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A Study on the Linear Causality between KOSPI200 Intraday Futures Returns and Cash Returns (KOSPI 200 하루중 선물수익률과 현물수익률간의 선형인과성에 관한 연구)

  • Kim, Tae-Hyuk;Kang, Seok-Kyu
    • The Korean Journal of Financial Management
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    • v.17 no.1
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    • pp.203-226
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    • 2000
  • 본 연구는 주가지수 선물시장이 도입된 1996년 5월 3일부터 1998년 12월 5일까지 1분 간격 KOSPI 200 선물가격과 현물가격의 거래자료를 이용하여 각 선물가격과 기초자산가격간의 관계와 상호작용을 검토하는데 있다. 특히 본 연구는 차익거래자나 초단기 투기자(scalper)들이 거래체결을 위해 촌각을 다투는 선물시장의 거래행태에서 볼 때, 경제적 의미를 부여할 수 있는 1분 간격 수익률 자료를 이용함으로써 시장참여자의 실제 거래에서 표출되는 정형화된 현상을 정확히 파악한다는 점에서 중요하다. 본 연구의 주요 결과를 제시하면 다음과 같다. 첫째, 주가지수 선물시장과 현물시장간에 체계적이고 긴 선도-지연 관계가 발견되었다. 주가지수 선물가격의 변화가 현물가격의 변화를 대략 26분 정도 선도하고 있으며, 대략 5분 정도 현물시장의 선도효과도 발견된다. 따라서 KOSPI 200 선물수익률과 현물수익률간의 선도-지연 관계는 한 시장에서 다른 시장으로의 일방적인 것이 아니라 시장간의 피드백(feedback)효과가 존재하며, 선물의 선도효과가 지배적인 것으로 보인다. 이러한 선도-지연 현상은 노이즈에 의한 비동시거래보다는 거래비용과 공매제약 차이 등 각 시장의 제도적 차이에 의해 발생하는 것으로 보여진다. 둘째, 약세시장 하에서 선물의 선도효과가 더욱 크게 나타났다. 이러한 현상은 약세시장 하에서 현물시장의 공매제약이 선물가격과 현물가격간의 괴리를 더욱 크게 하여 선물가격이 현물지수를 더욱 선도하게 하는 요인이 될 수도 있음을 나타내는 것이다. 셋째, 만기별 하위기간 중 97년 6월과 97년 12월을 제외한 기간은 선물과 현물가격간에 장기 안정적인 균형관계가 성립함을 발견하였다. 넷째, ARMA(p, q) 여과를 거친 선물과 현물수익률을 이용하여 97년 6월과 12월은 백터자기회귀(VAR)모형, 그 외의 기간은 오차수정(EC)모형으로 추정하였다. 표본전체기간동안 장기균형오차에 대한 조정은 선물과 현물시장에서 동시에 이루어지고 있으며, 시장간에 발생하는 불균형 상황은 아비트라지 거래로 조정되고 있음이 발견되었다. 각 만기별 모든 하위기간에 있어서는 시장간의 장기 불균형 상황이 현물시장을 통해서 조정되고 있으며, 시장이 성숙된 최근의 만기 98년 12월 하위기간에서는 선물의 15분 선도효과와 현물의 1분 선도효과가 발견되어 선물의 선도효과가 지배적임을 발견하였다.

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The Study on the Fisheries Biological Feature of Hairtail, Trichiurus lepturus from the Cheju Strait (제주해협에 출현하는 갈치 (Hairtail, Trichiurus lepturus)의 어업생물학적 특성)

  • KIM Sang Hyun;LEE Young Don;RHO Hong Kil
    • Korean Journal of Fisheries and Aquatic Sciences
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    • v.31 no.1
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    • pp.17-25
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    • 1998
  • A fisheries biological study on the hairtail (Trichiurus lepturus LINNAEUS), which was collected from Cheju City, Hanrim, Sungsanpo and Seogwipo in Cheju Island, was carried out from June through December In 1992. GSI of the hairtail maintained relatively high from June to September, and then it began to decrease in October and remained low until December. The maturation and spawning period was between June and October, and the major spawning occurred in August. The hairtail turned out to be a multiple spawning species which spawn two or three times In a single spawning season. During the spawning season the number of females was greater than that of males, whereas the sex ratio was almost 1 : 1 during the rest of the season. Fecundity estimated from various sizes of the hairtail ranged from 12,821 to 125,876. The bigger the snout anal length and body weight of the hairtail was, the more eggs it possessed.

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Reproductive Cycle of the Spring-Spawning Bitterling, Rhodeus uyekii(Pisces : Cyprinidae) (각시붕어, Rhodeus uyekii의 생식주기)

  • An, Cheul-Min
    • Korean Journal of Ichthyology
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    • v.7 no.1
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    • pp.33-42
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    • 1995
  • The reproductive cycle of the bitterling, Rhodeus uyekii was studied to observe the annual variations of gonadosomatic index(GSI), size frequency distribution of egg, ovipositor length and histological changes of gonad. GSI began to increase from February when the water temperature started to increase, and reached the maximum value in May, whereas it began to decrease from July and reached the minimum value in August which in the highest water temperature season. It began to incerase again but showed low value from September to November. The GSI remained stable thereafter. Monthly changes in GSI, ovipositor length, frequency of egg diameter and gonadal histology showed that the annual reproductive cycle was classified into the following successive phases : primary growing phase from September to November, quiescent phase in December, secondary growing and mature phase from January to February, ripe and spawning phase from March to June, and recovery and resting phase from July to August.

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Reproductive Ecology of the Hard Shelled Mussel, Mytilus coruscus in Western Korea (한국 서해산 홍합, Mytilus coruscus의 번식생태)

  • Lee, Il-Ho;Chung, Ee-Yung;Son, Pal-Won;Shin, Moon-Seup
    • The Korean Journal of Malacology
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    • v.23 no.2
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    • pp.199-208
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    • 2007
  • The gonad index, gonadosomatic index, the condition index, reproductive cycle, first sexual maturity, and sex ratio of the hard shelled mussel, Mytilus coruscus were investigated by using histological analysis and morphometric data. Specimens were collected monthly in Kyeokpo, western Korea from January to December, 2006. The gonad index reached a maximum in February, and minimum in September. Both the monthly variations of the gonad index (GI) and the gonadosomatic index (GSI) reached a maximum in February. After that, their values continually decreased between March and April because of spawning. The monthly variation of the condition index coincides with the GI and the GSI. The spawning period was from February to April, with the main spawning occurring between February and March. The reproductive cycle of this species could be classified into six stages: early active stage (November to January), late active stage (November to February), ripe stage (December to April), partially spawned stage (February to April), degenerative stage (April to October), and resting stage (June to December ). Percentages of sexual maturity was over 50% for the female and male hard shelled mussels that ranges from 40.1 to 50.0 mm in shell length. The percentage was 100% for those that are over 50.1 mm. The sex ratios of females to males over 40.1 mm in shell length were not significantly different from a 1:1 sex ratio $(x^2\;=\;0.63,\;p\;>\;0.05)$. No evidence of hermaphroditism was found in histological sections of any hard shelled mussel examined.

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Serotypes and Distributions of Escherichia coli Strains Isolated from Marine Products in Wholesale Market (시판 해산물에서 분리한 대장균의 혈청형 및 월별, 산지별 분포)

  • Ham, Hee-Jin
    • Journal of Food Hygiene and Safety
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    • v.23 no.1
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    • pp.15-18
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    • 2008
  • For prevention of E. coli related with food poisoning including diarrhea, urinal infection, peritonitis and infant septicemia, two hundreds and twelve E. coli strains(10.3%) were isolated among 2,066 seafood products in Seoul Garak fishery market from 2005 to 2007. Most strains were isolated from fishes (7.0%), shellfishes (12.8%), crustaceans (8.7%), and molluscs (11.0%) in summer. Serotypes of E. coli isolates were determined as O6, O8, O25, O26, O27, O55, O78, O126, O158, O167, and O168. Conclusively, we knew that E. coli could be contaminated in various seafood products.

Effects of Seeding Date on Growth and Yield in Oats (파종기가 귀리의 생육 및 수량에 미치는 영향)

  • 현승원;박양문;고무수;강영길
    • KOREAN JOURNAL OF CROP SCIENCE
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    • v.39 no.4
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    • pp.359-365
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    • 1994
  • A oat (Avena sativa) cultivar, 'Guiri 16', was seeded on Oct. 9, Oct. 24, Nov. 9, Nov. 24, Dec. 9 of 1991 and 1992 to determine usefulness of growing degree days (GDD) for predicting growth duration and the optimum seeding date of oats for grains in Cheju province. The later the seeding, the greater the number of days to emergence but the fewer the number of days to heading and maturity. As seeding was delayed, accumulated GDD from seeding to emergence generally tended to decrease but was less subjective to a constant downward tend over seeding date than the number of days. Accumulated GDD from emergence ot heading decreased with delaying seeding and accumulated GDD from heading to maturity decreased as seeding was delayed up to Nov. 24. As seeding was delayed from Oct. 9 to Dec. 9, to Dec. 9, leaf area index at heading decreased from 7.7 to 5.1 and dry matter yield at maturity from 1920 to 823 kg /10a in 1992-1993, and culm length 120 to 89cm on an average of 1991-1992 and 1992-1993. While the number of grains per panicle and test weight were not affected by seeding date in 1991-1992 and 1992-1993, the number of panicles per m$^2$ and grain yield were decreased when oats were seeded earlier or later than Nov. 9. 1000 grain weight was not affected by seeding date in 1991-1992 but greatest at Nov. 9 seeding in 1992-1993. The results indicate that optimum seeding date of oats in Cheju province would be early November. November.

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Ecological Studios on the Bark Beetles on Plum and Apricot (자두와 살구나무에 기생하는 나무좀의 생태에 관한 연구)

  • Yoon J. K.;Kim K. C.;Cheon S. J.;Kim Y. S.
    • Korean journal of applied entomology
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    • v.21 no.2 s.51
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    • pp.78-86
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    • 1982
  • The ecological studies were conducted to identify some bark-beetles on apricot and plum trees in Jeonnam province. Harmful bark-beetles caught from apricot and plum trees were identified as Scolytus seulensis. Xyleborus atratus., X. germanus, X. rubricollis and X. saxeseni. The seoul barkbeetle emerged during the period from early May to late October $1980\~1981$, it happens twice in a year, with the peak July 10 and August 25 in 1950, July 15 and August 20 in 1981. A daily peak emerged for adults was at 11 AM to 1 PM. Distribution of holes on the apricot stems varied; more than 100 holes per meter in Henderson (Apricot) and Y-49057 (Apricot), 12 holes per meter in Derbyroyal (Apricot). Comparatively more holes were found in the European variety, and the cardinal distribution was in the order of east, south, west and north. The longer the longth of the mother-gallery, the greater number of egg-gallery found. Optimum temperature for mating was $27^{\circ}C$. The time for mating was longer during May-June than July-August. The fruit weight of damaged plum tree reached 12.25g around four weeks after flowering; where as that of normal tree increased up to 63.5g at harvest time. The natural enemy of the seoul bark beetle was Eurytoma sp. They were found as mature larva or pupa and they emerged from early May to the middle of June. Adult longevity was about a week.

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Bionomics of Diamond-back Month, Plutella xylostella(Lepidoptera: Plutellidae) in Southern Region of Korea (남부지방에서 배추좀나방의 발생생태에 관한연구)

  • 김명화;이승찬
    • Korean journal of applied entomology
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    • v.30 no.3
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    • pp.169-173
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    • 1991
  • These studies were conducted to investigate overwintering forms and adult population fluctuation in field condition, and life cycle in field-cage condition of diamondback moth, Plutella xylostella (L.). Plutella xylostella overwintered as all the stages of eggs, larvae, pupae and adults in southern region of Korea. The occurrence which adult moths were attracted by light trap at 5-day intervals, reached their peaks in May, mid-June to mid-July, and late September to early November, and fell in late July to mid-September. Under field-cage condition, they occurred 10-11 generations a year and the period of adult emergence from egg was 11-18 days in July and August, 19-23 days in June and September, 28-34 days in April, May and October, and about 50-100 days in other months. And the longevities of adults were 4-11 days in summer, 7-17 days in spring and fall. A number of eggs laid by individual female ranged from 50 to 240. The females laid more eggs in spring and fall than they did in summer. The period of developmental stages under field-cage conditions was 2-3 days for eggs, 7-8 days for larvae and 4-6 days for pupae in July and August; 4-5 days for eggs, 3-12 days for larvae and 6-8 days for pupae in June and September; 6-18 days for eggs, 13-20 days for larvae and 8-14 days for pupae in March, April, May and October; and 12-40 days for eggs, 50-100 days for larvae, and about 20 days for pupae in winter.

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BIOLOGICAL STUDIES ON OYSTER CULTURE(III) Oyster Growth Comparison between 4 Farms in Hansan - Geoje Bay and Density-dependent Relative Shell Growth (굴의 양식에 관한 생물학적 연구(III) 한산${\cdot}$거제만내 양식장별 굴의 성장비교와 부착밀도에 따른 패각의 상대성장)

  • YOO Sung Kyoo;PARK Kyung Yang
    • Korean Journal of Fisheries and Aquatic Sciences
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    • v.13 no.4
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    • pp.207-212
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    • 1980
  • Growth rates of oysters at four oyster farms in Hansan-Geoje Bay, near Chungmu, southern Korea, and density-dependent relative shell growth were investigated from November 1979 to May 1980 with the following results: The oysters at Sorang farm showed the best growth, the shell height in May 1980 attaining 10.10 cm, at Hwado 8.69cm and Songdo 8.57cm, all of which started growing in June 1979. At Chubong the oysters which started growing in July attained 8.6cm. The best grown oysters at Sorang shelved relatively slow growth in meat weight until February 1980, and then showed rapid growth upto May. At Hwado and Songdo they grew fast from December 1979 to February 1950, and from April to May 1980. Those at Chubong gradually increased growth rate from December 1979, and in April and May they showed rapid growth but still being smaller than the others. The ratio of meat weight to shell weight increased at Whado, Songdo and Chuhong after December 1979, but at Sorang it increased rapidly after February 1980. The ratio of shell length to shell height was 0.60 and up when the individual number of oysters attached to each cultch-disc(oyster shell) was less than 13, 0.56 to 0.60 when 14 to 25, and 0.51 or less when over 28, respectively.

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갈 곳도 많고 볼 것도 많은 9월 직지축제 - 키페스 - 인쇄문화의 날 기념식 - 인쇄축제까지 다양

  • Park, Seong-Gwon
    • 프린팅코리아
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    • v.9 no.9
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    • pp.74-77
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    • 2010
  • 올해 9월은 다른 해오는 달리 더욱 풍성한 인쇄 출판 관련 행사들이 다채롭게 진행된다. 그 첫 축제는 2010청주직지축제다. 오는 9월 3일부터 6일까지 열리는 청주직지축제를 시작으로, 9월 7일부터 12일까지 서울와우북페스티벌이, 9월 8일부터 11일까지 국제인쇄산업전시회(KIPES 2010)가 열리며, 9월 14일에는 인쇄문화의 날 기념식이, 마지막으로 9월 14일부터 15일까지 서울인쇄대상 및 인쇄문화축제가 열린다.

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