• Weed & Turfgrass Science
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• v.3 no.2
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• pp.121-129
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• 2014

We investigated turfgrass diseases and inoculum density at nationwide turfgrass cultivation sites in year of 2013. Occurrences of large patch and rust disease appeared in September. Brown patch recorded in September to October at Namhea and Pythium blight disease occurred outbreaks in early July at Namhea site. Some sites in Namhea damaged 3% area of total cultivation field by Sclerotinia homoeocarp. In Daepyeong (Gyeongnam), Fairy ring and large patch were recorded. Severe takeall and fairy ring have been observed in Gochang-si. Multi-site in Cheongju-si, brown patch was observed in pandemic level. Interesting enough, a cool-season turfgrass cultivate sites in Pyeongtaek-si brown patch, leaf blast, summer patch, and Curvularia leaf spot were investigated during the surveys period. Inoculum densities (Rhizoctonia spp.) at turfgrass cultivations sites were increased as cumulatively in all survey sites. The investigation result indicated that the disease occurrence and pathogens are similar as diseases in golf courses.

• The Korean Journal of Financial Management
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• v.25 no.1
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• pp.1-22
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• 2008

This study is to evaluate, to the extent to, which advanced currency futures and emerging currency futures markets can predict accurately the future spot rate. To this end, Johansen's the maximum-likelihood cointegration method(1988, 1991) is adopted to test the unbiasedness and efficiency hypothesis. Also, this study is to estimate and compare a quantitative measure of relative efficiency as a ratio of the forecast error variance from the best-fitting quasi-error correction model to the forecast error variance of the futures price as predictor of the spot price in advanced currency futures with in emerging currency futures market. Advanced currency futures is British pound and Japan yen. Emerging currency futures includes Korea won, Mexico peso, and Brazil real. The empirical results are summarized as follows : First, the unbiasedness hypothesis is not rejected for Korea won and Japan yen futures exchange rates. This indicates that the emerging currency Korea won and the advanced currency Japan yen futures exchange rates are likely to predict accurately realized spot exchange rate at a maturity date without the trader having to pay a risk premium for the privilege of trading the contract. Second, in emerging currency futures markets, the unbiasedness hypothesis is not rejected for Korea won futures market apart from Mexico peso and Brazil real futures markets. This indicates that in emerging currency futures markets, Korea won futures market is more efficient than Mexico peso and Brazil real futures markets and is likely to predict accurately realized spot exchange rate at a maturity date without risk premium. Third, this findings show that the results of unbiasedness hypothesis tests can provide conflicting finding. according to currency futures class and forecasts horizon period, Fourth, from the best-fitting quasi-error correction model with forecast horizons of 14 days, the findings suggest the Japan yen futures market is 27.06% efficient, the British pound futures market is 26.87% efficient, the Korea won futures market is 20.77% efficient, the Mexico peso futures market is 11.55%, and the Brazil real futures market is 4.45% efficient in the usual order. This indicates that the Korea won-dollar futures market is more efficient than Mexico peso, and Brazil real futures market. It is therefore possible to concludes that the Korea won-dollar currency futures market has relatively high efficiency comparing with Mexico peso and Brazil real futures markets of emerging currency futures markets.

• East Asian Economic Review
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• v.24 no.1
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• pp.61-87
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• 2020

Five diffusion models are estimated using three different foreign exchange rates to find an appropriate model for each. Daily spot exchange rates expressed as the prices of 1 euro, 1 British pound and 100 Japanese yen in US dollars, respectively denoted by USD/EUR, USD/GBP, and USD/100JPY, are used. The maximum likelihood estimation method is implemented after deriving an approximate log-transition density function (log-TDF) of the diffusion processes because the true log-TDF is unknown. Of the five models, the most general model is the best fit for the USD/GBP, and USD/100JPY exchange rates, but it is not the case for the case of USD/EUR. Although we could not find any evidence of the mean-reverting property for the USD/EUR exchange rate, the USD/GBP, and USD/100JPY exchange rates show the mean-reversion behavior. Interestingly, the volatility function of the USD/EUR exchange rate is increasing in the exchange rate while the volatility functions of the USD/GBP and USD/100Yen exchange rates have a U-shape. Our results reveal that more care has to be taken when determining a diffusion model for the exchange rate. The results also imply that we may have to use a more general diffusion model than those proposed in the literature when developing economic theories for the behavior of the exchange rate and pricing foreign currency options or derivatives.

• The Korean Journal of Financial Management
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• v.17 no.2
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• pp.211-227
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• 2000

본 연구는 외환위기 이후 1998년 10월부터 2000년 3월까지의 일별 데이터를 사용하여 원/달러 역내시장과 역외시장간의 가격정보 이전에 관한 동조화여부를 실증분석 하였다. 원/달러 역내시장의 가격대용으로 원/달러 현물환율을 사용하였으며, 원/달러 역외시장의 가격대용으로 원/달러 역외선물환율인 NDF 1개월물을 사용하였다. 수익률이 중심이 된 기존의 많은 인과관계 연구들과는 달리 본 연구에서는 환율의 변화율에 대한 그랜져 인과관계 분석과 함께 이변량 GARCH모형을 이용하여 두 시장간에 있어서의 환율의 변화율과 변동성의 인과관계를 분석하였다. 그랜져 인과관계분석 결과 현물환율은 역외선물환율에 대해 강한 선도관계를 가지며 상대적으로 약하지만 역외선물환율 또한 현물환율에 대해 선도관계를 가지는 것으로 나타났다. 본 연구에 사용된 이변량 GARCH모형은 AR(1)-GARCH(1,1)모형으로서 분식 결과를 보면 조건부 변동성이 두 시장간에 상호의존적이며 한 시장의 변화율충격이 다른 시장의 변동성에 영향을 미치는 것이 양 시장간에 유의적으로 나타났다. 이는 현물환시장의 거래정보가 역외선물환시장의 가격형성에 영향을 미치며 역외선물환시장 거래정보 또한 현물환시장으로 이전되어 원/달러 역내시장과 역외시장이 잘 동조화 되어 있다고 말할 수 있다. 즉 정보가 먼저 한 시장에 반영 된 후 다른 시장에 전달되는 정보의 일방 통행적 흐름이 아니라 정보의 반영이 두 시장에서 동시에 이루어지고 정보의 흐름이 양방향으로 이루어짐을 알 수 있다.

• Asian Journal of Turfgrass Science
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• v.13 no.4
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• pp.201-212
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• 1999

In use of pesticides in golf courses has been increased steadily. Environmental concern as well as decrease in efficiency led the turfgrass management into an alternate approach of using beneficial microorganism to deal with turfgrass pests. This study was focused on the use of such microorganisms for improving cultural environment and minimizing the use of pesticides. Microorganisms antagonistic to turfgrass diseases were applied to zoysiagrass fairways and creeping bentgrass greens in Yusung country club. Tharch accumulation, disease occurrence, and other cultural environments were compared among the combinations of microorganisms and suppliemental N applications. The application of microorganisms antagonistic to turfgrass diseases improved turf resiliency. Thatch thickness was 3.03cm in the control plot but it was 2.11cm in plots treated by microorganisms, indicating significant effects of microorganism application on reduction of thatch accumulation. Number of microorganism that can decompose of cellulose was higher at the plots treated with useful microbial products and it was considered that existence of higher population of microorganisms resulted in reduction of thatch accumulation. In the evaluation of relationship between thatch accumulation and disease occurrence, greater thatch accumulation was observed at the golf courses which have been frequently infested by large patch. However, the rate of thatch accumulation varied among surveyed golf courses regardless of the year of turf establishment. Therefore, management practice which can be effective for reduction of thatch could result in large patch suppression. The application of microorganisms on the established turfgrasses reduced the occurrence rate of pythium blight and yellow path diseases, whereas occurrence of brown patch and dollar spot increased.

• Asia-Pacific Journal of Business
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• v.11 no.1
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• pp.61-75
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• 2020

Purpose - The purpose of this study was to examine the efficiency of the foreign exchange markets in Korea, Japan and China. Design/methodology/approach - This study collected 1327 observations each of the daily closing exchange rates of the three currencies against the US dollar for the sample period from January 1, 2015 to January 31, 2020, based on the tests for autocorrelation, unit root tests and GARCH-M(1,1) model estimation. Findings - We have found that the autocorrelation test indicates the lack of autocorrelation and unit root test confirms the existence of unit roots in all times series of the three currencies, respectively. The GARCH-M(1,1) test results, however, suggest that the exchange rates do not follow a random walk process. In conclusion, the recent spot foreign exchange markets in Korea, Japan and China are believed to be informationally inefficient. Research implications or Originality - These findings have practical implications for both individual and institutional investors to be able to obtain excess returns on their investments in the foreign exchange markets in three countries by using appropriate risk management, portfolio strategy, technical analysis, etc. This study provides the first empirical examination on the foreign exchange market efficiency in the three biggest economies in Asia including China, which has been excluded from research due to its exchange rate regime.

• Weed & Turfgrass Science
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• v.6 no.2
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• pp.157-164
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• 2017

Functional microorganisms decompose various organic matter by enzyme activity and suppress plant disease caused by pathogen. This study was conducted to isolate and select functional microorganisms with protein or carbohydrate degradation activities and antagonistic activity against turfgrass fungal pathogens for eco-friendly turfgrass management in golf course from compost containing livestock manure of poultry or swine. Totally 68 isolates collected from livestock manure compost strains were isolated and tested for their activities of amylase, protease and lipase and antagonistic activities against Rhizoctonia solani AG2-2, R. solani AG1-1, and Sclerotinia homoeocarpa. Among the isolates, 34 strains were selected as functional microbes showing higher activities of amylase and protease. Three isolates of ASC-14, ASC-18, and ASC-35 among the 34 strains were selected as antifungal bacterial strains repressing the above 3 turfgrass fungal pathogens. Analysis results of 16s rRNA gene sequence and phylogenic cluster indicated that ASC-14 and ASC-18 belonged to Bacillus amyloliquefaciens, while ASC-35 was B. subtilis, respectively.

• Journal of Korea Port Economic Association
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• v.36 no.4
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• pp.17-30
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• 2020

In the shipping industry, it is essential to engage in the preemptive prediction of freight rate volatility through market monitoring. Considering that freight rates have already started to fall, the loss of shipping companies will soon be uncontrollable. Therefore, in this study, factors affecting the freight rates of bulk carriers, which have relatively large freight rate volatility as compared to container freight rates, were quantified and analyzed. In doing so, we intended to contribute to future shipping market monitoring. We performed an analysis using a vector error correction model and estimated the influence of six independent variables on the charter rates of bulk carriers by Handy Size, Supramax, Panamax, and Cape Size. The six independent variables included the bulk carrier fleet volume, iron ore traffic volume, ribo interest rate, bunker oil price, and Euro-Dollar exchange rate. The dependent variables were handy size (32,000 DWT) spot charter rates, Supramax 6 T/C average charter rates, Pana Max (75,000 DWT) spot charter, and Cape Size (170,000 DWT) spot charter. The study examined charter rates by size of bulk carriers, which was different from studies on existing specific types of ships or fares in oil tankers and chemical carriers other than bulk carriers. Findings revealed that influencing factors differed for each ship size. The Libo interest rate had a significant effect on all four ship types, and the iron ore traffic volume had a significant effect on three ship types. The Ribo rate showed a negative (-) relationship with Handy Size, Supramax, Panamax, and Cape Size. Iron ore traffic influenced three types of linearity, except for Panamax. The size of shipping companies differed depending on their characteristics. These findings are expected to contribute to the establishment of a management strategy for shipping companies by analyzing the factors influencing changes in the freight rates of charterers, which have a profound effect on the management performance of shipping companies.

• Asian Journal of Turfgrass Science
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• v.24 no.2
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• pp.176-181
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• 2010

Brown patch (Rhizoctonia solani AG1-1), dollar spot (Sclerotinia homoeocarpa), pythium blight (Pythium spp.), anthracnose (Colletotrichum graminicola), yellow patch (Rhizoctonia cerealis) and Zoysia patch (Rhizoctonia solani AG2-2) are the major turfgrasses diseases in Korea. In this study, 23 medicinal plant extracts were tested for antifungal activities against turfgrass pathogenic fungi. In paper disk diffusion method, 12 medicinal plant extracts, including Sophora flavescens, showed antifungal activity. Also, in the test of antifungal activity on media contained the extracts of S. flavescens, Curcuma longa, Rheum undulatum, Coptis chinensis and Asiasarum sieboldi showed above 80% inhibitory effects on the mycelial growth in 110 mg/10 ml concentration of the extracts. S. flavescens, in particularly, showed antifungal activity against the six turfgrass pathogenic fungi. The inhibition rate of S. homoeocarpa was 100% in 10 mg/10 ml, 5 mg/10 ml and 2 mg/10 ml concentrations of C. longa extract. In case of Pythium spp., the extracts of S. flavescens, R. undulatum and C. chinensis showed 100 % inhibition rate on the test media.

• Asian Journal of Turfgrass Science
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• v.21 no.1
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• pp.1-7
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• 2007

This study was initiated to evaluate the qualitative characteristics of creeping bentgrass(Agrostis palustris Huds.) cultivars for the climate In Korea through the NTEP(Nat'l Turfgrass Evaluation Program) data. 'L-93' showed the highest rating in overall mean visual quality. It was also the most prominent cultivar in seedling vigors, ground cover, and genetic color especially in summer. In case of turf texture, 'Penn A-1' and 'A-2' were the finest group, but the poorest group in cold tolerance. Leaf density and thatch accumulation were lower with 'Penncross', 'Pennlinks', 'Crenshaw', and 'L-93' as compared with 'Penn A'-type and 'G'-type cultivars. Resistance to moss invasion was greater with 'Penn A'-type and 'G'-type cultivars, but 'Penncross' was the least. These observations indicated that leaf density was considered to associate with the characters of turf quality, thatch accumulation and resistance to moss invasion. 'Penn A'-type cultivars were highly resistant to snow mold. Greater resistance to brown patch was associated with 'Penn A' and 'Penncross'. Higher resistance to pythium blight was found with 'Penncross' and 'Pennlinks'. 'L-93' showed higher resistance to dollar spot, but not to pythium. Therefore, these results demonstrated that turf maintenance program for the new bentgrass cultivars should be different from a conventional management for the cultivar of 'Penncross'.