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Excimer-Based White Phosphorescent OLEDs with High Efficiency

  • Yang, Xiaohui;Wang, Zixing;Madakuni, Sijesh;Li, Jian;Jabbour, Ghassan E.
    • 한국정보디스플레이학회:학술대회논문집
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    • 2008.10a
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    • pp.1520-1521
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    • 2008
  • There are several ways to demonstrate white organic light emitting diodes (OLEDs) for displays and solid state lighting applications. Among these approaches are the stacked three primary or two complementary colors light-emitting layers, multiple-doped emissive layer, and excimer and exciplex emission [1-10]. We report on white phosphorescent excimer devices by using two light emitting materials based on platinum complexes. These devices showed a peak EQE of 15.7%, with an EQE of 14.5% (17 lm/W) at $500\;cd/m^2$, and a noticeable improvement in both the CIE coordinates (0.381, 0.401) and CRI (81). Devices with the structure ITO/PEDOT:PSS/TCTA (30 nm)/26 mCPy: 12% FPt (10 nm) /26 mCPy: 2% Pt-4 (15 nm)/BCP (40 nm)/CsF/Al [device 1], ITO/PEDOT:PSS/TCTA (30 nm)/26 mCPy: 2% Pt-4 (15 nm)/26 mCPy: 12% FPt (10 nm)/BCP (40 nm)/CsF/Al [device 2], and ITO/PEDOT:PSS/TCTA (30 nm)/26 mCPy: 2% Pt-4: 12% FPt (25 nm)/BCP (40 nm)/CsF/Al [device 3] were fabricated. In these cases, the emissive layer was either the double-layer of 26 mCPy:12% FPt and 15 nm 26 mCPy: 2% Pt-4, or the single layer of 26mCPy with simultaneous doping of Pt-4 and FPt. Device characterization indicates that the CIE coordinates/CRI of device 2 were (0.341, 0.394)/75, (0.295, 0.365)/70 at 5 V and 7 V, respectively. Significant change in EL spectra with the drive voltage was observed for device 2 indicating a shift in the carrier recombination zone, while relatively stable EL spectra was observed for device 1. This indicates a better charge trapping in Pt-4 doped layers [10]. On the other hand, device 3 having a single light-emitting layer (doped simultaneously) emitted a board spectrum combining emission from the Pt-4 monomer and FPt excimer. Moreover, excellent color stability independent of the drive voltage was observed in this case. The CIE coordinates/CRI at 4 V ($40\;cd/m^2$) and 7 V ($7100\;cd/m^2$) were (0.441, 0.421)/83 and (0.440, 0.427)/81, respectively. A balance in the EL spectra can be further obtained by lowering the doping ratio of FPt. In this regard, devices with FPt concentration of 8% (denoted as device 4) were fabricated and characterized. A shift in the CIE coordinates of device 4 from (0.441, 0.421) to (0.382, 0.401) was observed due to an increase in the emission intensity ratio of Pt-4 monomer to FPt excimer. It is worth noting that the CRI values remained above 80 for such device structure. Moreover, a noticeable stability in the EL spectra with respect to changing bias voltage was measured indicating a uniform region for exciton formation. A summary of device characteristics for all cases discussed above is shown in table 1. The forward light output in each case is approximately $500\;cd/m^2$. Other parameters listed are driving voltage (Bias), current density (J), external quantum efficiency (EQE), power efficiency (P.E.), luminous efficiency (cd/A), and CIE coordinates. To conclude, a highly efficient white phosphorescent excimer-based OLEDs made with two light-emitting platinum complexes and having a simple structure showed improved EL characteristics and color properties. The EQE of these devices at $500\;cd/m^2$ is 14.5% with a corresponding power efficiency of 17 lm/W, CIE coordinates of (0.382, 0.401), and CRI of 81.

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Effects of Some Environmental Factors on Japanese Yew (Taxus cuspidata Sieb. et Zucc.) (몇 발근환경인자(發根環境因子)가 주목삽수(揷穗) 발근(發根)에 미치는 효과(効果))

  • Kim, Chang Ho;Nam, Jung Chil
    • Journal of Korean Society of Forest Science
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    • v.70 no.1
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    • pp.1-6
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    • 1985
  • The purpose of this experiment lies in finding the most appropriate cutting condition of Taxus cuspidata Sieb. et Zucc. which has been considered valuable tree species in gardening. Statistical analysis was focused on the comparison of the average ratios of rooting between greenhouses and fields, based on the observation rooted autogenis. To conduct this survey, hardwood cutting of Taxus cuspidata Sieb. et Zucc. were performed at both places of experiment above on April 20, 1982 with rooting results calculated on October 31, 1982. After formation of cuttings, it was soaked in IBA 200 ppm for 12 hours and than put in a bed. A summary of the result is presented as follows; 1) Cutting at the greenhouse showed higher average rate of rooting than at fields. Same tendency was found regardless of the differences in treatment. 2) It was clear that IBA-treatment contributed remarkably to causing higher average rooting rate. As an evidence, when twenty centimeter cuttings were inserted sandy media, IBA-treated area resulted in eighty six percent of average rooting rate, as compared with only twenty three percent in nontreatment case. In case of field cutting, IBA-treatment brought about fifty three percent of rooting in comparison with eleven percent nontreatment. 3) When sandy soil, loam and brown soil were separately used as cutting media, the highest rooting rate was found in case of sandy soil, without any difference between the two experimental places above. 4) As a result of the analysis to seek the impact of the length of cuttings on rooting, the range of length form fifteen to twenty centimeter was apparently most appropriate. It was also found that the rate of rooting declined beyond twenty five centimeter. 5) Two kinds of rooting pattern were observed. One was the case that callus cell lump was created on the lower cut side of cuttings. Importantly, root radical were formed inside the lump to influence the germination of root system. The other relates to the case that adventitious root which look like lateral roots appeared at the stem region. In abstract, first, sandy soil was effectively recommended in case of hardwood cutting in April. Second, the most appropriate length of cuttings ranged between fifteen and twenty centimeters. Third, high density IBA treatment was clearly effective. Forth, for proper environmental management, both pre-disinfection of sail by sterilizer and maintenance of high relative humidity were essentially required.

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Organizational Factors Facilitating the Internationalization of Korean Franchising Companies (해외진출 국내 프랜차이즈기업의 조직특성)

  • Lim, Young-Kun;Lee, Dong-Whuy;Kim, Hee-Jung
    • Journal of Global Scholars of Marketing Science
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    • v.19 no.2
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    • pp.40-52
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    • 2009
  • Franchising is one of the fastest growing types of business. It is already popular and well-known in the U.S., and has been growing in many other countries including Korea. Furthermore, many Korean franchising companies have expanded their business overseas actively. According to the data by the Ministry of Industry and Resource, 82 companies out of a sample of 500 franchising companies are already operating in many foreign countries and 48% of them have started their foreign business since 2006. This clearly indicates the fast growing current trend of foreign operation by Korean franchising companies. In spite of the fast growing trend of foreign expansion in the industry, academic research on internationalization of franchising companies is extremely difficult to find. Accordingly, academic research on the issue is necessary and urgent in Korea. Among the various research questions on internationalization of franchising business, this study intends to investigate the difference in organizational factors between the franchising companies doing foreign operation and those doing business only domestically. More specifically, this research has the following purposes. First, considering the lack of theoretical basis of previous studies, resource-based theory and agency theory are employed as the theoretical bases. Second, this study explains the difference in internationalization based on organizational factors such as company size, history and growth rate. Third, the five hypotheses regarding the difference in organizational factors are presented and tested empirically, which is the first attempt in the area of this topic. Finally, the study attempts to clarify the conflicting implications among theories regarding some organizational factos such as growth rate. As the theoretical background, resource-based theory and agency theory are discussed. According to resource-based theory, a firm can grow continuously when it has competence and resource, and also the ability to develop them. The competence and resource can include capital, human resource, management skill, market information, ability to manage risk, etc. Meanwhile, agency theory views the relationship between franchisor and franchisee as an agency relationship. In agency theory, bonding capability and monitoring capability are the two key factors which promote internationalization of franchising companies. Based on the two theories, a conceptual model is designed. The model consists of two groups of variables. One is organizational factors including size, history, growth rate, price bonding and geographic dispersion. The other is whether a franchising company is operating overseas or not. We developed the following five research hypotheses basically describing the relationship between organizational factors and internationalization of franchising companies. H1: The size of franchising companies operating overseas is larger than that of franchising companies operating domestically. H2: The history of franchising companies operating overseas is longer than that of franchising companies operating domestically. H3: The growth rate of franchising companies operating overseas is higher than that of franchising companies operating domestically. H4: The price bonding of franchising companies operating overseas is higher than that of franchising companies operating domestically. H5: The geographic dispersion of franchising companies operating overseas is wider than that of franchising companies operating domestically. Data for the analyses are obtained from 2005 Korea Franchise Survey data co-generated by Ministry of Industry and Resource, GS1 Korea, and Korea Franchise Association. Out of 2,804 population companies, 2,489 companies are excluded for various reasons and 315 companies are selected as the final sample. Prior to hypotheses tests, validity and reliability of the measures of size, history, growth rate and price bonding are examined for further analyses. Geographic dispersion is not validated since it is measured using nominal data. A series of independent sample T-tests is used to find out whether there exists any significant difference between the companies internationalized and those operating only domestically for each organizational factor. Among the five factors, size and geographic dispersion show significant difference, growth rate and price bonding do not reveal any difference and, finally, history factor shows conflicting results in the difference depending on how to measure it.

    shows the summary statistics for hypotheses testing. In conclusion, the results show that the size and history, which are the key variables in resource-based theory, have a significant relationship with internationalization and that geographic area, which belongs to agency theory, also has a strong relationship with internationalization. The results support the findings of extant research and, therefore, prove the usefulness of resource-based theory and agency theory in explaining internationalization of franchising companies. However, growth rate and price-bonding do not show a clear difference between the two types of companies. Accordingly, these two factors need further attention in the future research. Although this study shows meaningful findings theoretically and practically, it has several limitations. First, only organizational factors are considered even if there are various environmental factors influencing franchising firm's internationalization. Second, only being internationalized or not is considered. That is, modes of entry and the size of foreign operations are not included in the study. Third, internationalization strategy is often determined based on the desire for business expansion and higher profitability and egoistical reasons of the CEOs. However, this type of factors belonging to behavioral science is not discussed in the study. Finally, organizational ecology perspective is usefully applicable in explaining the survival and performance of internationally operating companies. Accordingly, research propositions based on this perspective need to be developed and tested.

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  • THE EFFECT OF NEW BONE FORMATION OF ONLAY BONE GRAFT USING VARIOUS GRAFT MATERIALS WITH A TITANIUM CAP ON THE RABBIT CALVARIUM (가토의 두개골에서 티타늄 반구를 이용한 다양한 onlay bone graft시 골형성 능력)

    • Park, Young-Jun;Choi, Guen-Ho;Jang, Jung-Rok;Jung, Seung-Gon;Han, Man-Seung;Yu, Min-Gi;Kook, Min-Suk;Park, Hong-Ju;Ryu, Sun-Youl;Oh, Hee-Kyun
      • Maxillofacial Plastic and Reconstructive Surgery
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      • v.31 no.6
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      • pp.469-477
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      • 2009
    • Purpose: This study was performed to evaluate the effect of various graft materials used with a titanium cap on the ability of new bone formation in the rabbit calvarium. Materials and Methods: A total of 32 sites of artificial bony defects were prepared on the calvaria of sixteen rabbits by using a trephine bur 8 mm in diameter. Each rabbit had two defect sites. 0.2 mm deep grooves were formed on the calvaria of sixteen rabbits by using a trephine bur 8 mm in diameter for the fixation of a titanium cap. The treatments were performed respectively as follows: without any graft for the control group (n=8), autogenous iliac bone graft for experimental group 1 (n=8), alloplastic bone graft ($SynthoGraft^{(R)}$, USA) for experimental group 2 (n=8), and xenogenic bone graft ($NuOss^{(R)}$, USA) for experimental group 3 (n=8). After the treatments, a titanium cap (8 mm in diameter, 4 mm high, and 0.2 mm thick) was fixed into the groove. At the third and sixth postoperative weeks, rabbits in each group were sacrificed for histological analysis. Results: 1. In gross examination, the surgical sites showed no signs of inflammation or wound dehiscence, and semicircular-shaped bone remodeling was shown both in the experimental and control groups. 2. In histological analysis, the control group at the third week showed bone remodeling along the inner surface of the cap and at the contact region of the calvarium without any specific infiltration of inflammation tissue. Also, there was no soft tissue infiltration. Bone remodeling was observed around the grafted bone and along the inner surface of the titanium cap in experimental group 1, 2, and 3. 3. Histologically, all groups at the sixth week showed the increased area of bone remodeling and maturation compared to those at the third week. In experimental group 2, the grafted bone was partially absorbed by multi nucleated giant cells and new bone was formed by osteoblasts. In group 3, however, resorption of the grafted bone was not observed. 4. Autogenous bone at the third and sixth week showed the most powerful ability of new bone formation. The size of newly formed bone was in decreasing order by autogenous, alloplastic, and heterogenous bone graft. There was no statistically significant difference among autogenous, alloplastic, and heterogenous bones(p>0.05). Summary: This result suggests that autogenous bone is the best choice for new bone formation, but when autogenous bone graft is in limited availability, alloplastic and xenogenic bone graft also can be an alternative bone graft material to use with a suitably guided membrane.

    A Survey of the Image Conveyed by Different Types of Nurses따 Uniforms (간호사의 복장 형태에 따른 간호사 이미지에 대한 조사 연구)

    • 김조자;이원희;허혜경;김창희;홍성경
      • Journal of Korean Academy of Nursing
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      • v.23 no.4
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      • pp.631-648
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      • 1993
    • This study is a descriptive study to provide basic data related to types of uniforms worn by nurses. Nurses, other medical center personnel, patients and their famillies were asked for their opinion on changing nurses’ uniforms and how the image of nurses is 1 elated to the type of uniform worn by the nurses. The data for this study were collected during the period from Feb. 25, 1993 to Mar. 26, 1993 at Y-University Medical Center from 132 nurses, 137 other medical center personnel, 117 patients and their families. The instruments used for this study were the Nurses’ Image Scale(NIS) developed by Bown(1986), and an instrument to measure opinions of uniform and cap using photographs of nurses’ uniforms that was developed by the researcher through a literture review. Data were analyzed using the SPPS / PC package, Statistics used for analysis were frequencies, percentages, paired t -test, and oneway ANOVA The results of this study are summarized as follows ; 1. Of the nurses, 84.3%, along with, 51.5% of the medical center personnel, 39.1% of the patients and their families agreed to a change in the color of nurses uniforms. 2. Similarly, 87.4% of the nurses,27.7% of the medical center personnel, 19.3% of the patients and their families were in favor of nurses not wearing caps. 3. Only 11.8% of nurses answered that a white uniform was important to the professional image of nursing. Only 2.4% of the nurses answered that a cap was very important to the professional image of nursing. 4. Only 1.6% of the nurses answered that a white uniform and cap were important to show the role of nurses in the twenty first century. 5. About 1/3, 36.5%, of the medical center personnel, the patient and their families answered that changing the color of the nurses' uniform will make a change in the image of nurses. 6. A White uniform and cap were seen as being im-portant in distinguishing nurses from other medical personnel in the hospital by 76.5% of the medical personnel, the patients and their families. 7. Nurses gave high marks to the idea of no cap regardless of the color of the uniform which would still portray the symbol of the nurses’ role, identity and would differentiate the role from other jobs. The patients and their families gave high marks to a white uniform with cap. 8. Generally, nurses, medical center personnel and patients and their families thought that a colored uniform with cap presented a good image of nurses. 9. There was a significant difference in the response among the three groups(F=24.65, P〈.001) to the figure in a white uniform with a cap, and the patients and their families thought it was the best portrayal of the image of nurses. There was a significant difference among the three groups(F=9.03, P〈.001) to the figure in a white uniform with no cap and the nurses indicated that it was the beat portrayed of the image of nurses. There was no significant difference among the three groups to the figure in a colored uniform with cap. There was a significant difference(F=17.50, P〈. 001) to the figure in a colored uniform with no cap, and the nurses indicated that it was the best portrayal of the image of nurses. In summary, the nurses wanted to change the color of uniform and not to wear a cap. But many of the medical center personnel, patients and their families indicated they did not agree with this idea. Therefore, changing the type of uniform worn by nurses should be done only after consideration has been given to the relation of the change to the professional role of nurses and the image of nurses held people in general. Suggestions arising from this study are as follows : 1. The relation between the role of nurses and their uniform was surveyed, and these results can be used as data when considering a change in uniforms. 2. A change in uniforms should be tried based on the norm established about uniforms. 3. The nurses did not want to wear a cap, but before a decision is definitely made it is necessary to study the philosophy related to the symbol of the cap because the figure of a nurse with a cap portrayed a positive image of the nurses. If the cap is kept, the symbol of the cap should be redefined. 4. In this study, only the image related to the uniform was examined, but in future studies it will be necessary to examine the practicality of various types of uniforms.

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    Validity of Nursing Diagnoses Related to Difficulty in Respiratory Function (호흡기능장애와 관련된 간호진단의 타당도 조사)

    • 김조자;이원희;유지수;허혜경;김창희;홍성경
      • Journal of Korean Academy of Nursing
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      • v.23 no.4
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      • pp.569-584
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      • 1993
    • This study was done to verify validity of nursing diagnoses related to difficulty in respiratory function. First, content validity was examined by an expert group considering the etiology and the signs / symptoms of three nursing diagnoses - ineffective airway clearance, ineffective breathing pattern, impaired gas exchange. Second, clinical validity was examined by comparing the frequencies of the etiologies and signs / symptoms of the three nursing diagnoses in clinical case studies with the results of the content validity. This study was a descriptive study. The sample consisted of 23 experts (professors, head nurses and clinical instructors) who had had a variety of experiences using nursing diagnoses in clinical practice, and 102 case reports done by senior student nurses of the college of nursing of Y-university. These reports were part of their clinical practice in the ICU. The instrument used for this study was a checklist for etiologies and signs and symptoms based on the literature, Doenges and Moorhouse (1988), Kim, McFarland, McLane (1991), Lee Won Hee et al. (1987), Kim Cho Ja et at. (1988). The data was collected over four month period from May 1992 to Aug. 1992. Data were analyzed using frequencies done with the SPSS / PC+ package. The results of this study are summarized as follows : 1. General Characteristics of the Expert Group A bachelor degree was held by 43.5% and a master or doctoral degree by 56.5% of the expert group. The average age of the expert group was 35.3 years. Their average clinical experience was 9.3 years and their average experience in clinical practice was 5.9 years. The general characteristics of the patients showed that there were more women than men, that the age range was from 1 to over 80. Most of their medical diagnoses were diagnoses related to the respiratory. system, circulation or neurologic system, and 50% or more of them had a ventilator with intubation or a tracheostomy. The number of cases for each nursing diagnoses was : · Ineffective airway clearance, 92 cases. · Ineffective breathing pattern, 18 cases. · Impaired gas exchange, 22 cases. 2. The opinion of the expert group as to the classification of the etiology, and signs and symptoms of the three nursing diagnoses was as follows : · In 31.8% of the cases the classification of etiology was clear. · In 22.7%, the classification of signs and symptoms was clear. · In 17.4%, the classification of nursing interventions was clear. 3. In the expert group 80% or mere agreed to ‘dysp-nea’as a common sign and symptom of the three nursing diagnoses. The distinguishing signs and symptoms of (Ineffective airway clearance) were ‘sputum’, ‘cough’, ‘abnormal respiratory sounds : rales’. The distinguishing sings and symptoms of (Ineffective breathing pattern) were ‘tachypnea’, ‘use of accessory muscle of respiration’, ‘orthopnea’ and for (Impaired gas exchange) it was ‘abnormal arterial blood gas’, 4. The distribution of etiology, and signs and symptoms of the three nursing diagnoses was as follows : · There was a high frequency of ‘increased secretion from the bronchus and trachea’ in both the expert group and the case reports as the etiology of ineffective airway clearance. · For the etiologies for ineffective breathing pat-tern, ‘rain’, ‘anxiety’, ‘fear’, ‘obstructions of the tract, ca and bronchus’ had a high ratio in the ex-pert group and ‘decreased expansion of lung’ in the case reports. · For the etiologies for impaired gas exchanges, ‘altered oxygen -carrying capacity of the blood’ and ‘excess accumulation of interstitial fluid in lung’ had a high ratio in the expert group and ‘altered oxygen supply’ in the case reports. · For signs and symptoms for ineffective airway clearance, ‘dyspnea’, ‘altered amount and character of sputum’ were included by 100% of the expert group. ‘Abnormal respiratory. sound(rate, rhonchi)’ were included by a high ratio of the expert group. · For the signs and symptoms for ineffective breathing pattern. ‘dyspnea’, ‘shortness of breath’ were included by 100% of the expert group. In the case reports, ‘dyspnea’ and ‘tachypnea’ were reported as signs and symptoms. · For the sign and symptoms for impaired gas exchange, ‘hypoxia’ and ‘cyanosis’ had a high ratio in the expert group. In the case report, ‘hypercapnia’, ‘hypoxia’ and ‘inability to remove secretions’ were reported as signs and symptoms. In summary, the similarity of the etiologies and signs and symptoms of the three nursing diagnoses related to difficulty in respiratory function makes it difficult to distinguish among them But the clinical validity of three nursing diagnoses was established through this study, and at last one sign and symp-tom was defined for each diagnosis.

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    An Analysis on Health Promotion Behavior of Middle and High School Students (중등학교 학생의 건강증진 행태와 관련요인분석)

    • 김귀희;남철현
      • Korean Journal of Health Education and Promotion
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      • v.14 no.1
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      • pp.23-45
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      • 1997
    • This study was conducted from March 1, 1996 through June 30, in order to provide basic data for devising a policy for school health especially students health promotion and for developing of an education program. Middle school students were 1000, high school students were 2000 and a total of 3000 students were selected randomly among the boys/girls/middle/high schools which are in Seoul, Pusan, Taegu, Pohang, Suwon, Kyungsan, Milyang and a town or subcountry. The summary and conclusion are as follows. 1. In general characteristics of respondents, 51.8% were girl students, 33.7% were middle school students, 66.3% were high school students. 37.2% were living in a medium and small city, 89.1% were middle classes, 43.6% were having no religion, 27.3% were buddhists. 2. As a result of analyzing, exercise, nutrition, personal behavior, knowledge of health education and behavior level which are the factors promotion, exercise level were 3.61 of the perfect 9(40.1/100), nutrition level were 3.71(41.1/100), personal hygiene were 6.89(76.6/100), health education level were 5.1(58.9/100), all of the them are low level. 3. Judging from characteristics, in case of exercise behavior level, It was far higher in boy students than in girl students, in middle school students than in high school students. It was respectively higher than other groups in the second graders of middle school, in the first graders of high school, in the residents who live in a big city, in the high classes in the buddhists. 4. The students level against disease was average 9.11 of the perfect score 14(65.1/100). The level of disease consciousness was high in girl students by characteristics, in the second graders of high school by grades, in high school students than middle school students. 5. In health status, 55.4% were healthy, 7.9% were unhealthy. It was respectively higher than the other groups in boy students, in middle school students, in the residents who live in a big city, in high classes of life level, in buddihists, in higher education level of parents. 6. Judging from the factors of health status and health promotion and the degree of significance, there's a significant differences between exercise and dietary life as P〈0.001, in personal hygiene as P〈0.05, in health education an P〈0.01. 7. Knowledge on disease, health promotion behavior level were average 19.42 ± 4.01 of the perfect score 50(38.8/100) this score was too low. As for characteristics, the level between variables was statistically significant in the higher life level, in the higher parents education level, in the happier family. 8. Judging from health status, knowledge on disease, health behavior level, knowledge and health promotion behavior level significantly in the better health status, in the better school record. 9. As a result of the multiplex regression analyzing the factors which were under influence on health status, the variables like exercise, school record level, the degree of family happiness, nutrition, grades, the members of family influenced much and its persuasive power was 10.2%. The factors which are under the influence on the health promotion were exercise, satisfied degree of education, health status, the degree of family happiness, knowledge on disease, the usage of physical training, sex, the number of the family members, mother's education level. It’s explained power was 21.3%. promotion were high We should develop a text book and an education program to study exercise, nutrition(dietary life), personal hygiene, knowledge on disease and health systematically. As far as health education irrespective city and locality without considering the entrance exam for high school and university we should execute it continuously. To do this, it’s important to cultivate and secure qualified men of ability who can teach things related health promotion and the related subject, that is, health or health promotion subject should be established in middle and high school curriculum necessarily.

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    Expiration-Day Effects: The Korean Evidence (주가지수 선물과 옵션의 만기일이 주식시장에 미치는 영향: 개별 종목 분석을 중심으로)

    • Choe, Hyuk;Eom, Yun-Sung
      • 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.

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    Air Carrier's Civil Liability for Overbooking (항공권의 초과예약(Overbooking)에 관한 항공사의 민사책임)

    • Kwon, Chang-Young
      • The Korean Journal of Air & Space Law and Policy
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      • v.31 no.1
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      • pp.99-144
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      • 2016
    • The summary of the case is as follows: a Korean passenger booked and purchased a business class ticket from Air France that was scheduled to depart from Paris and arrive in Seoul. When the passenger arrived at the check-in counter, he was told that all business class seats were occupied. It was because the flight was overbooked by Air France. The passenger cancelled the Air France flight and took another air carrier. After arriving in Korea, he brought suit against Air France for damages. The purpose of this article is to discuss the governing law when interpreting the contract of international air carriage in accordance with the Korean Private International Act (2001) and to analyze air carrier's civil liability for the bumped passenger in the overbooking case. If the parties have not chosen the applicable law the contract shall be governed by the law of the habitual residence of the consumer in the following situations: prior to the conclusion of the contract, the opposite party of the consumer conducted solicitation of transactions and other occupational or business activities by an advertisement in that country or conducted solicitation of transactions and other occupational or business activities by an advertisement into that country from the areas outside that country and the consumer took all the steps necessary for the conclusion of the contract in that country or in case the opposite party of the consumer received an order of the consumer in that country [Article 27 (1), (2) of the Private International Act]. Since the contract of international carriage falls into the consumer contract, the Supreme Court viewed that the governing law of the contract in this case would be the law of the habitual residence of the consumer (Supreme Court Decision 2013Da8410 decided on Aug. 28, 2014). This interpretation differs from the article 5 (4) of Rome Convention(80/934/EEC) which declares that the consumer contract article shall not apply to neither a contract of carriage nor a contract for the supply of services where the services are to be supplied to the consumer exclusively in a country other than that in which he has his habitual residence. Even though overbooking can be considered as a common industry practice, an air carrier must burden civil liability in case of breach of contract for the involuntary bumped passenger(Seoul Central District Court Decision 2014Na48391 decided on Jan. 29, 2015). In case of involuntary bumping, an air carrier must offer re-routing to passenger's final destination by an alternative flight. If an air carrier fails to effect performance in accordance with the tenor and purport of the obligation, the involuntary bumped passenger may claim damages(Article 390 of the Civil Code).

    Effectiveness Analysis of Startup Support Policy of Early Start-ups: Moderating Effect of the Industry and Growth Stage of the Start-ups (초기 창업기업 창업지원정책의 효과성 분석: 창업업종 및 창업성장단계 조절효과)

    • Jung, kyung-hee
      • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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      • v.15 no.1
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      • pp.59-70
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      • 2020
    • This study was proceeded to empirically identify the start-up support policy as an element that affects the performance of the early start-ups and measure the effectiveness of the current start-up support policy, in order to suggest the direction future policies according to the study. To accomplish this the influence of the start-up support policy on the early start-ups was analyzed, and the differences according to the industry and growth stage of the start-ups, as the characteristics of the start-ups, were identified. The research subjects collected real data of 297 start-ups of the past three years that were selected for the Initial Start-Up Package project, and performed multiple regression analysis on the influence between variables, and hierarchical regression analysis on moderating effects. The summary of the study is as follows. First, as a result of identifying the influential relationship between the start-up support policy and the performance of the start-up, sales had made a significant impact on the start-up fund, start-up mentoring, and start-up infrastructure(space), while start-up education failed to show a significant effect on the increase in sales. In terms of employment, start-up mentoring was the only field that showed a significant influential relationship. Second, as a result of identifying the moderating effect of the start-up's industry and growth stage, the industry did not have a statistically significant influence, but the interactive effect was seen in start-up education. To be more specific in terms of the sales relationship of each industry, knowledge services turned out to be helpful in improving sales, while manufacturing turned out to be effective in improving sales regardless of being supported with start-up mentoring and start-up infrastructure (space). The sales relationship regarding the start-up growth stage was identified to be statistically significant. The preliminary stage was not statistically significant, while providing start-up mentoring and start-up funding were effective for start-up stage and growing stage, respectively. On the other hand, employment did not perform a significant influence on the start-up growth stage. This study analyzes the effectiveness the start-up support policy for early start-ups, identifies the need in differentiated support policies according to the characteristics of the start-ups, and suggests implications for the direction in which future policies should be made towards.


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