• The Korean Journal of Financial Management
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• v.23 no.1
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• pp.101-133
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• 2006

We examine whether new derivatives on KOSPI 200 affect volatility asymmetry of KOSPI 200 portfolio, relative to the carefully matched non-KOSPI 200 portfolio. To test the effect or new derivatives trading, we use GJR-GARCH model and newly developed Volatility Ratio(down-market volatility to up-market volatility ratio). Our results show that KOSPI 200 portfolio experiences lower volatility asymmetry than non-KOSPI 200 portfolio after the trading of new derivatives on KOSPI 200, especially after the introduction of stock index options(KOSPI 200 options). For non-KOSPI portfolio, no significant reduction in volatility asymmetry occurred when trading of stock index options began. Also, we find that in the period of after January 1999, the period of after do-regulations and Financial Crisis in the Korean capital market, volatility asymmetry of stock markets was significantly decreased. This means that level of volatility asymmetry is closely related to the level of market regulations. Further, the results of the paper show that leverage effect and changes in foreign exchange ratio can be good candidates for explaining the stylized volatility asymmetry in the Korean stock market.

• The Korean Journal of Financial Management
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• v.20 no.1
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• pp.191-212
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• 2003

Recently, there is a growing body of literature that suggests that information inefficiency is one of the causes of the asymmetric volatility. If this explanation for the asymmetric volatility is appropriate, then innovations, such as the introduction of futures, may be expected to impact the asymmetric volatility of stock market. As transaction costs and margin requirements in the futures market are lower than those in the spot market, new information is transmitted to futures prices more quickly and affects spot prices through arbitrage trading with spots. Also, the merit of the futures market may attract noise traders away from the spot market to the futures market. This study examines the impact of futures on the asymmetry of stock market volatility. If the asymmetric volatility is significant lower post-futures and exist in the futures market, it has validity that the asymmetric volatility is caused by information inefficiency in the spot market. The data examined are daily logarithmic returns on KOSPI 200 stock price index from January 4, 1993 to December 26, 2000. To examine the existence of the asymmetric volatility in the futures market, logarithmic returns on KOSPI 200 futures are used from May 4, 1996 to December 26, 2000. We used a conditional mode of TGARCH(threshold GARCH) of Glosten, Jagannathan and Runkel(1993). Pre-futures the spot market exhibits significant asymmetric responses of volatility to news and post-futures asymmetries are significantly lower, irrespective of bear market and bull market. The results suggest that the introduction of stock index futures has an effect on the asymmetric volatility of the spot market and are inconsistent with leverage being the sole explanation of asymmetry. However, it is found that the volatility of futures is not so asymmetric as expected.

• Journal of Korea Port Economic Association
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• v.30 no.3
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• pp.1-14
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• 2014

This paper aims at measuring how new information is incorporated into volatility estimates. Various GARCH models are compared and estimated with daily BDI(Baltic Dry Index) data. While most researchers agree that volatility is predictable, they differ on how this volatility predictability should be modelled. This study, hence, introduces the asymmetric or leverage volatility models, in which good news and bad news have different predictability for future. We provide the systematic comparison of volatility models focusing on the asymmetric effect of news on volatility. Specifically, three diagnostic tests are provided: the sign bias test, the negative size bias test, and the positive size bias test. From the Ljung-Box test statistic for twelfth-order serial correlation for the level we do not find any significant serial correlation in the unpredictable BDI. The coefficients of skewness and kurtosis both indicate that the unpredictable BDI has a distribution which is skewed to the left and significantly flat tailed. Furthermore, the Ljung-Box test statistic for twelfth-order serial correlations in the squares strongly suggests the presence of time-varying volatility. The sign bias test, the negative size bias test, and the positive size bias test strongly indicate that large positive(negative) BDI shocks cause more volatility than small ones. This paper, also, shows that three leverage models have problems in capturing the correct impact of news on volatility and that negative shocks do not cause higher volatility than positive shocks. Specifically, the GARCH model successfully reveals the shape of the news impact curve and is a useful approach to modeling conditional heteroscedasticity of daily BDI.

• Transactions of the Korean Society of Mechanical Engineers B
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• v.40 no.4
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• pp.263-273
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• 2016

The effect of recirculated exhaust gas on performance and exhaust emissions with FGR rate are investigated by using a natural circulation, pressurized draft and water tube boiler with FGR system operating at several boiler loads and over fire air damper openings. The purpose of this study is to apply the FGR system to a power plant boiler for reducing $NO_x$ emissions. To activate the combustion, the OFA with 0 to 20% is supplied into the flame. When the suction damper of two stage combustion system installed in the upper side of wind box is opened by handling the lever between $0^{\circ}$ and $90^{\circ}$, also, the combustion air supplied to burner is changed. It is found that the fuel consumption rate per evaporation rate did not show an obvious tendency to increase or decrease with rising the FGR rate, and $NO_x$ emissions at the same OFA damper opening are decreased, as FGR rates are elevated and boiler loads are dropped. While a trace amount of soot is emitted without regard to the operation conditions of boiler load, OFA damper opening and FGR rate, because soot emissions are eliminated by the electrostatic precipitator with a collecting efficiency of 86.7%.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.20 no.12
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• pp.502-512
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• 2019

To examine the problem structure of balanced regional development policy and identify the causes of the gap between the capital and non-capital areas, this study examined the causal structure in terms of the concentration and distribution of functions in the metropolitan area and non-capital area and explored the policy leverage. As a research method, the causal map was drawn using System Dynamics techniques and policy leverage was derived through an exploration of the feedback structure. In particular, the causes of the problems in balanced regional development policies were approached by system accidents rather than by single-circuit accidents, and causality analysis was performed among the variables constituting balanced regional development policies based on system accidents. In particular, it singled out 31 variables, developed 13 feedback loops, and confirmed four major policy leverages, including relocation of the capital function, local decentralization policies, consistent development, and investment practices centered on the Non­Capital Area. Subsequently, a follow-up study by computer simulation is needed by modeling the structure of the system to identify the ripple effect of the policies of the Capital Area on the Non­Capital Area.

• Journal of the Korea institute for structural maintenance and inspection
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• v.24 no.2
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• pp.111-118
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• 2020

In this paper, the flexural creep behavior of hooked-end steel fiber reinforced high-strength concrete was evaluated to investigate the steel fiber content influence on long-term behavior of flexural members. An experimental program consisted of nine prismatic beam specimens with dimensions of 150 × 150 × 600mm reinforced with different contents of steel fiber (0, 0.75 and 1.5% at the volume fraction). To introduce flexural creep loading to notched prismatic beam specimens, a four-point bending test setup was used. The sustained load with 40% of the flexural strength was applied by means of a lever system and controlled by a load cell for 90 days. During sustained loading, crack mouth opening displacement (CMOD) was monitored. Conventional flexural test after creep tests were carried out to evaluate the residual capacity of each specimen. Test results showed that steel fiber content has a significant effect on the flexural creep behavior of high-strength concrete and long-term flexural load with 40% of flexural strength doesn't generate negative effects on the residual capacity of steel fiber reinforced high-strength concrete.

• Journal of Dental Rehabilitation and Applied Science
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• v.29 no.3
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• pp.224-235
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• 2013

A passively fitting prosthesis is an essential prerequisite to attain long-lasting success and maintenance of osseointegration. However, true "passive fit" can not be achieved with the present implant-supported prosthesis fabrication protocol. Many clinical situations are suitably treated with cantilevered implant-supported fixed restorations. The purpose of this study was to compare the stress distribution pattern and magnitude in supporting tissues around ITI implants with cantilevered, implant-supported, screw-retained fixed prosthesis according to the fitness of superstructures. Photoelastic model was made with PL-2 resin (Measurements, Raleigh, USA) and three ITI implants (${\phi}4.1{\times}10mm$) were placed in the mandibular posterior edentulous area distal to the canine. Anterior and posterior extended 4-unit cantilevered FPDs were made with different misfit in the superstructures. 4 types of prosthesis were made by placing a $100{\mu}m$ gap between the abutment and the crown on the second premolar and/or the first molar. Photoelastic stress analysis were carried out to measure the fringe order around the implant supporting structure under simulated loading conditions (30 lb).

• Journal of the Korean Geographical Society
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• v.39 no.6 s.105
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• pp.955-970
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• 2004

With the flow of globalization, world aviation markets are showing growing trends toward liberalization, deregulation, and privatization. At the same time, also apparent is a strong trend toward regionalism on aviation markets to realize open skies at the regional level. This research examines the recent trend of regionalism in the world aviation market from a political economic perspective, taking a single European aviation market as an example. The results show that the creation of a single European aviation market is the EU's strategic response against the US to enhance the European aviation industry's competitiveness. More specifically, the results show that the European countries are creating a single European aviation market in order to stand against the US' so-called 'divide and nile policy' and 'encirclement strategy' and to make their airliners to have competitive advantages over the US airliners on the lucrative North-Atlantic air routes. Recently, the single European aviation market is expanding by including the Mediterranean and Balkan states to pursue Pan European aviation cooperation and to develop European Common Aviation Area so that it can continuously enhance its negotiating leverage against external markets. The results imply that it is urgent for the Northeast Asian countries to create their own regional aviation bloc to develop their aviation industry and to increase their negotiating power against external countries.

• Journal of Korean Ophthalmic Optics Society
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• v.13 no.4
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• pp.89-94
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• 2008

Purpose: To observe the high temperature creep test and the fracture surface of the samples of 9% Ni alloy steel generally used for all kinds of mahine parts and predict the durability of that by determining a constant of C with a Larson-Miller variable. Methods: The equipment of this test was made into lever-beam style designed by Andrade and F. Garofalo et al.. The condition of creep test was set under 16 kinds of conditions after fixing 4 kinds of temperature condition and 4 kinds of stress condition to check how it effects the samples. Results: The temperature of creep test was increased, the stress index (n) of creep deformation was gradually decreased from 3.97 to 3.55. The activation energy of creep deformation was decreased from 90.39 to 83.64 kcal/mol when the stress was increased. A constant of C value by calculation of larson-Miller variable was about 22 and if temperature for use is suggested, the durability could be calculated. Conclusions: By analyzing the fracture phenomenon and suggesting the observation result of the fracture surface of the samples and creep test of 9% Ni alloy steel, the basic design data for the practical use of accessories in the field of equipment could be constructed and used to predict the durability of the equipment.

• Proceedings of the Korean Society for Noise and Vibration Engineering Conference
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• 2013.10a
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• pp.686-686
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• 2013

Automotive turbochargers have become common in gasoline engines as well as diesel engines. They are excellent devices to effectively increase fuel efficiency and power of the engines, but they unfortunately cause several noise problems. The noises are classified into mechanical noises induced from movement of a rotating shaft and aerodynamic noises by air flow in turbochargers. In addition to, there is a mechanical noise caused from movement of an actuator, electronically controlling a wastegate valve. It is called as valve rattle noise. The actuator is connected to a valve through a linkage. The noise occurs only if the valve is open, where the linkage is freely contact to neighbor structures without being constrained by any external forces. This condition allows impacts by the pulsation of exhaust gas, and the vibration from the impacts spreads out through turbine housing, causing the rattle noise. The noise is not in mechanical operating wastegate turbochargers because the linkage of an actuator is strongly connected by actuating force. For the electronic wastegate turbocharger, this paper proposed a test device to show the noise generating mechanism with a small vibration motor having an unbalanced shaft. It also shows how to reduce the noise - reduction of linkage clearances, inserting wave washers into a connection, and applying loose fitting in bushing embracing a valve lever to turbine housing.