• Journal of Animal Science and Technology
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• v.52 no.4
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• pp.259-264
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• 2010

This study was carried out to estimate genetic parameters and breeding values of Hanwoo cows for carcass traits. Carcass records were collected from Korean steers raised at the private farms located in rural area of Gangwon-do and slaughtered from December 2004 to June 2008 at the three slaughter houses near fattening farm. The results obtained in this study were summarized as follows; The means and standard deviations of the carcass traits were $5.57{\pm}2.01$ for marbling score (MS), $10.87{\pm}4.06mm$ for backfat thickness (BFT), $87.87{\pm}9.07cm^2$ for eye muscle area (EMA), $426.75{\pm}49.27kg$ for carcass weight (CW), and $65.80{\pm}3.80$ for yield index (YI). Heritability estimates using single trait analyses were 0.36 for MS, 0.35 for BFT, 0.24 for EMA, 0.29 for CW, and 0.40 for YI, respectively. Genetic correlation coefficients of MS with BFT, EMA, CW, and YI were -0.21, 0.30, -0.21 and 0.30, and those of BFT with EMA, CW and YI were -0.12, 0.57 and -0.97, and those of EMA with CW and YI were 0.32 and 0.27, respectively. And genetic correlation of CW with YI was -0.62. Single trait selection for MS might lead to reducing BFT, but might be an obstacle to increase CW due to negative genetic correlations of MS with BFT and CW.

• Journal of the Korean Institute of Landscape Architecture
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• v.39 no.6
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• pp.98-109
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• 2011

Habitat restoration initiative is an important factor for the on-site preservation of butterflies. A new habitat necessitates the investigation of the ecology of the butterfly, the landscape of the habitat, the work process, and a cost analysis. In this study, these factors were analyzed through1) re-consideration of the secured results from three years of field work, and 2) a habitat area estimation conducted according to the presence or absence of larvae and adults via a Parnassius bremeri Bremer survey. The investigation of the natural habitat, done for both larvae and adult butterflies found in South Korea, suggested that multiple patches with a minimum size exceeding $300m^2$ and with an average size of about $1,600m^2$were required for survival of this butterfly. Therefore, more than five patches should be considered for butterfly habitat and patches should have similarity to the present habitat environment with transplantation plans for diet plants and honeydew plants. In addition, to activate the migration of the butterfly, cutting down trees that are obstacles to migration, minimizing the distance between patches and the addition of a stepping patch are also required. A patch connectivity analysis showed that patches should be located within 300m of neighboring patches, as the migration of the butterfly will fail if it is more than 600m. Additionally, more than $10,000m^2$ for a single patch or a patch network composed more than five patches over $1,600m^2$ in size were recommended, with a total patch size of $8,000m^2$. Additionally, neighboring multiple patch networks are more desirable than a single habitat in the event a cyclic habitat pattern arises. In this study, we suggest a habitat restoration and optimal prerequisites for a butterfly habitat. It is expected that this research will lead to the creation of a good model for the restoration of butterfly species.

• 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.

• The Journal of Korean Medicine Ophthalmology and Otolaryngology and Dermatology
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• v.25 no.2
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• pp.1-19
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• 2012

Objective : The purpose of this study is to investigate about comparison of Eastern-Western medicine on the acne. Methods : We searched Eastern and Western medicine books for acne. We analyzed these books and examined category, definition, etiology, classification, internal and external methods of treatment of acne. Results : The results were as follows. 1. In Eastern medicine, Acne belongs to the category of the Bunja(粉刺), Jwachang(痤瘡), Pyepungbunja(肺風粉刺). In Western medicine, the other name of Acne is acne vulgaris. 2. In Eastern medicine, the definition of Acne includes manual extraction of comedones and skin appearance. In Western medicine, Acne is a common skin disease during adolescence and a chronic inflammatory disease of pilosebaceous unit of self localization. It is characterized by noninflammatory, open or closed comedones and by inflammatory papules, pustules, and nodules and it affects the areas of skin with the densest population of sebaceous follicles, these areas include the face, neck, back, and the upper part of the chest. 3. In Eastern medicine, the cause and mechanism of Acne arose from the state of internal dampness-heat and spleen-stomach internal qi deficiency due to dietary irregularities and then invaded external pathogen such as wind-dampness-heat-cold-fire in lung meridian lead to qi and blood heat depression stagnation. So it appears in skin. In Western medicine, the etiology and pathogenesis of Acne is clearly not identified, but there are most significant pathogenic factors of blood heat depression stagnation. So it appears in skin. In Western medicine, the etiology and pathogenesis of Acne is clearly not identified, but there are most significant pathogenic factors of Acne; Androgen-stimulated production of sebum, hyperkeratinization and obstruction of sebaceous follicles, proliferation of Propionibacterium acnes and inflammation, abnormaility of skin barrier function, genetic aspects, environmental factors etc. 4. In Eastern medicine, differentiation of syndromes classifies clinical aspects, and cause and mechanism of disease; the former is papular, pustular, cystic, nodular, atrophic, comprehensive type; the latter is lung blood heat, intestine-stomach dampness-heat, phlegm-stasis depression, thoroughfare-conception disharmony, heat toxin type. In Western medicine, it divides into an etiology and invasion period, and clinical aspects; Acne neonatorum, Acne infantum, Acne in puberty and adulthood, Acne venenata; Acne vulgaris, Acne conglobata, Acne fulminans, Acne keloidalis. 5. In Eastern medicine, Internal methods of treatment of Acne are divided into five treatments; general treatments, the treatments of single-medicine and experiential description, the treatments depending on the cause and mechanism of disease, and clinical differentiation of syndromes, dietary treatments. In Western medicine, it is a basic principles that regulation on production of sebum, correction on hyperkeratinization of sebaceous follicles, decrease of Propionibacterium acnes colony and control of inflammation reaction. Internal methods of treatment of Acne are antibiotics, retinoids, hormone preparations etc. 6. In Eastern medicine, external methods of treatment of Acne are wet compress method, paste preparation method, powder preparation method, pill preparation method, acupuncture and moxibustion therapy, ear acupuncture therapy, prevention and notice, and so on. In Western medicine, external method of treatments of Acne are divided into topical therapy and other surgical therapies. Topical therapy is used such as antibiotics, sebum regulators, topical vitamin A medicines etc and other surgical therapies are used such as surgical treatments, intralesional injection of corticosteroids, skin dermabrasion, phototherapy, photodynamic therapy, and so on. Conclusions : Until now, there is no perfect, effective single treatment. We think that Eastern medicine approach and treatment can be helpful to overcome the limitations of acne cure.

• Journal of Intelligence and Information Systems
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• v.24 no.1
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• pp.1-23
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• 2018

From the 21st century, various high-quality services have come up with the growth of the internet or 'Information and Communication Technologies'. Especially, the scale of E-commerce industry in which Amazon and E-bay are standing out is exploding in a large way. As E-commerce grows, Customers could get what they want to buy easily while comparing various products because more products have been registered at online shopping malls. However, a problem has arisen with the growth of E-commerce. As too many products have been registered, it has become difficult for customers to search what they really need in the flood of products. When customers search for desired products with a generalized keyword, too many products have come out as a result. On the contrary, few products have been searched if customers type in details of products because concrete product-attributes have been registered rarely. In this situation, recognizing texts in images automatically with a machine can be a solution. Because bulk of product details are written in catalogs as image format, most of product information are not searched with text inputs in the current text-based searching system. It means if information in images can be converted to text format, customers can search products with product-details, which make them shop more conveniently. There are various existing OCR(Optical Character Recognition) programs which can recognize texts in images. But existing OCR programs are hard to be applied to catalog because they have problems in recognizing texts in certain circumstances, like texts are not big enough or fonts are not consistent. Therefore, this research suggests the way to recognize keywords in catalog with the Deep Learning algorithm which is state of the art in image-recognition area from 2010s. Single Shot Multibox Detector(SSD), which is a credited model for object-detection performance, can be used with structures re-designed to take into account the difference of text from object. But there is an issue that SSD model needs a lot of labeled-train data to be trained, because of the characteristic of deep learning algorithms, that it should be trained by supervised-learning. To collect data, we can try labelling location and classification information to texts in catalog manually. But if data are collected manually, many problems would come up. Some keywords would be missed because human can make mistakes while labelling train data. And it becomes too time-consuming to collect train data considering the scale of data needed or costly if a lot of workers are hired to shorten the time. Furthermore, if some specific keywords are needed to be trained, searching images that have the words would be difficult, as well. To solve the data issue, this research developed a program which create train data automatically. This program can make images which have various keywords and pictures like catalog and save location-information of keywords at the same time. With this program, not only data can be collected efficiently, but also the performance of SSD model becomes better. The SSD model recorded 81.99% of recognition rate with 20,000 data created by the program. Moreover, this research had an efficiency test of SSD model according to data differences to analyze what feature of data exert influence upon the performance of recognizing texts in images. As a result, it is figured out that the number of labeled keywords, the addition of overlapped keyword label, the existence of keywords that is not labeled, the spaces among keywords and the differences of background images are related to the performance of SSD model. This test can lead performance improvement of SSD model or other text-recognizing machine based on deep learning algorithm with high-quality data. SSD model which is re-designed to recognize texts in images and the program developed for creating train data are expected to contribute to improvement of searching system in E-commerce. Suppliers can put less time to register keywords for products and customers can search products with product-details which is written on the catalog.

• Proceedings of the Safety Management and Science Conference
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• 2004.11a
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• pp.355-380
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• 2004

I test the hypothesis that the gradual diffusion of information across asset markets leads to cross-asset return predictability in Korea. Using thirty-six industry portfolios and the broad market index as our test assets, I establish several key results. First, a number of industries such as semiconductor, electronics, metal, and petroleum lead the stock market by up to one month. In contrast, the market, which is widely followed, only leads a few industries. Importantly, an industry's ability to lead the market is correlated with its propensity to forecast various indicators of economic activity such as industrial production growth. Consistent with our hypothesis, these findings indicate that the market reacts with a delay to information in industry returns about its fundamentals because information diffuses only gradually across asset markets. Traditional theories of asset pricing assume that investors have unlimited information-processing capacity. However, this assumption does not hold for many traders, even the most sophisticated ones. Many economists recognize that investors are better characterized as being only boundedly rational(see Shiller(2000), Sims(2201)). Even from casual observation, few traders can pay attention to all sources of information much less understand their impact on the prices of assets that they trade. Indeed, a large literature in psychology documents the extent to which even attention is a precious cognitive resource(see, eg., Kahneman(1973), Nisbett and Ross(1980), Fiske and Taylor(1991)). A number of papers have explored the implications of limited information- processing capacity for asset prices. I will review this literature in Section II. For instance, Merton(1987) develops a static model of multiple stocks in which investors only have information about a limited number of stocks and only trade those that they have information about. Related models of limited market participation include brennan(1975) and Allen and Gale(1994). As a result, stocks that are less recognized by investors have a smaller investor base(neglected stocks) and trade at a greater discount because of limited risk sharing. More recently, Hong and Stein(1999) develop a dynamic model of a single asset in which information gradually diffuses across the investment public and investors are unable to perform the rational expectations trick of extracting information from prices. Hong and Stein(1999). My hypothesis is that the gradual diffusion of information across asset markets leads to cross-asset return predictability. This hypothesis relies on two key assumptions. The first is that valuable information that originates in one asset reaches investors in other markets only with a lag, i.e. news travels slowly across markets. The second assumption is that because of limited information-processing capacity, many (though not necessarily all) investors may not pay attention or be able to extract the information from the asset prices of markets that they do not participate in. These two assumptions taken together leads to cross-asset return predictability. My hypothesis would appear to be a very plausible one for a few reasons. To begin with, as pointed out by Merton(1987) and the subsequent literature on segmented markets and limited market participation, few investors trade all assets. Put another way, limited participation is a pervasive feature of financial markets. Indeed, even among equity money managers, there is specialization along industries such as sector or market timing funds. Some reasons for this limited market participation include tax, regulatory or liquidity constraints. More plausibly, investors have to specialize because they have their hands full trying to understand the markets that they do participate in

• Journal of Distribution Science
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• v.8 no.3
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• pp.27-35
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• 2010

As the population, buying power, and intensity of self-expression of the elderly generation increase, its importance as a market segment is also growing. Therefore, the mass marketing strategy for the elderly generation must be changed to a micro-marketing strategy based on the results of sub-segmentation that suitably captures the characteristics of this generation. Furthermore, as a customer access strategy is decided by sub-segmentation, proper segmentation is one of the key success factors for micro-marketing. Segments or sub-segments are different from sectors, because segmentation or sub-segmentation for micro-marketing is based on the homogeneity of customer needs. Theoretically, complete segmentation would reveal a single voice. However, it is impossible to achieve complete segmentation because of economic factors, factors that affect effectiveness, etc. To obtain a single voice from a segment, we sometimes need to divide it into many individual cases. In such a case, there would be a many segments to deal with. On the other hand, to maximize market access performance, fewer segments are preferred. In this paper, we use the term "sub-segmentation" instead of "segmentation," because we divide a specific segment into more detailed segments. To sub-segment the elderly generation, this paper takes their lifestyles and life stages into consideration. In order to reflect these aspects, various surveys and several rounds of expert interviews and focused group interviews (FGIs) were performed. Using the results of these qualitative surveys, we can define six sub-segments of the elderly generation. This paper uses five rules to divide the elderly generation. The five rules are (1) mutually exclusive and collectively exhaustive (MECE) sub-segmentation, (2) important life stages, (3) notable lifestyles, (4) minimum number of and easy classifiable sub-segments, and (5) significant difference in voices among the sub-segments. The most critical point for dividing the elderly market is whether children are married. The other points are source of income, gender, and occupation. In this paper, the elderly market is divided into six sub-segments. As mentioned, the number of sub-segments is a very key point for a successful marketing approach. Too many sub-segments would lead to narrow substantiality or lack of actionability. On the other hand, too few sub-segments would have no effects. Therefore, the creation of the optimum number of sub-segments is a critical problem faced by marketers. This paper presents a method of evaluating the fitness of sub-segments that was deduced from the preceding surveys. The presented method uses the degree of homogeneity (DoH) to measure the adequacy of sub-segments. This measure uses quantitative survey questions to calculate adequacy. The ratio of significantly homogeneous questions to the total numbers of survey questions indicates the DoH. A significantly homogeneous question is defined as a question in which one case is selected significantly more often than others. To show whether a case is selected significantly more often than others, we use a hypothesis test. In this case, the null hypothesis (H0) would be that there is no significant difference between the selection of one case and that of the others. Thus, the total number of significantly homogeneous questions is the total number of cases in which the null hypothesis is rejected. To calculate the DoH, we conducted a quantitative survey (total sample size was 400, 60 questions, 4~5 cases for each question). The sample size of the first sub-segment-has no unmarried offspring and earns a living independently-is 113. The sample size of the second sub-segment-has no unmarried offspring and is economically supported by its offspring-is 57. The sample size of the third sub-segment-has unmarried offspring and is employed and male-is 70. The sample size of the fourth sub-segment-has unmarried offspring and is not employed and male-is 45. The sample size of the fifth sub-segment-has unmarried offspring and is female and employed (either the female herself or her husband)-is 63. The sample size of the last sub-segment-has unmarried offspring and is female and not employed (not even the husband)-is 52. Statistically, the sample size of each sub-segment is sufficiently large. Therefore, we use the z-test for testing hypotheses. When the significance level is 0.05, the DoHs of the six sub-segments are 1.00, 0.95, 0.95, 0.87, 0.93, and 1.00, respectively. When the significance level is 0.01, the DoHs of the six sub-segments are 0.95, 0.87, 0.85, 0.80, 0.88, and 0.87, respectively. These results show that the first sub-segment is the most homogeneous category, while the fourth has more variety in terms of its needs. If the sample size is sufficiently large, more segmentation would be better in a given sub-segment. However, as the fourth sub-segment is smaller than the others, more detailed segmentation is not proceeded. A very critical point for a successful micro-marketing strategy is measuring the fit of a sub-segment. However, until now, there have been no robust rules for measuring fit. This paper presents a method of evaluating the fit of sub-segments. This method will be very helpful for deciding the adequacy of sub-segmentation. However, it has some limitations that prevent it from being robust. These limitations include the following: (1) the method is restricted to only quantitative questions; (2) the type of questions that must be involved in calculation pose difficulties; (3) DoH values depend on content formation. Despite these limitations, this paper has presented a useful method for conducting adequate sub-segmentation. We believe that the present method can be applied widely in many areas. Furthermore, the results of the sub-segmentation of the elderly generation can serve as a reference for mature marketing.

• Journal of Distribution Science
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• v.10 no.4
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• pp.13-20
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• 2012

The "flextime" system, which was initially designed to maintain a balance between work and personal life, has recently received much attention as an alternative form of work, enabling employees to fully exert their creativity. Most studies show that the effects of flextime on performance, productivity, attitude toward the organization, absenteeism, and turnover differ between managerial and non-managerial workers. This suggests that workers' personal characteristics affect their preference for flextime by directly or indirectly influencing its result variables. As most Korean companies have not adopted the flextime system, little research has been conducted on it in Korea. Recently, Korean companies have been discussing flextime as one of several measures for enhancing international competitiveness. Therefore, this study aims to offer a theoretical framework for the introduction of the system by analyzing the effects of the precedent factors on the preference for flextime. Though not statistically significant, a higher preference for flextime is noted among workers over the age of 36. Older workers usually are more conservative and less adaptable to change but here the older Korean workers may be anxious and resistant. Additional research on workers in different types of businesses using improved research methods will lead to more meaningful results. Married workers display a lower preference to flextime than single workers. In Korea, the current atmosphere focused on a happy home encourages married workers to prefer regular work hours, enabling them to go to and from work on a regular schedule. This means that normal working hours, from morning to evening, are preferred as it is the most suitable system for families. However, this is not so in the case of single workers. Unmarried singles tend to prefer flextime for investing in self-development toward future prosperity, over the benefits of regular working-hours. Flextime is designed to meet their needs to some extent as it is helpful in maintaining a balance between work life and self-development. If flextime is selected, workers can spend mornings on self-development and work in the afternoons. Therefore, when flextime is introduced in Korea, it would be desirable to start with unmarried workers, to increase corporate creativity and productivity and develop individual potential. In particular, when the five-day workweek, the main concern for companies and labor unions, is adopted, synergy with flextime could be expected and a gradual implementation of flextime will be effective. Gender difference shows similar results to marital status with male workers displaying a higher preference for flextime. It is inferred that male workers' attitudes toward flextime are more favorable than female workers' because flextime enables self-development and work life to coexist. A relatively weak, though statistically significant, correlation exists between control position and flextime preference with inner-control-oriented workers displaying favorable attitudes toward flextime. Generally, inner-control-oriented workers tend to attribute the consequences caused by any person or partner relationship to themselves. Thus, when a new system is introduced they are likely to have less reluctance and fear than outer-control-oriented workers, because they think it is important to deal with the new system. A weak but slight correlation exists between the desire for achievement and flextime preference. People who have a higher desire for achievement are willing to consider the new system, especially if significant success is reasonably expected. This result is derived from a reasonable judgment that flextime offers an individual the time for self-development while the organization benefits from the resulting creativity and performance enhancements. Although not the primary analysis, a high correlation is found between control position and the desire for achievement, which is consistent with the results of previous research. The regression analysis not only supports the preceding ANOVA and correlation analysis but also shows the existence of a causal relationship. Married workers have a weak preference for flextime, which is consistent with the results of the preceding ANOVA. Relative to men, women have a weak preference for flextime. No statistically significant correlation was noticed for age. Inner-control-oriented workers prefer flextime more than outer-control-oriented workers as the former view the consequences of change to be their own responsibility. However, the preference for flextime seems to be weak. As expected, people with a higher desire for achievement have a stronger preference for flextime, presumably because the greater the desire for achievement, the stronger the spirit of challenging an uncertain future. No significant correlation exists between job satisfaction and flextime preference.

• Progress in Medical Physics
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• v.25 no.3
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• pp.151-156
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• 2014

The purpose of this study was to confirm the feasibility of imaging of therapy region from the boron neutron capture therapy (BNCT) using the measurement of the prompt gamma ray depending on the neutron flux. Through the Monte Carlo simulation, we performed the verification of physical phenomena from the BNCT; (1) the effects of neutron according to the existence of boron uptake region (BUR), (2) the internal and external measurement of prompt gamma ray dose, (3) the energy spectrum by the prompt gamma ray. All simulation results were deducted using the Monte Carlo n-particle extended (MCNPX, Ver.2.6.0, Los Alamos National Laboratory, Los Alamos, NM, USA) simulation tool. The virtual water phantom, thermal neutron source, and BURs were simulated using the MCNPX. The energy of the thermal neutron source was defined as below 1 eV with 2,000,000 n/sec flux. The prompt gamma ray was measured with the direction of beam path in the water phantom. The detector material was defined as the lutetium-yttrium oxyorthosilicate (Lu0,6Y1,4Si0,5:Ce; LYSO) scintillator with lead shielding for the collimation. The BUR's height was 5 cm with the 28 frames (bin: 0.18 cm) for the dose calculation. The neutron flux was decreased dramatically at the shallow region of BUR. In addition, the dose of prompt gamma ray was confirmed at the 9 cm depth from water surface, which is the start point of the BUR. In the energy spectrum, the prompt gamma ray peak of the 478 keV was appeared clearly with full width at half maximum (FWHM) of the 41 keV (energy resolution: 8.5%). In conclusion, the therapy region can be monitored by the gamma camera and single photon emission computed tomography (SPECT) using the measurement of the prompt gamma ray during the BNCT.

• KDI Journal of Economic Policy
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• v.13 no.1
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• pp.167-197
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• 1991

This paper is intended as an introductory essay to explain endogenous changes in the scope of firm activities in the competitive structure of a deregulated, multi-product financial industry. Recently, the global financial industry has been experiencing a widespread reshuffling in its activities, reflecting both consolidation and specialization. The spread of the universal banking system, which involves the integration of various kinds of financial activities, has resulted in the so-called financial supermarket. At the same time, the traditional set of banking activities has been unbundled into so-called financial boutiques. A relevant question is where the current reshuffling process of integration and disintegration in financial activities might lead the financial industry. However, presently popular theories of the financial industry are not really appropriate for the analysis of this issue. This paper attempts to integrate the theory of specialization [George J. Stigler, "The Division of Labor is Limited by the Extent of the Market," Journal of Political Economy, Vol. LIX, No.3, June 1951] and the theory of the multi-product firm [William J. Baumol, John C. Panzar, and Robert D. Willig, Contestable Markets and the Theory of Industry Structure, Harcourt Brace Jovanovich, Inc., New York, 1982] and to apply the resulting hybrid theory, a theory on the scope of financial activity, to the financial industry. The implications of this theory for the issues raised above are formalized under five hypotheses on the reshuffling of financial activities as listed below: Hypothesis I: The differences in the organization of financial industries among countries are determined by differences in the size of the financial markets, other things being equal. Hypothesis II: A financial firm will separate those financial activities simultaneously having relatively strong economies of scale and relatively weak economies of scope (alternatively, diseconomies of scope) from other activities. Conversely, the firm will integrate those activities simultaneously having relatively weak economies of scale (alternatively, diseconomies of scale) and relatively strong economies of scope with incumbent activities. Hypothesis III: A competitive equilibrium in the deregulated financial industry will consist of both specialized and multi-product financial firms, resulting in a mixed form of specialized and universal banking systems. Hypothesis IV: As world financial markets fully integrate and all countries consequently face this single, common world market, the financial structures of individual countries will become increasingly similar. Hypothesis V: A more universal banking system will dominate the deregulated financial industry in countries with relatively small financial markets, while a more specialized banking system will dominate in countries with relatively large financial markets. However, equilibrium will ultimately be mixed, with specialized and universal banks coexisting, as stated in Hypothesis III. Based on these hypotheses, this paper interprets the historical development of specialized vs. universal banking systems in major industrial countries as a process driven by the evolution of the financial market in each country - i.e. the change in the size of the financial market over time. In addition, this paper anticipates that the final equilibrium of the world financial industry, which is currently under the pressure of financial innovations and deregulation, will be a mixed equilibrium with both specialized boutiques and universal supermarket-type financial firms, instead of an exclusively specialized or universal banking system. Future research should seek continued theoretical elaboration and empirical verification of this paper's hypotheses.