This paper examines the dynamic relationship between fund flow and market risk at the aggregate level and explores whether sudden sharp changes in fund flow (fund run) can cause a systemic risk in the Korean financial markets. We use daily and weekly data and regression and VAR analysis. Main results of the paper are as follows: First, in the stock market, a concurrent and a lagged unexpected fund flows have a positive relationship with market volatility. A positive shock in fund flow predicts an increase in stock market volatility. In the bond market, an unexpected fund flow has a negative relationship with the default risk premium, but a positive relationship with the term premium. And an unexpected fund flow of the money market fund has a negative relationship with the liquidy risk, but the explanatory power is very low. Second, for examining whether changes in fund flow induce a systemic risk, we construct a spillover index based on the forecast error variance decomposition of VAR model. A spillover index represents that how much the shock in fund flow can explain the change of market risk in a market. In general, explanatory powers from spillover indexes are so fluctuant and low. In the stock market, the impact of shocks in fund flow on market risk is relatively high and persistent during the period from the end of 2007 to 2008, which is the subprime-mortgage crisis period. In bond market, since the end of 2008, the impact of shocks in fund flow spreads to default risk continually, while in the money market, such a systematic effect doesn't take place. The persistent patterns of spillover effect appearing around a certain period in the stock market and the bond market suggest that the shock to the unexpected fund flow may increase the market risk and can be a cause of systemic risk in the financial markets. However, summarizing the results of regression and VAR model analysis, and considering the very low explanatory power of spillover index analysis, we can conclude that changes in fund flow have a very limited power in explaining changes in market risk and it is not very likely to induce the systemic risk by a fund run in the Korean financial markets.
This research was conducted from 1 March 2005 to 28 February 2007. We collected data from optician stores around Kwang-Ju city, 208 people aged 40 to 80 years using the cross cylinder method to find out age and gender dependence of near addition. 1. Age dependence of Refractive error shows 5% of emmetropia 34% of myopia and 43% of hyperopia. These results reveal that rate of hyperopia is higher than emmetropia and myopia. Mixed Astigmatism rate was 18%. 2. Near addition required to correct Presbyopia is analyzed as functions of gender and ages. In case of man: 40-44 (+0.75D), 45-49(+1.25D), 50-54(+1.41D), 55-59(+1.92D), 60-64(+2.35D), 65-69(+1.97D), 70(+3.12D), In case of woman: 40-44 (+1.08D), 45-49 (+1.38D), 50-54 (+1.67D), 55-59(+2.05D), 60-64 (+2.50D), 65-69 (+2.57D), $70{\leq}(+3.18D)$. Result shows it's Adding power higher than man. 3. Age dependence of Axis of Astigmatism. In case of horizontal astigmatism 61.2%, vertical 2.8% and rest else for 36%. Setting point from Binocular vision tells that average adding power of 40-44 (+0.75D) or (+1.00D), 45-49 (+1.25D) or (+1.50D), 50-54 (+1.50D), 55-59 (+2.00D), 60-64 (+2.50D), 65-69 (+2.50D) or (+2.75D), over $70{\leq}(+3.00D)$ or (+3.25D) of average adding power.
This study analyzed the geometric, compressive, cutting and friction properties of oriental melons in order to design a gripper capable of soft handling and a cutter for cutting oriental melon vine among the end effector of oriental melon as a preliminary step for developing the end effector of the robot capable of harvesting oriental melons in protected cultivation. As a result, the average length, diameter at the midpoint, weight, volume and roundness of the oriental melons were 108 mm, 70 mm, 188 g, 333 mL and 3.8 mm. Nonlinear regression analysis was performed on the equation $W=L^a{\times}D_2^b$ with variation of the length (L) and diameter (D2) of the weight (W) of the oriental melons. As a result, it was shown that there was a correlation between a of 2.0279 and b of -0.9998 as a constant value. The average diameter of the oriental melon vine was 3.8 mm, and most vines were distributed within a radius of 5 mm from the center. The average yield value, compressive strength and hardness of the oriental melons were $36.5N/cm^2$, $185.7N/cm^2$ and $636.7N/cm^2$, respectively. The average cutting force and shear strength of the oriental melon vines were $2.87{\times}10^{-2}\;N$ and $5.60N/cm^2$, respectively. The maximum friction coefficient of the oriental melons was rubber of 0.609, followed by aluminium of 0.393, stainless steel of 0.177 and teflon of 0.079. It was considered possible to apply it to the size of the gripper and cutter, turning radius, dynamics of drive motor and selection of materials and their quality in light of the position error and safety factor according to the movement when designing end effector based on the analyzed data.
Dockery, Douglas W.;Kim, Chun-Bae;Jee, Sun-Ha;Chung, Yong;Lee, Jong-Tae
Journal of Preventive Medicine and Public Health
/
v.32
no.2
/
pp.177-182
/
1999
Objectives: To reexamine the association between air pollution and daily mortality in Seoul, Korea using a method of meta-analysis with the data filed for 1991 through 1995. Methods: A separate Poisson regression analysis on each district within the metropolitan area of Seoul was conducted to regress daily death counts on levels of each ambient air pollutant, such as total suspended particulates (TSP), sulfur dioxide $(SO_2)$, and ozone $(O_3)$, controlling for variability in the weather condition. We calculated a weighted mean as a meta-analysis summary of the estimates and its standard error. Results: We found that the p value from each pollutant model to test the homogeneity assumption was small (p<0.01) because of the large disparity among district-specific estimates. Therefore, all results reported here were estimated from the random effect model. Using the weighted mean that we calculated, the mortality at a $100{\mu}g/m^3$ increment in a 3-day moving average of TSP levels was 1.034 (95% Cl 1.009-1.059). The mortality was estimated to increase 6% (95% Cl 3-10%) and 3% (95% Cl 0-6%) with each 50 ppb increase for 9-day moving average of SO2 and 1-hr maximum O3, respectively. Conclusions: Like most of air pollution epidemiologic studies, this meta-analysis cannot avoid fleeing from measurement misclassification since no personal measurement was taken. However, we can expect that a measurement bias be reduced in a district-specific estimate since a monitoring station is hefter representative cf air quality of the matched district. The similar results to those from the previous studios indicated existence of health effect of air pollution at current levels in many industrialized countries, including Korea.
In order to study spatial variability of soil physical properties accross the land-partitioned boundary on Hwadong silt clay loam soil (Fine clayey, mixed, mesic family of Aquic Hapludalfs), all measured data were analyzed by means of kriging, fractile diagram, smooth frequency distribution, and autocorrelation. Sampling for soil particle size distribution analysis was made at 225 intersections of $15{\times}15$ grid with 10m interval. Field capacity, bulk density and saturated hydraulic conductivity were measured in situ at 594 intersections of $33{\times}18$ grid with 2.5m interval in only $6,000m^2$ reselected from $22,500m^2$ of sampling area for particle size distribution analysis. Sampled or measured soil depths were 0 to 10cm 25 to 35cm and 50 to 60cm at each intersections. The results are summarized as follows: 1. The coefficient of variance (CV) of various physical properties ranges from 4.8 to 128.8%. Saturated hydraulic conductivity is classified into the high variation group with CV greater than 100%, while the low variation group with CV smaller than 10% consists of bulk density. Other properties belong to the medium variation group with CV between 10 and 100%. 2. The appropriate number of soil samples for the determination of various physical properties with error smaller than 10% are calculated as one for bulk density, six for field moisture capacity, 16 for silt, 19 for clay, 69 for sand and 686 for saturated hydraulic conductivity. 3. Smooth frequency distribution and fractile diagram show that saturated hydraulic conductivity is in lognormal distribution while other physical properties are in normal distribution. 4. Serial correlation analysis reveals that the soil physical properties have spatial dependence between two nearest neighbouring grid points. Autocorrelation analysis of physical properties measured between the serial grid points in the direction of south to north following section boundary shows that the zone of influence showing stationarity ranges from 7.5 to 40m. In the direction of east to west across section boundary, the autocorrelogram of many physical properties shows peaks with the periodic interval of 30m, which are similar to the partitioned land width. This reveals that the land-partitioned boundary causes soil variability.
Journal of the Korean Society for Marine Environment & Energy
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v.11
no.4
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pp.181-190
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2008
To response climate change and Kyoto protocol and to reduce greenhouse gas emissions, marine geological storage of $CO_2$ is regarded as one of the most promising option. Marine geological storage of $CO_2$ is to capture $CO_2$ from major point sources(eg. power plant), to transport to the storage sites and to store $CO_2$ into the marine geological structure such as deep sea saline aquifer. To design a reliable $CO_2$ marine geological storage system, it is necessary to perform numerical process simulation using thermodynamic equation of state. The purpose of this paper is to compare and analyse the relevant equations of state including ideal, BWRS, PR, PRBM and SRK equation of state. To evaluate the predictive accuracy of the equation of the state, we compared numerical calculation results with reference experimental data. Ideal and SRK equation of state did not predict the density behavior above $29.85^{\circ}C$, 60 bar. Especially, they showed maximum 100% error in supercritical state. BWRS equation of state did not predict the density behavior between $60{\sim}80\;bar$ and near critical temperature. On the other hand, PR and PRBM equation of state showed good predictive capability in supercritical state. Since the thermodynamic conditions of $CO_2$ reservoir sites correspond to supercritical state(above $31.1^{\circ}C$ and 73.9 bar), we conclude that it is recommended to use PR and PRBM equation of state in designing of $CO_2$ marine geological storage process.
Journal of the Korean Society of Fisheries and Ocean Technology
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v.27
no.1
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pp.1-12
/
1991
An experiment has been carefully designed and performed to verify the theory for the echointergration technique of estimating the density of fish school by the use of steel spheres in a laboratory tank. The spheres used to simulate a fish school were randomly distributed throughout the insonified volume to produce the acoustic echoes similar to those scattered from real fish schools. The backscattered echoes were measured as a function of target density at tow frequencies of 50kHz and 200kHz. Data acquisition, processing and analysis were performed by means of the microcomputer-based sonar-echo processor including a FFT analyzer. Acoustic scattering characteristics of a 36cm mackerel was investigated by measuring fish echoes with frequencies ranging from 47.8kHz to 52.0kHz. The fluctuation of bottom echoes caused by the effects of fish-school attenuation and multiple scattering which occurred in dense aggregations of fishes was also examined by analyzing the echograms of sardine schools obtained by a 50kHz telesounder in the set-net's bagnet, and the echograms obtained by a scientific echo sounder of 50kHz in the East China Sea, respectively. The results obtained can be summarized as follows: 1. The measured and the calculated echo shapes on the steel sphere used to simulate a fish school were in close agreement. 2. The waveform and amplitude of echo signals by a mackerel without swimbladder fluctuated irregularly with the measuring frequency. 3. When a collection of 30 targets/m super(3) lied the shadow region behind another collection of 5 targets/m super(3), the mean losses in echo energy for the 30 targets/m super(3) were about -0.4dB at 50kHz and about -0.2dB at 200kHz, respectively. 4. In the echograms obtained in the East China Sea, the bottom echoes fluctuated remarkably when the dense aggregations of fish appeared between transducer and seabed. Especially, in the case of the echograms of sardine school obtained in a set-net's bagnet, the disappearance of bottom echoes and the lengthening of the echo trace by fish aggregations were observed. Then the mean density of the sardine school was estimated as 36 fish/m super(3). It suggests that when the distribution density of fishes in oceans is greater than this density, the effects of fish-school attenuation and multiple scattering must be taken into account as a possible source of error in fish abundance estimates. 5. The relationship between mean backscattering strength (, dB) and target density ($\rho$, No./m super(3)) were expressed by the equations: =-46.2+13.7 Log($\rho$) at 50kHz and =-43.9+13.4 Log($\rho$) at 200kHz. 6. The difference between the experimentally derived number and the actual number of targets gradually decreased with an increase in the target density and was within 20% when the density was 30 targets/m super(3). From these results, we concluded that when the number of targets in the insonified volume is large, the validity of the echo-integration technique of estimating the density of fish schools could be expected.
Jinhae Bay once was a productive area of fisheries. It is, however, now notorious for its red tides; and oxygen deficient water-masses extensively develop at present in summer. Therefore the shellfish production of the bay has been decreasing and mass mortality often occurs. Under these circumstances, the three-dimensional numerical hydrodynamic and the material cycle models, which were developed by the Institute for Resources and Environment of Japan, were applied to analyze the processes affecting the oxygen depletion and also to evaluate the environment capacity for the reception of pollutant loads without dissolved oxygen depletion. In field surveys, oxygen deficient water-masses were formed with concentrations of below 2.0mg/l at the bottom layer in Masan Bay and the western part of Jinhae Bay during the summer. Current directions, computed by the $M_2$ constituent, were mainly toward the western part of Jinhae Bay during flood flows and in opposite directions during ebb flows. Tidal currents velocities during the ebb tide were stronger than that of the flood tide. The comparision between the simulated and observed tidal ellipses showed fairly good agreement. The residual currents, which were obtained by averaging the simulated tidal currents over 1 tidal cycle, showed the presence of counterclockwise eddies in the central part of Jinhae Bay. Density driven currents were generated southward at surface and northward at the bottom in Masan Bay and Jindong Bay, where the fresh water of rivers entered. The material cycle model was calibrated with the data surveyed in the field of the study area from June to July, 1992. The calibrated results are in fairly good agreement with measured values within relative error of $28\%$. The simulated dissolved oxygen distributions of bottom layer were relatively high with the concentration of $6.0{\sim}8.0mg/l$ at the boundaries, but an oxygen deficient water-masses were formed within the concentration of 2.0mg/l at the inner part of Masan Bay and the western part of Jinhae Bay. The results of sensitivity analyses showed that sediment oxygen demand(SOD) was one of the most important influence on the formation of oxygen depletion. Therefore, to control the oxygen deficient water-masses and to conserve the coastal environment, it is an effective method to reduce the SOD by improving the polluted sediment. As the results of simulations, in Masan Bay, oxygen deficient water-masses recovered to 5.0mg/l when the $50\%$ reduction in input COD loads from Masan basin and $70\%$ reduction in SOD was conducted. In the western part of Jinhae Bay, oxygen deficient water-masses recovered to 5.0mg/l when the $95\%$ reduction in SOD and $90\%$ reduction in culturing ground fecal loads was conducted.
The Journal of the Korean life insurance medical association
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v.4
no.1
/
pp.44-76
/
1987
Present study was undertaken to establish the modified Broca's indices to estimate standard body weight by using a total of 5,496 insured persons who were medically examined at the Honam Medical Room of Dong Bang Life Insurance Company Ltd. from January, 1983 to January, 1986. The results were as follows: 1. The linear regression equations of body weight to $height^3$ to estimate standard body weight were as follows: In male, for $18{\sim}19$ age group $y=7.272{\times}10^{-6}{\times}x^3+23.560$ for $20{\sim}29$ age group $y=8.187{\times}10^{-6}{\times}x^3+22.031$ for $30{\sim}39$ age group $y=8.627{\times}10^{-6}{\times}x^3+23.169$ for $40{\sim}49$ age group $y=9.561{\times}10^{-6}{\times}x^3+20.994$ for $50{\sim}59$ age group $y=8.604{\times}10^{-6}{\times}x^3+23.081$ and for all ages group $y=7.778{\times}10^{-6}{\times}x^3+25.929$ In female, for $18{\sim}19$ age group $y=8.252{\times}10^{-6}{\times}x^3+18.920$ for $20{\sim}29$ age group $y=7.715{\times}10^{-6}{\times}x^3+22.409$ for $30{\sim}39$ age group $y=8.808{\times}10^{-6}{\times}x^3+21.440$ for $40{\sim}49$ age group $y=9.691{\times}10^{-6}{\times}x^3+21.940$ for $50{\sim}59$ age group $y=12.550{\times}10^{-6}{\times}x^3+11.031$ and for all ages group $y=7.300{\times}10^{-6}{\times}x^3+26.601$ In both sexes, for all ages group $y=8.342{\times}10^{-6}{\times}x^3+22.998$ 2. The modified Broca's index is expressed by formula $\{height(cm)-100\}{\times}K(kg)$. K is obtained from the following formula standard weight to average height estimated $\frac{by\;means\;of\;linear\;regression\;equation(kg)}{\{Average\;height(cm)-100\}{\times}K(kg)}$=1 Author's modified Broca's indices are as follows: In male, for $18{\sim}19$ age group $\{height(cm)-100\}{\times}0.85(kg)$ for $20{\sim}29$ age group $\{height(cm)-100\}{\times}0.90(kg)$ for $30{\sim}39$ age group $\{height(cm)-100\}{\times}0.95(kg)$ for $40{\sim}49$ age group $\{height(cm)-100\}{\times}1.00(kg)$ for $50{\sim}59$ age group $\{height(cm)-100\}{\times}0.95(kg)$ and for all ages group $\{height(cm)-100\}{\times}0.95(kg)$ In female, for $18{\sim}19$ age group $\{height(cm)-100\}{\times}0.90(kg)$ for $20{\sim}29$ age group $\{height(cm)-100\}{\times}0.90(kg)$ for $30{\sim}39$ age group $\{height(cm)-100\}{\times}1.00(kg)$ for $40{\sim}49$ age group $\{height(cm)-100\}{\times}1.05(kg)$ for $50{\sim}59$ age group $\{height(cm)-100\}{\times}1.05(kg)$ and for all ages group $\{height(cm)-100\}{\times}1.00(kg)$ In both sexes, for all age group $\{height(cm)-100\}{\times}0.95(kg)$ 3. Several types of modified Broca's index recommended by author are as follows: I. In male, for $18{\sim}29$ age group $\{height(cm)-100\}{\times}0.90(kg)$ and for $30{\sim}59$ age group $\{height(cm)-100\}{\times}0.95(kg)$ In female, for $18{\sim}29$ age group $\{height(cm)-100\}{\times}0.90(kg)$ and for $30{\sim}39$ age group $\{height(cm)-100\}{\times}1.00(kg)$ II. In male, for all ages group $\{height(cm)-100\}{\times}0.95(kg)$ In female, for all ages group $\{height(cm)-100\}{\times}1.00(kg)$ III. In both sexes, for all ages group $\{height(cm)-100\}{\times}0.95(kg)$ Note: The first type of modified Broca's index is the most precise one in estimating standard body weight among several types established by author. 4. Error of estimated standard body weight appearing by applying modified Broca's indices is generally greater in short build persons than in tall build persons and is more dominant especially in female group.
Recently, wood-framed houses has been built in the Korea for pension. Wood is good material for human healthy, while the construction lumbers are treated with preservative such as CCA (chromated copper arsenate), which contain some toxic elements for human body. However, if the waste woody biomass treated with various heavy metals, which has been collected from house construction or demolition, was fired in the field, and incinerated or landfilled after mass collection, such components will result in the toxic air pollutants in the burning or land fills, and spreaded into other areas. So the careful selection of wood and chemicals are required in advance for house construction, in particular, for environment-friendly housings. Therefore, this study was carried out to determine the content of toxic heavy metals in woody materials such as domestic hinoki and imported hemlock treated with CCA for housing materials, and the post-treated wood components such as organic fertilizer, sludge, dry-distilled charcoal and carbonized charcoal, to be returned finally into soil. The results are as follows. 1) The chemical analysis of toxic trace elements in various solid biomass required accurate control and management of laboratory environment, and reagents and water used, because of the error of data due to various foreign substances added in various processing and transporting steps. So a systematic analyzers was necessary to monitor the toxic pollutants of construction materials. 2) In particular, the biomass treated with industrial biological or thermal conditions such as sludge or charcoals was not fully dissolvable after third addition of $HNO_3$ and HF. 3) The natural woody materials such as organic fertilizer, sludge. and charcoals without any treatment of preservatives or heavy metal components were nontoxic in landfill because of the standard of organic fertilizers, even after thermal or biological treatments. 4) The CC A-treated wood for making the construction wood durable should not be landfilled, because of its higher contents of toxic metals than the criterion of organic fertilizer for agriculture or of natural environment. So the demolished waste should be treated separately from municipal wastes.
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