• Asia-Pacific Journal of Business
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• v.14 no.3
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• pp.221-240
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• 2023

Purpose - This paper investigates how business cycle impacts on corporate credit spreads since global financial crisis. Furthermore, it tests how the impact changes by the phase of the cycle. Design/methodology/approach - This study collected dataset from Barclays Global Aggregate Bond Index through the Bloomberg. It conducted multi-regression analysis by projecting business cycle using Hodrick-Prescott filtering and various cyclical variables, while ran dynamic analysis of 5-variable Vector Error Correction Model to confirm the robustness of the test. Findings - First, it proves to be statistically significant that corporate credit spreads have moved countercyclicaly since the crisis. Second, It indicates that the corporate credit spread's countercyclicality to the macroeconomic changes works symmetrically by the phase of the cycle. Third, the VECM supports that business cycle's impact on the spreads maintains more sustainably than other explanatory variable does in the model. Research implications or Originality - It becomes more appealing to accurately measure the real economic impact on corporate credit spreads as the interaction between credit and business cycle deepens. The economic impact on the spreads works symmetrically by boom and bust, which implies that the market stress could impact as another negative driver during the bust. Finally, the business cycle's sustainable impact on the spreads supports the fact that the economic recovery is the key driver for the resilience of credit cycle.

• Journal of the East Asian Society of Dietary Life
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• v.25 no.4
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• pp.607-615
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• 2015

Our final goal was to manufacture low-calorie healthy seafood spreads using high pressure processing. Prior to developing the spread products, we performed a nationwide survey of consumers aged in their teens and twenties (n=585). The questionnaire was designed to gain insights from consumers on spread products, including Importance-Performance Analysis (IPA), recipes, market prospects, etc. Consumers responded that 'price, calorie, fat content, sanitary, nutrition, and food additive' should be improved, in that order. They also thought that fruits and vegetables are highly acceptable in recipes of seafood spreads. In addition, consumers pointed that we should concentrate on 'taste, sanitary, flavor, nutrition, and price' to make spreads more successful. Regarding market prospects, consumers rated spreads with scores over 2.96/5.00, which means the market for seafood spreads is sufficient. The consumers' response provided guidelines for developing and manufacturing low-calorie healthy seafood spreads.

• Journal of Animal Reproduction and Biotechnology
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• v.35 no.3
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• pp.223-231
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• 2020

Karyotype analysis is a major work in the process of triploid abalone production for the purpose of productivity and quality improvement. However, the metaphase spreads for karyotype analysis have been prepared just from the larvae at trochophore stage, which has restricted the spectrum of sample correction inhibiting more efficient analysis. Here, we investigated the feasibility of preparing metaphase spreads from the larvae at veliger stage that is the next developmental stage of trochophore. For this, diploid and triploid larvae at trochophore and veliger stages from Pacific abalone (Haliotis discus hannai) were subjected to metaphase spread preparation and its efficiencies were measured and compared each other. As the results, although the efficiencies of metaphase spread preparation were significantly lower in the larvae at veliger stage compared to the ones at trochophore stage regardless of ploidy status, we found that the preparation of metaphase spreads, which showed the clear chromosomal images containing the normal number of chromosomes, was possible from the veliger stage larvae. On the other hands, all larvae used in this study regardless of developmental stage and ploidy did not show colchicine sensitivity. Moreover, no significant difference was observed in cell cycle distribution of the cells comprising larvae between two developmental stages regardless of ploidy status. These suggested that the details of protocol to prepare metaphase spreads from abalone larvae should be optimized depending on its developmental stages. Taken together, we demonstrated the feasibility of preparing metaphase spreads from H. discus hannai veliger stage larvae for karyotype analysis.

• The Korean Journal of Financial Management
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• v.22 no.1
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• pp.93-118
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• 2005

This paper examines credit spreads in Korea corporate market using one of structural models, the mean reverting leverage ratio model (Collin-Dufresne and Goldstein (2001)). Compared to the actual credit spreads, we show that the credit spreads induced by the model are overpredicted. We also investigate the systematic errors that cause the over-pre-diction of credit spreads using the t-test. We show that the systematic errors are affected by the current leverage ratio and asset volatility.

• Journal of the Korean Society of Safety
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• v.21 no.5 s.77
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• pp.22-27
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• 2006

Even though the interior of urban transit vehicle has been changed as a preventing measure against fire to make it inflammable, there remains a possibility of fire breaking out in case of gasoline etc being brought in the subway. However, there is also the possibility that in case if fire toxic gas is generated and hot air spreads in carriage it will prove very dangerous for people sitting inside. This is a comparative study where we compare simulation results with model examining the time and direction the fire spreads when it breaks out. Also there is vertical distribution of temperature in carriage where the fire spreads out. This study is about demonstrating how to establish smokeless system in urban vehicle, about its necessity, and about vehicle system restructuring. This study also makes an effort to find more advanced method for efficient fire safety in trains. In existing vehicles, in case of fire, the smoke can't go out when doors are closed and hence it spreads in whole train. Even though the method of using ventilation or exhaust established inside the carriage to throw smoke out is much better than the way of opening end doors in each carriage, this study is trying to do research on second way. Through simulation we see that in second case, even though not as good as the first one, smoke can exit through gates. Even though the first method is better, the second can also be uses to let fire out. We can know that in the first case as the smoke can exit out faster, it provides more safety for people. So this system provides better fire safety condition.

• Proceedings of the KSR Conference
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• 2005.11a
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• pp.15-20
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• 2005

This is a comparative study where we compare simulation results with model examining the time and direction the fire spreads when it breaks out. Also there is vertical distribution of temperature in carriage where the fire spreads out. This study is about demonstrating how to establish smokeless system in urban vehicle, about its necessity, and about vehicle system restructuring, This study also makes an effort to find more advanced method for efficient fire safety in trains, In existing vehicles, in case of fire, the smoke can't go out when doors are closed and hence it spreads in whole train. Even though the method of using ventilation or exhaust established inside the carriage to throw smoke out is much better than the way of opening end doors in each carriage, this study is trying to do research on second way. Through simulation we see that in second case, even though not as good as the first one, smoke can exit through gates. Even though the first method is better, the second can also be uses to let fire out. We can know that in the first case as the smoke can exit out faster, it provides more safety for people. So this system provides better fire safety condition.

• Journal of Service Research and Studies
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• v.7 no.4
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• pp.139-150
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• 2017

Open economy tightly works with foreign economy. This paper investigates the effect of the shock of foreign bond yield on the credit spreads of domestic corporate bonds in Korea. Foreign bond is referred to as US treasury bond. Credit spreads are defined with the difference between log yields of domestic corporate bonds and log yield of Korea treasury bond. With the data of monthly three-year AA- and BBB- corporate bond yields- ratings, monthly three-year Korean treasury bond yields, monthly US dollar foreign exchange rates, and monthly three-year US Treasury bond yields during the period from October 2000 to September 2014 including global financial crisis period, the paper documents the results as follow. First of all, the yield of Korean treasury and the credit spreads are very sensitive to the increase in the level and the volatility of the yield of the US treasury bond. Changes in the level and the volatility little affect the change of the exchange rate. Second, the change in the level and the volatility negatively affect the level of Korean treasury bond yields but lead to the increase in the level of Korean treasury bond yields at the same time. Third, there exist time lags of the increases of credit spreads by the increase in the level and the volatility. These imply that credit spreads and bond yields are very sensitive to the change in the yields of foreign bonds such as US treasury bond.

• The Journal of the Korea Contents Association
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• v.12 no.11
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• pp.338-357
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• 2012

This study investigated any possible financial attributes of the CDS spreads of a firm belonging to financial industries headquartered in the Republic of Korea. There were few studies on this issue, especially for the firms located in emerging capital markets. Coupled with the models such as a multiple regression and a principal component analysis(PCA), this research has identified that only two explanatory variables such as SLOPE and INTER3 (i.e. interaction effect between the BETA and the SLOPE) consistently showed their statistically significant influence on the CDS spreads through the 'selected' model without and with applying a stepwise regression procedure for the robustness. Given the rapid developments of sophisticated financial derivatives, this study may suggest a valuable insight to foreign and domestic investors to identify the possible determinants of CDS spreads at the firm- and/or the industry-level.

• Proceedings of the KSME Conference
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• 2007.05b
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• pp.2967-2970
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• 2007

In a usual painting process, a liquid drop spreads on canvas by being dragged along a paintbrush. To obtain the fundamental understanding of the painting process from the mechanical point of view, we experimentally investigate various dynamic behavior of a liquid drop that spreads between moving solid plates. It is shown that three distinct types of drop spreading take place, i.e. shearing, spreading, and intact dragging, depending on the liquid viscosity and surface tension, the plate speed, and the wettability. We suggest a regime map based on the capillary number and the receding contact angle, which indicates the boundaries between different types of spreading behavior in a dimensionless space.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.18 no.7
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• pp.959-969
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• 1993

In this paper, the performance of DS/SS DPSK communications is analysed over fading dispersive channels considering the spreads of the channel in time and in frequency. The two spreads mentioned above are represented with multipath spread and Doppler spread, respectively. The bit error probabilities of DS/SS DPSK systems are derived in terms of channel and system parameters, and an approximation method is presented for computational efficiency. And the numerical results are given for various chip numbers in Rayleigh and Rician fading channels using the approximation method.