• 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.

• Journal of Korean Society of Forest Science
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• v.109 no.3
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• pp.259-270
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• 2020

Extreme weather events, such as heat and drought, have occurred frequently over the past two decades. This has led to continuous reports of cases of forest damage due to physiological stress, not pest damage. In 2014, pine trees were collectively damaged in the forest genetic resources reserve of Sogwang-ri, Uljin, South Korea. An investigation was launched to determine the causes of the dieback, so that a forest management plan could be prepared to deal with the current dieback, and to prevent future damage. This study aimedto 1) understand the topographic and structural characteristics of the area which experienced pine tree dieback, 2) identify the main causes of the dieback, and 3) predict future risk areas through the use of machine-learning techniques. A model for identifying risk areas was developed using 14 explanatory variables, including location, elevation, slope, and age class. When three machine-learning techniques-Decision Tree, Random Forest (RF), and Support Vector Machine (SVM) were applied to the model, RF and SVM showed higher predictability scores, with accuracies over 93%. Our analysis of the variable set showed that the topographical areas most vulnerable to pine dieback were those with high altitudes, high daily solar radiation, and limited water availability. We also found that, when it came to forest stand characteristics, pine trees with high vertical stand densities (5-15 m high) and higher age classes experienced a higher risk of dieback. The RF and SVM models predicted that 9.5% or 115 ha of the Geumgang Pine Forest are at high risk for pine dieback. Our study suggests the need for further investigation into the vulnerable areas of the Geumgang Pine Forest, and also for climate change adaptive forest management steps to protect those areas which remain undamaged.

• Journal of the korean academy of Pediatric Dentistry
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• v.33 no.2
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• pp.221-232
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• 2006

The purpose of this study was to investigate the effect of step-curing mode on polymerization shrinkage and contraction of composite resin restoration. Class I cavities were prepared on the extracted human premolars. The cavities were ailed with Filtek $Z-250^{TM}$ (hybrid resin, 3M ESPE, USA) and Filtek $flow^{TM}$ (flowable resin, 3M ESPE, USA) and cured with one of the following irradiation modes; Halogen 40sec with continuous curing, LED 10sec with continuous curing, and LED 13sec with step-curing. Contraction stress was measured with strain gauge which was connected to TML $Datalogger^{TM}$ (TDS-102, SOKKI, Japan) and resin-dentin interfaces were observed by scanning electron microscope. The results of present study can be summarized as follows : 1. Composite resin restoration showed transient expansion just after irradiation of curing light. Contraction stress was increased rapidly at the early phase of polymerization and reduced slowly as time elapsed (P<0.05) 2. $Filtek\;flow^{TM}$ showed lower contraction stress than Filtek $Z-250^{TM}$ regardless of curing modes. 3. LED step-curing mode showed lowest contraction stress in Filtek $Z-250^{TM}$ compared with other curing modes(P<0.05). 4. LED step-curing mode showed lowest contraction stress in $Filtek\;flow^{TM}$ compared with other curing modes(P<0.05), but difference in contraction stress was not so greate as in $Filtek\;Z-250^{TM}$. 5. Polymerization of composite resin by LED light with step-curing mode and halogen light with continuous ode resulted in better marginal sealing than LED light with continuous mode.

• Journal of The Korean Association For Science Education
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• v.31 no.6
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• pp.864-875
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• 2011

The purpose of this study was to investigate high school students' understanding of acid-base related concepts using three different titration technologies. The test population was composed of 209 students from three classes in the 10th grade. The different titration experiments using indicator, or pH-meter or MBL were performed in each class unit, respectively. The analyses of the effect on the understanding of different titration technologies were carried out by comparing the mean scores of the concept test taken before and after the titration for the three groups. The results of the acid-base related concept test indicated that statistically significant effects on the understanding of the concepts were shown by all groups. Comparing the effect on the comprehension of the three groups, the MBL group showed the most significant effect, while the pH-meter group showed the least significant. It was also attempted to analyze the effect on comprehension of the concepts by the cognitive and the motivational levels of students. This study revealed that the students in the formal operation stage showed higher understanding of the acidbase related concepts, while those in the concrete operation stage showed lower comprehension. It was also shown that the students at the active motivational level scored higher in comprehension than those who had a low score. The results of this study implied that each group showed differently enhanced comprehension of concepts by titration technologies. Therefore, teachers need to promote an appropriate experiment technology for the cognitive and motivational levels of students as well as try to help students express freely their own perspectives.

• Journal of Korean Society of Forest Science
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• v.94 no.6
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• pp.441-445
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• 2005

Researches on estimating national-scaled forest biomass are being carried out to quantify the carbon stock of forests with the Kyoto Protocol. In general, estimates of national-scaled forest biomass are based on forest inventory data which provides estimates of forest area, stem volume, and growth of stem by age classes. Estimates of forest biomass are, however, obtained by converting stem volumes to dry weight with stem density and thereafter to whole tree biomass with biomass expansion factors (ratios of whole tree dry weight to stem dry weight). Pinus densiflora is widely distributed and one of the most economically important timber species in Korea. The species are largely grouped into two ecotypes of Geumgang and Jungbu. Stems of Geumgang type trees are straight and high compared to those of Jungbu type trees. The objective of this study was to determine and compare stem density and biomass expansion factors fore two ecotypes of Pinus densiflora according to stand age. Stem density of both ecotypes of Pinus densora increased and biomass expansion factors of them decreased with increasing tree age. In he same age class, stem density and biomass expansion factor of Geungang type Pinus densiflora were lower than those of Jungbu type Pinus densiflora. There were statistically significant differences in stem density and biomass expansion factors between Geumgang type and Jungbu type Pinus densiflora in 0-20-year-old stands and 40-60-year-old stands. Our results suggested that the reliability of the national forest biomass inventory could be improved by applying the ecotype- and age-dependent stem density and biomass expansion factors.

• Journal of Korean Society of Forest Science
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• v.38 no.1
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• pp.19-26
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• 1978

In order to investigate the difference of rootability between 15 clones of Populus alba${\times}$glandulosa selected based on the growth performance, rooting of cutting experiments with these 15 clones were conducted at the nursery for six years from 1970 to 1975. Cutting experiments in a temperature controlled incubator in which the temperature of the cutting bed were set to $10^{\circ}C$, $15^{\circ}C$, $20^{\circ}C$, $25^{\circ}C$ and $30^{\circ}C$ were also performed. Along with these experiments air layering experiments were performed to compare with the rootabilities obtained from nursery trial. The results obtained so far could be summarized as follows. 1. The best rooting clones were 65-22-4 and 65-22-11, and the average rooting percentages of these two clones for six years were 76.7%, and 72.9% respectively. The poorest rooting clone was 66-6-8 showing average rooting percentage of 45.8%. 2. The middle class of rooting percentage was ocuppied by the clones; 66-14-29, 66-14-93, 66-25-5 and 67-6-3, and the range of their rooting percentage was 60~69% on average. 3. The rooting performances observed through the nursery, the incubator and the air layering experiments were almost the same with exception of few clones. 4. P. alba${\times}$glandulosa showed the best rooting percentage at the cutting bed of $20^{\circ}C$ 5. The most roots, i.e. 78.5% of root per cutting were developed from the bottom part of the cutting shoot. 6. Adventitious and call use roots could observe in the cuttings.

• Journal of the korean academy of Pediatric Dentistry
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• v.29 no.3
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• pp.304-312
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• 2002

The purpose of this study was to assess the sedative effects of four kinds of medication for management in the uncooperative 64 children aged from 18 to 92 months(ASA class I) and weighting between 10 and 32 kg. They were given randomly a dose of chloral hydrate 75mg/kg and hydroxyzine 25mg orally(group 1), midazolam 0.1mg/kg intramuscularly and $N_2O$(group 2), group 1 with additional $N_2O$(group 3) and group 1 with additional midazolam 0.5cc intranasally(group 4), respectively. According to rating scale, sleep, crying, movement and overall behavior were checked for evaluation of the clinical sedative effects. They were restraind with Pediwrap and were monitored by pulse oximeter for safety during treatment period. The results were as follows : 1. In the evaluation of sleep, rating scale of chloral hydrate and hydroyzine combination group was superior to midazolam and $N_2O$ combination group(p<0.001), but there was no significant difference between chloral hydrate, hydroxyzine and $N_2O$ combination group and chloral hydrate, hydroxyzine and midazolam combination group. 2. In the evaluation of crying, movement and overall behavior, there were significant differences between chloral hydrate and hydroxyzine combination group and midazolam and $N_2O$ combination group(p<0.05), but no significant difference between chloral hydrate, hydroxyzine and $N_2O$ combination group and chloral hydrate, hydroxyzine and midazolam combination group. 3. In the evaluation of overall behavior, the mean score of chloral hydrate and hydroyzine combination group was 2.94, midazolam and $N_2O$ combination group 2.07, chloral hydrate, hydroxyzine and $N_2O$ combination group 2.47 and chloral hydrate, hydroxyzine and midazolam combination group 2.24, respectively. 4. Evidence of adverse effect was not detected or reported during and/or after dental treatment.

• Journal of Korean Home Economics Education Association
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• v.18 no.3 s.41
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• pp.61-79
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• 2006

The purpose of this research was to evaluate concretely how the 7th Technology Home Economics(HE) curriculum was operated In school fields by using context evaluation, input evaluation using the CIPP model focusing HE. In this research. a questionnaire survey was done targeting HE teachers in charge of technology and home economics subject for the 7th curriculum implementation at 250 randomly selected middle schools in Gpoungsangnamdo, and 109 returned questionnaire papers were used for the final analysis. The frequency, percent, mean and standard deviation of these data were obtained by using the SPSS 10.0 for Windows Program. The results of this research were outlined below: First, with a regard to the context evaluation (evaluating educational contexts), the requirement degree of seeking for career appeared to be the highest at the requirement survey of the education goal and character of HE area, and the requirement degree of elevating understanding home living' were very low. Interest and concern of students towards these subject as well as the self-confidence of HE teachers in charge were low. Second, as for the input evaluation (evaluating education plans), time allocation, content level, and content amount were not regarded to be not proper, and the composition of HE educational curriculums and the class guideline of teachers also were not so faithful from the aspect of school level. Among surveyed items, establishing plans in school level towards evaluation was relatively sincere, but discussions about curriculums were not so faithful, suggesting various kinds of content are not fully discussed. As shown by the results above, it is difficult to say that the operation of the 7th HE educational curriculums has secured its position perfectly. It is necessary to examine systematically the educational goals. character of the 7th HE educational curriculum and the appropriateness of curriculum content, and to seek various methods to elevate the self confidence of teachers and the interests of students. Because how to operate national level educational curriculums in school levels with self-regulation and elasticity will be an important variable in realizing educational goals, teachers, the main body of educational curriculums and direct performers, should establish and perform educational plans in school levels to elevated the satisfaction of teachers and educational effects for normally operating educational curriculums. In addition, educational curriculums should be operated and evaluated mainly by teachers at school fields to make it possible to confirm and check the achievement of the goals of educational curriculums qualitatively.

• Journal of Korean Home Economics Education Association
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• v.19 no.4
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• pp.233-245
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• 2007

The purpose of this study is to investigate the appropriate way of essay writing education which helps the learners perceive and express a stream of knowledge through Home Economics education curriculum by themselves. While one-way type, which teachers just give instructions to students and students just learn from them, has dominated the education, new education focuses on interactive and reciprocal way in thinking and researching together. This new stream requires appropriate and various education method as well as the new concept of education curriculum. This study applies the curriculum of the German practical philosophy that recently has been a debated topic in Home Economics education. The purpose of the curriculum pursuits improving students' practical and critical thinking competence and essay writing is the center of it. In the curriculum learners write essays by asking and answering the questions through seven areas which students can experience based on three angles such as individual, social, and idealogical viewpoints. In this process learners don't remain in the individual angles and are able to be trained as intellectuals who can lead the social and cultural change as well as the individual growth by getting an insight into the idealogical angles. The Germany curriculum what is mentioned in advance presents one possibility that essay education can be introduced in Home Economics education that has accessed the education process by the practical inference based on the practical philosophy. That is, Home Economics education shares the context with essay education whose purpose is the intellect enlightenment because the former is the curriculum to make students build the abilities to access in many-sided angles not just one point, to deal with problems wisely, and to deduce the solutions. Therefore, students are expected to participate in the class dynamically by being satisfied intellectually abreast of practical essay education that helps learners read the stream of knowledge through Home Economics education. In this manner the category of Home Economics education will enlarge by making efforts to diversify the education methodology not staying only one method.

• Journal of Korean Home Economics Education Association
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• v.30 no.1
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• pp.43-63
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• 2018

The purpose of this study is to examine the various contexts affecting life culture through practical reasoning process and to select the goal and contents system of unification education in middle school home economics to form healthy unification community and to develop teaching and learning process. Based on the Unification Education Guidelines, Unification Education Pre-Study, Pre-Study on North Korean Defectors, and Analysis of the 2015 Revision Home Economics Curriculum in Korea, Goal and content system. Based on this, we developed a teaching and learning process and a student activity place applying practical reasoning process after extracting practical problems, and prepared a final development plan based on the results of two expert group evaluations. The results of this study are summarized as follows. First, the goal of unification education in the middle school home economics class is to 'Based on the social-cultural context, we develop the ability to cultivate healthy reunification by respecting the differences between the cultures of the two Koreas and discovering common values in a unified society and resolving practical issues in a unified society.'. Second, the content system of middle school home economics unification education was selected as the core theme of 'Unification Education Focused on the Living Culture'. The content elements were comprehending the socio - cultural context that affects the life culture of the two Koreas, Related language, maintenance of diversity of dietary culture in each region including North Korean food, social norms and attire, correct housing value and common living etiquette. Based on the goals of unification education in the middle school home school curriculum, we selected practical issues as 'What should we do to create a healthy unified community?'. Third, the teaching and learning process of unification education in junior high school home economics education is to recognize the problem of unification, to analyze the factors affecting the life culture of the two Koreas, to grasp the effect of the action and the ripple effects, to select alternative methods, And 4 subjects for 8 teaching learning course plan, and 35 teaching materials.