• The Korean Journal of Financial Management
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• v.25 no.1
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• pp.109-140
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• 2008

The primary objective of this paper investigates whether asymmetric volatility phenomenon is caused by differences of opinion among investors and analyses information availability has an effect on asymmetric volatility. The empirical test period covers recent 6 years from January 4, 2000 to December 29, 2005. Five portfolios have been formed according to information availability(volume and market value). For the purpose of this study, We use TGARCH model, TGARCH-M model and adjusted model which include trading volume as a proxy differences of opinion among investors. The results are summarized as follows ; First, adjusted model analysis shows that asymmetric volatility phenomenon is disappeared or asymmetric coefficient and ratio is decreased than basis model. Second, portfolio analysis shows that the higher volume and market value, the more prominent asymmetric volatility phenomenon. And adjusted model analysis shows the higher volume and market value, the more decrease asymmetric ratio. Over all, assertion that differences of opinion among investors has caused asymmetric volatility phenomenon is regarded as reasonable. And, We see that information availability have great effect on asymmetric volatility phenomenon. We think that theses results can also occur opinion adjustment of optimistic investors. Namely, asymmetric volatility phenomenon can occur difference of information authenticity.

• The Korean Journal of Financial Management
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• v.20 no.1
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• pp.191-212
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• 2003

Recently, there is a growing body of literature that suggests that information inefficiency is one of the causes of the asymmetric volatility. If this explanation for the asymmetric volatility is appropriate, then innovations, such as the introduction of futures, may be expected to impact the asymmetric volatility of stock market. As transaction costs and margin requirements in the futures market are lower than those in the spot market, new information is transmitted to futures prices more quickly and affects spot prices through arbitrage trading with spots. Also, the merit of the futures market may attract noise traders away from the spot market to the futures market. This study examines the impact of futures on the asymmetry of stock market volatility. If the asymmetric volatility is significant lower post-futures and exist in the futures market, it has validity that the asymmetric volatility is caused by information inefficiency in the spot market. The data examined are daily logarithmic returns on KOSPI 200 stock price index from January 4, 1993 to December 26, 2000. To examine the existence of the asymmetric volatility in the futures market, logarithmic returns on KOSPI 200 futures are used from May 4, 1996 to December 26, 2000. We used a conditional mode of TGARCH(threshold GARCH) of Glosten, Jagannathan and Runkel(1993). Pre-futures the spot market exhibits significant asymmetric responses of volatility to news and post-futures asymmetries are significantly lower, irrespective of bear market and bull market. The results suggest that the introduction of stock index futures has an effect on the asymmetric volatility of the spot market and are inconsistent with leverage being the sole explanation of asymmetry. However, it is found that the volatility of futures is not so asymmetric as expected.

• The Korean Journal of Applied Statistics
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• v.24 no.6
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• pp.1033-1043
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• 2011

In this paper, we use a nested family of models of Generalized Autoregressive Conditional Heteroscedasticity(GARCH) to verify asymmetric conditional heteroscedasticity in the KOSPI and Won-Dollar exchange rate. This study starts from an investigation of whether time series data have asymmetric features not explained by standard GARCH models. First, we use kernel density plot to show the non-normality and asymmetry in data as well as to capture asymmetric conditional heteroscedasticity. Later, we use three representative asymmetric heteroscedastic models, EGARCH(Exponential Garch), GJR-GARCH(Glosten, Jagannathan and Runkle), APARCH(Asymmetric Power Arch) that are improved from standard GARCH models to give a better explanation of asymmetry. Thereby we highlight the fact that volatility tends to respond asymmetrically according to positive and/or negative values of past changes referred to as the leverage effect. Furthermore, it is verified that how the direction of asymmetry is different depending on characteristics of time series data. For the KOSPI and Korean won-US dollar exchange rate, asymmetric heteroscedastic model analysis successfully reveal the leverage effect. We obtained predictive values of conditional volatility and its prediction standard errors by using moving block bootstrap.

• Bulletin of the Korean Chemical Society
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• v.33 no.9
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• pp.3125-3128
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• 2012

• Archives of Pharmacal Research
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• v.22 no.6
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• pp.624-628
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• 1999

A formal asymmetric synthesis of Mugineic acid was accomplished from cis-2-butene-1,4-diol throughcatalytic Sharpless epoxidation oxidations and doupling reaction.

• Journal of computational fluids engineering
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• v.13 no.2
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• pp.8-13
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• 2008

A supersonic viscous flow over a five-degree half-angle cone is studied computationally with three-dimensional Navier-Stokes equations. Steady asymmetric solutions show that the asymmetric flow separation is caused by convective instability. The effects of angle of attacks, Reynolds numbers, and Mach numbers have been investigated and it is found that those factors affect the generation of the side force. The side force has the maximum value at ${\alpha}=22^{\circ}$, while over ${\alpha}=22^{\circ}$, asymmetric vortex becomes transient, which results in the unsteady shedding. At the angle of attack of 22 degrees, the side force increases with Reynolds number and decreases with Mach number. The increase of the side force stops over the critical Reynolds number for the present configuration.

• BMB Reports
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• v.43 no.2
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• pp.69-78
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• 2010

Asymmetric cell division is a fundamental mechanism for the generation of body axes and cell diversity during early embryogenesis in many organisms. During intrinsically asymmetric divisions, an axis of polarity is established within the cell and the division plane is oriented to ensure the differential segregation of developmental determinants to the daughter cells. Studies in the nematode Caenorhabditis elegans have contributed greatly to our understanding of the regulatory mechanisms underlying cell polarity and asymmetric division. However, much remains to be elucidated about the molecular machinery controlling the spatiotemporal distribution of key components. In this review we discuss recent findings that reveal intricate interactions between translational control and targeted proteolysis. These two mechanisms of regulation serve to carefully modulate protein levels and reinforce asymmetries, or to eliminate proteins from certain cells.

• Proceedings of the Korean Society for Noise and Vibration Engineering Conference
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• 2007.11a
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• pp.1218-1223
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• 2007

In this study, we experimentally investigate the equivalent ring theory for a slightly asymmetric ring. The slightly asymmetric ring has mode pair and frequency pair due to the small asymmetry and this mode pair generates beat in vibration and sound. In this paper, a slightly asymmetric ring is modeled as the equivalent ring, i.e., the assemblage of a symmetric ring and imperfect point masses. The equivalent ring has the same mode pair condition as that of the original asymmetric ring. Effect of the additional mass attachment is investigated by the equivalent ring theory and the result is compared with those of the measurement and the finite element analysis. It is confirmed that the original ring and the equivalent ring show the same change in frequency and mode under the various additional imperfection mass conditions. The equivalent ring theory explains how the asymmetric elements influence the mode characteristics and provides useful information to tune the beat property.

• Journal of IKEEE
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• v.6 no.2 s.11
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• pp.128-135
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• 2002

We use the saturation nonlinear feedback element to generate self-oscillation in order to find an ultimate gain and period of linear plant. The use of saturation nonlinear feedback element can improve accuracy of an ultimate gain and period of unknown linear plant. An ultimate gain and period of linear plant can be used to tune a PID controller parameters. It is possible that an asymmetric oscillation can be occurred under the special circumstances such as with static load disturbance. We analyze an asymmetric self-oscillation. As the results of an analysis, we propose a method to find an ultimate gain and period of linear Plant under the asymmetric self-oscillation.

• Journal of the Korean Ceramic Society
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• v.54 no.1
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• pp.33-37
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• 2017

Single phase niobium nitride (NbN) coatings were deposited using asymmetric bipolar pulsed dc sputtering by varying pulse frequency and duty cycle of pulsed plasmas. Crystal structure, microstructure, morphology and mechanical properties were examined using XRD, FE-SEM, AFM and nanoindentation. Upon increasing pulse frequencies and decreasing duty cycles, the coating morphology was changed from a pyramidal-shaped columnar structure to a round-shaped dense structure with finer grains. Asymmetric bipolar pulsed dc sputtered NbN coatings deposited at pulse frequency of 25 kHz is characterized by higher hardness up to 17.4 GPa, elastic modulus up to 193.9 GPa, residual compressive stress and a smaller grain size down to 27.5 nm compared with dc sputtered NbN coatings at pulse frequency of 0 kHz. The results suggest that the asymmetric bipolar pulsed dc sputtering technique is very beneficial to reactive deposition of transition-metal nitrides such as NbN coatings.