruses, can infect humans directly. Six H7 subtype isolates from wild birds of the H7N7 (n=4) and H7N1 (n=2) subtypes were characterized in this study. Phylogenetic analysis showed that eight viral genes (HA, NA, PB2, PB1, PA, NP, M, and NS) of the H7 isolates clustered in the Eurasian lineage, the genetic diversity of which is indicated by its division into several sublineages. The Korean H7 isolates had two motifs, PEIPKGR and PELPKGR, at the HA cleavage site, which have been associated with LPAI viruses. Six H7 isolates encoded glutamine (Q) and glycine (G) at positions 226 (H3 numbering) and 228 of HA, suggesting avian-type receptor-binding specificity. None of the Korean H7 isolates had the amino acid substitutions E627K in PB2 and I368V in PB1, which are critical for efficient replication in human cells. The Korean H7 isolates showed no deletions in the NA stalk region and in NS. These results suggest that the Korean H7 isolates from wild birds are different from the H7N9 influenza viruses isolated in China in 2013, which are capable of infecting humans.

Molecular Characterization and Expression Analysis of Nucleoporin 210 (Nup210) in Chicken

  • Ndimukaga, Marc;Bigirwa, Godfrey;Lee, Seokhyun;Lee, Raham;Oh, Jae-Don
    • Korean Journal of Poultry Science
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    • v.46 no.3
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    • pp.185-191
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    • 2019
  • Nucleoporin 210 (Nup210) is associated with several physiological processes including muscle and neural cell differentiation, autoimmune diseases, and peripheral T cell homeostasis. Chicken Nup210 (chNup210) gene was originally identified as one of the differentially expressed genes (DEGs) in the kidney tissues of chicken. To elucidate the role of Nup210 in metabolic disease of chicken, we studied the molecular characteristics of chNup210 and analyzed its gene expression under the stimulation of Toll-like receptor 3 (TLR3) ligands. The Nup210 genomic DNA and amino acid sequences of various species including fowls, fishes, and mammals were retrieved from the Ensemble database and subjected to bioinformatics analyses. The expression of Nup210 from several chicken tissues was probed through qRT-PCR, and chicken fibroblast DF-1 cell line was used to determine the change in expression of chNup210 after stimulation with TLR3 ligand, polyinosinic-polycytidylic acid (poly (I:C)). The chNup210 gene was highly expressed in chicken lung and spleen tissues. Although highly conserved among the species, chNup210 was evolutionary clustered in the same clade as that of duck compared to other mammals. Furthermore, this study revealed that chNup210 is expressed in TLR3 signaling pathway and provides fundamental information on Nup210 expression in chicken. Future studies that offer insight into the involvement of chNup210 in the chicken innate immune response against viral infection are recommended.

Spatial and seasonal distributions of the phototrophic dinoflagellate Biecheleriopsis adriatica (Suessiaceae) in Korea: quantification using qPCR

  • Kang, Hee Chang;Jeong, Hae Jin;Ok, Jin Hee;You, Ji Hyun;Jang, Se Hyeon;Lee, Sung Yeon;Lee, Kyung Ha;Park, Jae Yeon;Rho, Jung-Rae
    • ALGAE
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    • v.34 no.2
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    • pp.111-126
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    • 2019
  • The phototrophic dinoflagellate Biecheleriopsis adriatica is a small suessioid species characterized by a fragile thin wall. Although the morphology of this dinoflagellate is well established, there is currently little information available on its distribution and the environmental factors that influence this distribution. Thus, to investigate the spatial and seasonal distributions of the vegetative cells of B. adriatica in Korean waters, surface water samples were collected on a seasonal basis from 28 stations in the East, West, and South Sea of Korea and Jeju Island from April 2015 to October 2018, and abundances of the vegetative cells of B. adriatica were quantified using quantitative real-time polymerase chain reactions, for which we developed the species-specific primer and probe set. Simultaneously, major environmental parameters, including temperature, salinity, nutrient concentrations, and dissolved oxygen concentrations were measured. The vegetative cells of B. adriatica were detected at 20 of the 28 sampling stations: 19 stations in summer and 6 in autumn, although from no stations in either spring or winter. The ranges of water temperature and salinity at sites where this species was detected were $17.7-26.4^{\circ}C$ and 9.9-34.3, respectively, whereas those of nitrate and phosphate concentrations were not detectable-96.2 and $0.18-2.66{\mu}M$, respectively. Thus, the sites at which this species is found are characterized by a narrow range of temperature, but wide ranges of salinity and concentrations of nitrate and phosphate. The highest abundance of the vegetative cells of B. adriatica was $41.7cells\;mL^{-1}$, which was recorded in Jinhae Bay in July 2018. In Jinhae Bay, the abundance of vegetative cells was significantly positively correlated with the concentration of nitrate, but was negatively correlated with salinity. On the basis of these findings, it appears that the abundance of B. adriatica vegetative cells shows strong seasonality, and in Jinhae Bay, could be affected by the concentrations of nitrate.