• KDI Journal of Economic Policy
• /
• v.13 no.1
• /
• pp.167-197
• /
• 1991

This paper is intended as an introductory essay to explain endogenous changes in the scope of firm activities in the competitive structure of a deregulated, multi-product financial industry. Recently, the global financial industry has been experiencing a widespread reshuffling in its activities, reflecting both consolidation and specialization. The spread of the universal banking system, which involves the integration of various kinds of financial activities, has resulted in the so-called financial supermarket. At the same time, the traditional set of banking activities has been unbundled into so-called financial boutiques. A relevant question is where the current reshuffling process of integration and disintegration in financial activities might lead the financial industry. However, presently popular theories of the financial industry are not really appropriate for the analysis of this issue. This paper attempts to integrate the theory of specialization [George J. Stigler, "The Division of Labor is Limited by the Extent of the Market," Journal of Political Economy, Vol. LIX, No.3, June 1951] and the theory of the multi-product firm [William J. Baumol, John C. Panzar, and Robert D. Willig, Contestable Markets and the Theory of Industry Structure, Harcourt Brace Jovanovich, Inc., New York, 1982] and to apply the resulting hybrid theory, a theory on the scope of financial activity, to the financial industry. The implications of this theory for the issues raised above are formalized under five hypotheses on the reshuffling of financial activities as listed below: Hypothesis I: The differences in the organization of financial industries among countries are determined by differences in the size of the financial markets, other things being equal. Hypothesis II: A financial firm will separate those financial activities simultaneously having relatively strong economies of scale and relatively weak economies of scope (alternatively, diseconomies of scope) from other activities. Conversely, the firm will integrate those activities simultaneously having relatively weak economies of scale (alternatively, diseconomies of scale) and relatively strong economies of scope with incumbent activities. Hypothesis III: A competitive equilibrium in the deregulated financial industry will consist of both specialized and multi-product financial firms, resulting in a mixed form of specialized and universal banking systems. Hypothesis IV: As world financial markets fully integrate and all countries consequently face this single, common world market, the financial structures of individual countries will become increasingly similar. Hypothesis V: A more universal banking system will dominate the deregulated financial industry in countries with relatively small financial markets, while a more specialized banking system will dominate in countries with relatively large financial markets. However, equilibrium will ultimately be mixed, with specialized and universal banks coexisting, as stated in Hypothesis III. Based on these hypotheses, this paper interprets the historical development of specialized vs. universal banking systems in major industrial countries as a process driven by the evolution of the financial market in each country - i.e. the change in the size of the financial market over time. In addition, this paper anticipates that the final equilibrium of the world financial industry, which is currently under the pressure of financial innovations and deregulation, will be a mixed equilibrium with both specialized boutiques and universal supermarket-type financial firms, instead of an exclusively specialized or universal banking system. Future research should seek continued theoretical elaboration and empirical verification of this paper's hypotheses.

• Progress in Medical Physics
• /
• v.11 no.2
• /
• pp.123-130
• /
• 2000

The performance of an electrometer directly affects on the accuracy and precision in radiation dosimetry. This study is to list of the quality control for maintaining performance and to perform evaluation tests of an electrometer. Performance tests selected include proper polarizing voltages, warm-up and equalization time, leakages, long-term stability, linearity, and effect of ambient conditions. An electrometer connected with a rigid stem ionization chamber was evaluated with a Strontium-90 check device. Bias voltage was measured directly on the input socket. Equalization time is the time required for reaching threshold of charged state after the power is on or the bias voltage is changed. Pre- and post-signal leakages are defined as the accumulation of signal with no exposure and after exposure, respectively. Over three months period, the electrometer's long-term stability was measured by comparison of the temperature-pressure corrected readings. Linearity was expressed as the deviation of readings from multiple short exposures from one continuous exposure. Effect of ambient conditions was expressed as the zero drift of the electrometer over 17-34$^{\circ}C$ temperature ranges. For two nominal values, 300 and 500 volts, measured voltages were lower by 2.5 and 5.8%, respectively. The warm-up time, 20 minutes, was longer than the lamp time by 9 minutes and the equalization time was less than 1 minute. Without exposure, the zero-drift was 0.002 scale-unit in 15 minutes and the leakage after 10 minutes exposure was minimal. The IQ-4 was stable over 99.4% for three-month periods. Deviation from the linearity was 0.9% for measurement scale, 0.000-9.991. Over 17-34$^{\circ}C$ temperature range, the zero-drift was minimal, less than 0.2%. For a clinically-used electrometer, a list for the basic peformance evaluations is proposed. By running this program, the measurement error using an electrometer can be reduced and in turn the improvement in accuracy and precision of radiation dosimetry can be achieved.

• Progress in Medical Physics
• /
• v.20 no.4
• /
• pp.308-316
• /
• 2009

To achieve the accurate evaluation of given absorbed dose from output dose of linear accelerator photon beam through investigate the characteristics of LiF:Mg,Cu,P TLD powder. This experimental TL phosphor is performed with a commercial LiF:Mg,Cu,P powder (Supplied by PTW) and TL reader (LTM, France). The TLD was exposed to 6 MV X rays of linear accelerator photon beam with range 15 to 800 cGy in blind dose at two hospitals. The dose evaluation of TLD was through the experimental algorithms which were dose dependency, dose rate dependency, fading and powder weight dependency. The glow curve has shown the three peaks which are 110, 183 and 232 degrees of heating temperature and the main dosimetric peak showed highest TL response at 232 high temperature. In this experiments, the LiF:Mg,Cu,P phosphor has shown the 2.5 eV of electron trap energy with a second order. This experiments guided the dose evaluation accuracy is within 1% +2.58% of discrepancy. The TLD powder of LiF:Mg,Cu,P was analyzed to dosimetric characterists of electron captured energy and order by glow shape, and dose-TL response curve guided the accuracy within 1.0+2.58% of output dose discrepancy.

• Journal of the Korean Society of Environmental Restoration Technology
• /
• v.2 no.2
• /
• pp.24-32
• /
• 1999

To develope appropriate soil base for planting on the artificial ground, 9 kinds of soil types(varying the components and mixing ratios) and 3 levels of soil depths(10cm, 15cm, 20cm) were chosen. And their plant growing effects were tested and analysed from the test plant Zoysia japonica. The results of the research are as follows. 1. Among the 9 type of soil mixtures, the "sandy loam" soil type gave the worst effects on germination, disease contamination and ground covering. 2. The soil types like VSH(vermiculite20%+sand70%+humus sawdust10%), VSS(vermiculite 40%+sand 50%+humus sawdust 10%) and VS(vermiculite 70%+sand 30%), where vermiculite and sand were added to, show better germination effect promoted from the better condition of aeration and saturation. 3. The plant growing effects(leaf length and ground covering ratio) was evident under the soil types like VSH(vermiculite20%+sand70%+humus sawdust10%) and VSS(vermiculite40%+sand50%+humus sawdust10%), where organic matters were added to. 4. Vermiculite added soil types effect fast leaf decolorization on the tested Zoysia japonica plant, on the contrary to organic matter mixed soil types including SCS(sandy loam 50%+carbonized rice husk30%+sand20%) and SHS(sandy loam 50%+humus sawdust30%+sand20%) with which green leaves subsist longer. S. Soil depth effect to plant growth was found. And a favorable covering rate was accomplished even at the soil depth of 15cm - the limit soil depth for grass survival - from the soil types where organic matters were mixed to. From this result, the soil depth limit for plant survival could be said to be shall owed if appropriate soil type were based.

• Journal of Life Science
• /
• v.18 no.10
• /
• pp.1442-1446
• /
• 2008

Seven populations of 586 Hanwoo have been characterized by using 10 microsatellite DNA markers. Size of microsatellite markers decided using GeneMapper Software (v.4.0) after analyze in kinds of ABI machine of name of 3130. Frequencies of microsatellites markers were used to estimate heterozygosities and genetic distances. Genetic distancesbetween populations were obtained using Ne's DA distance method. Expected heterozygosity between each population was estimated very analogously. Genetic distances (0.0413) between Kangwan (KW) and Gyonggi (GG), Jeonpuk (JP) were nearest than distances between other populations by 0.021. Genetic distances between Gyonggi (GG) and Kyongpuk (KP) showed far distance than other populations by 0.032. In the UPGMA tree that is made based on DA distance matrix. Each individuals were not ramified to different group and were spread evenly in phylogenetic dendrogram about all Hanwoo of each regional area populations. But Hanwoo proven population was ramified to different group.

• Korean Journal of Food Science and Technology
• /
• v.25 no.2
• /
• pp.109-117
• /
• 1993

To investigate the effects of sodium alginate, gum karaya and gum arabic on the foaming properties of sodium caseinate, surface tension, specific viscosity, turbidity, foaming ability and foam stability of the caseinate solution with added gums were examined. Surface tensions of the 5%(w/v) protein solutions containing gums at pH 7.0 and 8.0 were $43.7{\sim}44.7dyne/cm$ and $43.6{\sim}44.0 dyne/cm$, respectively. Specific viscosities of the solutions with 0.2 and 0.3% sodium alginates were 15.6 and 39.1 at pH 7.0 (control, 2.8), and 12.1 and 8.2 at pH 8.0 (control, 2.6), respectively. Turbidities were $69.5{\sim}74.0$ at pH 7.0 and $68.0{\sim}72.5$ at pH 8.0. The optimum conditions for foaming ability of the solutions were 0.1% conc. and 15 min whipping in addition of sodium alginates; 0.2% conc. and 20 min whipping in gum karaya; 0.1% conc. and 10 min whipping in gum arabic. For foam stability optimal concentrations were 0.3% in sodium alginate and gum karaya at pH 7.0 and 0.2% at pH 8.0. Addition of sodium alginates was most effective to increase foam stability of the solution, but was not effective to increase foaming ability. At same pH, surface tensions and turbidity of the solutions were related to foaming ability and specific viscosities were related to foam stability.

• Korean Journal of Applied Biomechanics
• /
• v.12 no.2
• /
• pp.17-32
• /
• 2002

The purpose of this study was to find the rational method to analyze golf swing with specific property of club shaft. Three subjects were filmed by two high speed digital cameras with 500 fps. The phase analyzed was downswing of each subject. The three-dimensional coordinates of the anatomical landmarks were obtained with motion analysis system Kwon3d 3.0 version and smoothed by lowpass digital filter with cutoff frequency 6Hz. From these data, kinematic and kinetic variables were calculated using Matlab(ver 5.0) The variables for this study were angular velocity and accelerations, which were calculated and following conclusions have been made : 1) Golf swing time of stiff club is faster than that of regular club. 2) In shoulder joint motion of swing with the stiff club, x-stiff showed mort rapid negative acceleration than that of regular club. 3) In regular club, the velocity of club head would be more effective velocity, which was increasing, than those of other clubs before impact. 4) In wrist joint motion of swing with stiff club, x-stiff club showed faster than regular club in the downswing and impact more rapid negative acceleration.

• Korean Journal of Veterinary Research
• /
• v.36 no.2
• /
• pp.305-312
• /
• 1996

Cell volume regulatory mechanisms are usually disclosed by exposure of cell to anisotonic media. If a cell is suddenly exposed to hypotonic media, it swells initially like an osmometer but within minutes regains its original cell volume. This behavior has been labelled as regulatory cell volume decrease(RVD). RVD is believed to result from the loss of permeable ions through the membrane. In this study, we examined hypotonically induced changes in the membrance currents involved in RVD by using whole cell voltage clamp technique in the unfertilized hamster egg. At -40mV of the holding potential, the stationary current was maintained in the hamster egg exposed to isotonic solution composed of, mainly, 115mM NaCl and 40mM mannitol. Hypotonic solution was prepared by removing mannitol. Therefore, the concentrations of $Na^+$ and $Cl^-$ in this hypotonic media were the same as those in the isotonic solution. Following 30 to 60 sec after applying the hypotonic media to the egg, the inward current was evoked. This inward current was eliminated by $100{\mu}M$ 4-acetamido-4'-isothiocyanostil-bene-2,2'-disulfonic acid(SITS), an anion channel blocker, leaving the small outward current component. Further addition of 2mM $Ba^{2+}$, a broad $K^+$ channel blocker, completely abolished the small outward current left even in the presence of SITS during hypotonic stress. These results suggest that $K^+$ and $Cl^-$ move out of cells, resulting in RVD. To test the involvement of $Na^+$ in RVD, 20mM Na-isethionate was substituted for mannitol in isotonic media(135mM $Na^+$) and Na-isethionate (20mM) was freed the hypotonic solution. Only $Cl^-$ concentration in both isotonic and hypotonic media was kept constant at 115mM, whereas concentration of $Na^+$ was lowered in hypotonic solution to 115mM from 135mM in isotonic solution. Hypotonic medium induced the outward current in the egg equilibrated isotonically. This current was reduced by $100{\mu}M$ SITS but was augmented by 2 mM $Ba^{2+}$. In terms of RVD, these results imply that $Cl^-$ efflux is coupled with $K^+$, maybe for electroneutrality during hypotonic stress and/or with $Na^+$ via unknown transport mechanism(s). From the overall results, the hypotonic stress facilitates the movement of $Cl^-$ and $K^+$ out of the hamster egg to regain cellular volume with electroneutrality. If there exist a difference in $[Na^+]_0$ between isotonic and hypotonic solution, another transport mechanism concerned with $Na^+$ may, at least partly, participate in regulatory volume decrease.

• Korean Journal of Microbiology
• /
• v.47 no.1
• /
• pp.92-96
• /
• 2011

Rhodococcus sp. strain DK17 possesses three megaplasmids (380 kb pDK1, 330 kb pDK2, and 750 kb pDK3). The alkylbenzene-degrading genes (akbABCDEF) are present on pDK2 while the phthalate operons which are duplicated are present on both pDK2 (ophA'B'C'R') and pDK3 (ophABCR). DK17 with an optimal temperature of $30^{\circ}C$ showed no growth at $37^{\circ}C$. When transferred to $30^{\circ}C$, however, the $37^{\circ}C$ culture began to grow immediately, indicating that $37^{\circ}C$ is not lethal but stressful for DK17 growth. In addition, when exposed to $37^{\circ}C$ even for a short time, a part of DK17 cells lost the ability to degrade o-xylene (a model compound of alkylbenzenes). When two hundred colonies were randomly selected for colony PCR for pDK2-specific akbC, ophC', or pDK3-specific ophC, a total of 29 colonies were found to have lost at least one of the three genes. PFGE analysis clearly showed that all the mutants have different megaplasmid profiles from that of DK17 wild type, which are divided into five different cases: Type I (10 mutants, pDK2 loss and acquisition of a new ~700 kb plasmid), Type II (9 mutants, pDK2 loss), Type III (8 mutants, pDK3 loss and acquisition of a new ~400 kb plasmid), Type IV (1 mutant, pDK3 loss), and Type V (1 mutant, pDK2 and pDK3 loss and acquisition of the ~400 kb and ~700 kb plasmids). The above results showing that growth temperature changes can induce physical changes in bacterial genomes suggest that environmental changes in habitats including temperature fluctuations affect significantly the evolution of bacteria.

• Korean Journal of Ecology and Environment
• /
• v.39 no.3 s.117
• /
• pp.366-377
• /
• 2006

Environmental gradients and phytoplankton community were studied on a monthly basis, at 3 stations of Lake Yongdam, from April 2002 March 2004. During July to August, thermocline formed at the depth of about 10 m, but it was lowerd depth, in between 25${\sim}$30 m in October. Monthly variations of the epilimnetic (0${\sim}$5 m) TP concentrations at station 1, 2 and 3 were in the range of $5.1{\sim}36.1\;mg\;P\;{\cdot}\;m^{-3}$, $6.1{\sim}77.7\;mg\;P\;{\cdot}\;m^{-3}$ and $6.7{\sim}47.7\;mg\;P\;{\cdot}\;m^{-3}$ respectively; with higher concentrations at the upstream areas showing. Monthly average of the epilimnetic (0${\sim}$5 m) TN concentration at Station 1 was in the range of $0.88{\sim}1.73\;mg\;N\;{\cdot}\;L^{-1}$, and Station 3 was in the range of $0.94{\sim}2.77\;mg\;N\;{\cdot}\;L^{-1}$, which is higher if compared with the values of station 1. Transparency wa:s in the range of 0.8${\sim}$6.7 m, with lower values at upstream areas and higher at the downstream area. As for phytoplankton, during the winter season, diatoms had high appearance rate; during the spring season, Cyclotella comta, Aulacoseira ambigua f. spiralis, A. granulata and similar diatoms, during spring and summer Ankistrodesmus spiralis, Chodatella subsala, Crucigenia irregularis, Coelastrum cambricum, Scenedesmus ecornis v. ecornis.