• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2004.04a
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• pp.333-341
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• 2004

This paper describes not only the complexities of LNG business including shipping sector but also its own current environmental changes. Furthermore, system dynamics (VENSIM analysis) as a methodology is introduced to analyze the potential LNG shipping market in the future. As a result of the VENSIM analysis, potentiality of the spot LNG shipping market is systematically established in connection with embodiment of the spot LNG market. This paper suggests three methods, which are centered on newbuildings of ships, for the shippers to prepare for the spot LNG shipping market on the basis that maritime economics can make a direct contribution to the shippers' business decision-making.

• 한국정보컨버전스학회:학술대회논문집
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• 2008.06a
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• pp.113-116
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• 2008

In this paper we suggest two novel methods for an implementation of the spot detection phase in the 2-DE gel image analysis program. The one is the adaptive thresholding method for eliminating noises and the other is the asymmetric diffusion model for spot matching. Remained noises after the preprocessing phase cause the over-segmentation problem by the next segmentation phase. To identify and exclude the over-segmented background regions, il we use a fixed thresholding method that is choosing an intensity value for the threshold, the spots that are invisible by one's human eyes but mean very small amount proteins which have important role in the biological samples could be eliminated. Accordingly we suggest the adaptive thresholding method which comes from an idea that is got on statistical analysis for the prominences of the peaks. There are the Gaussian model and the diffusion model for the spot shape model. The diffusion model is the closer to the real spot shapes than the Gaussian model, but spots have very various and irregular shapes and especially asymmetric formation in x-coordinate and y-coordinate. The reason for irregularity of spot shape is that spots could not be diffused perfectly across gel medium because of the characteristics of 2-DE process. Accordingly we suggest the asymmetric diffusion model for modeling spot shapes. In this paper we present a brief explanation ol the two methods and experimental results.

• Journal of Korean Society on Water Environment
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• v.26 no.3
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• pp.497-506
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• 2010

Severe muddy water problem has been the hot issue in Korea. Because of increased nonpoint source pollutions at Kangwon province, best soil erosion management system is required to reduce inflow of nonpoint source pollutions into the waterbodies. The USLE-based SATEEC system have been developed and enhanced for soil erosion and sediment yield estimation. However, the SATEEC cannot estimate soil depositions depending on topography in the watershed, while the USPED estimates soil erosion and deposition using sediment transport capacity of the surface runoff. In this study, the SATEEC and USPED were used to determine soil erosion hot spot subbasins. For this, 54 subbasins were delineated. In general, soil erosion hot spot subbasins were identified similarly with SATEEC and USPED. However, depending on erosion and deposition patterns in each subbasin. USPED estimated soil erosion hot spot subbasins didn't match those estimated with SATEEC. For some subbasins, much deposition was expected than erosion. This indicates that SATEEC estimated soil erosion values may be overestimated for these subbasins. Thus, care should be taken when understanding soil erosion status in the watershed based on USLE-based SATEEC results. In addition, the USPED results could be used to identify the site-specific soil erosion best management practices. If the USPED and USLE-based SATEEC are combined, it would help determining soil erosion hot spot subwatersheds in economic and environmental perspectives.

• The Korean Journal of Financial Management
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• v.27 no.1
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• pp.1-30
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• 2010

This paper tested the lead-lag relationship as well as the symmetric and asymmetric volatility spillover effects between international currency futures markets and cash markets. We use five kinds of currency spot and futures markets such as British pound, Australian and Canadian dollar, Brasilian Real and won/dollar spot and futures markets. daily closing prices covering from September 15, 2003 to July 30, 2009. For this purpose we employed dynamic time series models such as the Granger causality based on VAR and time-varying MA(1)-GJR-GARCH(1, 1)-M. The main empirical results are as follows; First, according to Granger causality test, we find that the bilateral lead-lag relationship between the five countries' currency spot and futures market. The price discover effect from currency futures markets to spot market is relatively stronger than that from currency spot to futures markets. Second, based on the time varying GARCH model, we find that there is a bilateral conditional mean spillover effects between the five currency spot and futures markets. Third, we also find that there is a bilateral asymmetric volatility spillover effects between British pound, Canadian dollar, Brasilian Real and won/dollar spot and futures market. However there is a unilateral asymmetric volatility spillover effect from Australian dollar futures to cash market, not vice versa. From these empirical results we infer that most of currency futures markets have a much better price discovery function than currency cash market and are inefficient to the information.

• Management & Information Systems Review
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• v.33 no.3
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• pp.93-104
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• 2014

This study investigates price discovery between BlueNext spot and futures in EU ETS carbon emission markets using vector error correction model, GG and Hasbruck information ratio. Especially EUA is European Union Allowances traded on the Emissions Trading Scheme. This emission asset attracts and increasing attention among operators, investors and brokers on emission markets. In this study, we found BlueNext spot and EUA futures market are cointegrated. Following the preceding studies, we judged that EUA futures market contribute to the price discovery process than BlueNext spot market when this GG and Hasbrouck information ratio for BlueNext market are larger than 0.5. In other words, the futures market of EUA plays a more dominant role in price discovery than the spot market.

• Journal of Korean Institute of Industrial Engineers
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• v.41 no.3
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• pp.259-266
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• 2015

Among many energy resources, natural gas has recently received a remarkable amount of attention, particularly from the electrical generation industry. This is in part due to increasing shale gas production, providing an environment-friendly fossil fuel, and high risk of nuclear power. Because South Korea, the world's second largest LNG importing nation after Japan, has no international natural gas pipelines and relies on imports in the form of LNG, the natural gas has been traditionally procured by long term LNG contracts at relatively high price. Thus, there is a need of developing an Asian LNG trading hub, where LNG can be traded at more competitive spot prices. In a natural gas spot market, the amount of natural gas to be bought should be carefully determined considering a limited storage capacity and future pricing dynamics. In this work, the problem to find the optimal amount of natural gas in a spot market is formulated as a Markov decision process (MDP) in risk neutral environment and the optimal base stock policy which depends on a stage and price is established. Taking into account price and demand uncertainties, the basestock target levels are simply approximated from dynamic programming. The simulation results show that the basestock policy can be one of effective ways for procurement of LNG in a spot market.

• The Korean Journal of Financial Management
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• v.20 no.1
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• pp.191-212
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• 2003

Recently, there is a growing body of literature that suggests that information inefficiency is one of the causes of the asymmetric volatility. If this explanation for the asymmetric volatility is appropriate, then innovations, such as the introduction of futures, may be expected to impact the asymmetric volatility of stock market. As transaction costs and margin requirements in the futures market are lower than those in the spot market, new information is transmitted to futures prices more quickly and affects spot prices through arbitrage trading with spots. Also, the merit of the futures market may attract noise traders away from the spot market to the futures market. This study examines the impact of futures on the asymmetry of stock market volatility. If the asymmetric volatility is significant lower post-futures and exist in the futures market, it has validity that the asymmetric volatility is caused by information inefficiency in the spot market. The data examined are daily logarithmic returns on KOSPI 200 stock price index from January 4, 1993 to December 26, 2000. To examine the existence of the asymmetric volatility in the futures market, logarithmic returns on KOSPI 200 futures are used from May 4, 1996 to December 26, 2000. We used a conditional mode of TGARCH(threshold GARCH) of Glosten, Jagannathan and Runkel(1993). Pre-futures the spot market exhibits significant asymmetric responses of volatility to news and post-futures asymmetries are significantly lower, irrespective of bear market and bull market. The results suggest that the introduction of stock index futures has an effect on the asymmetric volatility of the spot market and are inconsistent with leverage being the sole explanation of asymmetry. However, it is found that the volatility of futures is not so asymmetric as expected.

• Asian Journal of Turfgrass Science
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• v.14 no.1
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• pp.241-250
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• 2000

In 1997, a new disease on creeping bentgrass and Kentucky bluegrass occurred in the green and fairway of a few golf courses in Korea. The disease spread gradually throughout the country and became a threat to turfgrass management. Symptoms of the disease consisted of small, circular, and sunken patches sized 3~5cm in diameter. The disease named as a dollar spot following its characteristic symptoms of circular blight and bleach on the green. The disease peaked two times in a year from April to June and from late August to October and white cottony mycelia of the causal fungus developed on diseased turfs in the early morning when the conditions were favored. A causal fungus was consistently isolated from the infected tufgrass and seven isolates originated from seven golf courses located in six provinces were selected for further study. The fungus produced abundant white aerial mycelia on PDA and turned to dark gray or light brown as it aged. Width of the mycelium was ca. $5~8\mu\textrm{m}$. While sclerotia were not readily formed on the medium, scattered small and dark colored stromata were developed on the surface. The fungus grew well on PDA between 5 to $30^{\circ}C$ and maximally around $25^{\circ}C$. Based on investigated mycological and cultural characteristics, the causal agent of dollar spot was identified as Sclerotinia homoeocarpa. The fungus showed strong pathogenicity to several turfs as creeping bentgrass, Kentucky bluegrass, perennial ryegrass, tall fescues, and zoysiagrass.

• The Korean Journal of Financial Management
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• v.23 no.1
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• pp.49-67
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• 2006

This study examines whether won/dollar futures have price discovery function and volatility spillover effect or not, using intraday won/dollar futures prices, volumes, and spot rates for the interval from March 2, 2005 through May 30, 2005. Futures prices and spot rates are non-stationary, but there is the cointegration relationship between two time series. Futures returns, spot returns, and volumes are stationary. Asymmetric effects on volatility in futures returns and spot returns does not exist. Analytical results of mean equations of the BGARCH-EC (bivariate GARCH-error correction) model show that the increase of futures returns raise spot returns after 5 minutes, which implies that futures returns lead spot returns and won/dollar futures have price discovery function. In addition, the long-run equilibrium relationship between the two returns could help forecast spot returns. Analytical results of variance equations indicate that short-run innovations in the futures market positively affect the conditional variances of spot returns, that is, there is the volatility spillover effect in the won/dollar futures market. A dummy variable of volumes does not have an effect on two returns but influences significantly on two conditional variances.

• Journal of Navigation and Port Research
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• v.28 no.5
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• pp.385-393
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• 2004

This paper describes not only the complexities of LNG business including shipping sector but also its own current environmental changes. Furthermore, system dynamics (VENSIM analysis) as a methodology is introduced to analyze the potential LNG shipping market in the future. As a result of the VENSIM analysis, potentiality of the spot LNG shipping market is systematically established in connection with embodiment of the spot LNG market. This paper suggests three methods, which are centered on newbuildings of ships, for the shippers to prepare for the spot LNG shipping market on the basis that maritime economics can make a direct contribution to the shippers' business decision-making.