• 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 the Korea Society of Computer and Information
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• v.25 no.7
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• pp.159-165
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• 2020

With respect to the cause of asymmetric cost behavior, there are two streams of the literature. One stream focused on effect of managerial expectation and the other explained using agency system. In this study, we aim to investigate the determinants of asymmetric cost behavior in these streams. We first examine the impact of managerial overconfidence and optimistic bias on asymmetric cost. We also examine ownership ratio as a proxy of the quality of corporate governance effects on asymmetric cost. The results are as follows. First, firms have the anti-sticky asymmetric cost behavior. Second, we find that the firms with managerial optimistic bias mitigate the degree of asymmetric cost. This finding implies that managerial optimism is a factor that alters asymmetric cost behavior. Third, the degree of asymmetric cost is weaker in case of firms with higher manager's ownership. This result provides an important empirical evidence for understanding the role of corporate governance in cost behavior.

• Proceedings of the Korean Society for Technology of Plasticity Conference
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• 2003.05a
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• pp.92-95
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• 2003

Asymmetric rolling of AA1050 Al alloy sheets was performed to obtain the shear textures for improving the deep drawability and the grain refinement. The effect of roll velocity ratio on the texture and the grain refinement of 50％ asymmetrically rolled sheets was studied. The textures of the asymmetrically rolled sheets after annealing at 400$^{\circ}C$ for 1 h was also investigated.

• Journal of Astronomy and Space Sciences
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• v.11 no.2
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• pp.196-207
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• 1994

Data on 27 W UMa systems having a asymmetric light curve so called O'Conell effect have been collected. Investigated 27 W UMa systems were classified into 12 positive and 15 negative type according to the shape of its asymmetric light curve. A list of members of the group, their current observational statue, and their physical and evolutional relationship to asymmetric W UMa type binaries are discussed.

• Proceedings of the Membrane Society of Korea Conference
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• 2004.05a
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• pp.161-165
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• 2004

Since Loeb and Souriajan first introduced phase inversion method [1], much investigation has been made for understanding the mechanism of formation of asymmetric membranes. Phase inversion is the most extensively used technique for the preparation of asymmetric membranes, which is that cast solution film on a substrate is immersed and is precipitated in water bath.(omitted)

• The Transactions of the Korean Institute of Electrical Engineers B
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• v.53 no.4
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• pp.229-236
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• 2004

In this paper, the effect of permanent magnet overhang structure on the characteristics in Brushless DC motor has analyzed quantitatively. We classified the overhang structure as symmetric and asymmetric. 3D equivalent magnetic circuit network (EMCN) method which uses the permeance as the distributive variable is used for the efficient analysis of magnetic field. The overhang effect which increases the linkage flux at the stator is verified by comparison between overhang and no overhang structure. In addition, it is known that no load back electro motive force (EMF) is also increased due to the overhang effect. In case of asymmetric overhang structure, the ratio effect of the upper to lower overhang length on the magnetic forces is analyzed. Form the analysis results, the variation of the asymmetric overhang ratio has a significant effect on the axial magnetic force except the radial and tangential magnetic forces. The validity of the analysis results is also clarified by comparison between calculated results and measured ones such as back EMF and cogging torque.

• Asia Marketing Journal
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• v.15 no.3
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• pp.159-172
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• 2013

In the present study, we apply the multiple cue probability learning (MCPL) paradigm to examine consumer learning from feedback in repeated trials. This paradigm is useful in investigating consumer learning, especially learning the relationships between the overall quality and attributes. With this paradigm, we can analyze what people learn from repeated trials by using the lens model, i.e., whether it is knowledge or consistency. In addition to introducing this paradigm, we aim to demonstrate that knowledge people gain from repeated trials with feedback is robust enough to weaken one of the most often examined contextual effects, the asymmetric dominance effect. The experiment consists of learning session and a choice task and stimuli are sport rafting boats with motor engines. During the learning session, the participants are shown an option with three attributes and are asked to evaluate its overall quality and type in a number between 0 and 100. Then an expert's evaluation, a number between 0 and 100, is provided as feedback. This trial is repeated fifteen times with different sets of attributes, which comprises one learning session. Depending on the conditions, the participants do one (low) or three (high) learning sessions or do not go through any learning session (no learning). After learning session, the participants then are provided with either a core or an extended choice set to make a choice to examine if learning from feedback would weaken the asymmetric dominance effect. The experiment uses a between-subjects experimental design (2 × 3; core set vs. extended set; no vs. low vs. high learning). The results show that the participants evaluate the overall qualities more accurately with learning. They learn the true trade-off rule between attributes (increase in knowledge) and become more consistent in their evaluations. Regarding the choice task, there is a significant decrease in the percentage of choosing the target option in the extended sets with learning, which clearly demonstrates that learning decreases the magnitude of the asymmetric dominance effect. However, these results are significant only when no learning condition is compared either to low or high learning condition. There is no significant result between low and high learning conditions, which may be due to fatigue or reflect the characteristics of learning curve. The present study introduces the MCPL paradigm in examining consumer learning and demonstrates that learning from feedback increases both knowledge and consistency and weakens the asymmetric dominance effect. The latter result may suggest that the previous demonstrations of the asymmetric dominance effect are somewhat exaggerated. In a single choice setting, people do not have enough information or experience about the stimuli, which may lead them to depend mostly on the contextual structure among options. In the future, more realistic stimuli and real experts' judgments can be used to increase the external validity of study results. In addition, consumers often learn through repeated choices in real consumer settings. Therefore, what consumers learn from feedback in repeated choices would be an interesting topic to investigate.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.37 no.6B
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• pp.453-463
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• 2012

The Effect of asymmetric interconnection charge is different between where the retail price of incumbent is regulated and that of incumbent is not regulated. When the retail price of incumbent is not regulated, the brand loyalty and the relative magnitude of each marginal cost determine the effect of consumer surplus. However, when the retail price of incombent is regulated, network substitution effect also plays a important role to the consumer surplus. The higher the brand loyalty, the lower the network substitution effect, or the higher the marginal cost of the entrant, the social welfare through the asymmetric interconnection charge is more increased. In the other cases, the consumer surplus might be decreased.

• Korean Journal of English Language and Linguistics
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• v.4 no.2
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• pp.117-149
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• 2004

The paper is to argue against the asymmetric CP-V2 analysis of Old English, according to which finite verbs invariably undergo movement into a clause-final T within subordinate clauses and reach the functional head C within main clauses. The asymmetric CP-V2 analysis, first of all, faces difficulty in explaining a wide range of post-verbal elements within subordinate clauses. To resolve the problem, the analysis has to abandon the obligatoriness of V-to-T movement or introduce various types of extraposition whose status is dubious as a legitimate syntactic operation. Obligatory V-to-T movement in Old English lacks conceptual justification as well. Crosslinguistic evidence reveals that morphological richness in verbal inflection cannot entail overt verb movement. Moreover, the operation is always string-vacuous under the asymmetric CP- V2 analysis and has no effect at the interfaces, in violation of the principle of economy. The distribution of Old English finite verbs in main clauses also undermines the asymmetric CP-V2 analysis. Conceptually speaking, a proper syntactic trigger cannot be confirmed to motivate obligatory verb movement to C. The operation not only gets little support from nominative Case marking, the distribution of expletives, or complementizer agreement but also requires the unconvincing stipulation that expletives as well as sentence-initial subjects result from string-vacuous topicalization. Finally, textual evidence testifies that Old English sometimes permits non-V2 ordering patterns, many of which remain unexplained under the asymmetric CP-V2 analysis.

• Proceedings of the Computational Structural Engineering Institute Conference
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• 1992.10a
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• pp.127-132
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• 1992

The effect of 5 typical rise ratio(h/a=2/9, 5/18, l/3, l/2, 2/3) on the buckling characteristics of single-layer latticed domes with rectangular network under the external pressure are the theoretically studied on the basis of geometically nonlinear FEM and shell analogy method. The loading conditions are 4 types, that is, 1) the uniform pressure loading 2)the uniform snow loading 3) the half - sided asymmetric pressure loading 4) the half - sided asymmetric snow loading.