• Journal of Aquaculture
• /
• v.10 no.4
• /
• pp.403-407
• /
• 1997

Intraspecific sequence variation was detected by polymerase chain reaction (PCR) and direct sequencing of a 350-nucleotide region of the mitochondrial 12S rRNA gene of two natural populations (Han River and Nakdong River) and one hatchery stock (Jinhae Inland Fisheries Institute) of local strain common carp, one Israeli strain of common carp stock from Pukyong National University (PKU), and one hybrid between Israeli strain of common carp female and local strain common carp male from PKU stock. There is little variation in 350 bases of the mitochondrial 12S rRNA gene sequences among 2 natural and 1 hatchery local strain common carp populatins, representing abut 7 to 20 nucleotide differences (less than 6%). The sequence of specimens from Han River was more similar to that from Nakdong River (identity=98.0%) than to that from Jinhae Inland Fisheries Institute (identity=96.3%). Sequence variation between Israeli strain and wild local strain common carp was higher than the variation within natural stocks. The level of variation was ranged from 15.7 to 17.7%. The hybrid showed very similar nucleotide4 sequence of 12S rRNA gene to the sequence of Israeli strain with the identity of 98.9%.

• Journal of the Korean Data and Information Science Society
• /
• v.17 no.4
• /
• pp.1099-1106
• /
• 2006

This study is an analysis of the stock trading value in terms of investor types in the Korean stock market for recent 12 years. We examined the characteristics in stock trading value variation according to each investor type and the interactive relationship in the trading value between types of investors. The results show that the trading value scale of every investor type increases overall while the proportion of the trading value by each investor type in the market exhibits variation. In addition, a statistically significant interactive relationship in the trading value between types of investors exists: the correlations are formed differently before and after events which largely influence the stock market.

• Journal of Korea Technology Innovation Society
• /
• v.4 no.1
• /
• pp.79-95
• /
• 2001

This paper examines the effects of information telecommunication (IT) capital and R&D stock variation on the growth of Korean industry, using a time series approach. Most specifically, we apply the Granger causality and impulse response analysis to our examination of Koreas industrial growth, IT capital, and R&D stocks. The Johansen co-integration test is performed in order to analyze long-term relations among these variables. This research explores the way in which IT capital and R&D stocks variation from economic shocks affects the growth of Koreas industrial sector. The effects are ambiguous, however, across industrial sectors. An impulse response function analysis shows that the effects of IT capital and R&D stock fluctuations in each industrial sector are presented for different time periods.

• Journal of Distribution Science
• /
• v.11 no.10
• /
• pp.63-72
• /
• 2013

Purpose - This study analyzes the relationship and dynamic interactions between stock price index, interest rate, price index, and housing price indices using Korean monthly data from 2000 to 2013, based on a VAR model. This study also examines Granger causal relationships among these variables in order to determine whether the time series of one is useful in forecasting another, or to infer certain types of causal dependency between stochastic variables. Research design, data, and methodology - We used Korean monthly data for all variables from 2000: M1 to 2013: M3. First, we checked the correlations among different variables. Second, we conducted the Augmented Dickey-Fuller (ADF) test and the co-integration test using the VAR model. Third, we employed Granger Causality tests to quantify the causal effect from time series observations. Fourth, we used the impulse response function and variance decomposition based on the VAR model to examine the dynamic relationships among the variables. Results - First, stock price Granger affects interest rate and all housing price indices. Price index Granger, in turn, affects the stock price and six metropolitan housing price indices. However, none of the Granger variables affect the price index. Therefore, it is the stock markets (and not the housing market) that affects the housing prices. Second, the impulse response tests show that maximum influence on stock price is its own, and though it is influenced a little by interest rate, price index affects it negatively. One standard deviation (S.D.) shock to stock price increases the housing price by 0.08 units after two months, whereas an impulse shock to the interest rate negatively impacts the housing price. Third, the variance decomposition results report that the shock to the stock price accounts for 96% of the variation in the stock price, and the shock to the price index accounts for 2.8% after two periods. In contrast, the shock to the interest rate accounts for 80% of the variation in the interest rate after ten periods; the shock to the stock price accounts for 19% of the variation; however, shock to the price index does not affect the interest rate. The housing price index in 10 periods is explained up to 96.7% by itself, 2.62% by stock price, 0.68% by price index, and 0.04% by interest rate. Therefore, the housing market is explained most by its own variation, whereas the interest rate has little impact on housing price. Conclusions - The results of the study elucidate the relationship and dynamic interactions among stock price index, interest rate, price index, and housing price indices using VAR model. This study could help form the basis for more appropriate economic policies in the future. As the housing market is very important in Korean economy, any changes in house price affect the other markets, thereby resulting in a shock to the entire economy. Therefore, the analysis on the dynamic relationships between the housing market and economic variables will help with the decision making regarding the housing market policy.

• International Commerce and Information Review
• /
• v.12 no.4
• /
• pp.171-192
• /
• 2010

In general, a stock index and its individual stocks are assumed to follow a random walk. A stock index is an important source of information and one that is seen by people everyday, regardless of their investment intentions. This paper examines the correlation between the KOSPI-the index that best reflects the Korean stock market and the macro - economic variables that have been found to influence the index by previous studies. The sample period considers the years after 2000 when the Korean stock market matured as restrictions on foreign investors were removed. For this purpose, a Vector Error Correction Model (VECM) and KOSPI equation with a general pacific approach were used. This paper aims at verifying the factors that determined the KOSPI after 2000 and at examining whether there was structural change in the investment environment. It also investigates changes in the factors determining the KOSPI's performance as a result of structural changes in the investment environment. The V AR (Vector Autoregressive) model including the nine variables was selected as a baseline model whose stability was tested using the unit root test. The results from the VECM and the structural changes in the investment environment can be summarized by the following Inner story points.

• Fisheries and Aquatic Sciences
• /
• v.10 no.4
• /
• pp.215-219
• /
• 2007

Long-tenn variation in krill (Euphausia superba) and salp (mainly Salpa thompsoni) stocks was compared to environmental changes in the Atlantic and Indian sectors of the Antarctic. Environmental conditions examined were air temperature, water temperature, salinity, and sea-ice extent from 1926 to 1938 and from 1982 to 2000. The long-term pattern of krill was opposite to that of salp: krill stock decreased while salp stock increased concurrently. Krill stock was about three-fold higher from 1926 to 1938 than from 1982 to 2000, but salp was about four -fold lower in 1926-1938 than in 1982-2000. A wanning trend was observed in the environmental data, and the long-term variation in krill and salp stocks was affected by this trend.

• Journal of Distribution Science
• /
• v.13 no.9
• /
• pp.37-45
• /
• 2015

Purpose - This paper's aim is to investigate whether or not gross profitability explains the cross-sectional variation of the stock returns in the Korean stock market. Gross profitability is an alternative profitability measure proposed by Novy-Marx in 2013 to predict cross-sectional variation of stock returns in the US. He shows that the gross profitability adds explanatory power to the Fama-French 3 factor model. Interestingly, gross profitability is negatively correlated with the book-to-market ratio. By confirming the gross profitability premium in the Korean stock market, we may provide some implications regarding the well-known value premium. In addition, our empirical results may provide opportunities for the fund distribution industry to promote brand new styles of funds. Research design, data, and methodology - For our empirical analysis, we collect monthly market prices of all the companies listed on the Korea Composite Stock Price Index (KOSPI) of the Korea Exchanges (KRX). Our sample period covers July1994 to December2014. The data from the company financial statementsare provided by the financial information company WISEfn. First, using Fama-Macbeth cross-sectional regression, we investigate the relation between gross profitability and stock return performance. For robustness in analyzing the performance of the gross profitability strategy, we consider value weighted portfolio returns as well as equally weighted portfolio returns. Next, using Fama-French 3 factor models, we examine whether or not the gross profitability strategy generates excess returns when firmsize and the book-to-market ratio are controlled. Finally, we analyze the effect of firm size and the book-to-market ratio on the gross profitability strategy. Results - First, through the Fama-MacBeth cross-sectional regression, we show that gross profitability has almost the same explanatory power as the book-to-market ratio in explaining the cross-sectional variation of the Korean stock market. Second, we find evidence that gross profitability is a statistically significant variable for explaining cross-sectional stock returns when the size and the value effect are controlled. Third, we show that gross profitability, which is positively correlated with stock returns and firm size, is negatively correlated with the book-to-market ratio. From the perspective of portfolio management, our results imply that since the gross profitability strategy is a distinctive growth strategy, value strategies can be improved by hedging with the gross profitability strategy. Conclusions - Our empirical results confirm the existence of a gross profitability premium in the Korean stock market. From the perspective of the fund distribution industry, the gross profitability portfolio is worthy of attention. Since the value strategy portfolio returns are negatively correlated with the gross profitability strategy portfolio returns, by mixing both portfolios, investors could be better off without additional risk. However, the profitable firms are dissimilar from the value firms (high book-to-market ratio firms); therefore, an alternative factor model including gross profitability may help us understand the economic implications of the well-known anomalies such as value premium, momentum, and low volatility. We reserve these topics for future research.

• Journal of Forest and Environmental Science
• /
• v.34 no.2
• /
• pp.145-152
• /
• 2018

Quantification of Carbon stock has become in the contest of changing climate and mitigation potential of forests. Two different forest types, Dry Shiwalik Sal Forest and Moist Shiwalik Sal Forest in Barkot and Lachchiwala of Doon Valley, Western Himalaya are selected for the study. Volume equations, destructive sampling and laboratory analysis are done to estimate the carbon stock in different carbon pools like trees, shrubs, herbs and soils. Considerable variations are observed in terms of carbon stocks in different forest types. In Dry Shiwalik Sal Forest, carbon stock density varied between 129.81 and $136.00MgCha^{-1}$ while in Moist Shiwalik Sal Forest, carbon stock density ranged from 222.29 to $271.67MgCha^{-1}$. Tree species like Shorea robusta, Syzigium cumini, Miliusa velutina, Acacia catechu, and Mallotus philippensis had significant role in carbon sequestration. Shorea robusta had contributed highest in carbon stock due to highest density. Total of 2,338,280.165 Mg carbon stock was estimated in all the forest types.

• Management & Information Systems Review
• /
• v.26
• /
• pp.293-309
• /
• 2008

This study examined the market efficiency of korea stock market by comparing variance ratios(VR) of stock groups which is sorted by market capitalization. We compute variance ratios of KOSPI large capitalization, midium capitalization, and small capitalization for 546 trading days from 2006/01/02 to 2008/04/15. For our study, we also use high frequency data that is; intra-day 1 minute data. The characteristics of variance ratios of stock groups by market capitalization as follows: From 1 to 5 minute interval, variance ratios of three stock group increase far from zero(0). The longer time interval, the more variance ratios decrease, but only large capitalization converge on around zero. This means that the market of large capitalization is more efficient compare to other stock groups. The entire sample period can be divided two sub-period because the impact of sub prime crisis arised from U.S.A. influences Korea stock market. Before sub prime crisis, the VRs of mid cap and small cap do not converge on around zero except large cap although the time interval is longer. After sub prime crisis, the VRs of three stock groups decrease when time interval is longer, but only large cap converge on around zero. We conclude that large cap is more efficient than other stock groups in Korea Stock Market.

• Korean Journal of Fisheries and Aquatic Sciences
• /
• v.29 no.6
• /
• pp.876-881
• /
• 1996

To determine the amount of genetic variation among populations of Penaeus chinensis (Osbeck) in the Yellow Sea, 342 bp region of the mitochondrial cytochrome c oxidase subunit I gene was amplified and sequenced. Six haplotypes, which differ by from one to four nucleotide sustitutions, were detected from 34 individuals of 4 populations examined. Mean sequence divergence between pairs of haplotypes was $0.68\%$. Most individuals from 4 populations were shared by the most common genotype. This genotype was distributed evenly in the Korean and Chinese populations. This result is in accordance with findings observed using RFLPs analysis of mtDNA (Hwang et al., 1997). Therefore, it is suggested that P. chinensis should be treated as one unit stock in the Yellow Sea.