• Clinical and Experimental Pediatrics
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• v.49 no.6
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• pp.623-629
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• 2006

Purpose : The mortality rate of neonatal sepsis has been decreased, however, the incidence has not significantly decreased because of increased invasive procedures. This study was designed to make guidelines for choosing antibiotics by analyzing the causative microorganisms and their antibiotics sensitivity test according to the onset of neonatal sepsis. Methods : One hundred seven cases of culture proven sepsis in 89 patients admitted to the NICU of Chonnam University Hospital from Jan. 2000 to Dec. 2004, were enrolled. By reviewing the medical records, clinical data, laboratory findings, causative organisms and their antibiotics sensitivity, and mortality were analyzed. Results : The incidence of neonatal sepsis was 1.7 percent and more prevalent in premature and low birth weight infants. 85.4 percent of neonatal sepsis was late onset. Almost all microorganisms(92.9 percent) were gram-positive in early onset, however, two thirds were gram-positive and one third were gram-negative and Candida in late onset. Gram-negative organisms and Candida were more prevalent in patients who had central line. Gram-positive organisms were sensitive to vancomycin, teicoplanin, and gram-negative were sensitive to imipenem, and cefotaxime. Conclusion : Neonatal sepsis was more prevalent in premature and low birth weight infants. More than 90 percent were gram-positive in early onset, however, one third was gram-negative and Candida in late onset. The first choice of antibiotics were a combination of third generation cephalosporin and clindamycin in early onset, and third generation cephalosporin and glycopeptide in late onset. If there is no response to antibiotics treatment, the use of antifungal agents should be considered.

• Asian-Australasian Journal of Animal Sciences
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• v.17 no.6
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• pp.848-856
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• 2004

Black Bengal goat is primarily reared for meat, skin comes here as a by-product. The present trial describes the effect of age on different carcass characteristics of Black Bengal goats of either sex. A total of 61 Black Bengal goats of different age and sex groups were slaughtered. They were reared under semi-intensive management on milk alone or with concentrates (of 10.14 MJ ME and 10.48 g M/kg DM) and freshly cut Napier grass (2 MJ ME and 25 g CP/kg of fresh matter) that provides the estimated NRC (1981) requirement. The four age groups were: pre-weaned kids (0-90 day), post-weaned kids (91-180 days), growing (181-365 days) and adult (>365 days). Goats were slaughtered according to 'Halal' method by severing the major vessels of the throat by a transverse cut. Different slaughter parameters of Black Bengal goat can be best predicted from the equations as follows: live weight (kg)=0.801 (shoulder height (cm))-24.32, ($r^{2}$=0.94); carcass weight (kg)=0.364 (height at hind legs (cm))-11.54, ($r^{2}$=0.91); edible weight (kg)=0.623 (shoulder height (cm))-19.94, ($r^{2}$=0.91) and saleable weight (kg)=0.701 (shoulder height (cm))-21.99, ($r^{2}$=0.92). Live weight, carcass weight, edible weight and saleable weight of castrated goat at one-year onward ranges from 20-22, 9.4-10.5, 14-16 and 16.6-18.8 kg, respectively, which are about 80% higher than most of the reported observations on Black Bengal goat of same age and sex. Slaughter weight, warm carcass weight, edible weight and saleable weight increased curvilinearly with age of slaughter but not affected (p>0.05) by sex. However, linearity of the response curve of affect of age on mentioned parameters ends at around 9 months. Visceral fat as per cent of live weight increased curvilinearly with age and attain its maximum (about 6%) at about 500 days. However, linear part of the quadratic model ends at about 300 days when visceral fat content is about 4.8% of body weight. Blood and skin yield for one-year old male goat was 797 g and 1.61 kg, respectively. Absolute yield of blood and skin increased curvilinealry and attained maximum level at about 400 days (13.3 months). Average proportion of different carcass cut were - round 27%, rump 7%, loin 10%, ribs (6-12th) 14%, shoulder 21%, Neck 7%, chest 14%. Thigh and shoulder constituted about 48.3% of the cold carcass weight. Overall crude protein content of meat samples of different carcass cuts progressively decreased with age starting from 57 at 0-90 days to 58, 47 and 33 per cent, respectively at 91-180, 181-365 and >365 days, respectively. Overall meat fat content increased almost linearly from 11.1% during 91-180 days to 22.9 and 39.5% during 181-365 and >365days, respectively. Results from this trial suggest that both carcass yield and carcass composition changes with age; and sex have little or no effect on carcass yield and carcass composition. However, caution should be made in using second conclusion as there were few female animals slaughtered relative to the male. Optimum slaughter age for Black Bengal goat reared under semi-intensive management with adequate feeding and management would be about 9 months when their live weight, warm carcass weight, edible and saleable weight of carcass can be about 16.74, 7.28, 12.05 and 13.81 kg, respectively.

• Journal of Animal Science and Technology
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• v.44 no.3
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• pp.289-296
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• 2002

A broiler experiment was conducted to investigate the effect of supplementing yeast culture (Saccharomyces cerevisiae, Pichia pastoris) on the growth performance, small intestinal microflora and immune response in broiler chickens. One thousand hatched broiler chickens(Ross$^{(R)}$) were assigned to 6 treatments: control (basal diet), CTC; chlorotetracycline 100ppm, YC-SC; yeast culture(Saccharomyces cerevisiae) 0.3%, YC-PP; yeast culture(Pichia pastoris) 0.3%, RPPC-0.1; refined Pichia pastoris culture 0.1%, RPPC-0.3; refined Pichia pastoris culture 0.3%. There were no significant differences in growth, feed intake, feed efficiency and mortality among the treatments. However, chickens fed diets with yeast cultures showed numerically higher weight gain than those fed the control diets. Supplementation of yeast cultures and CTC improved feed efficiency and decreased mortality compared to control. Nutrient digestibilities were not affected by the dietary treatments. Total number of Lactobacilli in small intestine was higher while that of Cl. perfringens was lower with yeast culture treatments than control. Small intestine E. coli population of RPPC-0.3 treatment was significantly lower than that of the control. The serum IgG concentration tended to be higher in broilers fed yeast cultures than those fed the control and CTC diet. In conclusion, the supplementation of yeast culture products showed, although not significant but, numerical advantages in productivity and profile of microbial flora and serum IgG compared to the control and CTC supplementation.

• Journal of The Korean Society of Grassland and Forage Science
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• v.28 no.2
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• pp.119-128
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• 2008

The object of this experiment was to investigate the food habits of Korean native goats fed with various roughage sources. The feeding trials were conducted at Chungnam National University and Unbong Animal Genetic Resources Station in 2007. The experimental roughages sources were five including 25 species in all; grass sources: 5 species (Lolium perenne, Festuca arundinacea, Poa pratensis, Agrostis alba and mixed grass, legume sources: 5 species (Trifolium pratense, Medicago sativa, Trifolium repens, Melilotus officinalis and Vicia villosa), browse sources: 5 species(Quercus serrata Thunb., Prunus jamasakura Sieb., Quercus aliena Blume, Robinia pseudoaccacia and Pinus densiflora), weed sources: 5 species(Artemisia princeps Pampanini, Erigeron canadensis, Alopecurus aegualis Sobolewski, Echinochloa crusgalli var. frumentacea (Roxb.) Wight and Rumex crispus), and native grass sources: 5 species(Zoysia japonica Steudel, Agropyron tsukushiense var. transiens(Hack) Ohwi., Arundinella hirta(Thunb.) Tanaka, Miscanthus sinensis Anderss and Phragmites comunis Trin). Ten Korean native goats were selected which had nearly the same body weight(average 30.6kg, 남) as experimental animals. Experimental roughages were prepared by 0.5kg per 1 species fed to Korean native goats, and the experiment was carried out from 08:00 to 20:00. The chemical composition and dry matter digestibility of each roughage source and species were significantly different at the sampling area, plant species, growth stages and cutting period (p<0.05). The Korean native goats ate more roughages which had low fibrous contents, but high dry matter digestibility. Among all the 25 species of roughages, the favorite intake species order by Korean native goats was observed like this: Quercus serrata Thunb., Quercus aliena Blume, Trifolium repens, and Pinus densiflora and Artemisia princeps Pampanini which was lower intake compared to other domestic herbivores. On the other hand, compared to each roughage source, total intake amount by Korean native goats was showed as browse(29.9%), legumes(23.0%), weeds(21.6%), grasses(21.5%) and native grasses(4.0%), respectively. Based on the result, the food habit of Korean native goats seems to be closer to browser type.

• Journal of Mushroom
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• v.19 no.3
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• pp.191-199
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• 2021

This study was conducted to improve the useful components and biological activity of Lentinula edodes fermented by lactic acid bacteria (LAB). Three LAB strains (Lactobacillus brevis KCCM 11904, L. plantarum KCCM 354469, and L. fermentum KCCM 12116) were inoculated and used for L. edodes hot water extract (10%, 20%, 30%) fermentation. LAB fermentation of L. edodes hot water extracts decreased pH and thus were more acidic than non-fermented L. edodes hot water extract. β-glucan and ergothioneine contents were increased by L. edodes in a concentration-dependent manner. The ergothioneine and β-glucan contents were highest in fermented with 30% L. edodes hot water extract fermented by L. plantarum and L. brevis (40.48 mg/100 g and 13.94%, respectively). The hepato-protective effect of fermented L. edodes hot water extracts by the three LAB were tested using Sprague-Dawley rat primary hepatocytes. In primary hepatocytes obtained following liver injury induced by acetaminophen, fermented L. edodes hot water extracts by the three LAB showed protective effects, as evident by reduction of the aspartate aminotransferase, alanine aminotransferase, and lactate dehydrogenase liver markers. The collective results indicate that the fermented L. edodes hot water extracts obtained using LAB are potentially valuable in preventing or treating liver disease.

• Tuberculosis and Respiratory Diseases
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• v.43 no.4
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• pp.500-518
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• 1996

Background : The solitary pulmonary nodule(SPN) presents a diagnostic dilemma to the physician and the patient. Many clinical characteristics(i.e. age, smoking history, prior history of malignancy) and radiological characteristics( i.e. size, calcification, growth rate, several findings of computed tomography) have been proposed to help to determine whether the SPN was benign or malignant. However, most of these diagnostic guidelines are based on the data collected before computed tomography(CT) has been introduced and lung cancer was not as common as these days. Moreover, it is not well established whether these guidelines from western populations could be applicable to Korean patients. Methods : We had a retrospective analysis of the case records and radiographic findings in 114 patients presenting with SPN from Jan. 1994 to Feb. 1995 in Seoul National University Hospital, a tertiary referral hospital. Results : We observed the following results ; (1) Out of 113 SPNs, the etiology was documented in 94 SP IS. There were 34 benign SP s and 60 malignant SPNs. Among which, 49 SPNs were primary lung cancers and the most common hi stologic type was adenocarcinoma. (2) The average age of patients with benign and malignant SPNs was $49.7{\pm}12.0$ and $58.1{\pm}10.0$ years, respectively( p=0.0004), and the malignant SPNs had a striking linear propensity to increase with age. (3) No significant difference in the hi story of smoking was noted between the patients with benign SPNs($13.0{\pm}17.6$ pack- year) and those with malignant SPNs($18.6{\pm}25.1$ pack-year) (p=0.2108). (4) 9 out of 10 patients with prior history of malignancy had malignant SPNs. 5 were new primary lung cancers with no relation to prior malignancy. (5) The average size of benign SPNs($3.01{\pm}1.20cm$) and malignant SPNs($2.98{\pm}0.97cm$) was not significantly different(p=0.8937). (6) The volume doubling time could be calculated in 22 SPNs. 9 SPNs had the volume doubling time longer than 400 days. Out of these, 6 were malignant SPNs. (7) The CT findings suggesting malignancy included the lobulated or spiculated border, air- bronchogram, pleural tail, and lymphadenopathy. In contrast, calcification, central low attenuation, cavity with even thickness, well-marginated border, and peri nodular micronodules were more suggestive for benign nodule. (8) The diagnostic yield of percutaneous needle aspiration and biopsy was 57.6%(19/33) of benign SPNs and 81.0%(47/58) of malignant SPNs. The diagnostic value of sputum analysis and bronchoscopic evaluations were relatively very low. (9) 42.3%(11/26) of SPNs of undetermined etiology preoperatively turned out to be malignant after surgical resection. Overall, 75.4%(46/61) of surgically resected SPNs were malignant. Conclusions : We conclude that the likelihood of malignant SPN correlates the age of patient, prior history of malignancy, some CT findings including lobulated or spiculated border, air-bronchogram, pleural tail and lymphadenopathy. However, the history of smoking, the size of the nodule, and the volume doubling time are not helpful to determent whether the SPN is benign or malignant, which have been regarded as valuable clinical parameters previously. We suggest that aggressive diagnostic approach including surgical resection is necessary in patient with SPNs.

• Korean Journal of Health Education and Promotion
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• v.2 no.1
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• pp.3-50
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• 1984

The levels of health knowledge, attitude and practice of housewives considerably effect to the health of households, communities and the nation. This study was designed to grasp the levels of health knowledge, attitude and practice of houswives and analyse the various factors effecting to health in order to provide health education services as well as materials for effective formulation and implementation of health policy to improve the health of the nation. This study has been conducted through interviews by trained surveyers for 4,281 housewives selected from 4,500 households throughout the country for 40 days during July 11-August 20, 1983. The results of survey were analysed by stepwise multiple regression and path analysis are summarized as follows; 1. Based on the measurement instrument applied to this study, the levels of health knowledge, attitude and practice of housewives were extremely low with 54.5 points out of 100 points in full. Higher level with 72 points and above was approximately 21 percent and lower level with 39 points and below was approx. 24 percent. The middle level was approx. 55 percent. In order to implement health programs successively, health education should be more strengthened and to improve the level of health knowledge, attitude and practice (KAP) of the nation, political consideration as a part of spiritual reformation must be concentrated on health. 2. The level of health knowledge indicated the highest points with 57.3 the level of attitude was the second with 55.0 points and the practice level was the lowest with 50.0 point. Therefore, planning and implementation of health education program must be based on the persuasion and motivation that health knowledge turn into practice. 3. Housewives who had higher level of health knowledge, showed their practice level was relatively lower and those who had middle or low level of it practice level was the reverse. 4. Correlations among health knowledge, attitude and practice (KAP) were generally higher and statistically significant at 0.1 percent level. Correlation between total health KAP level and health knowledge was the highest with r=.8092. 5. Health KAP levels showed significant differences according to the age, number of children, marital status, self-assessed health status and concern on health of the housewives interviewed (p<0.001) 6. Health KAP levels also showed significant differences according to the education level, economic status, employment before marriage and grown-up area of the housewives interviewed. (p<0.001) 7. Heath KAP levels showed significant differences according to health insurance benificiary and the existence of patients in the family. (p<0.001). 8. Health KAP levels showed significant differences according to distance to government organizations, schools, distance to health facilities, telephone possession rate, television possession rate, newspaper reading rate and activities of Ban meeting and Women's club. (p<0.001) 9. Health KAP levels showed significant differences according to electric mass communication media such as television, radio and village broadcasting etc. and printed media such as newspaper, magazine and booklets etc., IEC variables such as individual consultation and husband-wife communication, however, there was no significance with group training. 10. Health KAP of the housewives showed close correlation with personal characteristics variables, i.e., education level (r=.5302), age (r=-.3694) grown-up area (r=.3357) and employment before marriage. In general, correlation of health knowledge level was higher than the levels of attitude or practice. In case of health concern and health insurance, correlation of practice level was higher than health knowledge level. 11. Health KAP levels showed higher correlation with community environmental characteristics, Ban meeting and activity of Women's club, however, no correlation with New-village movement. 12. Among IEC variables, husband-wife communication showed the highest correlation with health KAP levels and printed media, electric mas communication media and health consultation in order. Therefore, encouragement of husband-wife communication and development of training program for men should be included in health education program. 13. Mass media such as electric mass com. and printed media were effective for knowledge transmission and husband-wife communication and individual consultation were effective for health practice. Group training was significant for knowledge transmission, however, but not significant for attitude formation or turning to health practice. To improve health KAP levels, health knowledge should be transmitted via mass media and health consultation with health professionals and field health workers should be strengthened. 14. Correlation of health KAP levels showed that knowledge level was generally higher than that of practice and recognized that knowledge was not linked with attitude or practice. 15. The twenty-five variables effecting health KAP levels of housewives had 41 per cent explanation variances among which education level had great contribution (β=.2309) and electric mass com. media (β=.1778), husband-wife communication (β=.1482), printed media, grown-up area, and distance to government organizations in order. Variances explained (R²) of health KAP were 31%, 15%, and 30% respectively. 16. Principal variables contributed to health KAP were education level (β=.12320, β=.1465), electric mass comm. media (β=.1762, β=.1839), printed media, (β=.1383, β=.1420) husband-wife communication (β=.1004, β=.1067), grown-up area and distance to government organizations, in order. Since education level contributes greatly to health KAP of the housewives, health education including curriculum development in primary, middle and high schools must be emphasized and health science must be selected as one of the basic liberal arts subject in universities. 17. Variences explained of IEC variables to health KAP were 19% in total, 14% in knowledge, 9% in attitude, and 10% in health practice. Contributions of IEC variables to health KAP levels were printed media (β=.3882), electric mass comm media (β=.3165), husb-band wife com. (β=.2095,) and consultation on health (β=.0841) in order, however, group training showed negative effect (β=-.0402). National fund must be invested for the development of Health Program through mass media such as TV and radio etc. and for printed materials such as newspaper, magazines, phamplet etc. needed for transmission of health knowledge. 18. Variables contributed to health KAP levels through IEC variables with indirect effects were education level (Ind E=0.0410), health concern (Ind E=.0161), newspaper reading rate (Ind E=.0137), TV possession rate and activity of Ban meeting in order, however, health facility showed negative effect (Ind E=-.0232) and other variables showed direct effect but not indirect effect. 19. Among the variables effecting health KAP level, education level showed the highest in total effect (TE=.2693) then IEC (TE=.1972), grown-up city (TE=.1237), newspaper reading rate (TE=.1020), distance to government organization (TE=.095) in order. 20. Variables indicating indirect effects to health KAP levels were; at knowledge level with R²=30%, education level (Ind E=.0344), newspaper reading rate (Ind E=.0112), TV possession rate (Ind E=.0689), activity of Ban meeting (Ind E=.0079) in order and at attitude level with R²=13%, education level (Ind E=. 0338), activity of Ban meeting (Ind E=.0079), and at practice level with R²=29%. education level (Ind E=.0268), health facility (Ind E=.0830) and concern on health (Ind E=.0105). 21. Total effect to health KAP levels and IEC by variable characteristics, personal characteristics variables indicated larger than community characteristics variables. 22. Multiple Correlation Coefficient (MCC) expressed by the Personal Characteristic Variable was .5049 and explained approximately 25% of variances. MCC expressed by total Community environment variable was .4283 and explained approx. 18% of variances. MCC expressed by IEC Variables was .4380 and explained approx. 19% of variances. The most important variable effected to health KAP levels was personal characteristic and then IEC variable, Community Environment variable in order. When the IEC effected with personal characteristic or community characteristic, the MCC or the variances were relatively higher than effecting alone. Therefore it was identified that the IEC was one of the important intermediate variable.

• Ocean and Polar Research
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• v.26 no.4
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• pp.581-594
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• 2004

CREAHS II carried out an intensive hydrographic survey covering almost entire East Sea in 1999. Hydrographic data from total 203 stations were released to public on the internee. This paper summarized the results of water mass analysis by OHP (Optimum Multiparameter) method that utilizes temperature, salinity, dissolved oxygen, pH, alkalinity, silicate, nitrate, phosphate and location data as an input data-matrix. A total of eight source water types are identified in the East Sea: four in surface waters(North Korea Surface Water, Tatar Surface Cold Water, East Korean Coastal Water, Modified Tsushima Surface Water), two intermediate water types (Tsushima Middle Water, Liman Cold Water), two deep water types (East Sea Intermediate Water, East Sea Proper Water). Of these NKSW, MTSW and TSCW are the newly reported as the source water type. Distribution of each water types reveals several few interesting hydrographic features. A few noteworthy are summarized as follows: The Tsushima Warm Current enter the East Sea as three branches; East Korea Coastal Water propagates north along the coast around $38^{\circ}N$ then turns to northeastward to $42^{\circ}N$ and moves eastward. Cold waters of northern origin move southward along the coast at the subsurface, which existence the existence of a circulation cell at the intermediate depth of the East Sea. The estimated volume of each water types inferred from the OMP results show that the deep waters (ESIW + ESPW) fill up ca. 90% of the East Sea basins. Consequently the formation and circulation of deep waters are the key factors controlling environmental condition of the East Sea.

• Journal of Applied Tourism Food and Beverage Management and Research
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• v.13 no.2
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• pp.129-147
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• 2002

본 실험은 $\beta$-cyclodextrin을 사용하여 cholesterol을 제거한 균질우유로부터 cholesterol이 제거된 치즈 제조의 조건을 규명하고, 그 조건에 따라 제조된 cheese의 특성 및 관능 검사를 함으로써 cholesterol이 제거된 cheese의 개발 가능성을 조사하는데 그 목적을 두고 있다. 치즈 제조에 적합하다고 사료되는 낮은 균질압력에서 효과적인 cholesterol 제거율을 알아보기 위해 균질압력 0, 250, 500, 750, 1000psi(0-70kg/$cm^2$와 균질온도 40, 50, 60, $70^{\circ}$ 그리고 $\beta$-cyclodextrin 첨가량 1.0, 1.5 2.0% 등의 3가지 조건에 따라 우유를 처리하여 cholesterol이 제거된 cheese의 제조에 적합한 조건으로는 균질압력 1000psi(70kg/$cm^2$), 균질 온도 $70^{\circ}$$0^{\circ}C$, $\beta$-cyclodextrin 첨가량 2.0%로 관찰되었다. 따라서 균질온도는 $70^{\circ}$로 정하고, 균질압력을 400, 600, 900, 1200si(0,- 91kg/$cm^2$)로, $\beta$-cyclodextrin 첨가량을 1과 2%로 처리하여 제조한 cheese와 균질을 하지 않고 $\beta$-cyclodextrin의 처리를 하지 알은 control 치즈간의 수율, cholesterol 제거율, mettability, stretchability, oiling off, 조직검사, 관능검사 등의 실험을 실시하여 control 치즈와 가장 유사한 cholesterol이 제거된 cheese 개발의 가능성을 시도하였고, 그 결과는 다음과 같다. 1. Cholesterol을 제거한 cheese의 제조에서 최적조건은 균질압력 1200psi(70kg$cm^2$), 균질온도 $70^{\circ}$, $\beta$-cyclodextrin 첨가량 2%였으며, 이때 우유의 cholesterol의 제거율이 86.05%로 가장 높게 나타났다. 2. Cholesterol을 제거한 cheese들의 수율은 모두 12.53%(control 10.54%) 이상으로 균질 처리가 cheese의 수율을 18.88%이상 향상시키는 것으로 나타났다. 3. 유지방 함량 23.80%인 control 치즈의 cholesterol 함량은 81.47mg/100g이었고, 균질압력 1200psi(91kg/$cm^2$)에 $\beta$-cyclodextrin 2%를 첨가한 cheese에서는 cholesterol 함량이 20.15mg/100g으로 cholesterol 제거율이 75.27%로 가장 높게 나타났다. 4. Meltability는 균질압력 1200psi(91kg/$cm^2$)에 $\beta$-cyclodextrin 1과 2%로 처리한 치즈에서 2.25cm(control 3.34cm)로 가장 낮았으며, 균질압력이 증가할수록 meltability가 감소하여 치즈의 품질을 저하시켰다. 5. Control 치즈의 stretchability는 30cm 이상 늘어나 가장 양호한 수치인 5점을 나타낸 반면, cholesterol을 제거한 cheese에서는 5~10cm 사이를 나타내어 2점으로 stretchability가 저하된 것을 볼 수 있었다. 6. Oiling off는 균질압력 1200psi(91kg/$cm^2$)에 $\beta$-cyclodextrin 1과 2%로 처리한 치즈에서 0.03%(control 2.46%)로 가장 낮았으며, 균질압력이 증가할수록 oiling off는 감소하여 치즈의 외관상 품질을 향상시켰다. 7. Hardness, gumminess, chewiness는 균질압력 1200psi(91kg/$\textrm{cm}^2$)에 $\beta$-cyclodextrin 1%로 처리한 치즈에서 각각 나타내었으며, control과 cholesterol을 제거한 치즈들 사이에 유의적 (p<0.05) 차이를 보이며 큰 감소를 나타내었다. 8. Cholesterol을 제거한 cheese의 appearance와 flavor는 1200psi (91kg/$cm^2$)일 때 각각 가장 높은 5,56과 4.63(control 4.00)으로 균질압력이 증가하면서 향상되었으며, texture score는 균질압력 1200psi(91kg/$cm^2$)에 $\beta$-cyclodextrin 2%일때 1.22(control 4.00)로 가장 낮은 수치를 나타내었고, 균질이 cheese의 texture score를 상당히 저하시키는 것을 알 수 있었다. 9. 이 실험결과, 균질압력 1200psi(91kg/$cm^2$)에 $\beta$-cyclodextrin 2% 첨가한 cheese에서 cholesterol 제거율이 75.27%로 가장 높았으며, 균질처리가 cheese의 수율, oiling off, appearance score, flavor scope 등을 향상시켰고, meltability, stretchability, hardness, gumminess, chewiness, texture score를 저하시키는 것으로 나타나 cholesterol이 상당부분 제거된 cheese의 개발 가능성이 관찰되었다.

• The Korean Journal of Financial Management
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• v.24 no.2
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• pp.41-79
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• 2007

This study examines the expiration-day effects of stock index futures and options in the Korean stock market. The so-called 'expiration-day effects', which are the abnormal stock price movements on derivatives expiration days, arise mainly from cash settlement. Index arbitragers have to bear the risk of their positions unless they liquidate their index stocks on the expiration day. If many arbitragers execute large buy or sell orders on the expiration day, abnormal trading volumes are likely to be observed. If a lot of arbitragers unwind positions in the same direction, temporary trading imbalances induce abnormal stock market volatility. By contrast, if some information arrives at market, the abnormal trading activity must be considered a normal process of price discovery. Stoll and Whaley(1987) investigated the aggregate price and volume effects of the S&P 500 index on the expiration day. In a related study, Stoll and Whaley(1990) found a similarity between the price behavior of stocks that are subject to program trading and of the stocks that are not. Thus far, there have been few studies about the expiration-day effects in the Korean stock market. While previous Korean studies use the KOSPI 200 index data, we analyze the price and trading volume behavior of individual stocks as well as the index. Analyzing individual stocks is important for two reasons. First, stock index is a market average. Consequently, it cannot reflect the behavior of many individual stocks. For example, if the expiration-day effects are mainly related to a specific group, it cannot be said that the expiration of derivatives itself destabilizes the stock market. Analyzing individual stocks enables us to investigate the scope of the expiration-day effects. Second, we can find the relationship between the firm characteristics and the expiration-day effects. For example, if the expiration-day effects exist in large stocks not belonging to the KOSPI 200 index, program trading may not be related to the expiration-day effects. The examination of individual stocks has led us to the cause of the expiration-day effects. Using the intraday data during the period May 3, 1996 through December 30, 2003, we first examine the price and volume effects of the KOSPI 200 and NON-KOSPI 200 index following the Stoll and Whaley(1987) methodology. We calculate the NON-KOSPI 200 index by using the returns and market capitalization of the KOSPI and KOSPI 200 index. In individual stocks, we divide KOSPI 200 stocks by size into three groups and match NON-KOSPI 200 stocks with KOSPI 200 stocks having the closest firm characteristics. We compare KOSPI 200 stocks with NON-KOSPI 200 stocks. To test whether the expiration-day effects are related to order imbalances or new information, we check price reversals on the next day. Finally, we perform a cross-sectional regression analysis to elaborate on the impact of the firm characteristics on price reversals. The main results seem to support the expiration-day effects, especially on stock index futures expiration days. The price behavior of stocks that are subject to program trading is shown to have price effects, abnormal return volatility, and large volumes during the last half hour of trading on the expiration day. Return reversals are also found in the KOSPI 200 index and stocks. However, there is no evidence of abnormal trading volume, or price reversals in the NON-KOSPI 200 index and stocks. The expiration-day effects are proportional to the size of stocks and the nearness to the settlement time. Since program trading is often said to be concentrated in high capitalization stocks, these results imply that the expiration-day effects seem to be associated with program trading and the settlement price determination procedure. In summary, the expiration-day effects in the Korean stock market do not exist in all stocks, but in large capitalization stocks belonging to the KOSPI 200 index. Additionally, the expiration-day effects in the Korean stock market are generally due, not to information, but to trading imbalances.