• Journal of the Korea Academia-Industrial cooperation Society
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• v.13 no.5
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• pp.2096-2109
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• 2012

This study investigates empirical issues that have received little attention in the previous research in the Korean capital market. It is to find any financial determinants on the capital structure for the firms listed in the KOSDAQ(Korea Securities Dealers Automated Quotation). Another test is performed to find any possible discriminating factors by utilizing a robust methodology, which may distinguish between the firms belonging the 'prime section' and the 'venture section' in terms of their financial aspects. Moreover, the null hypothesis that the changing trend or movement of a firm's capital structure with respect to its industry mean (or median) may be random, is also tested. For the book-value based debt ratios, size(INSIZE), growth(GROWTH), Market to book value of equity(MVBV), volatility(VOLATILITY), market value of equity (MVE) and section dummy (SECTION) showed their statistically significant effects on the book-value based leverage ratios, respectively, while size(INSIZE), growth(GROWTH), market value of equity(MVE), beta(BETA) and section dummy (SECTION) showed their statistically significant effects on the market-value based leverage ratios. This study also found an interesting result that a firm belonging to each corresponding industry has a tendency for reversion toward its mean and median leverage ratios over the five-year tested period.

• Korean Management Science Review
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• v.33 no.4
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• pp.1-15
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• 2016

Pairs trading is an arbitrage trading strategy using statistical properties of the spreads between two assets. This study analyzes the performance of the statistical pairs trading with the pairs selected from the same category as well as from the different category in the CME and other futures markets. Empirical results show that the pairs trading performance of the same category is poor whereas that of the different category proves profitable. This implies that the spreads between different category pairs can have the mean reversion property if pairs are properly selected using co-integration test, which is contrary to the existing research results on the overseas futures pairs trading.

• 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.

• Journal of Intelligence and Information Systems
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• v.23 no.1
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• pp.1-22
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• 2017

Analysis of future business or investment opportunities, such as business feasibility analysis and company or technology valuation, necessitate objective estimation on the relevant market and expected sales. While there are various ways to classify the estimation methods of these new sales or market size, they can be broadly divided into top-down and bottom-up approaches by benchmark references. Both methods, however, require a lot of resources and time. Therefore, we propose a data-based intelligent demand forecasting system to support evaluation of new business. This study focuses on analogical forecasting, one of the traditional quantitative forecasting methods, to develop sales forecasting intelligence systems for new businesses. Instead of simply estimating sales for a few years, we hereby propose a method of estimating the sales of new businesses by using the initial sales and the sales growth rate of similar companies. To demonstrate the appropriateness of this method, it is examined whether the sales performance of recently established companies in the same industry category in Korea can be utilized as a reference variable for the analogical forecasting. In this study, we examined whether the phenomenon of "mean reversion" was observed in the sales of start-up companies in order to identify errors in estimating sales of new businesses based on industry sales growth rate and whether the differences in business environment resulting from the different timing of business launch affects growth rate. We also conducted analyses of variance (ANOVA) and latent growth model (LGM) to identify differences in sales growth rates by industry category. Based on the results, we proposed industry-specific range and linear forecasting models. This study analyzed the sales of only 150,000 start-up companies in Korea in the last 10 years, and identified that the average growth rate of start-ups in Korea is higher than the industry average in the first few years, but it shortly shows the phenomenon of mean-reversion. In addition, although the start-up founding juncture affects the sales growth rate, it is not high significantly and the sales growth rate can be different according to the industry classification. Utilizing both this phenomenon and the performance of start-up companies in relevant industries, we have proposed two models of new business sales based on the sales growth rate. The method proposed in this study makes it possible to objectively and quickly estimate the sales of new business by industry, and it is expected to provide reference information to judge whether sales estimated by other methods (top-down/bottom-up approach) pass the bounds from ordinary cases in relevant industry. In particular, the results of this study can be practically used as useful reference information for business feasibility analysis or technical valuation for entering new business. When using the existing top-down method, it can be used to set the range of market size or market share. As well, when using the bottom-up method, the estimation period may be set in accordance of the mean reverting period information for the growth rate. The two models proposed in this study will enable rapid and objective sales estimation of new businesses, and are expected to improve the efficiency of business feasibility analysis and technology valuation process by developing intelligent information system. In academic perspectives, it is a very important discovery that the phenomenon of 'mean reversion' is found among start-up companies out of general small-and-medium enterprises (SMEs) as well as stable companies such as listed companies. In particular, there exists the significance of this study in that over the large-scale data the mean reverting phenomenon of the start-up firms' sales growth rate is different from that of the listed companies, and that there is a difference in each industry. If a linear model, which is useful for estimating the sales of a specific company, is highly likely to be utilized in practical aspects, it can be explained that the range model, which can be used for the estimation method of the sales of the unspecified firms, is highly likely to be used in political aspects. It implies that when analyzing the business activities and performance of a specific industry group or enterprise group there is political usability in that the range model enables to provide references and compare them by data based start-up sales forecasting system.

• Environmental and Resource Economics Review
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• v.14 no.4
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• pp.943-964
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• 2005

This study estimated a wide range of stochastic process models using the frameworks of CKLS (1992) and Nowman and Wang (2001). For empirical analysis, the GMM estimation procedure is adopted for the monthly Brent crude oil prices from January 1996 to January 2005. Using the simulated price series, European call option premiums were calculated and compared each other. The empirical results suggest that the crude oil price has a strong dependency of volatility on the price level. Contrary to the results of previous related studies, it shows a weak tendency of mean reversion. In addition, the models provide different implications for pricing derivatives on crude oil.

• Molecular & Cellular Toxicology
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• v.2 no.3
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• pp.176-184
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• 2006

The controversy on genotoxicity of molinate, an herbicide, has been reported in bacterial system, and in vitro and in vivo mammalian systems. To clarify the genotoxicity of molinate, we performed bacterial gene mutation test, in vitro chromosome aberration and mouse lymphoma $tk^{+/-}$ gene assay, and in vivo micronucleus assay using bone marrow cells and peripheral reticulocytes of mice. In bacterial gene mutation assay, no mutagenicity of molinate ($12-185{\mu}g/plate$) was observed in Salmonella typhimurium TA 98, 100, 1535 and 1537 both in the absence and in the presence of S-9 metabolic activation system. The clastogenicity of molinate was observed in the presence ($102.1-408.2\;{\mu}g/mL$) of metabolic activation system in mammalian cell system using Chinese hamster lung fibroblast. However, no clastogenicity was observed in the absence ($13.6-54.3\;{\mu}g/mL$) of metabolic activation system. It is suggested that the genotoxicity of molinate was derived some metabolites by metabolic activation. Molinate was also subjected to mouse lymphoma L5178Y $tk^{+/-}$ cells using microtiter cloning technique. In the absence of S-9 mixture, mutation frequencies (MFs) were revealed $1.4-1.9{\times}10^{-4}$ with no statistical significance. However, MFs in the presence of metabolic activation system revealed $3.2-3.4{\times}10^{-4}$ with statistical significance (p<0.05). In vivo micronucleus (MN) assay using mouse bone marrow cells, molinate revealed genotoxic potential in the dose ranges of 100-398 mg/kg of molinate when administered orally. Molinate also subjected to acridine orange MN assay with mouse peripheral reticulocytes. The frequency of micronucleated reticulocytes (MNRETs) induced 48 hr after i.p. injection at a single dose of 91, 182 and 363 mg/kg of molinate was dose-dependently increased as $10.2{\pm}4.7,\;14.6{\pm}3.9\;and\;28.6{\pm}6.3\;(mean{\pm}SD\;of\;MNRETs/2,000\;reticulocytes)$ with statistical significance (p<0.05), respectively. Consequently, genotoxic potential of molinate was observed in in vitro mammalian mutagenicity systems only in the presence of metabolic activation system and in vivo MN assay using both bone marrow cells and peripheral reticulocytes in the dose ranges used in this experiment. These results suggest that metabolic activation plays a critical role to express the genotoxicity of molinate in in vitro and in vivo mammalian system.

• Journal of Yeungnam Medical Science
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• v.16 no.2
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• pp.357-363
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• 1999

Objectives: The purpose of this investigation was to study the health status of apartment guards and associated factors. Materials and Methods: This investigation was conducted for 1 month starting from August, 1997. Study population in this cross-sectional survey consisted of 182 guards of apartments located throughout the district of Taegu. Each subject completed a questionnaire about his general characteristics, health behaviors, job descriptions, subjective GIT symptoms and somatization and depression using Symptom Checklist-90-Reversion (SCL-90-R) by self administrated questionnaire and personal interview. Results: Study subjects had one or more GIT symptoms(53.3%), somatization symptoms(83.5%) and depression symptoms(79.7%). The mean scores of GIT, somatization and depression symptoms were not different among the age groups and based on marital status, respectively, but, significantly different by education level(p<0.05). The mean scores of GIT, somatization and depression symptoms were not different among the age group and based on marital status, respectively, but, significantly different by regular diet and by the subject's health status(p<0.05). The mean scores of GIT, somatization and depression symptoms were not different by duration of shift work, by job tenure and by the number of managed houses but, those of somatization and depression symptoms were significantly different by level of job satisfaction(p<0.05). Conclusion: The health statuses of guards at apartments were different from other shift workers because of healthy worker effects and characteristics of their jobs.

• Asian Pacific Journal of Cancer Prevention
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• v.17 no.5
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• pp.2383-2388
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• 2016

Background: The reversion-inducing-cysteine-rich protein with Kazal motifs (RECK) gene is a novel transformation suppressor gene linked to several malignancies. Objective: To analyze any association between RECK gene rs10814325 single-nucleotide polymorphism (SNP) and HCC susceptibility with various clinicopathological and laboratory data. Materials and Methods: RECK gene rs10814325 SNP was estimated, using real-time PCR, in 30 HCC patients on top of HCV infection, 30 HCV related cirrhotic patients and 30 healthy controls. Results: No special pattern of association could be detected on comparing the RECK gene rs10814325 genotypes(P=0.5), or alleles(P=0.49) among the studied groups. HCC patients with TT genotype had younger age (mean of $54.1{\pm}6.0$ years vs $60.6{\pm}10.2$ years for TC/CC genotypes, P=0.035). Abdominal distension was significantly greater in TT genotype patients (75% vs 30%for TC/CC genotypes, P=0.045). The TT genotype was present in 75% of patients with lymph node metastasis. Serum GGT levels were higher in TT genotype patients [80 (48.5-134.8) IU/L vs 40 (33-87.5) IU/L for TC/CCgenotypes], and lower limb edema was observed in 60% for TT vs 20% for TC/CCgenotypes, but both just failed to reach significance (p=0.05 and p=0.06 respectively). Conclusions: RECK gene rs10814325 T>C could not be considered a risk factor for HCC development on top of HCV, but may be related to the disease progression and metastasis.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.16 no.8
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• pp.5654-5663
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• 2015

In the unsaturated soil, suction, the negative pore water pressure leads to increases of the yield stress and the plastic shear stiffness of the soil skeleton due to the growth in interparticle stress. Therefore, in this study, the stress-strain relationship based on cyclic elasto-plastic constitutive model extended for unsaturated soil considering the 1st and the 2nd yield functions was induced in order to account for these effects of suction under the dynamic loading condition such as the earthquake. Through the program code considering this relationship and the routine of the cyclic loading with the reversion of loading direction, the numerical simulation of the cyclic triaxial test under the unsaturated condition would be possible. It is expected that the results of this study possibly contribute to the accuracy improvement on the prediction of unsaturated soil behavior under the dynamic loading condition.

• Perspectives in Nursing Science
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• v.13 no.1
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• pp.29-35
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• 2016

Purpose: This study aimed to explore the underlying structures of students' interaction networks to monitor network changes during the year, to verify the relationship with self-directed learning, and to identify the effect of problem-based learning on interaction and self-directed learning. Methods: A longitudinal study was designed which included 3 parts (A=25, B=27, C=26) with a total of 78 second-year nursing students from 2013 to 2014. Interaction indicators used group network centralization and density, and individual in-degree centrality. Results: Group network centralization showed mean reversion patterns, however, centralization and density showed a slight increase from 2013 to 2014 (Centralization of A part from 52.78 to 36.96, B part from 20.56 to 32.20, C part from 34.40 to 37.24; Density of A part from 0.122 to 0.123, B part from 0.111 to 0.121, C part from 0.109 to 0.121). The individual in-degree centrality is significantly correlated with self-directed learning and the correlation coefficient increased during the year (r=.274 in 2013, r=.356 in 2014, p<.001). Conclusion: Students share information more interactively during the year and the more they share the higher the scores of self-directed learning.