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Analysis of the relationship between interest rate spreads and stock returns by industry (금리 스프레드와 산업별 주식 수익률 관계 분석)

  • Kim, Kyuhyeong;Park, Jinsoo;Suh, Jihae
    • Journal of Intelligence and Information Systems
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    • v.28 no.3
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    • pp.105-117
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    • 2022
  • This study analyzes the effects between stock returns and interest rate spread, difference between long-term and short-term interest rate through the polynomial linear regression analysis. The existing research concentrated on the business forecast through the interest rate spread focusing on the US market. The previous studies verified the interest rate spread based on the leading indicators of business forecast by moderating the period of long-term/short-term interest rates and analyzing the degree of leading. After the 7th reform of composite indices of business indicators in Korea of 2006, the interest rate spread was included in the items of composing the business leading indicators, which is utilized till today. Nevertheless, there are a few research on stock returns of each industry and interest rate spread in domestic stock market. Therefore, this study analyzed the stock returns of each industry and interest rate spread targeting Korean stock market. This study selected the long-term/short-term interest rates with high causality through the regression analysis, and then understood the correlations with each leading period and industry. To overcome the limitation of the simple linear regression analysis, polynomial linear regression analysis is used, which raised explanatory power. As a result, the high causality was verified when using differences between returns of corporate bond(AA-) without guarantee for three years by leading six months and call rate returns as interest rate spread. In addition, analyzing the stock returns of each industry, the relation between the relevant interest rate spread and returns of the automobile industry was the closest. This study is significant in the aspect of verifying the causality of interest rate spread, business forecast, and stock returns in Korea. Even though it could be limited to forecast the stock price by using only the interest rate spread, it would be working as a strong factor when it is properly utilized with other various factors.

A Change of Japanese Jyosei Manga in the 2010s -Disappearance of Romance and the appearance of a Self (2010년대 일본 여성만화의 변화 -로맨스의 증발과 자아의 출현)

  • Kim, So-Won
    • Journal of Popular Narrative
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    • v.26 no.3
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    • pp.123-160
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    • 2020
  • Manga develops by reflecting a change of society, reader's needs, and their thoughts and changes of tastes, sensitively. Shojo manga and Jyosei manga also do. We can find several kinds of meaningful changes in Japanese Jyosei manga in the 2010s. The works which represent preciousness of daily life, women's narrative and self-realization are gradually increasing. In addition, the works that deal with very touchy issues such as sex discrimination at work, sexual harassment begin to emerge. It has never been found in the manga of the former era. While this paper analyzes the social and cultural causes of these changes of the works that exclude romance and treat gender issues focusing on recent works, it examines changes of Japanese Jyosei manga in the 2010s and their meanings. I investigate the current trends of Japanese Jyosei manga in the 2010s through Umimachi Diary that represents a precious everyday life with woman-centered narrative, Metamorphose no engawa that deals with women's story from a new perspective, Good-bye My Miniskirt that tackles gender issues. Furthermore I intensively analyze how Nagi's Long Vacation and Darucyan, which win popularity from women in their 20s~30, represent lives and troubles of contemporary Japanese women. Nagi's Long Vacation represents the heroine's quest for a self throwing everything out. While Darucyan deals with self-realization, it forms of a bond of sympathy of readers by representing the heroine who suffers sexual harassment and inequal conditions very realistically. Nagi's Long Vacation and Darucyan have something in common with portraying troubles and self-realization of the working women in their 20s based on a indigenous reality to Japanese society very realistically. However they are unusual in that it is different from the manga of the former era in dealing with heroine's troubles and their solutions. The most distinctive changes of Jyosei manga since 2010 are that real issues surfaced with social changes. In addition, these social contradictions result from irrational discriminations and old customs of Japanese society for a long time. Manga reflects subtly the portraits of the times, their images of women, and their values. These changes of Jyosei manga also show the concerns of readers at that time, and it means that women began to be aware of the issues.

Type Variations of 'Stepmother' and 'Sister' in the Novels of Park Kyong-Ni and Their Meanings -Focused on Jaegwiyeol, Eunha, Kimyakgukeue Ddaldeul, Nabiwa Unggungkwi (박경리 장편소설의 '계모'·'자매' 유형 변화와 그 의미 -『재귀열』, 『은하』, 『김약국의 딸들』, 『나비와 엉겅퀴』를 중심으로)

  • Cho, Yun-A
    • Journal of Popular Narrative
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    • v.26 no.4
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    • pp.145-181
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    • 2020
  • This study analyzes type variations of the 'stepmother' and 'sister' in the full-length novels of Park Kyong-Ni and attempted to point out their meanings. The pattern of "negative stepmother" that appeared in classical and new novels also appeared repeatedly in Park Kyong-Ni's full-length novels and this was because a change took place in later full-length novels. Novels analyzed with focus were Jaegwiyeol(1959), Eunha(1960), Kimyakgukeue Ddaldeul(1962), and Nabiwa Unggungkwi(1969). The stepmother that appears in Eunha is a type that appears often in the classic and new novels of Korea. While the stepmother newly gained the role and status of 'mother', she forms a competitive relationship with the daughter of the former wife while still refusing to be a member of the family and she puts the former wife's daughter in critical situations by committing misdeeds. However, the young stepmother in Nabiwa Unggungkwi actually becomes a victim to the malicious and morbid harassment of the former wife's daughter. This stepmother is a good-natured figure who shows a sense of guilt for failing to fulfill her responsibilities of upbringing and education and she eventually dies as a victim to a bomb during the war, leaving her young biological daughter behind. On one hand, the sisters in Jaegwiyeol and Kimyakgukeue Ddaldeul are not strongly bonded but when one is caught in a crisis, the other one claims to be of help. Unlike this, the sisters in Nabiwa Unggungkwi have a bond that cannot be broken. They are half-sisters that bind each other so severely that they hinder each other's growth and they eventually end up disintegrating. Through such analyses, it is shown that issues of human nature are dealt with more acutely by breaking the 'young stepmother' away from convention by placing her in the position of the victim to amplify the conflicting relationship between sisters, unlike in previous pieces. This study was significant in that it looked into how previously repetitive character type changes appeared in full-length novels in conditions that clearly display the writer's determination to leave behind a masterpiece.

The Family and Individual in the Transmedia Storytelling of Young Adult Narratives (청소년서사의 트랜스미디어 스토리텔링에 나타나는 가족과 개인)

  • Chung, Hye-Kyung
    • Journal of Popular Narrative
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    • v.27 no.2
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    • pp.215-262
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    • 2021
  • This thesis focuses on Wandeuki and Elegant Lies - novels written by Kim Ryeo-reong and adapted into the film by Director Lee Han; this thesis analyzes the process of storytelling being transformed as the media is converted. Also, this thesis discusses cultural-political implications of transmedia storytelling where different narrative responses coexist concerning post-IMF family disorganization and "individualization." First of all, this thesis critically reviews existing discourses on the concept of transmedia storytelling and refers to 'transfictionality' the narratological concept of Marie-Laure Ryan in order to look into media conversion storytelling that starts from original novels. The novels Wandeuki and Elegant Lies show two aspects of "individualization" that adopts existential conditions of family disorganization. Wandeuki deviates from patriarchal family romance through self-discovery and exhibits loose family bond, which is something similar to companionship of close individuals. Elegant Lies shows individualization of pain by portraying a teenager who found herself completely isolated, while showing that it is impossible for the people left behind to mourn. On the other hand, director Lee Han's films and show stories in which family members, who are confronting family dissolution, rediscover and restore their families against family dissolution. The film promotes the expansion of family community through multicultural identity, and the film completes condolence of the people left behind by having the remaining families survive as survivors of suicide. The storyworld of the novels puts emphasis on 'self-discovery' of individual adolescents, while the storyworld of the movies puts emphasis on 'rediscovery of family'. Through transformation of storytelling - especially the redesigning of narrative structures called "modification" - transmedia storytelling shows that the relationship between media-converted texts is far from "faithful representation," but rather, shows conflicting themes and perspectives. With a reference point of 'the emergence of character' transmedia storytelling, which is predicated on the original work but aims to free itself from the original work by transforming storytelling through media conversion, opens up polyphonic storyworld by creating heterogeneous voices. In the post IMF-era, where uncertainty mounts over family dissolution and individualization, polyphonic storyworld created by transmedia storytelling provides an opportunity to experience disparate desires over individual freedom/risk and complacency toward community. We can call this the cultural-political implication of transmedia storytelling based on transferring, transcednding, and transforming.

Transition from Church School-Centered Education to Family-Centered Christian Faith Education (교회학교 중심의 교육에서 가정중심의 기독교 신앙교육으로의 전환)

  • Lee, Jeung Gwan
    • Journal of Christian Education in Korea
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    • v.69
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    • pp.9-44
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    • 2022
  • The purpose of this study is to restore religious education at home. Currently, Korean church education is facing a crisis. First, there is a decrease in the number of children in the church due to the problem of the low fertility rate. Second, the number of young people leaving the church is increasing. As a result, Maneun Church and church schools are being reduced or closed. In order to solve this problem, it is necessary to change from church school-centered education to family-centered faith education. This is because the restoration of faith education is also connected with the restoration of the Korean church in crisis. As an alternative to overcome the current crisis of church education, it is necessary to return to the original form of religious education. In other words, we must return to the way God commanded religious education through parents at home. The most important thing is to overcome and recover from the absence of religious education at home. A Christian home becomes a place of education that fulfills the primary responsibility of religious education for children. God has given his parents the primary authority and responsibility for the religious education of their children. However, amid changes in society and home, the educational function of the home was entrusted to other educational institutions or specialized teachers. Parents of Christian families tend to delegate their children's religious education to church schools by neglecting their educational authority and responsibility. Therefore, the purpose of this study is to reinforce that parents should have a Christian view of faith education and become the main agents of their children's faith education. Parents have the authority, responsibility, and duty as teachers for religious education given by God. The educational authority and responsibility of parents originate from God. God has commanded his parents to bring up their children in faith. Therefore, for parents to become the main agents of their children's religious education, restoration is needed in Christian home education. Therefore, the task of restoring the Christian family as a place of effective Christian education and fulfilling the educational mission of faith that God has given to parents is, first, that parents and the church must recognize the importance of Christian home education anew. Second, parents must have the correct awareness and mission in the Christian view of children. The mission of parents in a Christian home is to teach, train, and admonish their children in the Lord so that they can live with Christian values. Third, the church should actively support home education and form a deep bond between church education and home education.

Evaluation of the Potential of Cellobiose as a Material for Whitening Cosmetics based on Autophagy and Melanin Production Efficacy in Melanocytes (셀로비오스의 미백화장품 소재 가능성 평가를 위한 멜라닌 세포에서 자가포식 및 멜라닌 생성 효능 연구)

  • Byungsun, Cha;Seok ju, Lee;Sofia, Brito;So Young, Jung;So Min, Lee;Lei, Lei;Sang Hun, Lee;Zubaidah, Al-Khafaji;Bum-Ho, Bin;Byeong-Mun, Kwak;Hyojin, Heo
    • Journal of the Society of Cosmetic Scientists of Korea
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    • v.48 no.4
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    • pp.365-372
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    • 2022
  • Cellobiose is a dissacharide constituted by two glucose units joined by a β-('1,4') glycosidic bond that is produced by the decomposition of cellulose. This product exists naturally in plants and has been utilized in different industries as a food sweetener, and as a cosmetic and pharmaceutical material. In this study, the potential of cellobiose as a whitening cosmetic product was evaluated by analyzing autophagy induction and the inhibition of melanin production. A cytotoxicity test conducted in the human melanin-producing cell line MNT-1 with increasing concentrations of cellobiose revealed that this compound did not cause cytotoxicity at 20 mg/mL or less. Based on this, autophagy was firstly evaluated by immunostaining with the autophagy marker microtubule-associated protein 1 light chain 3 (LC3) after treatment with 20 mg/mL of cellobiose. The subsequent confocal microscopy analysis revealed an increase in LC3 puncta, indicating induction of autophagy. In addition, autophagy was further confirmed by western blot analysis, which demonstrated that cellobiose converted LC3-I to LC3- ∏ in a concentration- and time-dependent manners. An analysis of melanin contents after cellobiose treatment at a concentration of 20 mg/mL during 7 days revealed that melanin production was reduced by more than 50%. Additionally, the expression levels of melanogenesis-related proteins TYR and TYRP1 were markedly decreased after cellobiose treatment. Based on these studies, a cosmetic cream formulation containing cellobiose was prepared and the change in formulation was tested for 4 weeks, and it was confirmed that the appearance changed to liquid form at high temperature, but the pH did not change. In conclusion, the present research demonstrated that cellobiose activates autophagy and inhibits melanin production, and showed the potential of this product as a material for whitening cosmetics.

Development of High Intensity Focused Ultrasound (HIFU) Mediated AuNP-liposomal Nanomedicine and Evaluation with PET Imaging

  • Ji Yoon Kim;Un Chul Shin;Ji Yong Park;Ran Ji Yoo;Soeku Bae;Tae Hyeon Choi;Kyuwan Kim;Young Chan Ann;Jin Sil Kim;Yu Jin Shin;Hokyu Lee;Yong Jin Lee;Kyo Chul Lee;Suhng Wook Kim;Yun-Sang Lee
    • Journal of Radiopharmaceuticals and Molecular Probes
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    • v.9 no.1
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    • pp.9-16
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    • 2023
  • Liposomes as drug delivery system have proved useful carrier for various disease, including cancer. In addition, perfluorocarbon cored microbubbles are utilized in conjunction with high-intensity focused-ultrasound (HIFU) to enable simultaneous diagnosis and treatment. However, microbubbles generally exhibit lower drug loading efficiency, so the need for the development of a novel liposome-based drug delivery material that can efficiently load and deliver drugs to targeted areas via HIFU. This study aims to develop a liposome-based drug delivery material by introducing a substance that can burst liposomes using ultrasound energy and confirm the ability to target tumors using PET imaging. Liposomes (Lipo-DOX, Lipo-DOX-Au, Lipo-DOX-Au-RGD) were synthesized with gold nanoparticles using an avidin-biotin bond, and doxorubicin was mounted inside by pH gradient method. The size distribution was measured by DLS, and encapsulation efficiency of doxorubicin was analyzed by UV-vis spectrometer. The target specificity and cytotoxicity of liposomes were assessed in vitro by glioblastoma U87mg cells to HIFU treatment and analyzed using CCK-8 assay, and fluorescence microscopy at 6-hour intervals for up to 24 hours. For the in vivo study, U87mg model mouse were injected intravenously with 1.48 MBq of 64Cu-labeled Lipo-DOX-Au and Lipo-DOX-Au-RGD, and PET images were taken at 0, 2, 4, 8, and 24 hours. As a result, the size of liposomes was 108.3 ± 5.0 nm at Lipo-DOX-Au and 94.1 ± 12.2 nm at Lipo-DOX-Au-RGD, and it was observed that doxorubicin was mounted inside the liposome up to 52%. After 6 hours of HIFU treatment, the viability of U87mg cells treated with Lipo-DOX-Au decreased by around 20% compared to Lipo-DOX, and Lipo-DOX-Au-RGD had a higher uptake rate than Lipo-DOX. In vivo study using PET images, it was confirmed that 64Cu-Lipo-DOX-Au-RGD was taken up into the tumor immediately after injection and maintained for up to 4 hours. In this study, drugs released from liposomes-gold nanoparticles via ultrasound and RGD targeting were confirmed by non-invasive imaging. In cell-level experiments, HIFU treatment of gold nanoparticle-coupled liposomes significantly decreased tumor survival, while RGD-liposomes exhibited high tumor targeting and rapid release in vivo imaging. It is expected that the combination of these models with ultrasound is served as an effective drug delivery material with therapeutic outcomes.

The Transmission Activities and characteristic of the Naeseo Traditional Folk art Conservation Association in Masan (마산 내서전통민속문화예술보존회의 전승 활동과 특징)

  • Choi, Ja-Un
    • (The) Research of the performance art and culture
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    • no.43
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    • pp.121-143
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    • 2021
  • The Aim of the this paper is to figure out impetus of the Naeseo Traditional Folk art Conservation Association. This Preservation Society derived from Hogaeri farmers' band. Through aging and hollowing out Hogaeri farmers' band got into a period of stagnation. In order to overcome slump villager and people of a township organized a conservation society in 1994. Members restored and directed folk song which from age to age for performance. are designated as cultural asset in 2017. Sutguldeong song is only song in inland area. This song are worthy of notice in . which is consist of various agricultural work songs experienced two changes. Rice-planting songs are characteristic. Especially, Executive playing a central role harden foundation of the Preservation Society. The mainspring of activity is the sense of responsibility. Preservation Society laying emphasis on recruiting new members. Preservation Society is planning to develop curriculum for Jurisdiction elementary and middle school students. This Preservation Society is made up of First generation members and Second generation members. First generation members who are born and bred in Hogaeri have been good friends both in joy and in sorrow Early days of Preservation Society. So, They has a strong family bond. In order to induce membership Members are practicing Nongak, popular folk songs, dancing program. Second generation members are not conversant with a folk song. Nonetheless They have a strong mind on a member line.

Estimation of the Korean Yield Curve via Bayesian Variable Selection (베이지안 변수선택을 이용한 한국 수익률곡선 추정)

  • Koo, Byungsoo
    • Economic Analysis
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    • v.26 no.1
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    • pp.84-132
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    • 2020
  • A central bank infers market expectations of future yields based on yield curves. The central bank needs to precisely understand the changes in market expectations of future yields in order to have a more effective monetary policy. This need explains why a range of models have attempted to produce yield curves and market expectations that are as accurate as possible. Alongside the development of bond markets, the interconnectedness between them and macroeconomic factors has deepened, and this has rendered understanding of what macroeconomic variables affect yield curves even more important. However, the existence of various theories about determinants of yields inevitably means that previous studies have applied different macroeconomics variables when estimating yield curves. This indicates model uncertainties and naturally poses a question: Which model better estimates yield curves? Put differently, which variables should be applied to better estimate yield curves? This study employs the Dynamic Nelson-Siegel Model and takes the Bayesian approach to variable selection in order to ensure precision in estimating yield curves and market expectations of future yields. Bayesian variable selection may be an effective estimation method because it is expected to alleviate problems arising from a priori selection of the key variables comprising a model, and because it is a comprehensive approach that efficiently reflects model uncertainties in estimations. A comparison of Bayesian variable selection with the models of previous studies finds that the question of which macroeconomic variables are applied to a model has considerable impact on market expectations of future yields. This shows that model uncertainties exert great influence on the resultant estimates, and that it is reasonable to reflect model uncertainties in the estimation. Those implications are underscored by the superior forecasting performance of Bayesian variable selection models over those models used in previous studies. Therefore, the use of a Bayesian variable selection model is advisable in estimating yield curves and market expectations of yield curves with greater exactitude in consideration of the impact of model uncertainties on the estimation.

About the Multi-layered Communication of Princess Pari on the Webtoon Platform of Daum -Focusing on Analysis of Narrative Structure and Comments (Daum 웹툰 <바리공주>를 통해 본 고전 기반 웹툰 콘텐츠의 다층적 대화 양상 -서사구조와 댓글 분석을 중심으로)

  • Choe, Key-Sook
    • Journal of Popular Narrative
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    • v.25 no.3
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    • pp.303-345
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    • 2019
  • This article analyzes the multi-layered communication in the Webtoon Princess Pari, released on the Daum portal site, created (written and illustrated) by Kim Naim, through analyzing the narrative structure and comments with the qualitative / quantitative methodology. The webtoon Princess Pari is structured in an omnibus style in which unit narratives are intermittently articulated, multi-lined, and interconnected. As integrated narratives which link with unitary narratives, Pari's growth story as a shaman and a romance narrative are structured. The classical original story of the shaman was used as a prehistory corresponding to the prequel of the webtoon through a preview, and the writer restructured the narrative to overcome the contradictions of the gender asymmetry and the patriarchal ideology of the original text. The viewer then creates a conversational space by giving critical and reflective comments. According to a statistical analysis conducted through sampling, the types of comments can be classified as follows: Appreciation and criticism of the contents ≫ Emotional response ≫ Intuitive overall review ≫ Knowledge and reflection ≫ Comments on comments. In the process of creation and acceptance of the Webtoon, a multi-layered dialogue between classical and modern, content and audience, acceptance and creation has been at play. In the creation dimension, the writer used a device to fill the gap of mythical symbols of the contents. At the level of the audience, they formed a culture of sharing information, knowledge, and reflection about tradition/folk/culture through comments. This corresponds to classical and modern dialogue through the webtoon. The viewers form a sympathetic bond, attempt hermeneutical coordination, supplement the information, and search for a balanced angle through controversial conversation. In addition, by commenting on attitudes, views, and perspective, the commentators showed a behavioral pattern corresponding to meta-criticism in literature. The viewers' comments acted as feedback on the creation of the webtoons, so that the creation and acceptance itself influenced the production of the content of the webtoon. The webtoon Princess Pari, which was based on Korean classical narrative, has been reorganized onto 'moving and dynamic' content, which leads to sense, thinking, criticism and reflection through the formation of various dialogues.