• East Asian Economic Review
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• 제25권2호
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• pp.205-230
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• 2021

This study examines the impact of the number of coronavirus cases on regime-switching in stock return volatility. This study documents the empirical evidence that the COVID-19 cases had an asymmetric effect on the regime of stock return volatility. When the stock return is in the low volatility regime, the probability of switching to the high volatility regime in the next trading day increases as the number of cumulative cases increases. In contrast, in the high volatility regime, the effect of cumulative cases on the transition probability is not statistically significant. This study also documents the evidence that the government measures against the pandemic contribute to promoting the high volatility regime of the KOSPI during the pandemic. Besides, this study projects future stock prices through the Monte Carlo simulation based on the estimated parameters and the predicted number of the COVID-19 new cases. Under a scenario where the number of new cases rapidly increases, stock price indices in Korea are expected to be in a downward trend over the next three months. On the other hand, under the moderate scenario and the best scenario, the stock indices are likely to continue to rise.

• The Journal of Asian Finance, Economics and Business
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• 제8권7호
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• pp.1-9
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• 2021

This paper investigates the impact of the domestic and global outbreak of the coronavirus (COVID-19) pandemic on the trading size of the Malaysian stock (MS) market. The theoretical model posits that stock markets are affected by their response to disasters and events that arise in the international or local environments, as well as to several financial factors such as stock volatility and spread bid-ask prices. Using daily time-series data from 27 January to 12 May 2020, this paper utilizes the traditional Augmented Dickey and Fuller (ADF) technique and Zivot and Andrews with structural break' procedures for a stationarity test analysis, while the autoregressive distributed lag (ARDL) method is applied according to the trading size of the MS market model. The analysis considered almost all 789 listed companies investing in the main stock market of Malaysia. The results confirmed our hypotheses that both the daily growth in the active domestic and global cases of coronavirus (COVID-19) has significant negative effects on the daily trading size of the stock market in Malaysia. Although the COVID-19 has a negative effect on the Malaysian stock market, the findings of this study suggest that the COVID-19 pandemic may have an asymmetric effect on the market.

• 수산해양기술연구
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• 제58권2호
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• pp.159-174
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• 2022

Flow prediction was carried out through observational survey and three dimensional multi-layered numerical diagnostic model experiment to clarify the time and spatial structure of tidal current and residual flow dominant in the sea exchange and material circulation of the waters around Geumo Islands in the southern waters of Korea. The horizontal variation of tidal current is so large that it causes asymmetric tidal mixing due to horizontal eddies and the topographical effect creating convergence and dispersion of flow direction and velocity. Due to strong tidal currents flowing northwest-southeast, counterclockwise and clockwise eddies are formed on the left and right sides of the south of Sori Island. These topographical eddies are created by horizontal turbulence and bottom friction causing nonlinear effects. Baroclinic density flows are less than 5 cm/s at coastal area in summer and the entire sea area in winter. The wind driven currents assuming summer and winter seasonal winds are also less than 5 cm/s and the current flow rate is high in winter. Density current in summer and wind driven current in winter have a relatively greater effect on the net residual flows (tidal residual current + density current + density driven current) around Geumo Islands Sea area.

• 한국지진공학회논문집
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• 제28권1호
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• pp.1-10
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• 2024

For important structures such as nuclear power plants, In-Structure Response Spectrum (ISRS) analysis is essential because it evaluates the safety of equipment and components installed in the structure. Because most structures are asymmetric, the response can be affected by eccentricity. In the case of seismically isolated structures, this effect can be greater due to the difference between the center of mass of the structure and the center of rigidity of the isolator layer. Therefore, eccentricity effects must be considered when designing or evaluating the ISRS of seismically isolated structures. This study investigated the change of the ISRS of an isolated structure by assuming accidental eccentricity. The variables that affect the ISRS of the isolated structure were analyzed to see what additional impact they had due to eccentricity. The ISRS of the seismically isolated structure with eccentricity was amplified more than when there was non-eccentricity, and it was boosted more significantly in specific period ranges depending on the isolator's initial stiffness and seismic intensity. Finally, whether the displacement requirement of isolators can be applied to the variation of the ISRS due to eccentricity in the design code was also examined.

• Journal of Photoscience
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• 제12권2호
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• pp.67-73
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• 2005

Fluorescent probe techniques were used to evaluate the effect of dibucaine.HCl on the physical properties (transbilayer asymmetric lateral mobility, annular lipid fluidity and protein distribution) of synaptosomal plasma membrane vesicles (SPMV) isolated from bovine cerebral cortex. An experimental procedure was used based on selective quenching of 1,3-di(l-pyrenyl)propane (Py-3-Py) by trinitrophenyl groups, and radiationless energy transfer from the tryptophans of membrane proteins to Py-3-Py. Dibucaine.HCl increased the bulk lateral mobility, and annular lipid fluidity in SPMV lipid bilayers, and had a greater fluidizing effect on the inner monolayer than the outer monolayer. The magnitude of increasing effect on annular lipid fluidity in SPMV lipid bilayer induced by dibucaine.HCl was significantly far greater than magnitude of increasing effect of the drug on the lateral mobility of bulk SPMV lipid bilayer. It also caused membrane proteins to cluster. These effects of dibucaine.HCl on neuronal membranes may be responsible for some, though not all, of the local anesthetic actions of dibucaine.HCl.

• 유통과학연구
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• 제11권10호
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• pp.73-79
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• 2013

Purpose - This study examines the impact of oil price volatility on economic activities in Korea. The new millennium has seen a deregulation in the crude oil market, which invited immense capital inflow into Korea. It has also raised oil price levels and volatility. Drawing on the recent theoretical literature that emphasizes the role of volatility, this paper attends to the asymmetric changes in economic growth in response to the oil price movement. This study further examines several key macroeconomic variables, such as interest rate, production, and inflation. We come to the conclusion that oil price volatility can, in some part, explain the structural changes. Research design, data, and methodology - We use two methodological frameworks in this study. First, in regards to the oil price uncertainty, we use an Exponential-GARCH (Exponential Generalized Autoregressive Conditional Heteroskedasticity: EGARCH) model estimate to elucidate the asymmetric effect of oil price shock on the conditional oil price volatility. Second, along with the estimation of the conditional volatility by the EGARCH model, we use the estimates in a VECM (Vector Error Correction Model). The study thus examines the dynamic impacts of oil price volatility on industrial production, price levels, and monetary policy responses. We also approximate the monetary policy function by the yield of monetary stabilization bond. The data collected for the study ranges from 1990: M1 to 2013: M7. In the VECM analysis section, the time span is split into two sub-periods; one from 1990 to 1999, and another from 2000 to 2013, due to the U.S. CFTC (Commodity Futures Trading Commission) deregulation on the crude oil futures that became effective in 2000. This paper intends to probe the relationship between oil price uncertainty and macroeconomic variables since the structural change in the oil market became effective. Results and Conclusions - The dynamic impulse response functions obtained from the VECM show a prolonged dampening effect of oil price volatility shock on the industrial production across all sub-periods. We also find that inflation measured by CPI rises by one standard deviation shock in response to oil price uncertainty, and lasts for the ensuing period. In addition, the impulse response functions allude that South Korea practices an expansionary monetary policy in response to oil price shocks, which stems from oil price uncertainty. Moreover, a comparison of the results of the dynamic impulse response functions from the two sub-periods suggests that the dynamic relationships have strengthened since 2000. Specifically, the results are most drastic in terms of industrial production; the impact of oil price volatility shocks has more than doubled from the year 2000 onwards. These results again indicate that the relationships between crude oil price uncertainty and Korean macroeconomic activities have been strengthened since the year2000, which resulted in a structural change in the crude oil market due to the deregulation of the crude oil futures.

• 공업화학
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• 제7권4호
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• pp.605-613
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• 1996

Cellulose acetate(CA) 비대칭막, CA 복합막 그리고 cellulose triacetate(CTA) 비대칭막을 통한 순수 이산화탄소 및 메탄의 투과 특성을 측정하여, 투과성능의 운전압력에 대한 영향을 조사하였다. 그리고 이산화탄소와 메탄의 혼합기체($CO_2/CH_4=57.6/42.4$)에 대한 투과 특성을 조사하여, 이를 순수 기체의 투과 특성으로부터 얻어진 결과와 비교하였다. 실험은 25~125 psig의 분압과 상온에서 실험하였다. CA 복합막과 CTA 막을 통한 기체의 투과거동은 CA 막의 투과 거동과 비슷하였다. CA 막, CA 복합막 그리고 CTA 막을 통한 순수 이산화탄소의 투과속도는 상부분압이 증가함에 따라 약간 증가하였으며, 반면에 메탄의 경우에는 상부분압에 의존하지 않고 일정하였다. 그러나 혼합기체의 경우 이산화탄소에 의한 가소화 효과와 각 기체의 경쟁효과에 의해 순수 기체와는 다른 투과거동을 보였다. 각각의 분리막의 투과성능을 비교 할 때, CTA 막의 분리인자와 투과속도가 CA 막의 값들보다 높은 값을 나타내었으며, CA 복합막의 투과속도가 CA 막의 값보다 높은 값을 가졌다. 그러나 CTA 막의 경우 기계적 강도가 매우 낮았다. 결국 본 연구에 사용된 CA 복합막이 투과 플럭스가 크므로 이산화탄소와 메탄의 분리용 막으로 적합하다고 생각된다.

• 대한약리학회지
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• 제29권1호
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• pp.149-156
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• 1993

Ethanol이 암세포 증식 속도에 미치는 직접적인 영향 검색의 일환으로 배양된 mouse myeloma cell line Sp2/0-Ag14로부터 분리한 형질막 (Sp2/0-PMV) 유동성에 미치는 ethanol의 영향을 형광분석법으로 측정하였다. 그 결과 ethanol은 Sp2/0-PMV 지질 이중층 측방확산운동의 범위와 속도를 증가시켰고 회전확산운동 범위도 증가시켰다. 특히 ethanol은 Sp2/0-PMV 지질이중층 중 내부단층 (inner monolayer)에 비하여 비교적 선택적으로 외부단층 (outer monolayer)의 회전확산운동 범위를 증가시킨다는 것을 확인하였다.

• 디지털융복합연구
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• 제17권12호
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• pp.109-115
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• 2019

본 연구의 목적은 전기 매출액 변동이 연구개발비 및 각 세부항목에 미치는 영향에 대하여 검증을 실시하고 전기매출액 변동 시 경영진들이 어떠한 의사결정을 수행하는지를 분석하는 것이다. 분석을 실시하기 위하여 선행연구에서 주로 사용되었던 Anderson et al.(2003)의 1기간 모형뿐만 아니라 보다 심도 깊은 분석을 실시하기 위하여 Banker et al.(2014)의 2기간 모형을 이용하여 연구개발비 및 각 세부항목에 대한 분석을 실시하였다. 분석결과 1기간 모형에서는 모형의 한계로 인하여 감가상각비, 기타에서만 하방경직적 원가행태를 확인할 수 있었다. 보다 심층적인 분석을 위하여 2기간 모형으로 분석한 결과 전기 매출액이 증가하는 경우 인건비, 기타 항목에서 하방경직적인 원가행태를 나타내었으나 총 연구개발비는 역 하방경직적인 원가행태를 나타내었다. 전기 매출액이 감소하는 경우 위탁용역비에서 하방경직적인 원가행태가 나타났다. 본 연구는 기존 연구에서 수행되지 않았던 연구개발비 및 세부항목에 대하여 전기 매출액 변동이 원가행태에 미치는 영향을 분석하였기에 그 의의가 있다. 더 나아가 추후 연구에서 매출별, 산업별로 보다 구체적인 연구를 할 수 있을 것이라 기대한다.

• Bulletin of the Korean Chemical Society
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• 제27권9호
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• pp.1297-1304
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• 2006

A systematic study of the structure, energetics and spectral characteristics of substituted aminoketenes $R(NH_2)$C=C=O (R = H, $CH_3$, $NH_2$, OH, $OCH_3$, CH=$CH_2$, C$\equiv$CH, CN, CHO, NO, $NO_2$) which are highly reactive and transient intermediates in synthesis has been conducted by ab initio calculations at the MP2/6- 31G*//MP2/6-31G* level. Twenty four stable isomers of the eleven substituted aminoketenes having dihedral angles $\phi NH_2\sim120{^{\circ}}$ and $60^{\circ}$ have been identified and their optimized geometries and energies obtained. Electrostatic and steric effects on the molecular geometries have been analyzed. While the $\pi$-acceptor groups lead to planar conformations, the electron-donor groups give rise to non-planar conformations. Isodesmic substituent stabilization energies relative to alkenes have been calculated and correlation with group electronegativities established. Role of induction effect by the substituent groups and resonance effects in charge distribution in the molecules has been analyzed. An analysis of the asymmetric stretching frequencies and intensities of the C=C=O group shows that affect of non-$\pi$ acceptor substituents on the frequency is determined by the field effect (F) and resonance effect (R) parameters, the calculated intensities I (km/mol.) are correlated to group electronegativities $x$ of the substituents by the relationship I = 640.2–100.1 $x$ (r = 0.92). The $\pi$-acceptor substituents increase the intensity which may be explained in terms of their delocalizing effect on the negative charge at the $C_{\beta}$ atom.