• The Korean Journal of Financial Studies
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• v.3 no.1
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• pp.233-265
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• 1996

We examine the impact of public and private information on price movements using the thirty DJIA stocks and twenty-one NASDAQ stocks. We find that the standard deviation of daily returns on information days (dividend announcement, earnings announcement, insider purchase, or insider sale) is much higher than on no-information days. Both public information matters at the NYSE, probably due to masked identification of insiders. Earnings announcement has the greatest impact for both DJIA and NASDAQ stocks, and there is some evidence of positive impact of insider asle on return volatility of NASDAQ stocks. There has been considerable debate, e.g., French and Roll (1986), over whether market volatility is due to public information or private information-the latter gathered through costly search and only revealed through trading. Public information is composed of (1) marketwide public information such as regularly scheduled federal economic announcements (e.g., employment, GNP, leading indicators) and (2) company-specific public information such as dividend and earnings announcements. Policy makers and corporate insiders have a better access to marketwide private information (e.g., a new monetary policy decision made in the Federal Reserve Board meeting) and company-specific private information, respectively, compated to the general public. Ederington and Lee (1993) show that marketwide public information accounts for most of the observed volatility patterns in interest rate and foreign exchange futures markets. Company-specific public information is explored by Patell and Wolfson (1984) and Jennings and Starks (1985). They show that dividend and earnings announcements induce higher than normal volatility in equity prices. Kyle (1985), Admati and Pfleiderer (1988), Barclay, Litzenberger and Warner (1990), Foster and Viswanathan (1990), Back (1992), and Barclay and Warner (1993) show that the private information help by informed traders and revealed through trading influences market volatility. Cornell and Sirri (1992)' and Meulbroek (1992) investigate the actual insider trading activities in a tender offer case and the prosecuted illegal trading cased, respectively. This paper examines the aggregate and individual impact of marketwide information, company-specific public information, and company-specific private information on equity prices. Specifically, we use the thirty common stocks in the Dow Jones Industrial Average (DJIA) and twenty one National Association of Securities Dealers Automated Quotations (NASDAQ) common stocks to examine how their prices react to information. Marketwide information (public and private) is estimated by the movement in the Standard and Poors (S & P) 500 Index price for the DJIA stocks and the movement in the NASDAQ Composite Index price for the NASDAQ stocks. Divedend and earnings announcements are used as a subset of company-specific public information. The trading activity of corporate insiders (major corporate officers, members of the board of directors, and owners of at least 10 percent of any equity class) with an access to private information can be cannot legally trade on private information. Therefore, most insider transactions are not necessarily based on private information. Nevertheless, we hypothesize that market participants observe how insiders trade in order to infer any information that they cannot possess because insiders tend to buy (sell) when they have good (bad) information about their company. For example, Damodaran and Liu (1993) show that insiders of real estate investment trusts buy (sell) after they receive favorable (unfavorable) appraisal news before the information in these appraisals is released to the public. Price discovery in a competitive multiple-dealership market (NASDAQ) would be different from that in a monopolistic specialist system (NYSE). Consequently, we hypothesize that NASDAQ stocks are affected more by private information (or more precisely, insider trading) than the DJIA stocks. In the next section, we describe our choices of the fifty-one stocks and the public and private information set. We also discuss institutional differences between the NYSE and the NASDAQ market. In Section II, we examine the implications of public and private information for the volatility of daily returns of each stock. In Section III, we turn to the question of the relative importance of individual elements of our information set. Further analysis of the five DJIA stocks and the four NASDAQ stocks that are most sensitive to earnings announcements is given in Section IV, and our results are summarized in Section V.

• Tuberculosis and Respiratory Diseases
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• v.43 no.3
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• pp.377-387
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• 1996

Background : In 1980, WHO made a definition in which the term "impairment" as applied to the respiratory system is used to describe loss of lung function, "disability" the resulting diminution in exercise capacity. The measurement of pulmonary function during exercise would give us information about overall functional capacity and respiratory performance that would be lacking in tests performed at rest. We conducted this study to investigate the role of resting pulmonary function test and exercise test for assessing impairment/disability in patients with chronic airflow obstruction(CAO). Method : We studied 19 patients with CAO. The spirometry and body plethysmograph were performed in stable condition. And then patients performed a progressive incremental exercise test to a symptom-limited maximum using cycle ergometer. Patients were divided in two groups, severe and non-severe impairment, according to the resting PFTs and compaired each other. A patient was considered to be severely impaired if FVC < 50 %, FEV1 < 40 % or FEV1/FVC < 40 %. Results : 1) The airway obstruction and hypoxemia of severe impairment group were more severe and exercise performance was markedly reduced compairing to non-severe impairment group. 2) The severe impairment group showed ventilatory limitation during exercise test and the limiting symptomes ware dyspnea in 9/10 patients. 3) The impairment and disability of the patients with tuberculous destructed lung were most marked in patients with CAO. 4) The FEV1 was the most prevalent criterion for the determination of severe impairment based on resting PFTs and was the valuable best correlated to V02max(r=0.81, p < 0.001). 5) The sensitivity of exercise limits for predicting severe disability according to resting PFTs was 80 % and specificity 89 %. Conclusion : In patients with severe CAO, FEV1 is a good predictive of exercise performance and impairment measured by resting PFTs can predict a disability by exercise test.

• Restorative Dentistry and Endodontics
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• v.24 no.2
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• pp.310-321
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• 1999

In this in vitro study, confocal laser scanning microscopic morphology of dentin-resin interface and its relationship to shear bond strength were investigated after the exposed dentin surfaces were treated with 3 different kinds of dentin adhesive systems[three-step; Scotchbond Multi-Purpose Plus(SMPP), self-priming bonding resin; Single Bond(SB), self-etching primer; Clearfil Liner Bond 2(LB2)]. 52 extracted human molar teeth without caries and/or restorations. The experimental teeth were randomly divided into three groups of seventeen teeth each. In five teeth of each group, class V cavities(depth: 1.5mm) with 900 cavosurface angles were prepared at the cementoenamel junction on buccal and lingual surfaces. Bonding resins of each dentin adhesive system were mixed with rhodamine B. Primer of SMPP was mixed with fluorescein. In group 1. the exposed dentin was conditioned with etchant, applied with above primer and bonding resin of SMPP. In group 2, with etchant and self-priming bonding agent of SB. In group 3, with self-etching primer and bonding agent of LB2. After treatment with dentin adhesive systems, composite resin were applied and photocured. The experimental teeth were cut longitudinally through the center line of restoration and grounded so that about $90{\mu}m$-thick wafers of buccolingually orientated dentin were obtained. And, $70{\sim}80{\mu}m$-thick wafers sectioned horizontally, thus presenting a dentinal tubules at 900 to the cut surface of a remaining tooth, were obtained. Primer of SMPP mixed with rhodamine B was applied to these wafers. Confocal laser scanning microscopic investigations of these wafers were done within of 24 hours after treatment. To measure shear bond strength, the remaining twelve teeth of each group were grounded horizontally below the dentinoenamel junction, so that no enamel remained. After applying dentin adhesive systems on the dentin surface, composite was applied in the shape of cylinder. The cylinder was 5mm in diameter, and 2mm in thickness. Shear bond strength was measured using Instron with a cross-head speed of 0.5mm/min. It was concluded as follows ; 1. Hybrid layer of SMPP(mean: $4.56{\mu}m$) was thicker than that of any other groups. This value was not statistically significant thicker than that of SB(mean: $3.41{\mu}m$, p>0.05), and significant thicker than that of LB2(mean: $1.56{\mu}m$, p<0.05). There was a statistical difference between SB and LB2(p<0.05). 2. Although there were variations in the length of resin tag even in a sample, and in a group, most samples in SMPP and SB showed resin tags extending above $20{\mu}m$. But samples in LB2 showed resin tags of $10{\mu}m$ at best. 3. Besides primer's infiltration into demineralized peritubular dentin and dentinal tubules, fluorophore of primer was detected in the lateral branches of dentinal tubules. 4. All groups demonstrated statistically significant differences from one another(p<0.05), with shear bond strengths given in descending order as follows: SMPP(18.3MPa), SB(16.0MPa) and LB2(12.4MPa). 5. LB2 having thinnest hybrid layer($1.56{\mu}m$) showed the lowest shear bond strength(12.4MPa).

• Journal of Korea Entertainment Industry Association
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• v.14 no.7
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• pp.429-437
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• 2020

This study is aimed at exploring the current state, necessity and activation of curriculum related to image making program in domestic colleges. To achieve this, an empirical survey was carried out to college students to provide basic data for the development of image making education program in the college curriculum as a measure to guide job interviews with them and improve interpersonal skills of employees-to-be. To achieve this, a survey was carried out to 400 college students in Gwangju and Jeonnam areas. The analysis was conducted to verify the collected data using SPSS v. 21.0 through the process of data coding and data cleaning. The results are as follows. First, the necessity of image making program curriculum showed that they needed the image making program in the college curriculum, the image making program curriculum to get a job and manage an image of employees-to-be after graduation, and other people's help to figure out the images objectively. Second, the educational importance of image making program showed that attitude (behavior) was the highest, followed by manners & greeting, look, speech, relationship, clothes, hairstyle, and makeup. In terms of the important educational factors of image making program, look was the highest, followed by makeup, hairstyle, attitude (behavior), relationship, speech, clothes, and manners & greeting, which look was the most important. Third, the educational influence of image making program showed that the influence on employment was the highest, followed by the influence on relationship, and the influence on life. Fourth, the educational activation of image making program showed that the appropriate educational time for image making program they want was from the second year. Education hours they want were once a week for one semester. And the curriculum they want was liberal arts or an optional course of liberal arts. In terms of image making program-related curriculum contents, manner & greeting was the highest, followed by makeup & coordination, job fair, education to acquire a skill qualification, and training for domestic companies, which their biggest wish was manner & greeting. And image making program leaders they want were major professors. In terms of image making program-related education, speech or voice was the highest, followed by education to analyze communication, education to analyze and practice matching hairstyles and makeup, Education on corporate interviews, and education on walking or posture correction, which their biggest wish was speech or voice and education to analyze communication.

• Korean Journal of Psychosomatic Medicine
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• v.8 no.1
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• pp.31-45
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• 2000

Objectives : The present study was performed to reveal differences between female and male cases of alopecia in their alopecia related variables such as patterns of hair loss, psychiatric characteristics, associate illnesses, and methods of treatment, and to use them as basic materials for proper management and early prevention of the alopecia prone cases. Methods : In order to analysis the gender difference in hair losses, the subjects were divided into two subgroups as the 51 cases of female alopecia and the 42 cases of male alopecia, who had visited to the department of psychiatry consulted from the department of dermatology, Yongsan hopital, ChungAng University, Seoul, Korea, from January 1998 to December 1998. In data analysis, the subjects were statistically assesed by chi-squre test and analysis of varaiance, through SPSS-$PC^+$ 9.0V. Results : 1) Female subjects were more likely showed lower socio-economical level including lower eonomical level, lower educational level, or lower occupational level in their parent's job, were more likely to have larger number of siblings and to have many sisters comparison to the male cases. 2) Female subjects were more likely visited to the department of dermatology, more history of alopecia in their female family members, lesser history of alopecia in their male family members, more loss of hairs in vertex or frontal region of scalp, lesser loss of hairs in occipital region, and lesser nail changes in comparison to the male cases. 3) Female subjects were more suffered from intra-familial conflicts and economical changes, or their introverted personality makeup, lesser likely suffered from changes of business and health changes, and showed lesser conflicts related with poorer adaptaion in their job life. 4) Female subjects were more likely diagnosed as depression or conversion disorders, more frequently complaint anxiety symptoms or depressive symptoms, higher level of anxiety index, lesser complaint somatization or obsessive compulsive symptoms, and lesser diagnosed as anxiety disorder in comparison to the male cases. 5) Female subjects were more likely tended to show personality makeup such as the introverted, the lie, the repressed, or the feminine trends than the male cases. 6) Female subjects were more significantly treated by antianxiety drug such as etizolam and dermatological therapies include tretinoin, and lesser treated by clotiazepam and prednicarbonate in comparison to the male cases. Conclusion : From the facts that The most important factors in developing hair loss in the female subjects in comparison to the male cases seems to be closely correlated with the serious psychopathology such as the presence of mental disorders including depression, the presence of complaining anxiety or depressive symptomatology, the presence of stressful life events such as intrafamilial life changes, and the presence of personality makeup such as the introverted, the lie, the repressed, or the feminine trends, the authors confirmed that dermatologists act as the primary care physician are in a unique position to recognize psychiatric comorbidity and execute meaningful intervention for female patients with the alopecia with psychiatrists.

• The Korean Journal of Nuclear Medicine Technology
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• v.19 no.2
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• pp.68-73
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• 2015

Purpose The purpose of this study was to evaluate image quality change by truncated region in field of view (FOV) of attenuation correction computed tomography (AC-CT) in brain PET/CT. Materials and Methods Biograph Truepoint 40 with TrueV (Siemens) was used as a scanner. $^{68}Ge$ phantom scan was performed with and without applying brain holder using brain PET/CT protocol. PET attenuation correction factor (ACF) was evaluated according to existence of pallet in FOV of AC-CT. FBP, OSEM-3D and PSF methods were applied for PET reconstruction. Parameters of iteration 4, subsets 21 and gaussian 2 mm filter were applied for iterative reconstruction methods. Window level 2900, width 6000 and level 4, 200, width 1000 were set for visual evaluation of PET AC images. Vertical profiles of 5 slices and 20 slices summation images applied gaussian 5 mm filter were produced for evaluating integral uniformity. Results Patient pallet was not covered in FOV of AC-CT when without applying brain holder because of small size of FOV. It resulted in defect of ACF sinogram by truncated region in ACF evaluation. When without applying brain holder, defect was appeared in lower part of transverse image on condition of window level 4200, width 1000 in PET AC image evaluation. With and without applying brain holder, integral uniformities of 5 slices and 20 slices summation images were 7.2%, 6.7% and 11.7%, 6.7%. Conclusion Truncated region by small FOV results in count defect in occipital lobe of brain in clinical or research studies. It is necessary to understand effect of truncated region and apply appropriate accessory for brain PET/CT.

• Korean Journal of Weed Science
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• v.3 no.1
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• pp.57-68
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• 1983

To estimate the possible amount of weed-crop competitions under the various cropping patterns of two rice cultivars of different type, comparisons between weedy check and weed-free plots in plant height, tillering number, and plant weight were investigated. Fluctuations in Importance Value, competition value, and net productivities were used to discuss the crop-weed competition, respectively. As a result, differences in dominant weed species, competitive crop variety, most effective cropping pattern, and crop yielding characteristics under the different weed competitions were investigated, respectively.

• Journal of Chest Surgery
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• v.12 no.4
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• pp.383-394
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• 1979

Treatment of valvular heart disease with valve replacement has been one of the most popular procedures in cardiac surgery recently. Although, first effort was directed toward the prosthetic valve, it soon became popular that bioprosthesis, the valvular xenograft, was prefered in the majority cases. Valvular xenograft has some superiority to the artificial prosthetic valve in some points of thromboembolism and hemolytic anemia, and it also has some inferiority of durability, immunologic reaction and resistance to Infection. Tremendous efforts were made to cover the inferiority with several methods of collection, preservation, and valve mounting of the porcine valve or pericardium of the calf, and also with surgical technique of the valvular xenograft replacement. Auther has collected 320 porcine aortic valves immediately after slaughter, and aortic cusps were coapted with cotton balls in the Valsalva sinuses to protect valve deformity after immersion in the Hanks' solution, and oxidation, cross-linking and reduction procedures were completed after the proposal of Carpentier in 1972. Well preserved aortic valves were suture mounted in the hand-made tissue valve frame of 19, 21, and 23 mm J.d., and also in the prosthetic vascular segment of 19 mm Ld. with 4-0 nylon sutures after careful trimming of the aortic valves. Completed valves were evaluated with bacteriologic culture, pressure tolerance test with tolerane gauge, valve durability test in the saline glycerine mixed solution with tolerance test machine in the speed of 300 rpm, and again with pathologic changes to obtain following results: 1. Bacteriologic culture of the valve tissue in five different preservation method for two weeks revealed excellent and satisfactory result in view of sterilization including 0.65% glutaraldehyde preservation group for one week bacteriologic culture except one tissue with Citobacter freundii in 75% ethanol preserved group. 2. Pressure tolerance test was done with an apparatus composed of V-connected manometer and pressure applicator. Tolerable limit of pressure was recorded when central leaking jet of saline was observed. Average pressure tolerated in each group was 168 mmHg in glutaraldehyde, 128 mmHg in formaldehyde, 92 mmHg in Dakin's solution, 48 mmHg in ethylene oxide gas, and 26 mmHg in ethanol preserved group in relation to the control group of Ringer's 90 mmHg respectively. 3. Prolonged durability test was performed in the group of frame mounted xenograft tissue valve with 300 up-and-down motion tolerance test machine/min. There were no specific valve deformity or wearing in both 19, 21, and 23 mm valves at the end of 3 months (actually 15 months), and another 3 months durability test revealed minimal valve leakage during pressure tolerance test due to contraction deformity of the non-coronary cusp at the end of 6 months (actually 30 months) in the largest 23 mm group. 4. Histopathologic observation was focussed in three view points, endothelial cell lining, collagen and elastic fiber destructions in each preservation methods and long durable valvular tolerance test group. Endothel ial cell lining and collagen fiber were well preserved in the glutaraldehyde and formaldehyde treated group with minimal destruction of elastic fiber. In long durable tolerance test group revealed complete destruction of the endothelial cell lining with minimal destruction of the collagen and elastic fiber in 3 month and 6 month group in relation to the time and severity. In conclusion, porcine xenograft treated after the proposal of Carpentier in 1972 and preserved in the glutaraldehyde solution was the best method of collection, preservation and valve mounting. Pressure tolerance and valve motion tolerance test, also, revealed most satisfactory results in the glutaraldehyde preserved group.

• Journal of the Korean Society of Food Science and Nutrition
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• v.40 no.7
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• pp.935-941
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• 2011

The growth inhibitory effects of kimchi prepared with solar salt were investigated. Chinese cabbages were brined with purified salt, four year-old solar salt, and Topan solar salt, and then mixed with other ingredients. The final salt concentration was adjusted to 2.2~2.4% (w/v) for each salt, and the kimchi was fermented at $7^{\circ}C$. When the acidity reached around 0.5~0.6%, the kimchi was used as a sample for further experimentation. MTT assay was used to measure the growth inhibitory effect of kimchi extracts (water, methanol) on BJ human foreskin normal cells, AGS human gastric adenocarcinoma cells, and HT-29 human colon carcinoma cells. Water extracts of all the kimchi samples showed growth inhibitory effects on cancer cells; however, there was no significant difference among the used salts. Methanol extracts of all the kimchi samples showed higher growth inhibitory effects compared to the water extracts. The methanol extracts of four year-old solar salt kimchi (AGS: 73%, HT-29: 48%) and Topan solar salt kimchi (AGS: 62%, HT-29: 46%) showed higher growth inhibitory effects than that of purified salt kimchi (AGS: 52%, HT-29: 39%). In addition, morphological changes of cancer cells (AGS, HT-29) and decreased cell numbers were observed when methanol extract of four year-old solar salt kimchi was treated to AGS and HT-29 cells. However, none of the kimchi extracts showed any growth inhibitory effect on BJ normal cells.

• Economic and Environmental Geology
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• v.39 no.2 s.177
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• pp.181-190
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• 2006

Garnet has been suggested as one of the most promising material for the immobilization of radionuclide in high level waste. But data on its chemical durability are sufficiently available. Accordingly, Gd and Ce garnets were synthesized as imitators for $Pu^{3+}\;and\;Pu^{4+}$ were synthesized, and their leaching rates, the parameters of the chemical durability were measured by changing the conditions. In distilled water, the ranges of leaching rates of Gd and Ce were $1.2{\times}10^{-4}{\sim}4.6{\times}10^{-6}g/m^2/day\;and\;7.5{\times}10^{-5}{\sim}1.8{\times}10^{-7}g/m^2/day$, respectively. A comparison with previous data suggests that the chemical durabilities of garnets synthesized from this study are superior to those of other waste forms. Additional leaching experiments were performed with 0.01M-HCl and 0.01M-NaOH solutions to see Gd and Ce leaching at acidic and alkalinity conditions. In 0.01 H-HCl solution, the ranges of leaching rates of Gd and Ce were $2.5{\times}10^{-1}{\sim}6.9{\times}10^{-3}g/m^2/day\;and\;3.7{\times}10^{-1}{\sim}3.1{\times}10^{-3}g/m^2/day$, respectively, while were $3.1{\times}10^{-4}{\sim}1.3{\times}10^{-6}g/m^2/day\;and\;1.8{\times}10^{-3}{\sim}0g/m^2/day$, respectively in 0.01M-NaOH solution. It is believed that leaching data can be used in understanding chemical durabilities of waste from garnets in acidic and alkaline conditions.