• The Korean Journal of Financial Management
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• v.27 no.2
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• pp.169-204
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• 2010

This paper examines the dynamic relationship between fund flow and market risk at the aggregate level and explores whether sudden sharp changes in fund flow (fund run) can cause a systemic risk in the Korean financial markets. We use daily and weekly data and regression and VAR analysis. Main results of the paper are as follows: First, in the stock market, a concurrent and a lagged unexpected fund flows have a positive relationship with market volatility. A positive shock in fund flow predicts an increase in stock market volatility. In the bond market, an unexpected fund flow has a negative relationship with the default risk premium, but a positive relationship with the term premium. And an unexpected fund flow of the money market fund has a negative relationship with the liquidy risk, but the explanatory power is very low. Second, for examining whether changes in fund flow induce a systemic risk, we construct a spillover index based on the forecast error variance decomposition of VAR model. A spillover index represents that how much the shock in fund flow can explain the change of market risk in a market. In general, explanatory powers from spillover indexes are so fluctuant and low. In the stock market, the impact of shocks in fund flow on market risk is relatively high and persistent during the period from the end of 2007 to 2008, which is the subprime-mortgage crisis period. In bond market, since the end of 2008, the impact of shocks in fund flow spreads to default risk continually, while in the money market, such a systematic effect doesn't take place. The persistent patterns of spillover effect appearing around a certain period in the stock market and the bond market suggest that the shock to the unexpected fund flow may increase the market risk and can be a cause of systemic risk in the financial markets. However, summarizing the results of regression and VAR model analysis, and considering the very low explanatory power of spillover index analysis, we can conclude that changes in fund flow have a very limited power in explaining changes in market risk and it is not very likely to induce the systemic risk by a fund run in the Korean financial markets.

• Journal of Bio-Environment Control
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• v.4 no.1
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• pp.50-58
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• 1995

These studies were carried out to develop a system for non -destructive and continuous measurement of fresh weight and to analyse the growth response of leaf lettuce under the different nutrient solution and light condition with this system. The developed measurement system was consisted of four load cells and a microcomputer. The output from the system was highly positive correlation with the plant fresh weight above the surface of the hydroponic solution. The top fresh weight of plant could be measured within the error $\pm$ 1.0g in the range of 0 - 2000g. The top fresh weight of leaf lettuce increased 44 times at 18th day after transferring to the nutrient solution, and the maximum growth rate was observed at 13th day after transferring. The growth rate was 10.7- 29.6% per day during 18 days. Optimum concentration of the nutrient solution for the growth of lettuce was 1.4 - 2.2 mS/cm of EC level. When the light condition was changed from dark to light, the fresh weight was temporarily decreased, but the fresh weight increased under the opposite condition. Top fresh weight of leaf lettuce in the darkness normally increased within 12 hours after darkness treatment, and then slowly increased until 78 hours under continuous dark condition. After that times, the fresh weight began to decrease.

• The Journal of the Petrological Society of Korea
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• v.18 no.1
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• pp.31-47
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• 2009

We performed petrological, geochemical, and geochronological study for the Pyeonghae granite gneiss and the Hada leuco-granite gneiss intruding the Paleoproterozoic meta-sedimentary rocks (pyeonghae formation and Wonnam formation) of the Pyeonghae area located in northeastem part of the Yeongnam (Sobaeksan) massif. The Pyeonghae granite gneiss generally has higher abundance of mafic minerals (biotite etc.), and posesses higher ${Fe_2}{O_3}^t$, MgO, CaO, $TiO_2$, $P_{2}O_{5}$ contents but lower $SiO_2$ and $K_{2}O$ contents than the Hada leuco-granite gneiss which tends to have slightly high $Al_{2}O_{3}$ and $Na_{2}O$ contents and slightly high larger negative Eu anomalies. However both gneisses reveal very similar REE concentrations and chondrite-normalized patterns and apparently show differentiation trend affected by crystallization of biotite, plagioclase, apatite and sphene. Their peraluminous and calc-alkaline chemistry suggests tectonic environment of volcanic arc. SHRIMP Zircon U-Pb age determinations yield upper intercept ages of $1990{\pm}23\;Ma$ ($2{\sigma}$) and $1939{\pm}41\;Ma$ ($2{\sigma}$), and weighted mean $^{207}Pb/^{206}Pb$ ages of $1982{\pm}6.3\;Ma$ ($2{\sigma}$) and $1959{\pm}28\;Ma$ ($2{\sigma}$) for the Pyeonghae granite gneiss and the Hada leuco-granite gneiss respectively, showing overlapping ages within the error. Our study suggests that the Precambrian granitoids in this area intruded contemporaneously with the Buncheon granite gneissin volcanic arc environment.

• Journal of the Korean Chemical Society
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• v.37 no.2
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• pp.191-198
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• 1993

The crystal structures of $Cd_{6-}A$ evacuated at $2{\times}10^{-6}$ torr and $750^{\circ}C$ (a = 12.204(1) $\AA$) and dehydrated $Cd_{6-}A$ reacted with 0.1 torr of Cs vapor at $250^{\circ}C$ for 12 hours (a = 12.279(1) $\AA$) have been determined by single crystal X-ray diffraction techniques in the cubic space group Pm3m at $21(1)^{\circ}C.$ Their structures were refined to final error indices, $R_1=$ 0.081 and $R_2=$ 0.091 with 151 reflections and $R_1=$ 0.095 and $R_2=$ 0.089 with 82 reflections, respectively, for which I > $3\sigma(I).$ In vacuum dehydrated $Cd_{6-}A$, six $Cd^{2+}$ ions occupy threefold-axis positions near 6-ring, recessed 0.460(3) $\AA$ into the sodalite cavity from the (111) plane at O(3) : Cd-O(3) = 2.18(2) $\AA$ and O(3)-Cd-O(3) = $115.7(4)^{\circ}.$ Upon treating it with 0.1 torr of Cs vapor at $250^{\circ}C$, all 6 $Cd^{2+}$ ions in dehydrated $Cd_{6-}A$ are reduced by Cs vapor and Cs species are found at 4 crystallographic sites : 3.0 $Cs^+$ ions lie at the centers of the 8-rings at sites of $D_{4h}$ symmetry; ca. 9.0 Cs+ ions lie on the threefold axes of unit cell, ca. 7 in the large cavity and ca. 2 in the sodalite cavity; ca. 0.5 $Cs^+$ ion is found near a 4-ring. In this structure, ca. 12.5 Cs species are found per unit cell, more than the twelve $Cs^+$ ions needed to balance the anionic charge of zeolite framework, indicating that sorption of Cs0 has occurred. The occupancies observed are simply explained by two unit cell arrangements, $Cs_{12}-A$ and $Cs_{13}-A$. About 50% of unit cells may have two $Cs^+$ ions in sodalite unit near opposite 6-rings, six in the large cavity near 6-ring and one in the large cavity near a 4-ring. The remaining 50% of unit cells may have two Cs species in the sodalite unit which are closely associated with two out of 8 $Cs^+$ ions in the large cavity to form linear $(Cs_4)^{3+}$ clusters. These clusters lie on threefold axes and extend through the centers of sodalite units. In all unit cells, three $Cs^+$ ions fill equipoints of symmetry $D_{4h}$ at the centers of 8-rings.