• Journal of Distribution Science
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• v.13 no.5
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• pp.53-60
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• 2015

Purpose - The purpose of this paper is to shed light on the importance of the slope and curvature of the volatility curve implied in option prices in the KOSPI 200 options index. A number of studies examine the implied volatility curve, however, these usually focus on cross-sectional characteristics such as the volatility smile. Contrary to previous studies, we focus on time-series characteristics; we investigate correlation dynamics among slope, curvature, and level of the implied volatility curve to capture market information embodied therein. Our study may provide useful implications for investors to utilize current market expectations in managing portfolios dynamically and efficiently. Research design, data, and methodology - For our empirical purpose, we gathered daily KOSPI200 index option prices executed at 2:50 pm in the Korean Exchange distribution market during the period of January 2, 2004 and January 31, 2012. In order to measure slope and curvature of the volatility curve, we use approximated delta distance; the slope is defined as the difference of implied volatilities between 15 delta call options and 15 delta put options; the curvature is defined as the difference between out-of-the-money (OTM) options and at-the-money (ATM) options. We use generalized method of moments (GMM) and the seemingly unrelated regression (SUR) method to verify correlations among level, slope, and curvature of the implied volatility curve with statistical support. Results - We find that slope as well as curvature is positively correlated with volatility level, implying that put option prices increase in a downward market. Further, we find that curvature and slope are positively correlated; however, the relation is weakened at deep moneyness. The results lead us to examine whether slope decreases monotonically as the delta increases, and it is verified with statistical significance that the deeper the moneyness, the lower the slope. It enables us to infer that when volatility surges above a certain level due to any tail risk, investors would rather take long positions in OTM call options, expecting market recovery in the near future. Conclusions - Our results are the evidence of the investor's increasing hedging demand for put options when downside market risks are expected. Adding to this, the slope and curvature of the volatility curve may provide important information regarding the timing of market recovery from a nosedive. For financial product distributors, using the dynamic relation among the three key indicators of the implied volatility curve might be helpful in enhancing profit and gaining trust and loyalty. However, it should be noted that our implications are limited since we do not provide rigorous evidence for the predictability power of volatility curves. Meaning, we need to verify whether the slope and curvature of the volatility curve have statistical significance in predicting the market trough. As one of the verifications, for instance, the performance of trading strategy based on information of slope and curvature could be tested. We reserve this for the future research.

• World Technopolis Review
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• v.8 no.2
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• pp.74-81
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• 2019

Cities will soon host two third of the population worldwide, and already today 80% of the world energy is used in the 20 largest cities. Urban areas create 80% of the greenhouse gas emission, so we should take care that urban areas are smart and sustainable as implementations have especially here the greatest impact. Smart Cities (SC) or Smart Sustainable Cities (SSC) are the actual concepts that describe methodologies how cities can handle the high density of citizens, efficiency of energy use, better quality of life indicators, high attractiveness for foreign investments, high attractiveness for people from abroad and many other critical improvements in a shifting environment. But if we talk about Entrepreneurship Ecosystem and Innovation, we do not see a lot of literature covering this topic within those SC/SSC concepts. It seems that 'Smart' implies that all is embedded, or isn't it properly covered as brick stone of SC/SSC concepts, as they are handled in another 'responsibility silo', meaning that the policy implementation of a Science and Technology Park (STP) is handled in another governing body than SC/SSC developments. If this is true, we will obviously miss a lot of synergy effects and economies of scale effects. Effects that we could have in case we stop the siloed approaches of STPs by following a more holistic concept of a Smart Sustainable City, covering also a continuous flow of innovation into the city, without necessarily always depend on large corporate SSC solutions. We try to argue that every SSC should integrate SP/STP concepts or better their features and services into their methodology. The very limited interconnectivity between these concepts within the governance models limits opportunities and performance in both systems. Redesigning the architecture of the governance models and accepting that we have to design a system-of-systems would support the possible technology flow for smart city technologies, it could support testbed functionalities and the public-private partnership approach with embedded business models. The challenge is of course in complex governance and integration, as we often face siloed approaches. But real SSC are smart as they are connecting all those unconnected siloes of stakeholders and technologies that are not yet interoperable. We should not necessarily follow anymore old greenfield approaches neither in SSCs nor in SP and STP concepts from the '80s that don't fit anymore, being replaced by holistic sustainability concepts that we have to implement in any new or revised SSC concepts. There are new demands for each SP/STP being in or close to an SC/SCC as they have a continuous demand for feeding the technology base and the application layer and should also act as testbeds. In our understanding, a big part of STP inputs and outputs are still needed, but in a revised and extended format. We know that most of the SC/STP studies claim the impact is still far from understood and often debated, therefore we must transform the concepts where SC/STPs are not own 'cities', but where they act as technology source and testbed for industry and new SSC business models, being part of the SC/STP concept and governance from the beginning.

• Korean Journal of Environmental Biology
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• v.34 no.3
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• pp.133-140
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• 2016

This study was evaluated individual growth and hematological changes of young starry flounder, using hyperpigmentation marks on the blind side of body after feeding extruded pellet (EP) and moisture pellet (MP) for 45 days. As a result, the fish grew up to $220.1{\pm}47.8g$ in the EP treatment and $224.7{\pm}42.4g$ in the MP treatment, so the weight gain was significantly higher in the MP treatment ($74.6{\pm}17.3%$) than in the EP treatment ($63.7{\pm}16.9%$) (P<0.05). Osmolalities of flounder after 45 days culture were similar between the treatments (P>0.05), showing values of $359.8{\pm}4.2mOsm\;kg^{-1}$ in the EP treatment and $358.5{\pm}6.2mOsm\;kg^{-1}$ in the MP treatment. Similarly, other blood chemistry indicators such as sodium, chloride, total protein, albumin, glucose, total cholesterol, BUN, creatinine, ammonia, triglyceride, cortisol, GOT, GPT and hematocrit showed no differences between the treatments. However, the free fatty acid concentration was significantly higher in the MP treatment than in the EP treatment (P<0.05).

• Journal of Information Management
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• v.42 no.3
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• pp.1-26
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• 2011

The domain of LED is analyzed for describing the current status of Korea's R&D in the domain comparing with those of others quantitatively. Fourteen sub-domains of LED manufacturing technology are selected and the time span for analysis is ten-year: 2001-2010. Bibiliometric analysis is performed by the unit of publication, core researcher, institution and country. Strategical diagram is also produced with devised two indicators: NGI and NPI. As a result, Korea is competitive in the area of Chip Scale Package, but R&D supports in another promising areas, such as large-caliber sapphire wafer, are necessary. It is also revealed that research activities are expanded dominantly in academia, but practical technologies are developed in industrial circle. It is suggested that to support core corporate and to encourage industrial-academic collaboration is essential for systematical technology development and high achievement in prominent areas.

• Journal of the Korea Institute of Building Construction
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• v.13 no.2
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• pp.181-192
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• 2013

Given both structural safety and economic benefits of aging facilities, remodelling of the existing facilities is preferable to reconstruction. This recognition provides an opportunity to reduce the commitment of resources and national budget. However, when a subordinate troop asks for remodeling or reconstruction of a deteriorated facility, it is difficult to ensure the consistency and objectivity in the process of decision making for the alternatives due to the absence of systematic and quantitative rating methodology. Their economic evaluation methodology only exists in a manual format. Thus, further research is required for converting the methodology into an automated system in view of practicality such as rapid and accurate data processing. The contributions of this study are as follows: 1) Literature review found out a representative economic evaluation model focused on military facilities, and comparative analysis with a similar study identified the strength and weakness. 2) this study presented how to convert the theoretical framework which enables to solve a specific subject matter into an automated system. 3) it developed a user friendly interfaces which consist of four functional modules by considering the usability and accessibility of the system user. 4) the developed system was verified by a case study in terms of four kinds of performance indicators.

• Journal of Korea Water Resources Association
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• v.53 no.spc1
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• pp.813-826
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• 2020

This study analyzes the effects of the Smart Water City (SWC) project that was introduced from 2014 to 2016 in Paju City, Gyeonggi Province, Korea, focusing on the achievement of the business goals. The SWC is referred to as a city that embraces a healthy water supply system based on Smart Water Management (SWM) that promotes the efficiency of water management by combining Information and Communication Technologies (ICTs) with water and sewerage facilities. In order to evaluate the effectiveness of the SWC project, this study deploys evaluation criteria corresponding to the project objectives, and analyzes the outputs before and after the project. The results show that the SWC has contributed to enhancing water supply services and the reliability and drinking rate of tap water. Specific improvement areas include the rise of average water flow rate and water leakage reduction, the diffusion of water quality monitoring system, and the reduction of floating particle concentration and turbidity in drainage pipes was achieved. These were possible because of specific implementation plans for clear goal setting and achievement and active services for citizens. The data related to water quantity and quality showed improved performance compared to before the introduction of SWMS, which is a positive effect. However, a quantitative analysis of the outputs has limitations in identifying other external factors that have led to the changes. In the future, guidelines for spreading SWC and more comprehensive and specific evaluation indicators for SWC should be prepared, and SWMS should be developed in consideration of the needs of users.

• Journal of the Korean Society of Food Science and Nutrition
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• v.33 no.9
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• pp.1537-1543
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• 2004

The purpose of this study was to determine the effect of dietary linseed oil and canola oil on the deposition n-3 polyunsaturated fatty acid in pork. Twelve pigs weighing 50 kg were offered one of four diets based on corn and soybean meal and containing tallow, linseed oil, canola oil or mixed oil (linseed oil plus canola oil). The pigs were slaughtered at approximately 110 kg of their market live weight. Linseed oil, canola oil or mixed oil did not affect any of the three indicators of growth performance-body weight gain, feed intake and feed efficiency. Saturated fatty acid content of plasma was the highest in tallow oil group, while the plasma proportion of saturated fatty acid was lowered in linseed oil, canola oil and mixed oil group from 11.84% to 16.54% than tallow group (p<0.05). The plasma n-3 polyunsaturated fatty acid was not detected at all in the tallow-fed pigs, while the plasma proportion of n-3 polyunsaturated fatty acid were higher in linseed oil, canola oil and mixed oil from 4.68% to 12.83% than tallow group (p<0.05). All three lipid supplements containing n-3 poly-unsaturated fatty acid increased the content of pork belly $\alpha$-linolenic acid (18:3n-3) by 9.43% relative to the tallow values (p<0.05). Feeding linseed oil or canola oil increased the n-3 : n-6 ratio in pork belly to 0.68, and increased the polyunsaturated fatty acid : saturated fatty acid ratio to 0.70 (p<0.05). This result showed that feeding linseed oil and canola oil can produce novel functional pork enriched in n-3 polyunsaturated fatty acid.

• Journal of Korean Academy of Nursing Administration
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• v.9 no.3
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• pp.337-352
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• 2003

Purpose: The purpose of this study is to analyse research trends related to the evaluation of quality of nursing, thereby obtaining basic data relating to the identification of current situation of instrument development of quality of nursing, and of future research orientation and to the development of performance index of nursing organization. Method: The data were collected from June to December, 2002 through the review of total of 32 research papers which had evaluated quality of nursing among published papers in Korea from 1976 to August 2002. The analysis was done in terms of research period, the periodicals in which research papers were published, domains and the approaches of evaluation of nursing quality. The content analysis of lowest-level items amounting was performed using NIC developed by McCloskey & Bulecheck(1998) and consequential indices of quality of nursing developed by Chi(1995). Results: Twenty-three of 32 papers(71.8%) turned out to be published after 1995, indicating surging interest in the evaluation of quality of nursing from the mid 1990s. Also, ten of 12 research papers dealing with subjects' diseases were published after 1995. In content analysis of lowest-level items of the process-oriented evaluation of quality of nursing, the highest nursing intervention was patient education about procedure and treatment; followed in descending order by patient education about disease process, strengthening of communication, managing environment, infection control, admission care, defecation and urination care. In content analysis of lowest-level items of the outcome-oriented evaluation of quality of nursing, items of physical and psychological state, of patient and family satisfaction, of knowledge and home care, of change of patients' state, of addressing nursing issues, and of patient recovery were the outcome indicators in more than 60 percent research papers. Conclusion: The findings provided the foundation for their effective use in nursing practice with comparing and presenting various core evaluation items representing process and outcome domains.

• Management & Information Systems Review
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• v.31 no.4
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• pp.491-516
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• 2012

The KPI of the four perspectives in BSC need to modify because of the change of management environment. In particular, the KPI of the financial perspective needs to modify necessarily. The KPI of financial perspective has been consisted of short-term measures: net profit current year, operating profit, ROE, ROIC, and EVA. But this financial indicators cannot afford to represent essential corporate sustainability management in the change of management environment. So this study suggests CSV(Creating Shared Value) as an additional KPI of financial perspective. And this study investigates whether CSV represents business performance as the additional KPI in BSC adoption firms. To verify a hypothesis, the sample includes listed firms announcing CSR index publicly between 2005 and 2010. The results of this study are summarized as follows. The high CSV firms is higher on the value relevance of firm in comparison with low CSV firms. Moreover, The firm value of BSC adoption firms is lower than otherwise, but it is insignificant. Limitation of Our study is that we have no choice but to use dummy variable. Because it is a material question as CSV measurement. Nevertheless, contribution of our study is to suggest new KPI of BSC perspective to meet management environment.

• The Korean Journal of Archival Studies
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• no.65
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• pp.151-197
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• 2020

The records management evaluation system is a system operated by the National Archives of Korea since 2007 based on the 「Public Records Management Act」. As the environment of public records management changes dramatically, there is a growing perception that fundamental improvement is necessary in the operation of this evaluation system. In particular, it is required that the most emphasized area is the customized methods based on the type and characteristics of the institutions. This study focused on the self-evaluation method, which aims to strengthen the autonomous evaluation capability of institutions as a new records management evaluation system in public institutions. In particular, the needs to change toward the self-evaluation method is described in relation to the diversity of the institutions to be evaluated, the specificity of the organizational structure of the archives, and the hierarchy and individuality of the institutions. A self-evaluation system (draft) was designed by which an institution diagnoses the records management work by itself, which aims to improve the level of performance. It also covered the development of evaluation items and indicators, the step-by-step application, and the legal and operational aspects to run the records management evaluation system in phases in public records management practices.