• Title/Summary/Keyword: 2 order system

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Petrogenetic Study on the Foliated Granitoids in the Chonju and the Sunchang area (II) - In the Light of Sr and Nd Isotopic Properites - (전주 및 순창지역에 분포하는 엽리상 화강암류의 성인에 대한 연구 (II) - Sr 및 Nd 동위원소적 특성을 중심으로 -)

  • Na, Choon-Ki;Lee, In-Seong;Chung, Jae-Il
    • Economic and Environmental Geology
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    • v.30 no.3
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    • pp.249-262
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    • 1997
  • The Sr and Nd isotopic compositions of two foliated granitic plutons located in the Chonju and Sunchang area were determined in order to reconfirm the intrusion ages of granitoids and to study the sources of granitic magmas. The best defined Rb-Sr isochron for the whole rock samples of the Chonju foliated granite (CFGR) give an age of $284{\pm}12Ma$, suggesting early Permian intrusion age. In contrast, the whole rock Rb-Sr data of the Sunchang foliated granite (SFGR) scatter widely on the isochron diagram with very little variation in the $^{87}Rb/^{86}Sr$ ratios and, therefore, yield no reliable age information. Futhermore they show the concordance of mineral and whole rock Rb-Sr isochron and divide into two linear groups with roughly the same slopes and significantly different $^{87}Sr/^{86}Sr$ ratios, indicating some kind of Rb-Sr distortion in whole rock scale and a difference in source material and/or magmatic evolution between two subsets. The reconstructed isochrons of 243 Ma, which was defined from the proposed data by the omission of one sample point with significantly higher $^{87}Rb/^{86}Sr$ ratio than the others, and 252 Ma, from the combined data of it and some of this study, strongly suggest the possibility that the SFGR was intruded appreciably earlier than had previously been proposed, although the reliability of these ages still questionable owing to high scatter of data points and, therefore, further study is necessary. All mineral isochrons for the investigated granites show the Jurassic to early Cretaceous thermal episode ranging from 160 Ma to 120 Ma Their corresponding initial $^{87}Sr/^{86}Sr$ ratios correlate well with their whole rock data, indicating that the mineral Rb-Sr system of the investigated granites was redistributed by the postmagmatic thermal event during Jurassic to early Cretaceous. The initial ${\varepsilon}Sr$ values for the CFGR (64.27 to 94.81) tend to be significantly lower than those for the SFGR (125.43 to 167.09). Thus it is likely that there is a marked difference in the magma source characteristics between the CFGR and the SFGR, although the possibility of an isotopic resetting event giving rise to a high apparent initial ${\varepsilon}Sr$ in the SFGR can not be ruled out. In contrast to ${\varepsilon}Sr$, both batholiths show a highly resticted and negative values of initial ${\varepsilon}Nd$, which is -14.73 to -19.53 with an average $-16.13{\pm}1.47$ in the CFGR and -14.78 to -18.59 with an average $-17.17{\pm}1.01$ in the SFGR. The highly negative initial ${\varepsilon}Nd$ values in the investigated granitoids strongly suggest that large amounts of recycled old continental components have taken part in their evolution. Furthermore, this highly resticted variation in ${\varepsilon}Nd$ is significant because it requires that the old crustal source material, from which the granitoid-producing melts were generated, should have a reasonably uniform Nd isotopic composition and also quit similar age. Calculated T2DM model ages give an average of $1.83{\pm}0.25Ga$ for CFGR and $1.96{\pm}0.19Ga$ for SFGR, suggesting the importance of a mid-Proterozoic episode for the genesis of two foliated granites. Although it is not possible to determine precisely the source rock compositions for the investigated foliatic granites, the Sr-Nd isotopic evidences indicate that midcrustal or less probably, a lower crustal granulitic source could be the most likely candidate.

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Studies on the Differences of the Rice Tillering System and Yield Characteristics under the Different Cultivation Methods in Southern Region of Korea II. Variations of Heading and Yield Components under Different Nursing Methods and Transplanting Time (남부지방에서 벼 재배형태별 분얼체계 및 수량구성형질의 차이에 관한 연구 II. 출수기와 수량구성형질의 변화)

  • 김용재;신해룡;장강연
    • KOREAN JOURNAL OF CROP SCIENCE
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    • v.37 no.6
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    • pp.487-498
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    • 1992
  • To study the effects of different nursing methods and transplanting on the growth of rice plant (Oriza sativa L.) in southern region of Korea, Kumo-byeo, Palgong-byeo and Dongjinbyeo were transplanted from April 20 to July 20 at an interval of 15 days with 8 days old seedling (infant seedling) and 25 days old box-seedling for machine transplanting, and 45 days old conventional seedling. Threshold transplanting date in southern region of Korea were June 26 for 8 days old seedling, July 1 for 25 days old seedling and] July 11 for 45 days old seedling for Kumo-byeo, and June 21, June 30, July 10 for Palgong-byeo, June 10, June 24, July 5 for Dongjin-byeo, respectively. Yield has no uniform tendency according to the transplanting date. However, yield were greater in the order of 8 days old seedling >25 days old seedling> 45 days old seedling in Kuma-byeo and 25 days old seedling (equation omitted)8 days old seedling (equation omitted)45 days old seedling in Palgong-byeo, 45 days old seedling(equation omitted)25 days old seedling(equation omitted) 8 days old seedling in Dongjin-byeo. The optimum accumulated air temperature during yield productive stage around heading (40 days from 10 days before heading to 30 days after heading) for high yield were 1,003$^{\circ}C$ for 8 days old seedling, 1,014$^{\circ}C$ for 25 days old seedling and 1,027$^{\circ}C$ for 45 days old seedling in Kumo-byeo. And they were 1,018$^{\circ}C$, 1,015$^{\circ}C$, 1,086$^{\circ}C$ in Palgong-byeo and 998$^{\circ}C$, 984$^{\circ}C$, 949$^{\circ}C$ in Dongjin-byeo, respectively. Earlier transplanting with 8 days old seedling showed higher ratio of broken rice and green kerneled rice in Kuma-byeo, and late transplanting after July 5 showed significant high rate of green kerneled rice. Palgong-byeo and Dongjin-byeo also showed high rate of green kerneled rice at transplanting after July 5.

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Characteristics and Possible Early Harvesting Time of Early Maturing Soybean Cultivars in Southern Korea (남부지방에서 조생종 콩 품종의 특성과 조기수확 한계기)

  • Kim, Dong-Kwan;Son, Dong-Mo;Chon, Sang-Uk;Lee, Kyung-Dong;Kim, Kyong-Ho
    • KOREAN JOURNAL OF CROP SCIENCE
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    • v.53 no.2
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    • pp.125-130
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    • 2008
  • This study analyzed the growth, seed quality, and yield of major early-maturing soybean cultivars by comparing them in order to utilize the research results in the selection of early-maturing soybean cultivars in multi-cropping farms in the Southern area. This field trial was conducted at Naju region (latitude $35^{\circ}04'N$, longitude $126^{\circ}54'E$), Jeonnam, with planting on June 15. The maturing date for Keunol-kong and Hwaseong-put-kong was found to be around September 12, which was earlier than other cultivars. Thus, there were advantages to introducing a cropping system as well as having good seed quality and high yield. On the other hand, the maturing date for Saeol-kong and Sinrok-kong was found to be around September 20, which was a little bit late; however, the seed quality of the cultivars was good and they had a high yield. Therefore, if we want to sow the following crops of soybeans around mid-September, Keunol-kong and Hwaseong-put-kong are advantageous, while for the seeding around late September, Saeol-kong and Sinrok-kong would be good. This study was also performed to identify the limitation time for early harvesting by reviewing seed quality and yield of major early-maturing soybean cultivars according to early harvesting. When harvesting Keunol-kong on September 6, which was six days earlier than the optimal harvesting time (September 12), there was no difference in seed weight, yield, or seed quality than those of the harvested at the optimum maturing time. As for Saeol-kong, when harvesting on September 18, which was six days earlier than the optimal harvesting time (September 24), there was no difference in seed weight, yield, or seed quality than those of the harvested at the optimum maturing time. Therefore, the stable limitation time for early harvesting of Keunol-kong and Saeol-kong was concluded to be six days earlier than the optimal harvesting time.

Community Dwellers' Perception of Past Life Recollection and Preparation for Death (서울시 일 지역 주민의 인생회고 및 죽음준비 인식)

  • Kang, Kyung-Ah;Lee, Kyung-Soon;Park, Gang-Won;Kim, Yong-Ho;Jang, Mi-Ja;Lee, Eun
    • Journal of Hospice and Palliative Care
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    • v.14 no.2
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    • pp.81-90
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    • 2011
  • Purpose: This study is to understand how community members perceive past life recollection and preparation for death. Methods: Using a questionnaire, we surveyed 160 adult residents of one of the districts (gu) in Seoul, Korea. Descriptive statistics were used. Results: Participants chose their 30s and 40s as the most difficult time in their lives. The most painful experience was "an illness of a family member", followed by "trouble with a spouse", and "trouble with children". As for the most difficult social experience, "sense of loss in life" was ranked the highest. Personally, the happiest time was "accomplishment of a goal", while it was "happiness through children" in family relationship and "contribution to society through my career" in social life. As for the most regrettable experience, personally "having lived without purpose" was the highest, "not meeting my parents' expectation more" in family relationship; "not providing sufficient education" in relationship with children; "not having an occupation that I wanted" in work life, and "lack of social skills" in social life. More than 87% of the surveyed showed a positive attitude about the system of the do not resuscitate (DNS) order. For a situation where participants were supposed to have an incurable disease, "I want to be notified of the true condition" and "I want to write a will and advanced directives" ranked high, receiving more than 3.1 points out of 4. Conclusion: These results demonstrate the need for death education to provide people with an opportunity to accept their regrettable experiences in the past as part of their life. Also, this study suggests the importance of writing advanced directives for people to prepare for "death with dignity" how it can help their decision to be better respected.

Structural Analysis of PWR(pressurized water reactor) Canister for Applied Impact Force Occurring at the Moment of Falling Plumb Down Collision (추락낙하 충돌 시 가해지는 충격에 대한 경수로(PWR) 처분용기의 구조해석)

  • Kwon, Young-Joo
    • Journal of the Computational Structural Engineering Institute of Korea
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    • v.24 no.2
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    • pp.211-222
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    • 2011
  • In this paper a structural analysis of the PWR(pressurized water reactor) canister with 102cm diameter is carried out to evaluate the structural safety of the canister for the impact force occurring at the moment of collision with the ground in the falling plumb down accident from the carriage vehicle which may happen during the canister handling at the spent nuclear fuel disposal repository. For this, a rigid body dynamic analysis of the canister is executed to compute the impact force using the commercial CAE system, RecurDyn, and a nonlinear structural analysis is performed to compute stresses and deformations occurring inside the canister for this computed impact force using the commercial FEM code, NISA. From these analysis results, the structural safety of the canister is evaluated for the falling plumb down accident from the carriage vehicle due to the inattention during the canister handling at the repository. The rigid body dynamic analysis performed assuming the canister as a rigid body shows that the canister falls plumb down to the ground in two types. And also it shows that early collision impact force is the biggest one and following impact forces decrease gradually. The height of the carriage vehicle in the repository is assumed as 5m in order to obtain the stable structural safety evaluation result. The nonlinear structural analysis of the canister is executed for the biggest early impact force. The structural analysis result of the canister shows that the structural safety of the PWR canister is not secured for the falling plumb down accident from the moving carriage vehicle because the maximum stresses occurring in the cast iron insert of canister are bigger than the yield stress of the cast iron.

A comparative Study of Changing Pattern of Cause of Death Analysis of Korean, Korean in Japan and Japanese (재일한국인의 생활문화의 이질화와 적응과정에 관한 보건학적 연구(제 1보 한국, 재일한국인, 일본의 사인구조분석)

  • 김정근;장창곡;임달오;김무채;이주열
    • Korea journal of population studies
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    • v.15 no.2
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    • pp.15-59
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    • 1992
  • After world war II Japanese life expectancy has been improved remarkably, and reached the highest level in the world around late 1970's. The life expectancy of Korean has also shown tremendous improvement in recent years with about 20 year's gap from the Japanese. The reason of rapid improvement of life expectancy can be explained by changes in the structure of cause of death due to health system, living standard, social welfare, health behavior of individuals and so on. Korean in Japan is placed under different situations from both Korean in Korea and Japanese in these regards, and expected to show different picture of cause of death pattern. The objective of this study is the comparision of changing patterns of cause of death of three population groups, Korean in Japan, Korean in Korea and Japanese, and to investigate the reasons which effect to the structural difference of mortality cause with special emphasis on health ecological aspects. One of the major limitations of the Korean causes of death statistics is the under-registration which ranges about 10% of the total events, and inaccuracy of the exact cause of death. Some 20% of registered deaths were unable to classify by ICD. However, it is concluded that the Korean data are evaluated as sufficient to stand for over-viewing of trends of cause of death pattern. The evaluation is done by comparing data from registration and field survey over the same population sample. Population data of Korean in Japan differ between two sources of data; census and foreigner's registration. Correction is done by life table method under the assumption that age-specific mortality pattern would accord with that of the Japanese. The crude death rate was lowest among Korean in Japan, 5.7 deaths per 1,000 population in 1965. The crude death rates of Korean in Japan and Japanese are increasing recently influenced by age structure while Korean in Korea still shows decreasing tendency. The adjusted death rate is lowest among Japanese, followed by Korean in Japan, and Korean in Korea. The leading causes of death of Korean in Korea until 1960's was infectious diseases including pneumonia and tuberculosis. The causes of death structure changed gradually to accidents, neoplasm, hypertensive disease, cerebro-vascular disease in order. The main difference in cause of death between Korean and Japanese if high rate of liver diseases and diabetes for both Korean in Japan and Korea. A special feature of cause of death among Korean in Korea is remakably high rate of hypertensive disease, which is assumed to be caused by physicians tendency in choosing diagnostic categories. The low ischemic heart disease and high vasculo-cerebral disease are the distinctive characteristic of the three population groups compared to western countries. Specific causes of death were selected for detailed sex, age and ethnic group comparisons based on their high death rates. Cancer is the cause of death which showed most dramatical increase in all three population groups. In Korea 20.1% of all death were caused by cancer in 1990 compared with 10.5% in 1981. Cancer of the liver is the leading cause of cancer death among Korean in Japan for both sexes, followed by cancer of the lung and cancer of the stomach, while that of Korean in Korea is cancer of the stomach, followed by cancer of the liver and cancer of the lung for male. Causes of infant mortality were examined among the three population groups since 1980 on yearly bases. For both Japanese and Korean in Japan, leading cause of death ranks as conditions originating in the perinatal period, congenital anomalies, accidents and other violent causes. Trends since 1980 for these two population groups in the leading cause of infant mortality showed no changes. On the contrary, significant changes in leading cause of death structure in Korea were observed : the ranking of leading cause of death in 1981 were congenital asnomalies, pneumonia bronchitis, infectious disease, heart disease, conditions originating in the perinatal period, accident and other violent causes ; in 1990 the ranking shifted to congenital anomalies, accident, pneumonia bronchities, conditions originating in the perinatal period, infectious disease. The mortality rate by congenital anomalies in Korea continuously grew than any other causes. Larger increase ocurred during the 1990's

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Potentials of Synbiotics for Pediatric Nutrition and Baby Food Applications: A Review (소아 영양 및 유아식 응용을 위한 신바이오틱스의 잠재력: 총설)

  • Jung, Hoo Kil;Kim, Sun Jin;Seok, Min Jeong;Cha, Hyun Ah;Yoon, Seul Ki;Lee, Nah Hyun;Kang, Kyung Jin
    • Journal of Dairy Science and Biotechnology
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    • v.33 no.2
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    • pp.111-118
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    • 2015
  • Probiotic, prebiotic, and synbiotic substances as well as microorganisms were added to infant formula in an attempt to influence the intestinal microflora with an aim to stimulate the growth of lactic acid bacteria, especially bifidobacteria and lactobacilli. Over the last 10 years, new synbiotic infant formulas containing probiotics and prebiotics have been proposed in order to simulate the effect of breast-feeding on the intestinal microflora. Owing to their synergistic effect, the new synbiotics are expected to be more helpful than using probiotics and prebiotics individually. Maintenance of the viability of the probiotics during food processing and the passage through the gastrointestinal tract should be the most important consideration, since a sufficient number of bacteria ($10^8cfu/g$) should reach the intended location to have a positive effect on the host. Storage conditions and the processing technology used for the manufacture of products such as infant formula adversely affect the viability of the probiotics. When an appropriate and cost-effective microencapsulation methodology using the generally recognized as safe (GRAS) status and substances with high biological value are developed, the quality of infant formulas would improve. The effect of probiotics may be called a double-effect, where one is an immunomodulatory effect, induced by live probiotics that advantageously alter the gastrointestinal microflora, and the other comprises anti-inflammatory responses elicited by dead cells. At present, a new terminology is required to define the dead microorganisms or crude microbial fractions that positively affect health. The term "paraprobiotics" (or ghost probiotics) has been proposed to define dead microbial cells (not damaged or broken) or crude cell extracts (i.e., cell extracts with complex chemical composition) that are beneficial to humans and animals when a sufficient amount is orally or topically administered. The fecal microflora of bottle-fed infants is altered when the milk-based infant formula is supplemented with probiotics or prebiotics. Thus, by increasing the proportion of beneficial bacteria such as bifidobacteria and lactobacilli, prebiotics modify the fecal microbial composition and accordingly regulate the activity of the immune system. Therefore, considerable attention has been focused on the improvement of infant formula quality such that its beneficial effects are comparable to those of human milk, using prebiotics such as inulin and oligosaccharides and potential specific probiotics such as bifidobacteria, which selectively stimulate the proliferation of beneficial bacteria in the microflora and the indigenous intestinal metabolic activity of the microflora.

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Microbial Hygienic Status of Poultry Meats and Eggs Collected at the Public Markets in Seoul and Kyung-gi Regions in 1996 (1996년도 서울${\cdot}$경기지역에서의 시판계육과 계란에 대한 미생물학적 위생실태)

  • Woo Yong-Ku
    • Korean Journal of Microbiology
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    • v.41 no.1
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    • pp.38-46
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    • 2005
  • To determine the actual hygienic status of domestic chicken meats sold in public markets (conventional markets and department stores), microbial contamination levels (Total cells, Coliforms and Staphylococcal cells) and zoonotic pathogens (Salmonella species, Campylobacter species, Listeria species, and Staphylococcus aureus) isolation tests were conducted. Chicken meats and eggs tested were collected from the conventional markets (Si-Jang) and department-stores located in Seoul and Kyung-gi regions in 1996. In total cells and coliforms contamination tests, chicken meats sold in department stores were much lesser contamination status than those of Si-Jang, but staphylococcal cells level was much more higher than that of conventional markets. Salmonella isolation frequency was investigated as $68.8\%$, but Campylobacter jejuni and Listeria monocytogenes isolation frequency were appeared both $64.0\%\;and\;63.3\%$. In case of eggs sold in public markets, one of S. gallinarum strain $(0.7\%)$ was isolated only on the egg-shell part among the four-hundred and fourty-six. In comparison with foreign imported chicken meats, there were no big differences in microbial contamination status. On the other hand, both Salmonella and L. monocytogenes were isolated only in the chicken wings from Korea and China, but not from U.S.A. This data suggest that more hygienic control system in order to produce the safe and hygienic chicken meats and eggs is need in our country as soon as possible.

Yongdoseo(龍圖墅) and Guimunwon(龜文園) which Applied a Sangsu(象數) Principle on Garden Composition (상수(象數) 원리를 정원구성에 적용한 용도서(龍圖墅)와 귀문원(龜文園))

  • Hong, Hyoung-Soon
    • Journal of the Korean Institute of Traditional Landscape Architecture
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    • v.30 no.2
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    • pp.119-129
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    • 2012
  • Yongdoseo and Guimunwon are described in "Bokgeo(卜居, fixabode)" of "Sanlimkyengje(山林經濟)" written by Manseon Hong. This record is a unique garden conceptual idea applying the principles of Hetu(河圖) and Luoshu(洛書), fanciful gardens which have not been actually constructed. Here, two garden types were concretely described respectively, however the underlying meaning therein cannot be apprehended without exact understanding about Sangsu studies. Therefore, the purpose of this study is to illuminate the meaning contained in Garden illustration and the historical meaning of landscape therein through considering this text. To achieve the purpose of this study, the writer and the compiler who are the background of this writing and the outline of Sangsu studies were investigated. Also, the principles of Saengsu(生數), Seongsu(成數), Yin Yang(陰陽), Four Bodies(四象), Palgwedo(八卦圖), etc. which are in Hetu and Luoshu were considered. The result of this study went through this research process is summarized as follows. First, Hetu Luoshu are conceptual definitions which wholly abstracted the basic propositions of Sangsu philosophy such as the universe change principle, etc., while Yongdoseo and Guimunwon can be said to be operational definitions which apply those as garden composition principle, enabling to experience the meaning contained therein concretely and explain it in a replicable way. This attempt is a unique example, unprecedented in Chinaas well. Second, as a livingspace, garden was selected as a means to concretize operational definitions about the meaning of Hetu Luoshu, and as the property to reproduce the bearings concept, the location and the number, etc. of Hetu Luoshu, Taegukjeong(太極亭), Shipjagak(十字閣), Dondae(墩臺), well, pond as well as various kinds of trees were used. Third, the main motif of Yongdoseo and Guimunwon is the relation between Apriority(先天) and Posterior(後天), and the relation between Constitution(體) and Use(用) of Hetu and Luoshu respectively. That is, Yongdoseo planted evergreen trees such as Shipjangcheong(十長靑) in order to symbolize the universe creation principle which Hetu stands for, i.e. silent, harmonious, orderly and win-win image. In Guimunwon, flowering trees(花木) and fruit trees(果木) were planted freely to express the change of Posterior which Luoshu stands for, thatis, dynamic, disharmonious, disorderly, incompatible(相剋) and changing image. The effects intended to be attained through such planting were, 'freshness and cheerfulness(淸爽)' of Yongdoseo and 'splendidness' of Guimunwon respectively. Sangsu studies based on Hetu and Luoshu is a unique thinking system to the Orient which came from the accumulated wisdom of several scholars from various schools through a long period since ancient times. Therefore, the concept and the theory thereof are profound and huge, and its viewpoints of interpretation are diverse. It is a limit of this study that more in-depth and various consideration was not performed. As a further research project, more empirical study of Orientalism such as Sangsu studies, etc. inherent in Traditional Garden is necessary.

WHICH INFORMATION MOVES PRICES: EVIDENCE FROM DAYS WITH DIVIDEND AND EARNINGS ANNOUNCEMENTS AND INSIDER TRADING

  • Kim, Chan-Wung;Lee, Jae-Ha
    • The Korean Journal of Financial Studies
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    • v.3 no.1
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    • pp.233-265
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    • 1996
  • We examine the impact of public and private information on price movements using the thirty DJIA stocks and twenty-one NASDAQ stocks. We find that the standard deviation of daily returns on information days (dividend announcement, earnings announcement, insider purchase, or insider sale) is much higher than on no-information days. Both public information matters at the NYSE, probably due to masked identification of insiders. Earnings announcement has the greatest impact for both DJIA and NASDAQ stocks, and there is some evidence of positive impact of insider asle on return volatility of NASDAQ stocks. There has been considerable debate, e.g., French and Roll (1986), over whether market volatility is due to public information or private information-the latter gathered through costly search and only revealed through trading. Public information is composed of (1) marketwide public information such as regularly scheduled federal economic announcements (e.g., employment, GNP, leading indicators) and (2) company-specific public information such as dividend and earnings announcements. Policy makers and corporate insiders have a better access to marketwide private information (e.g., a new monetary policy decision made in the Federal Reserve Board meeting) and company-specific private information, respectively, compated to the general public. Ederington and Lee (1993) show that marketwide public information accounts for most of the observed volatility patterns in interest rate and foreign exchange futures markets. Company-specific public information is explored by Patell and Wolfson (1984) and Jennings and Starks (1985). They show that dividend and earnings announcements induce higher than normal volatility in equity prices. Kyle (1985), Admati and Pfleiderer (1988), Barclay, Litzenberger and Warner (1990), Foster and Viswanathan (1990), Back (1992), and Barclay and Warner (1993) show that the private information help by informed traders and revealed through trading influences market volatility. Cornell and Sirri (1992)' and Meulbroek (1992) investigate the actual insider trading activities in a tender offer case and the prosecuted illegal trading cased, respectively. This paper examines the aggregate and individual impact of marketwide information, company-specific public information, and company-specific private information on equity prices. Specifically, we use the thirty common stocks in the Dow Jones Industrial Average (DJIA) and twenty one National Association of Securities Dealers Automated Quotations (NASDAQ) common stocks to examine how their prices react to information. Marketwide information (public and private) is estimated by the movement in the Standard and Poors (S & P) 500 Index price for the DJIA stocks and the movement in the NASDAQ Composite Index price for the NASDAQ stocks. Divedend and earnings announcements are used as a subset of company-specific public information. The trading activity of corporate insiders (major corporate officers, members of the board of directors, and owners of at least 10 percent of any equity class) with an access to private information can be cannot legally trade on private information. Therefore, most insider transactions are not necessarily based on private information. Nevertheless, we hypothesize that market participants observe how insiders trade in order to infer any information that they cannot possess because insiders tend to buy (sell) when they have good (bad) information about their company. For example, Damodaran and Liu (1993) show that insiders of real estate investment trusts buy (sell) after they receive favorable (unfavorable) appraisal news before the information in these appraisals is released to the public. Price discovery in a competitive multiple-dealership market (NASDAQ) would be different from that in a monopolistic specialist system (NYSE). Consequently, we hypothesize that NASDAQ stocks are affected more by private information (or more precisely, insider trading) than the DJIA stocks. In the next section, we describe our choices of the fifty-one stocks and the public and private information set. We also discuss institutional differences between the NYSE and the NASDAQ market. In Section II, we examine the implications of public and private information for the volatility of daily returns of each stock. In Section III, we turn to the question of the relative importance of individual elements of our information set. Further analysis of the five DJIA stocks and the four NASDAQ stocks that are most sensitive to earnings announcements is given in Section IV, and our results are summarized in Section V.

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