• The Korean Journal of Financial Management
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• v.24 no.2
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• pp.41-79
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• 2007

This study examines the expiration-day effects of stock index futures and options in the Korean stock market. The so-called 'expiration-day effects', which are the abnormal stock price movements on derivatives expiration days, arise mainly from cash settlement. Index arbitragers have to bear the risk of their positions unless they liquidate their index stocks on the expiration day. If many arbitragers execute large buy or sell orders on the expiration day, abnormal trading volumes are likely to be observed. If a lot of arbitragers unwind positions in the same direction, temporary trading imbalances induce abnormal stock market volatility. By contrast, if some information arrives at market, the abnormal trading activity must be considered a normal process of price discovery. Stoll and Whaley(1987) investigated the aggregate price and volume effects of the S&P 500 index on the expiration day. In a related study, Stoll and Whaley(1990) found a similarity between the price behavior of stocks that are subject to program trading and of the stocks that are not. Thus far, there have been few studies about the expiration-day effects in the Korean stock market. While previous Korean studies use the KOSPI 200 index data, we analyze the price and trading volume behavior of individual stocks as well as the index. Analyzing individual stocks is important for two reasons. First, stock index is a market average. Consequently, it cannot reflect the behavior of many individual stocks. For example, if the expiration-day effects are mainly related to a specific group, it cannot be said that the expiration of derivatives itself destabilizes the stock market. Analyzing individual stocks enables us to investigate the scope of the expiration-day effects. Second, we can find the relationship between the firm characteristics and the expiration-day effects. For example, if the expiration-day effects exist in large stocks not belonging to the KOSPI 200 index, program trading may not be related to the expiration-day effects. The examination of individual stocks has led us to the cause of the expiration-day effects. Using the intraday data during the period May 3, 1996 through December 30, 2003, we first examine the price and volume effects of the KOSPI 200 and NON-KOSPI 200 index following the Stoll and Whaley(1987) methodology. We calculate the NON-KOSPI 200 index by using the returns and market capitalization of the KOSPI and KOSPI 200 index. In individual stocks, we divide KOSPI 200 stocks by size into three groups and match NON-KOSPI 200 stocks with KOSPI 200 stocks having the closest firm characteristics. We compare KOSPI 200 stocks with NON-KOSPI 200 stocks. To test whether the expiration-day effects are related to order imbalances or new information, we check price reversals on the next day. Finally, we perform a cross-sectional regression analysis to elaborate on the impact of the firm characteristics on price reversals. The main results seem to support the expiration-day effects, especially on stock index futures expiration days. The price behavior of stocks that are subject to program trading is shown to have price effects, abnormal return volatility, and large volumes during the last half hour of trading on the expiration day. Return reversals are also found in the KOSPI 200 index and stocks. However, there is no evidence of abnormal trading volume, or price reversals in the NON-KOSPI 200 index and stocks. The expiration-day effects are proportional to the size of stocks and the nearness to the settlement time. Since program trading is often said to be concentrated in high capitalization stocks, these results imply that the expiration-day effects seem to be associated with program trading and the settlement price determination procedure. In summary, the expiration-day effects in the Korean stock market do not exist in all stocks, but in large capitalization stocks belonging to the KOSPI 200 index. Additionally, the expiration-day effects in the Korean stock market are generally due, not to information, but to trading imbalances.

• The Journal of Korean Academy of Prosthodontics
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• v.50 no.3
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• pp.156-161
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• 2012

Purpose: This study was conducted to obtain difference in fracture strength according to the diameter of one-body O-ring-type of mini implant fixture, to determine the resistance of mini implant to masticatory pressure, and to examine whether overdenture using O-ring type mini implant is clinically usable to maxillary and mandibular edentulous patients. Materials and methods: For this study, 13 mm long one body O-ring-type mini implants of different diameters (2.0 mm, 2.5 mm and 3.0 mm) (Dentis, Daegu, Korea) were prepared, 5 for each diameter. The sample was placed at $30^{\circ}$ from the horizontal surface on the universal testing machine, and off-axis loading was applied until permanent deformation occurred and the load was taken as maximum compressive strength. The mean value of the 5 samples was calculated, and the compressive strength of implant fixture was compared according to diameter. In addition, we prepared 3 samples for each diameter, and applied loading equal to 80%, 60% and 40% of the compressive strength until fracture occurred. Then, we measured the cycle number on fracture and analyzed fatigue fracture for each diameter. Additionally, we measured the cycle number on fracture that occurred when a load of 43 N, which is the average masticatory force of complete denture, was applied. The difference on compressive strength between each group was tested statistically using one-way ANOVA test. Results: Compressive strength according to the diameter of mini implant was $101.5{\pm}14.6N$, $149{\pm}6.1N$ and $276.0{\pm}13.4N$, respectively, for diameters 2.0 mm, 2.5 mm and 3.0 mm. In the results of fatigue fracture test at 43 N, fracture did not occur until $2{\times}10^6$ cycles at diameter 2.0 mm, and until $5{\times}10^6$ cycles at 2.5 mm and 3.0 mm. Conclusion: Compressive strength increased significantly with increasing diameter of mini implant. In the results of fatigue fracture test conducted under the average masticatory force of complete denture, fracture did not occur at any of the three diameters. All of the three diameters are usable for supporting overdenture in maxillary and mandibular edentulous patients, but considering that the highest masticatory force of complete denture is 157 N, caution should be used in case diameter 2.0 mm or 2.5 mm is used.

• Journal of the Korean Society of Food Science and Nutrition
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• v.38 no.1
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• pp.52-61
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• 2009

The purpose of this study was to investigate the extent of excessive sugar, sodium, cholesterol, and saturated fat consumptions by elementary school students through processed food's intake. A survey study was conducted with 384 fourth and sixth grade students and their mothers from two schools in Seoul and Gyeonggi province. The data were analyzed for the frequency analysis, chi-square test and Pearson correlation using the SPSS/Windows (ver. 15.0). Results showed that students consumed high amounts of sugars through processed milk and carbonated beverages, and yogurt. Additionally, they had high sodium and saturated fat levels in their diet through Ramen. There was significant correlation (p<0.01) between mothers' purchasing and students' intake of processed food. Overall, both students and mothers had some knowledge on the impact of sodium on human health. About 50 percent of the respondents did not have accurate information about cholesterol, saturated fat, and trans fat. More than 50 percent of students and mothers had no nutritional education on the risk of excessive intake of sugar, sodium, cholesterol, saturated fat, and trans fat. Top twenty percent of the students had 39.7 g of sugar, 940.1 mg of sodium, 17.8 mg of cholesterol, and 11.2 g of saturated fat through processed foods per day on the average. These results suggest that execution of nutritional education about processed food is needed for high risk group of elementary school students and their mothers. Moreover, government must enact the regulation and policy for the food industry to reduce the risky nutrients from children's favorite processed food.

• Tuberculosis and Respiratory Diseases
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• v.47 no.5
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• pp.650-659
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• 1999

Background/Aims: It is well recognized that all aerobic cells have the protective mechanisms in order to minimize the tissue damage induced by various reactive oxygen species(ROS). Thioredoxin peroxidase(TPX) which has been recently identified and characterized functions to convert peroxide to water. The protein is also found in various subtypes(TPX-A & B, MER5, HS22 and HORF-06) and is known to be ubiquitous in most human cells. Especially, ischemic brain injuries, partial hepatectomy and radiation induced DNA damages. In treating lung cancer, radiation therapy has a major place in the local control and the relief of symptoms, but radiation induced free radical injury and resulting pulmonary fibrosis has been the major drawback of the therapy. However, little is known about the protective mechanisms and biologic modulations against radiation-induced tissue damages. Methods: Eighteen mice were divided into six groups, 3 in each group, and fifteen had received 900cGy of radiation. The mice were sacrificed according to the pre determined time schedule; immediate, 1, 2, 3 and 6 weeks after irradiation. Extracts were made from the lungs of each mice, Western blot analysis of various subtypes of TPX were done after SDS-P AGE. Examination of H & E stained slides from the same irradiated specimens and the control specimens were also performed. Results: No difference in the intensity of the immunoreactive bands in the irradiated lung samples of the mice compared to the unirradiated control was observed regardless of the time intervals, although H & E examination of the sample specimens demonstrated progressive fibrotic changes of the irradiated lung samples. Conclusion: In conclusion, according to our data, it is suggested that various thioredoxin peroxidase subtypes and catalase which are known to be increased in many repair processes may not be involved in the repair of the radiation injury to the lung and subsequent fibrosis.

• Tuberculosis and Respiratory Diseases
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• v.53 no.4
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• pp.431-438
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• 2002

Background : In order to investigate the usefulness and safety of Natural Stent, we performed this study in a canine model of tracheal stenosis induced using Nd-YAG laser. Materials and Methods : After tracheal stenosis was induced in 12 Mongrel dogs using Nd-YAG laser, either Dumon (n=6) or Natural (n=6) stent was inserted into the trachea. To assess the degree of stent migration and mucostasis, bronchoscopy was performed every week for 4 weeks, after which all stents were removed. One week after stent removal, tracheal stenosis was evaluated by bronchoscopy. Results : The degree of stent migration was not different between the dogs with Dumon stent ($3.0{\pm}0.8$) and those with Natural ($2.0{\pm}1.0$), nor was the degree of mucostasis, at Dumon ($1.7{\pm}0.5$) and Natural Stent ($1.5{\pm}0.6$), respectively. One week after stent removal, the degree of tracheal stenosis was not different between the Dumon ($1.5{\pm}0.5$) and the Natural group ($1.0{\pm}0.4$). In addition, there was no death and the degree of tracheal stenosis remained always within the safe limit (less than 2.0) in all animals. Conclusion : In a canine model of tracheal stenosis induced using Nd-YAG laser, the usefulness and safety of Natural Stent were similar to those of Dumon Stent. A clinical trial is necessary to document the usefulness and safety of Natural Stent in patients with tracheal stenosis.

• Clinical and Experimental Pediatrics
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• v.45 no.8
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• pp.1016-1023
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• 2002

Purpose : Brain tumors are the most common solid tumor in children. We retrospectively investigated the clinical characteristics of pediatric brain tumors, such as age, sex, tumor site and survival, as seen in a single institution over the last 15 years. We tried to evaluate the role of chemotherapy on the survival of some brain tumors. Methods : Three hundred fifty four children with primary brain tumor who were treated at Severance Hospital from Jan. 1985 to Sep. 2001 were enrolled. Results : Pediatric brain tumors were found most frequently in 10-15 years of age group(35.3%) and the ratio of male to female was 1.3 : 1. Supratentorial tumors(52%) were more frequent than infratentorial tumors(48%). Medulloblastoma/primitive neuroectodermal tumor(PNET) was the most common type(24.6%), followed by cerebellar astrocytoma(14.1%). Ten year survival rate of medulloblastoma, cerebellar astrocytoma and cerebral astrocytoma were 59.4%, 79.3% and 71%, respectively. The prognosis for brain stem glioma and glioblastoma multiforme were still grim with a 10 year survival rate of 12.7% and 13.3%, respectively. The addition of chemotherapy for high grade medulloblastoma led to an improved 10 year survival rate of 54.5%, compared with 40% without chemotherapy. Conclusion : The combined use of chemotherapy and radiation and surgery improved survival rate of pediatric brain tumors in our study. Chemotherapy for high grade medulloblastoma improved the 10 year survival rate. Further data analysis of the treatment modalities will lead to better comparisons.

• Pediatric Infection and Vaccine
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• v.15 no.2
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• pp.162-166
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• 2008

Purpose : It has been previously reported that for patients with Mycoplasma pneumoniae pneumonia was previously recognized that overt illness is unusual under the age of three and the peak incidence of illness occurs in school-aged children. However, a higher incidence of this illness in younger children has been recently noted. Thus we investigated the incidence of M. pneumoniae pneumonia. Methods : The study subjects were 414 children who were diagnosed with M. pneumoniae pneumonia from January 2004 to December 2006 at Myong Ji Hospital were enrolled. The diagnostic criteria consisted of an anti-mycoplasma antibody (AMA) titer greater than 1: 320 or a four-fold rise in the titer at follow up. Results : The age distribution was as follows: before 2 years of age: 58 patients (14%), 2-4 years of age 157 patients (37.9%) and 5-15 years of age 199 patients (48.1%). The yearly incidence for the children before 5 years of age was 52 (44%), 49 (44.6%) and 114 (61.3%), respectively. The distribution according to the antibody titer was as follows; 1: 320 in 130 patients, 1:640 in 63 patients and greater than 1:1,280 in 221 patients. The hospital stay according to the antibody titer was not significant according to either age or the AMA titers. Conclusion : M. pneumoniae pneumonia showed a peak incidence in preschool children with a higher prevalence in children under the age of three than was previously recognized. The emergence of M. pneumoniae pneumonia as a cause of community acquired pneumonia in younger children calls for an epidemiologic study to investigate the changes of the pathogens in this age group and to recommend the proper treatment.

• Korean Journal of Poultry Science
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• v.44 no.1
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• pp.1-9
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• 2017

The objective of the present study was to determine the expression of genes associated with lipopolysaccharide (LPS)-induced stressor in two breeds of chickens: the Korean native chicken (KNC) and the White Leghorn chicken (WLH). Forty chickens per breed, aged 40 weeks, were randomly allotted to the control (CON, administered the saline vehicle) and LPS-injected stress groups. Samples were collected at 0 and 48 h post-LPS injection, and total RNA was extracted from the chicken livers for RNA microarray and quantitative real-time polymerase chain reaction (qRT-PCR) analyses. In response to LPS, 1,044 and 1,193 genes were upregulated, and 1,000 and 1,072 genes were downregulated in the KNC and WLH, respectively, using a ${\geq}2$-fold cutoff change. A functional network analysis revealed that stress-related genes were downregulated in both KNC and WLH after LPS infection. The results obtained from the qRT-PCR analysis of mRNA expression of heat shock 90 (HSP90), 3-hydroxy-3-methylglutaryl-CoA reductase (HMGCR), activating transcription factor 4 (ATF4), sterol regulatory element-binding protein 1 (SREBP1), and X-box binding protein 1 (XBP1) were confirmed by the results of the microarray analysis. There was a significant difference in the expression of stress-associated genes between the control and LPS-injected KNC and WLH groups. The qRT-PCR analysis revealed that the stress-related $HSP90{\alpha}$ and HMGCR genes were downregulated in both LPS-injected KNC and WLH groups. However, the HSP70 and $HSP90{\beta}$ genes were upregulated only in the LPS-injected KNC group. The results suggest that the mRNA expression of stress-related genes is differentially affected by LPS stimulation, and some of the responses varied with the chicken breed. A better understanding of the LPS-induced infective stressors in chicken using the qRT-PCR and RNA microarray analyses may contribute to improving animal welfare and husbandry practices.

• The Sea:JOURNAL OF THE KOREAN SOCIETY OF OCEANOGRAPHY
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• v.10 no.1
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• pp.8-18
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• 2005

We studied seasonal distribution of the microphytobenthos and their primary production with $C^{14}$ method and carried out pigment analysis with HPLC in an estuarine mudflat of the Ganghwa Island, Korea from May 2002 to April 2004. The abundances of microphytobenthos were higher at the middle than upper part and lower part of intertidal flat. Abundances of microphytobenthos ranged from $2.3{\times}10^5\;cells\;cm^{-2}$ to $140.9{\times}10^5\;cells cm^{-2}$. The bloom of microphytobenthos was observed in the early spring and then it decreased from spring to summer and autumn. The pennate diatom was a predominated group among the microphytobenthos in this area. The dominant species were Paralia sulcata, Cylindrotheca closterium and Nitzschia sp.. Nitzschia sp. and Cylindrotheca closterium were predominant in February. The results of pigment analysis suggest the presence of diatoms, euglenophytes, chlorophytes, cyanobacteria, cryptophytes, chrysophytes, prymnesiophytes, dinoflagellates and prasinophytes. The biomass of microphytobenthos ranged from 1.18 to 34.25 mg chl-a $m^{-2}$, with a mean of 7.60 mg chl-a $m^{-2}$. The mean ratio of Fuco/Chl a was 0.7 which indicates that most of biomasses of microphytobenthos were due to diatoms. The ratios of Chl b/Chl a ranged from 0 to 0.82(with a mean of 0.17), implying that euglenophytes and chlorophytes lived together in special period seasonally. Temporal variation of primary production ranged from 4.2 to 113.0 $mgC{\cdot}m^{-2}{\cdot}hr^{-1}$(mean value was 33.9 $mgC{\cdot}m^{-2}{\cdot}hr^{-1}$ and initial slope$({\alpha})$ was measured from 0.002-0.005$(mgC\;mgchl-a^{-1}\;hr^{-1}){\cdot}({\mu}E\;m^{-2}\;s^{-1})^{-1}$. Assimilation number$(P_m)$ was in the range of 0.50-1.32 $mgC{\cdot}mgChl-a{\cdot}hr^{-1}$ and daily primary production ranged from 20.9 to 678.1 $mgC{\cdot}m^{-2}{\cdot}d^{-1}$(mean value was 206.72 $mgC{\cdot}m^{-2}{\cdot}^{-1}$).

• Clinical and Experimental Reproductive Medicine
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• v.34 no.3
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• pp.149-157
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• 2007

Objective: This study was performed to compare the expression of osteopontin (OPN) mRNA and protein in the eutopic and ectopic endometrial tissues in women with endometriosis and endometrial tissues in women without endometriosis. Methods: A total of 32 women with histologically confirmed endometriosis were recruited for study group. For controls, 34 women undergoing operative treatment for cervical intraepithelial neoplasia (CIN) or benign gynecologic condition other than endometriosis were recruited. At the time of laparoscopy or laparotomy, a biopsy specimen was taken from the endometrial cavity and peritoneal endometrial implant or endometrioma whenever appropriate. We employed real time quantitative RT-PCR to quantify OPN mRNA expression of these tissues and performed western blot analysis to measure the quantity of OPN. Results: The expression of OPN mRNA was significantly higher in both eutopic and ectopic endometrial tissues of women with endometriosis than in endometrial tissues of controls during both proliferative and secretory phase. In the eutopic endometrial tissue of women with endometriosis, OPN mRNA expression significantly increased during the secretory phase compared to the proliferative phase in women with endometriosis as well as controls. However, in the ectopic endometrial tissue, OPN mRNA expression significantly decreased during the secretory phase compared to the proliferative phase. The expression of OPN protein was significantly higher in women with endometriosis than in controls. Conclusion: This study shows the marked expression of OPN mRNA and protein in eutopic and ectopic endometrial tissues in women with endometriosis may be associated with the adhesion and invasion of endometrial explants.