• Journal of Animal Science and Technology
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• v.49 no.6
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• pp.745-752
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• 2007

A total of thirty sows(Landrace×Yorkshire) were used to determine the effects of plant protein source containing multienzyme on performance, nutrients digestibility and milk characteristics. A feeding trial was conducted for 21 days from parturition to weaning. Experimental diets were supplied for 1 week before the parturition day and throughout the experimental period. Dietary treatments included: 1) Control(CON; basal diet), 2) CGLT(included corn gluten) and 3) FSPM(included fermented soy protein containing multienzyme). Through the entire experimental period, backfat loss and return-to-estrus intervals were not affected by the treatments(P>0.05). Nitrogen digestibility was increased significantly(P<0.05) in FSPM treatment compared to CON treatment. Blood urea nitrogen(BUN) concentration was increased significantly (P<0.05) in FSPM treatment compared to CON treatment. At the initial  period, total protein content of milk was higher significantly(P<0.05) in FSPM treatment compared to CGLT treatment and at the final period, total fat content of milk was higher significantly(P<0.05) in FM treatment compared to CON treatment. Rectal temperature showed similar tendency of change among treatments. The final piglet body weight, weight gain and ADG were higher significantly in FSPM treatment compared to CON treatment. On diarrhea rate in piglet, just one piglet occurred in CGLT treatement. In conclusion, 2.5% dietary plant protein source containing multienzyme suppelmentation improved N digestibility, BUN concentration, fat and protein contents in milk and weight gain in piglet.

• Journal of Animal Science and Technology
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• v.49 no.6
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• pp.773-782
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• 2007

A total of thirty sows(Landrace×Yorkshire) were used to determine the effects of plant protein source containing multienzyme on performance, nutrients digestibility and milk characteristics. A feeding trial was conducted for 21 days from parturition to weaning. Experimental diets were supplied for 1 week before the parturition day and throughout the experimental period. Dietary treatments included: 1) Control(CON; basal diet), 2) CGLT(included corn gluten) and 3) FSPM(included fermented soy protein containing multienzyme). Through the entire experimental period, backfat loss and return-to-estrus intervals were not affected by the treatments(P>0.05). Nitrogen digestibility was increased significantly(P<0.05) in FSPM treatment compared to CON treatment. Blood urea nitrogen(BUN) concentration was increased significantly (P<0.05) in FSPM treatment compared to CON treatment. At the initial  period, total protein content of milk was higher significantly(P<0.05) in FSPM treatment compared to CGLT treatment and at the final period, total fat content of milk was higher significantly(P<0.05) in FM treatment compared to CON treatment. Rectal temperature showed similar tendency of change among treatments. The final piglet body weight, weight gain and ADG were higher significantly in FSPM treatment compared to CON treatment. On diarrhea rate in piglet, just one piglet occurred in CGLT treatement. In conclusion, 2.5% dietary plant protein source containing multienzyme suppelmentation improved N digestibility, BUN concentration, fat and protein contents in milk and weight gain in piglet.

• The Korean Journal of Financial Management
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• v.24 no.1
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• pp.29-58
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• 2007

We develop a model to estimate the value of growth opportunities, which is based on the seminal papers of M&M(1961, 1963) and Lee(2006). Making use of the estimation model, we estimate a new proxy variable of the growth opportunities, other than the usual proxy variables such as quasi Tobin's Q, MBR, and so on. The new proxy variable of growth opportunities can represent a necessary condition to identify whether the increase in new investments are successful or not. The empirical findings on the growth opportunities during the IMF currency crisis period and the post-IMF period are as follows; First, the overall success rate of new investments is as low as 50%, that means only half of the listed firms were increasing new investments when they had the growth opportunities. Second, during the crisis, one third of the listed firms were experiencing negative growth opportunities. However, during the post-IMF period, the growth opportunities on new investments were turned to be positive due to the turnaround efforts of listed firms. Third, the value of intangible assets, which are resulting from the investment of R&D and human capital, are becoming more important than ever. It seems to be true that larger portions of the value of growth opportunities are coming from the intangible assets, not from the increases in new investments of the physical assets.

• Journal of Intelligence and Information Systems
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• v.21 no.2
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• pp.19-47
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• 2015

In this era of knowledge economy, a variety of virtual communities are proliferating for the purpose of knowledge creation and utilization. Since the voluntary contributions of members are the essential source of knowledge, member turnover can have significant implications on the survival and success of virtual communities. However, there is a dearth of research on the effect of membership turnover and even the method of measurement for membership turnover is left unclear in virtual communities. In a traditional context, membership turnover is calculated as the ratio of the number of departing members to the average number of members for a given time period. In virtual communities, while the influx of newcomers can be clearly measured, the magnitude of departure is elusive since explicit withdrawals are seldom executed. In addition, there doesn't exist a common way to determine the average number of community members who return and contribute intermittently at will. This study initially examines the limitations in applying the concept of traditional turnover to virtual communities, and proposes five membership fluidity measures based on a preliminary analysis of editing behaviors of 2,978 featured articles in English Wikipedia. Subsequently, this work investigates the relationships between three selected membership fluidity measures and group collaboration performance, reflecting a moderating effect dependent on work characteristic. We obtained the following results: First, membership turnover relates to collaboration efficiency in a right-shortened U-shaped manner, with a moderating effect from work characteristic; given the same turnover rate, the promotion likelihood for a more professional task is lower than that for a less professional task, and the likelihood difference diminishes as the turnover rate increases. Second, contribution period relates to collaboration efficiency in a left-shortened U-shaped manner, with a moderating effect from work characteristic; the marginal performance change per unit change of contribution period is greater for a less professional task. Third, the number of new participants per month relates to collaboration efficiency in a left-shortened reversed U-shaped manner, for which the moderating effect from work characteristic appears to be insignificant.

• The Korean Journal of Nuclear Medicine Technology
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• v.12 no.1
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• pp.19-26
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• 2008

Purpose: In general, We discharged radioactive wastewater and sewages less than $8.1{\times}10^{-13}$ Ci/ml in a exclusive water-purifier tank. Our hospital operating three exclusive water-purifier tank for radioactive wastewater and sewages of 60 tons capacity respectively. In order to meet the criteria it need a enough decay more than 125 days per each exclusive tank. However, recently we fell into the serious situation that decay period was decreased remarkably, owing to the wastewater amount increased rapidly by enlarge the therapy ward. For that reason, in this article, I'd like to say the way that reducing of radioactive wastewater and sewages rationally. Materials and Methods: From January, 2006 to October, four hundred and two cases were analyzed. They were all hospitalized during 3 days and 2 nights. We calculated the average amount of water used (include toilet water used, shower water used, washstand water used, $\cdots$), each exclusive water-purifier tank's decay period, as well as try to search the increased factors about water-purifier tank inflow flux by re-analysis of the procedure of radioisotope therapy step by step. Results: We could increase each exclusive water-purifier tank's decay period from 84 days to 130 days through the improvement about following cause: (1) Improvement of conventional toilet stool for excessive water waste $\rightarrow$ Replacement of water saving style toilet stool (2) Prevention of unnecessary shower and wash (3) Stop the diuretics taking during hospitalization (4) Analysis of relationship between water intakes and residual dose of body (5) Education about outside toilet utilization before the administration (6) Changed each water-purifier tank's maximum level from85% to 90% Conclusion: The originality of our efforts are not only software but hardware performance improvements. Incidentally the side of software's are change of therapy procedures and protocols, the side of hardware's are replacement of water saving style toilet stool and change of each water-purifier tank's maximum level. Thus even if a long lapse of time, problem such as return to the former conditions may not happen. Besides, We expect that our trials become a new reasonable model in similar situation.

• Journal of Navigation and Port Research
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• v.42 no.6
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• pp.427-436
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• 2018

In this study, experimental and numerical analysis were performed on the survivability of a long pipe-type buoy structure in waves. The buoy structure is an articulated tower consisting of an upper structure, buoyancy module, and gravity anchor with long pipes forming the base frame. A series of experiment were performed in the ocean engineering basin of KRISO with the scaled model of 1/ 22 to evaluate the survivability of the buoy structure at West Sea in South Korea. Survival condition was considered as the wave of 50 year return period. Additional experiments were performed to investigate the effects of current and wave period. The factors considered for the evaluation of the buoy's survival were the pitch angle of the structure, anchor reaction force, and the number of submergence of the upper structure. Numerical simulations were carried out with the OrcaFlex, the commercial program for the mooring analysis, with the aim of performing mutual validation with the experimental results. Based on the evaluation, the behavior characteristics of the buoy structure were first examined according to the tidal conditions. The changes were investigated for the pitch angle and anchor reaction force at HAT and LAT conditions, and the results directly compared with those obtained from numerical simulation. Secondly, the response characteristics of the buoy structure were studied depending on the wave period and the presence of current velocity. Third, the number of submergence through video analysis was compared with the simulation results in relation to the submergence of the upper structure. Finally, the simulation results for structural responses which were not directly measured in the experiment were presented, and the structural safety discussed in the survival waves. Through a series of survivability evaluation studies, the behavior characteristics of the buoy structure were examined in survival waves. The vulnerability and utility of the buoy structure were investigated through the sensitivity studies of waves, current, and tides.

• Journal of Intelligence and Information Systems
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• v.16 no.2
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• pp.19-32
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• 2010

Volatility plays a central role in both academic and practical applications, especially in pricing financial derivative products and trading volatility strategies. This study presents a novel mechanism based on generalized autoregressive conditional heteroskedasticity (GARCH) models that is able to enhance the performance of intelligent volatility trading systems by predicting Korean stock market volatility more accurately. In particular, we embedded the concept of the volatility asymmetry documented widely in the literature into our model. The newly developed Korean stock market volatility index of KOSPI 200, VKOSPI, is used as a volatility proxy. It is the price of a linear portfolio of the KOSPI 200 index options and measures the effect of the expectations of dealers and option traders on stock market volatility for 30 calendar days. The KOSPI 200 index options market started in 1997 and has become the most actively traded market in the world. Its trading volume is more than 10 million contracts a day and records the highest of all the stock index option markets. Therefore, analyzing the VKOSPI has great importance in understanding volatility inherent in option prices and can afford some trading ideas for futures and option dealers. Use of the VKOSPI as volatility proxy avoids statistical estimation problems associated with other measures of volatility since the VKOSPI is model-free expected volatility of market participants calculated directly from the transacted option prices. This study estimates the symmetric and asymmetric GARCH models for the KOSPI 200 index from January 2003 to December 2006 by the maximum likelihood procedure. Asymmetric GARCH models include GJR-GARCH model of Glosten, Jagannathan and Runke, exponential GARCH model of Nelson and power autoregressive conditional heteroskedasticity (ARCH) of Ding, Granger and Engle. Symmetric GARCH model indicates basic GARCH (1, 1). Tomorrow's forecasted value and change direction of stock market volatility are obtained by recursive GARCH specifications from January 2007 to December 2009 and are compared with the VKOSPI. Empirical results indicate that negative unanticipated returns increase volatility more than positive return shocks of equal magnitude decrease volatility, indicating the existence of volatility asymmetry in the Korean stock market. The point value and change direction of tomorrow VKOSPI are estimated and forecasted by GARCH models. Volatility trading system is developed using the forecasted change direction of the VKOSPI, that is, if tomorrow VKOSPI is expected to rise, a long straddle or strangle position is established. A short straddle or strangle position is taken if VKOSPI is expected to fall tomorrow. Total profit is calculated as the cumulative sum of the VKOSPI percentage change. If forecasted direction is correct, the absolute value of the VKOSPI percentage changes is added to trading profit. It is subtracted from the trading profit if forecasted direction is not correct. For the in-sample period, the power ARCH model best fits in a statistical metric, Mean Squared Prediction Error (MSPE), and the exponential GARCH model shows the highest Mean Correct Prediction (MCP). The power ARCH model best fits also for the out-of-sample period and provides the highest probability for the VKOSPI change direction tomorrow. Generally, the power ARCH model shows the best fit for the VKOSPI. All the GARCH models provide trading profits for volatility trading system and the exponential GARCH model shows the best performance, annual profit of 197.56%, during the in-sample period. The GARCH models present trading profits during the out-of-sample period except for the exponential GARCH model. During the out-of-sample period, the power ARCH model shows the largest annual trading profit of 38%. The volatility clustering and asymmetry found in this research are the reflection of volatility non-linearity. This further suggests that combining the asymmetric GARCH models and artificial neural networks can significantly enhance the performance of the suggested volatility trading system, since artificial neural networks have been shown to effectively model nonlinear relationships.

• Asia pacific journal of information systems
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• v.24 no.2
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• pp.233-253
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• 2014

Can the stock market really be predicted? Stock market prediction has attracted much attention from many fields including business, economics, statistics, and mathematics. Early research on stock market prediction was based on random walk theory (RWT) and the efficient market hypothesis (EMH). According to the EMH, stock market are largely driven by new information rather than present and past prices. Since it is unpredictable, stock market will follow a random walk. Even though these theories, Schumaker [2010] asserted that people keep trying to predict the stock market by using artificial intelligence, statistical estimates, and mathematical models. Mathematical approaches include Percolation Methods, Log-Periodic Oscillations and Wavelet Transforms to model future prices. Examples of artificial intelligence approaches that deals with optimization and machine learning are Genetic Algorithms, Support Vector Machines (SVM) and Neural Networks. Statistical approaches typically predicts the future by using past stock market data. Recently, financial engineers have started to predict the stock prices movement pattern by using the SNS data. SNS is the place where peoples opinions and ideas are freely flow and affect others' beliefs on certain things. Through word-of-mouth in SNS, people share product usage experiences, subjective feelings, and commonly accompanying sentiment or mood with others. An increasing number of empirical analyses of sentiment and mood are based on textual collections of public user generated data on the web. The Opinion mining is one domain of the data mining fields extracting public opinions exposed in SNS by utilizing data mining. There have been many studies on the issues of opinion mining from Web sources such as product reviews, forum posts and blogs. In relation to this literatures, we are trying to understand the effects of SNS exposures of firms on stock prices in Korea. Similarly to Bollen et al. [2011], we empirically analyze the impact of SNS exposures on stock return rates. We use Social Metrics by Daum Soft, an SNS big data analysis company in Korea. Social Metrics provides trends and public opinions in Twitter and blogs by using natural language process and analysis tools. It collects the sentences circulated in the Twitter in real time, and breaks down these sentences into the word units and then extracts keywords. In this study, we classify firms' exposures in SNS into two groups: positive and negative. To test the correlation and causation relationship between SNS exposures and stock price returns, we first collect 252 firms' stock prices and KRX100 index in the Korea Stock Exchange (KRX) from May 25, 2012 to September 1, 2012. We also gather the public attitudes (positive, negative) about these firms from Social Metrics over the same period of time. We conduct regression analysis between stock prices and the number of SNS exposures. Having checked the correlation between the two variables, we perform Granger causality test to see the causation direction between the two variables. The research result is that the number of total SNS exposures is positively related with stock market returns. The number of positive mentions of has also positive relationship with stock market returns. Contrarily, the number of negative mentions has negative relationship with stock market returns, but this relationship is statistically not significant. This means that the impact of positive mentions is statistically bigger than the impact of negative mentions. We also investigate whether the impacts are moderated by industry type and firm's size. We find that the SNS exposures impacts are bigger for IT firms than for non-IT firms, and bigger for small sized firms than for large sized firms. The results of Granger causality test shows change of stock price return is caused by SNS exposures, while the causation of the other way round is not significant. Therefore the correlation relationship between SNS exposures and stock prices has uni-direction causality. The more a firm is exposed in SNS, the more is the stock price likely to increase, while stock price changes may not cause more SNS mentions.

• Journal of Science of Art and Design
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• v.12
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• pp.65-96
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• 2007

Today, the modern art is extremely diverse. It is denying its own boundary through chaos, extreme, abjection. In fact the diversity of the modern art can be best described as questioning and challenging to the essence of the reality, rather than the artistic pursuit of the beauties. The pursuit of the reality has been a long lasting discourse since the ancient. Through the history, the reality (referent) and representation (image) has been complementing and disposing each other in a relationship of a meaningful construction until the modern times. The limit of modernistic self-reference and the emergence of the figure leads to the emergence of Post-modernism in a trend of experimenting new visual arts. The return to the figure is clearly distinguished from existing representation's system and it brought new meanings to approaches and interpretations of the reality. In the case of Pop arts of 1960's and the following the modern sculptures, which is covered by this thesis, I put an emphasis on the diversification of those via changed strategies on the reality. In a situation where the reality is dictated by signified, the modern arts can no longer stay on a classic concept of representation, rather it pursuits new system and diverse strategies. I provide three types of strategic characters of the reality and the diversification of reality: the transition of the reality. These three types can be used as a frame work, which is supporting new aspects of the modern arts in reflecting on existing system. Therefore, the reason of categorizing is to distinguish modernistic arts and post modernistic arts, and to propose new post-modernistic discourses. Adapting J.F, Lyotard's view, absence is used to trace down the diversification of the reality thorough the sublime on the deconstruction of the mega discourses and the relationship of representation. Based on H. Faster's theory of the appropriation, the appropriation is used to exemplify the strategies of visual arts are in variations and being delayed. Lastly, in the transition, J. Baudrilliard's simulacre is used in terms of the concept of post modernistic representation. Based on the core of his theories, the deconstruction of existing concepts and simulation as the post modernistic representation, and the world of hyperreality based on simulacre are explained. These allows us to deny that representation is the expression of reality through mimesis. My aim is to work on the definition of the arts and representation in the modern era, and go further from there in order to clarify meaning and extension of the modern sculptures. Now two artists are reviewed based on their own art works: George Seagal; Jeff Koons. They are selected among numerous artists from the Post Modern era. Epic contents and emphasis on daily life of Seagal's works show good examples to artists from Pop Arts and following time period and may have served as a start point for Postmodernism. Indeed, he tried to show a newly defined relationship between art works and daily life experience. On the other hand, J.Koons used the strategies of fabrication and appropriation, which shows characteristics of the postmodernism. Through his four individual exhibitions, he shows the diversification of the reality based on art works as fetishistic merchandises, and newly defined concept of Ready-made since M Duchamp. Lastly, the diversification of the reality is analyzed again in context of my art works. I focused on the return to the figure among a variety of trends of late 20 th century modern sculpture. It showed the post modernistic point of view on the reality. Post modernistic diversified strategies are adopted as a method of distinguishing each art works via the diversification of the reality. This is the result of contemporary social and cultural situations.

• 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.