A Study on Determinants of Asset Price : Focused on USA (자산가격의 결정요인에 대한 실증분석 : 미국사례를 중심으로)
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- The Journal of Industrial Distribution & Business
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- v.9 no.5
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- pp.63-72
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- 2018
Purpose - This work analyzes, in detail, the specification of vector error correction model (VECM) and thus examines the relationships and impact among seven economic variables for USA - balance on current account (BCA), index of stock (STOCK), gross domestic product (GDP), housing price indices (HOUSING), a measure of the money supply that includes total currency as well as large time deposits, institutional money market funds, short-term repurchase agreements and other larger liquid assets (M3), real rate of interest (IR_REAL) and household credits (LOAN). In particular, we search for the main explanatory variables that have an effect on stock and real estate market, respectively and investigate the causal and dynamic associations between them. Research design, data, and methodology - We perform the time series vector error correction model to infer the dynamic relationships among seven variables above. This work employs the conventional augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) unit root techniques to test for stationarity among seven variables under consideration, and Johansen cointegration test to specify the order or the number of cointegration relationship. Granger causality test is exploited to inspect for causal relationship and, at the same time, impulse response function and variance decomposition analysis are checked for both short-run and long-run association among the seven variables by EViews 9.0. The underlying model was analyzed by using 108 realizations from Q1 1990 to Q4 2016 for USA. Results - The results show that all the seven variables for USA have one unit root and they are cointegrated with at most five and three cointegrating equation for USA. The vector error correction model expresses a long-run relationship among variables. Both IR_REAL and M3 may influence real estate market, and GDP does stock market in USA. On the other hand, GDP, IR_REAL, M3, STOCK and LOAN may be considered as causal factors to affect real estate market. Conclusions - The findings indicate that both stock market and real estate market can be modelled as vector error correction specification for USA. In addition, we can detect causal relationships among variables and compare dynamic differences between countries in terms of stock market and real estate market.
A nuclide transfer by utilizing mass transfer coefficient and barrier response function defined for each barrier is proposed, by which the final nuclide transfer rate into the sea water can be evaluated. When simple and immediate quantification of the nuclide release is necessary in the conservative aspect, using this kind of approach may be advantageous since each layered barrier can be treated separately from other media in series in the repository system, making it possible to apply separate solutions in succession to other various media. Although one disadvantage is that while flux continuity can be maintained at the interface by using the exit nuclide flux from the first medium as the source flux for the next one, there may be no guarantee for concentration continuity, this problem could be eliminated assuming that there is no boundary resistance to mass transfer across the interface. Mass transfer coefficient can be determined by the assumption that the nuclide concentration gradient at the interface between adjacent barriers remains constant and barrier response function is obtained from an analytical expression for nuclide flow rate out of each barrier in response to a unit impulse into the barrier multiplied by mass transfer coefficient. Total time-dependent nuclide transfer rate from the barrier can then be obtained by convoluting the response function for the barrier with a previously calculated set of time-varying input of nuclide flow rate for the previous barrier.
Surgical treatment of aneurysm or dissection involving the ascending aorta and aortic arch still poses one of the most complicated technical and tactical challenges in surgery. The use of total circulatory arrest[TCA] with profound hypothermia in the surgical treatment of aneurysmal dissection involving the ascending aorta and aortic arch has been reported as popular surgical methods. However, the safe period of prolonged circulatory arrest with hypothermia remains controversial and ischemic damage to the central nervous system and uncontrollable perioperative bleeding have been the major problem. We have found profound hypothermic circulatory arrest with retrograde cerebral perfusion via the superior vena cava to achieve cerebral protection. We experiment the aortic anastomosis in 7 adult mongrel dogs, using profound hypothermic circulatory arrest with continuous retrograde cerebral perfusion[RGCP] via superior vena cava. We also studied the extent of cerebral protection using above surgical methods, by gas analysis of retrograde cerebral perfusion blood and returned blood of aortic arch, preoperative, intraoperative and postoperative electroencephalography and microscopic findings of brain tissue. The results were as follows: 1. The cooling time ranged from 15 minutes to 24 minutes[19.71
The purpose of this study was to analyze kinematic quantitative factors required of a forehand counter drive in table tennis through 3-D analysis. Four national table tennis players participated in this study. The mean of elapsed time for total drive motion was
This study was intended to provide basic data of nutrition education to a prevention of obesity and living patterns of elementary school students. Through the measurment of the actual obesity rate of children for students who were in the fifth and sixth grades of elementary school as well as their mothers, and by analyzing obesity-related factors. Children have started to have the characteristics obesity and obesity problems. 1. There were total 234 children including 133 boys (56.8%) and 101 girls (43.2%) for the study. There were 80 children in the fifth grade (34.2%) and 154 children in the sixth grade (65.8%). 2. Among the subjects 20.1% were obese. By gender, the obesity rate of boys (27.1%) was higher than that of girls (l0.9%)(p<0.01). By grade, children in the fifth grade (26.3%) had higher obesity rate than children in the sixth grade (l6.9%)(p<0.05). 3. In terms of the educational level of parents, the obesity rate of children of parents who received university and/or higher education was 27.5% (p<0.05). 44.1% of parents answered ‘I almost never give snack’s’(p<0.01). 4. There was 32.8% for an irregular quantity of meal. There was no obese child who under-ate (p<0.05). In terms of impulse eating, ‘I eat.’ and ‘I don't eat.’ were 24.4% and 25.9% respectively. The obesity rate of the case of ‘I eat only food I like.’ was 10.6% (p<0.05). In terms of the obesity rate based on the daily average meal frequency, there was the highest rate of 26.1% for I average meal frequency per day, 13.0% for 2 daily average meal frequency, and 7.4% for over 3 average meal frequency per day (p<0.05). For a degree of a physical activity, the group of active physical activity (p<0.05) and the group which liked the physical exercise showed a lower obesity rate (p<0.001). The obesity rate of children who had regular exercise was 11.8%. It was lower than the obesity rate (24.8%) of children who didn't exercise (p<0.01). The higher exercise frequency per week was, the lower the obesity rate was(p<0.01). In terms of the exercise time, there was 8.3% for over 60 minutes and 28.9% for less 15 minutes. The group which had the long exercise time showed a lower obesity rate(p<0.05). As the result, the education for obesity must enable students to recognize the warning signs for obesity and control their own weight with proper living patterns, by modifying behaviors considering the degree of obesity. Obesity must be controlled by the prevention and education connected with the family for all students as one of the school health programs. There must be also the development of a program through individual consultation considering the degree of obesity.
Objective: The purpose of this study was to find out kinematic and kinetic differences the lower extremity joint according to the landing type during vertical jump movement after jump landing, and to present an efficient landing method to reduce the incidence of injury in youth players. Method: Total of 24 Youth players under Korean Sport and Olympic Committee, who used either heel contact landing (HCG) or toe contact landing (TCG) participated in this study (HCG (12): CG height: 168.7 ± 9.7 cm, weight: 60.9 ± 11.6 kg, age: 14.1 ± 0.9 yrs., career: 4.3 ± 2.9 yrs., TCG height: 174.8 ± 4.9 cm, weight: 66.9 ± 9.9 kg, age 13.9 ± 0.8 yrs., career: 4.7 ± 2.0 yrs.). Participants were asked to perform jump landing consecutively followed by vertical jump. A 3-dimensional motion analysis with 19 infrared cameras and 2 force plates was performed in this study. To find out the significance between two landing styles independent t-test was performed and significance level was set at .05. Results: HCG showed a significantly higher dorsi flexion, extension and flexion angle at ankle, knee and hip joints, respectively compared with those of TCG (p<.05). Also, HCG revealed reduced RoM at ankle joint while it showed increased RoM at knee joint compared to TCG (p<.05). In addition, HGC showed greater peak force, a loading rate, and impulse than those of TCG (p<.05). Finally, greater planta flexion moment was revealed in TCG compared to HCG at ankle joint. For the knee joint HCG showed extension and flexion moment in E1 and E2, respectively, while TCG showed opposite results. Conclusion: Compared to toe contact landing, the heel contact landing is not expected to have an advantage in terms of absorbing and dispersing the impact of contact with the ground to the joint. If these movements continuously used, performance may deteriorate, including injuries, so it is believed that education on safe landing methods is needed for young athletes whose musculoskeletal growth is not fully mature.
In this study, the acoustic performance was analyzed by architectural shapes of the hall. There are four architectural shapes of halls. They are rectangular, horseshoe, surround, and fan-shape. Eight acoustic parameters were used to determine the acoustic performance. These are RT60, EDT, C80, BQI, LF, Gmid, G125 and ITDG. First, measurement data of famous concert halls around the world were analyzed. The correlation coefficient R was obtained by regression analysis of the relationship between the subjective ranking of the halls and the acoustic parameters. It was found that BQI, G, and ITDG have higher correlation coefficients R. Also the average of acoustic parameters for each architectural shape were obtained. The total acoustic performance for each shape was calculated by using the correlation coefficient R as a weight for each acoustic parameters. As a result, rectangular halls and horseshoe halls showed good acoustical performances. Second, 3D models of each architectural shape were created and acoustic simulation had been performed. The simulation was performed by creating 3D models of each four shapes of concert halls with the same volume and sound absorption coefficient. Listening test was carried out using the sound source which is created from impulse responses of 3D model. As a result, rectangular hall and horseshoe hall showed the best performance however surround hall and fan-shaped hall showed relatively poor performance.
It aims to deal with a topic of coniunctio oppositorum, hieros gamos in a Korean fairytale <Gurungdungdung Sin Seonbi>, in which a human heroine was marrying an animal husband. This Korean fairytale may be compared with Greek mythology <Eros and Psyche> introduced by Apuleius and <Dassingende springende Löweneckerchen> collected by Grimm Brothers. All these fairytales commonly tell that animal husband figures have divine nature. Because animals live their lives totally obeying instincts, the collective unconscious principles of species are completely accomplished. The animal nature excludes ecocentric attitude so that it has transpersonal divinity. The hero is transformed into an animal in the fairytales, which will provide an opportunity to change a one-sided exaggerated attitude of the ego consciousness and acquire universal humanity. During being an animal, the hero would have experienceds to recognize true meaning and value of other living creatures in nature and have attained wisdom of nature. The animal is a symbolic being who will realize value of collective and universal life so as to act therapeutically and contribute to the total personality, individuation processes. Animals in the fairytales correspond to the compensatory contents of the unconscious. Animal figure itself is opposite to the ego consciousness itself because the ego understands the unconscious contents like animal figures have instinctual impulse that the ego will not accept at all. Coniunctio oppositorum in the fairytales is going to show the ego's rendezvous processes to meet the unconscious. The fact that the hero turns into an animal or marries animal partner is a psychic event which greatly lowers under the level of ego consciousness. To overcome the state, it is essential for the hero to regain humanity or to transform animal partner into a human being. By the recovery of humanity or reaching the human level, compensation of the unconscious can be realized in the conscious life. In a Korean fairytale <Gurungdungdung Sin Seonbi>, male partner is a serpent but the heroine marries the serpent and make it cast off skin. Over sufferings and complishment of several tasks, heroine truly meets her husband. In this processes, the heroine obtains divinity. As result, her marriage to animal husband means hieros gamos. In this fairytale, we will be able to look through the ways how female ego-consciousness to make relations to the unconscious and to fulfill individuation.
The wall shear stress in the vicinity of end-to end anastomoses under steady flow conditions was measured using a flush-mounted hot-film anemometer(FMHFA) probe. The experimental measurements were in good agreement with numerical results except in flow with low Reynolds numbers. The wall shear stress increased proximal to the anastomosis in flow from the Penrose tubing (simulating an artery) to the PTFE: graft. In flow from the PTFE graft to the Penrose tubing, low wall shear stress was observed distal to the anastomosis. Abnormal distributions of wall shear stress in the vicinity of the anastomosis, resulting from the compliance mismatch between the graft and the host artery, might be an important factor of ANFH formation and the graft failure. The present study suggests a correlation between regions of the low wall shear stress and the development of anastomotic neointimal fibrous hyperplasia(ANPH) in end-to-end anastomoses. 30523 T00401030523 ^x Air pressure decay(APD) rate and ultrafiltration rate(UFR) tests were performed on new and saline rinsed dialyzers as well as those roused in patients several times. C-DAK 4000 (Cordis Dow) and CF IS-11 (Baxter Travenol) reused dialyzers obtained from the dialysis clinic were used in the present study. The new dialyzers exhibited a relatively flat APD, whereas saline rinsed and reused dialyzers showed considerable amount of decay. C-DAH dialyzers had a larger APD(11.70
The wall shear stress in the vicinity of end-to end anastomoses under steady flow conditions was measured using a flush-mounted hot-film anemometer(FMHFA) probe. The experimental measurements were in good agreement with numerical results except in flow with low Reynolds numbers. The wall shear stress increased proximal to the anastomosis in flow from the Penrose tubing (simulating an artery) to the PTFE: graft. In flow from the PTFE graft to the Penrose tubing, low wall shear stress was observed distal to the anastomosis. Abnormal distributions of wall shear stress in the vicinity of the anastomosis, resulting from the compliance mismatch between the graft and the host artery, might be an important factor of ANFH formation and the graft failure. The present study suggests a correlation between regions of the low wall shear stress and the development of anastomotic neointimal fibrous hyperplasia(ANPH) in end-to-end anastomoses. 30523 T00401030523 ^x Air pressure decay(APD) rate and ultrafiltration rate(UFR) tests were performed on new and saline rinsed dialyzers as well as those roused in patients several times. C-DAK 4000 (Cordis Dow) and CF IS-11 (Baxter Travenol) reused dialyzers obtained from the dialysis clinic were used in the present study. The new dialyzers exhibited a relatively flat APD, whereas saline rinsed and reused dialyzers showed considerable amount of decay. C-DAH dialyzers had a larger APD(11.70