• Asia-Pacific Journal of Business
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• 제11권4호
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• pp.243-254
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• 2020

Purpose - This paper explores whether overnight returns measured from the last closing price to today's opening price explain the cross-section of stock returns. Design/methodology/approach - This study is conducted using the Korean stock market data from 1998 to 2018, obtained from DataGuide database. The analysis begins with portfolio-level tests, followed by firm-level cross-sectional regressions. Findings - First, when decile portfolios sorted on the daily average of overnight returns in the previous months, the highest decile portfolio exhibits a significant negative risk-adjusted return. This suggests that stocks with higher average overnight returns are temporarily overvalued due to buying pressure from investors. Second, at least 6 months of persistence exists in average overnight returns, which is in line with the results reported by Barber, Odean and Zhu (2009) that investor sentiment persists over several weeks. Finally, Fama-MacBeth cross-sectional regression of expected returns after controlling for a variety of firm characteristic variables such as firm size, book-to-market ratio, market beta, momentum, liquidity, short-term reversal, the slope coefficient for overnight returns remains negative and statistically significant. Research implications or Originality - Overall, the evidence consistently suggests that overnight return is considered as a new priced factor in the cross-section of expected returns. The findings of this paper not only adds to finance literature, but also could be useful to practitioners in making stock investment decision.

• Korean Journal of Radiology
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• 제1권3호
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• pp.127-134
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• 2000

Objective: To determine the extent to which thin-section and volumetric three-dimensional CT can depict airway reactivity to bronchostimulator, and to assess the effect of different airway sizes on the degree of reactivity. Materials and Methods: In eight dogs, thin-section CT scans were obtained before and after the administration of methacholine and ventolin. Cross-sectional areas of bronchi at multiple levels, as shown by axial CT, proximal airway volume as revealed by three-dimensional imaging, and peak airway pressure were measured. The significance of airway change induced by methacholine and ventolin, expressed by percentage changes in cross-sectional area, proximal airway volume, and peak airway pressure was statistically evaluated, as was correlation between the degree of airway reactivity and the area of airways. Results: Cross-sectional areas of the bronchi decreased significantly after the administration of methacholine, and scans obtained after a delay of 5 minutes showed that normalization was insufficient. Ventolin induced a significant increase in cross-sectional areas and an increase in proximal airway volume, while the effect of methacholine on the latter was the opposite. Peak airway pressure increased after the administration of methacholine, and after a 5-minute delay its level was near that of the control state. Ventolin, however, induced no significant decrease. The degree of airway reactivity did not correlate with airway size. Conclusion: Thin-section and volumetric spiral CT with three-dimensional reconstruction can demonstrate airway reactivity to bronchostimulator. The degree of reactivity did not correlate with airway size.

• Journal of the Korean Society of Physical Medicine
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• 제5권2호
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• pp.233-243
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• 2010

Purpose : This study aimed to examine the effects of sling exercise therapy on the relief of low back pain and the cross-sectional area change of lumbar muscles by CT analysis for chronic low back pain patients. Methods : Forty-one patients with diagnosis of chronic low back pain was divided sling exercise therapy group(SEG) 19 subjects and conservative physical therapy group(CPG) 22 subjects. we randomized and treated them(subjects) for 12 weeks. As using visual analogue scale(VAS), we evaluated recovery accuracy of pain, and for investigating cross-section area change of lumbar muscles for before and after treatment we used computed tomography(CT). Results : This study were summarized as follows : 1) As treatment period, in each compared testing on VAS of SEG and CPG, the both group was significantly different(p<.05). 2) Compared testing on VAS of between-subject groups(SEG and CPG) were not significantly different(p>.05). 3) At SEG of before and after treatment, in compared testing on cross-section area size of lumbar muscles, All muscles of psoas major, quadratus lumborum, erector spinae and multifidus were significantly different(p<.05). At CPG, psoas major was significantly different(p<.05). But other muscles were not significantly different(p>.05). Conclusion : From this result, both sling exercise therapy and the conservative physical therapy are effect on decrease of pain for chronic low back pain patients. but Increasing of the cross-section area being proportioned with muscular strengthening of low back muscle is noticeable difference in SEG. Therefore, sling exercise therapy have affect both decreasing of pain for chronic low back pain patients and lumbar muscles strengthening.

• Journal of the Korea Concrete Institute
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• 제26권3호
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• pp.307-313
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• 2014

In order to predict the post-cracking tensile behavior of fiber reinforced concrete, it is necessary to evaluate the fiber orientation factor which indicates the number of fibers bridging a crack. For investigation of fiber orientation factor on a circular cross-section, in this paper, cylindrical steel fiber reinforced concrete specimens were casted with the variables of concrete compressive strength, circular cross-section size, fiber type, and fiber volumetric ratio. The specimens were cut perpendicularly to the casting direction so that the fiber orientation factor could be evaluated through counting the number of fibers on the circular cross-section. From the test results, it was investigated that the fiber orientation factor on a circular cross-section was lower than 0.5 generally adopted, as fibers tended to be perpendicular to the casting direction. In addition, it was observed that the fiber orientation factor decreased with an increase of the number of fibers per unit cross-section area. For rational prediction of the fiber orientation factor on a circular section, a rigorous model and a simplified equation were derived through taking account of a possible fiber inclination angle considering the circular boundary surface. From the comparison of the measured data and the predicted values, it was found that the fiber orientation factor was well predicted by the proposed model. The test results and the proposed model can be useful for researches on structural behavior of steel fiber reinforced columns with a circular cross-section.

• Steel and Composite Structures
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• 제19권3호
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• pp.661-678
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• 2015

Buckling Restrained Braces (BRB) have been widely used in the construction industry as they utilize the most desirable properties of both constituent materials, i.e., steel and concrete. They present excellent structural qualities such as high load bearing capacity, ductility, energy-absorption capability and good structural fire behaviour. The effects of size and type of filler material in the existed gap at the steel core-concrete interface as well as the element's cross sectional shape, on BRB's fire resistance capacity was investigated in this paper. A nonlinear sequentially-coupled thermal-stress three-dimensional model was presented and validated by experimental results. Variation of the samples was described by three groups containing, the steel cores with the same cross section areas and equal yield strength but different materials (metal and concrete) and sizes for the gap. Responses in terms of temperature distribution, critical temperature, heating elapsed time and contraction level of BRB element were examined. The study showed that the superior fire performance of BRB was obtained by altering the filler material in the gap from metal to concrete as well as by increasing the size of the gap. Also, cylindrical BRB performed better under fire conditions compared to the rectangular cross section.

• Journal of architectural history
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• 제28권1호
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• pp.7-16
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• 2019

As a part of the research on existing structures of private homes from Joseon Era. Focusing on one hundred twenty five-purlin houses, the current study investigated the features and characteristics of the house structure from style, size, proportion and roof pitch, and measurements of key parts, and developed the following conclusions. Most are single-houses (89, 83%), and among them, there are 47 single front-terrace houses (39%), which is the highest number. The sizes of lower house structure do not differ greatly depending on the vertical structure, and single rear terrace house and double-house have relatively larger side sizes. The size of upper structure is larger in double-houses compared to other vertical structures, indicating a relatively higher roof. The cross-section measurement of major parts show that double-houses are larger than single-houses by 3cm in pillar, 3-4.5cm in crossbeam length, and 4.5cm in crossbeam width. However, Janghyeo width was consistent at 7.5 to 10.5cm, maintaining uniformity regardless of vertical structure of the houses. In addition, the cross-section measurements decreased from sixteenth to nineteenth century, with the size of pillar size decreasing the most. The result that the Janghyeo width is not related to the house structure house confirmed that the Janghyeo width was kept consistent regardless of the size of the house structure.

• Journal of the Korean Institute of Telematics and Electronics B
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• 제31B권7호
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• pp.190-198
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• 1994

In this paper, we propose the cross-section processing method which is simple in describing the SHGC of objects in a range image and which can describe the SHGC of occluded objects for the recognition of 3D objects. This method produces the cross-sections of an object along the assumed axis of the SHGC and describes the SHGC of the object by processing the produced cross-sections of the object using $\psi$ -S curves with invariant properties in position and size. Our method is simple in a process and can descirbe the SHGC of partially occluded objects because it uses range images with 3-D informations of objects without matching contours of objects with a model base. Thus it is a useful description method of a range image for the recognition of 3D objects shaped in SHGC form and we proved the usefulness of it in experiments.

• Proceedings of the Korean Society of Propulsion Engineers Conference
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• 한국추진공학회 2011년도 제36회 춘계학술대회논문집
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• pp.193-195
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• 2011

An abrupt increase of duct cross-section is frequently encountered in pressure reducing devices, valves of internal combustion engines and in gas pipelines. Supersonic flow in a rectangular duct passing an abrupt increase of cross-section is studied numerically. The behavior of base pressure of the dead-air region at sudden enlargement of the duct is clarified. This investigation concerns the determination of the base pressure, which is independent of the size of the enlarged part. Several flow patterns are identified with different enlargements according to the ratio between the downstream ambient pressure and the upstream reservoir pressure. Base pressure and the resulting shock-structure are highly depending on the size of duct enlargement. For a given duct, base pressure tends to minimum for a particular pressure ratio. In addition, the locations of secondary separation and reattachment points of the jet plume are found with respect to different duct enlargements.

• Korean Journal of Air-Conditioning and Refrigeration Engineering
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• 제12권3호
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• pp.277-283
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• 2000

The heat transfer characteristics for air jet vertically impinging on a flat plate which had a set of hybrid rod were investigated experimentally. The rod had a cross section made with a half of circular cross section and that of rectangular and was installed in front of the plate. The heating surface was given constant heat flux value of 1020 W/$m^2^{\circ]C$ and the problem parameters investigated were jet Reynolds number, nozzle-to-plate spacing and the rod size. The local and local average Nusselt number characteristics were found to be dependent on the rod size because the flow was disturbed by installing the rod. Higher convective heat transfer rate occurred in the whole plate as well as in the stagnation region.

• Journal of the Korean Geotechnical Society
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• 제36권1호
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• pp.29-38
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• 2020

These days the circular cross section cofferdam has been frequently used for the earth retaining structures or cut off wall such as ventilating opening, intake tower in cofferdam, shaft for emergency. By the arching effect, the circular cross section type cofferdam has more advantage than a polygon cofferdam in terms of the structural forces and moment. This paper shows the proper approach to analyze the circular cross section cofferdam using 2D Finite Element Method (FEM) for the circular stiffener (ring beam) evaluation. Besides, the various shapes of cofferdam indluding circular cross section have modeled the 3D Finite Element Mothod (FEM). The circular cross section cofferdam shows the minimum reaction force compared with the other shapes of cofferdam.