• Title/Summary/Keyword: Constraint Effect

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The Price of Risk in the Korean Stock Distribution Market after the Global Financial Crisis (글로벌 금융위기 이후 한국 주식유통시장의 위험가격에 관한 연구)

  • Sohn, Kyoung-Woo;Liu, Won-Suk
    • Journal of Distribution Science
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    • v.13 no.5
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    • pp.71-82
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    • 2015
  • Purpose - The purpose of this study is to investigate risk price implied from the pricing kernel of Korean stock distribution market. Recently, it is considered that the quantitative easing programs of major developed countries are contributing to a reduction in global uncertainty caused by the 2007~2009 financial crisis. If true, the risk premium as compensation for global systemic risk or economic uncertainty should show a decrease. We examine whether the risk price in the Korean stock distribution market has declined in recent years, and attempt to provide practical implications for investors to manage their portfolios more efficiently, as well as academic implications. Research design, data and methodology - To estimate the risk price, we adopt a non-parametric method; the minimum norm pricing kernel method under the LOP (Law of One Price) constraint. For the estimation, we use 17 industry sorted portfolios provided by the KRX (Korea Exchange). Additionally, the monthly returns of the 17 industry sorted portfolios, from July 2000 to June 2014, are utilized as data samples. We set 120 months (10 years) as the estimation window, and estimate the risk prices from July 2010 to June 2014 by month. Moreover, we analyze correlation between any of the two industry portfolios within the 17 industry portfolios to suggest further economic implications of the risk price we estimate. Results - According to our results, the risk price in the Korean stock distribution market shows a decline over the period of July 2010 to June 2014 with statistical significance. During the period of the declining risk price, the average correlation level between any of the two industry portfolios also shows a decrease, whereas the standard deviation of the average correlation shows an increase. The results imply that the amount of systematic risk in the Korea stock distribution market has decreased, whereas the amount of industry-specific risk has increased. It is one of the well known empirical results that correlation and uncertainty are positively correlated, therefore, the declining correlation may be the result of decreased global economic uncertainty. Meanwhile, less asset correlation enables investors to build portfolios with less systematic risk, therefore the investors require lower risk premiums for the efficient portfolio, resulting in the declining risk price. Conclusions - Our results may provide evidence of reduction in global systemic risk or economic uncertainty in the Korean stock distribution market. However, to defend the argument, further analysis should be done. For instance, the change of global uncertainty could be measured with funding costs in the global money market; subsequently, the relation between global uncertainty and the price of risk might be directly observable. In addition, as time goes by, observations of the risk price could be extended, enabling us to confirm the relation between the global uncertainty and the effect of quantitative easing. These topics are beyond our scope here, therefore we reserve them for future research.

Influence of Soil Flooding on Control of Pink Root Disease in Onion Crop (양파 연작지의 분홍색뿌리썩음병 방제를 위한 담수처리 효과)

  • Moon, Jin-Seong;Lee, Jong-Tae;Ha, In-Jong;Whang, Seon-Gyeong;Song, Wan-Doo;Cheon, Mi-Geon;Lee, Chan-Jung
    • Research in Plant Disease
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    • v.13 no.2
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    • pp.104-109
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    • 2007
  • Pink root disease of onion, a known worldwide constraint upon onion production, significantly reduces crop levels in the main Korea cultivation area. In order to examine the effect of flooding on incidence of pink root disease caused by Pyrenochaeta terrestris and on onion growth and on populations of soil fungi, field experiments were conducted during two seasons, 2003/04 and 2004/05 at Onion Research Institute. Populations of soil fungi from fields were assayed on selective media. Flooding treatment was effective in reducing populations of P. terrestris, Pythium spp., and Rhizoctonia sp. in soil; fungal populations in soils flooded for 90 days were reduced to 1/2 to 1/3 of those in non-flooded soils. In nursery bed, protective activities of soils flooded for over 60 days were 93.5 to 99.2% and their pink root incidences were less than 5%, which were 1/11 to 1/18 of that in control. Increased yield of onion bulbs was associated with control of soil borne pathogenic fungi by flooding treatments. As flooding period was prolonged, bulb grade showed the tendency to increase. Soil flooding for over 60 days resulted in effective disease control, facilitated accurate planning of plant population in the field, extension of the growing-season and consequently higher yields of better quality.

A Preliminary Study of Virtual-micro Intensity Modulated Radiation Therapy (가상 미세 세기조절방사선치료(Virtual micro-IMRT;VMIMRT) 기법의 임상 적용을 위한 예비적 연구)

  • 김상노;조병철;서택석;배훈식;최보영;이형구
    • Progress in Medical Physics
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    • v.13 no.1
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    • pp.32-36
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    • 2002
  • For Intensity Modulated Radiation Therapy(IMRT), the spatial resolution of intensity map(IM) is limited by the width of multi-leaf collimator, which would make an effect on the conformity of the target, as well as organs at risk. Several Methods are suggested to increase the spatial resolution, which can be categorized by the hardware-dependent technique and the software-based technique. However the best solution might be to make the width of MLC finer. it has several obstacles in the respects of technical difficulty and cost. This preliminary study is designed to investigate the clinical effectiveness of the virtual-micro IMRT(VMIMRT) technique, one of the software-based technique. A particular intensity map was created, which has 42$\times$54 pixel dimension ,0.5cm pixel size and 15 intensity levels. Using this intensity map, segment fields of IMRT were generated with 1$\times$lcm, 0.5$\times$1cm, 0.5$\times$0.5cm(VMIM) beamlet size, respectively As results, we found that there was no evidence of improvement for VMIMRT, compared with the 0.5$\times$lcm beamlet size which can be delivered by 1cm width MLC. The reason seems to be due to the constraint of VMIMRT. Further study is required to prove the benefit of the VIMRT in clinical case like head and neck cancer, where is expected that higher resolution than 1cm is necessary.

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Effect of Lugol's Iodine Preservation on Cyanobacterial Biovolume and Estimate of Live Cell Biovolume Using Shrinkage Ratio (Lugol's Iodine Solution 첨가 후 보존 기간별 남조류 세포부피 변화 및 수축비를 이용한 생세포 부피 산정)

  • Park, Hae-Kyung;Lee, Hyeon-Je;Lee, Hae-Jin;Shin, Ra-Young
    • Journal of Korean Society on Water Environment
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    • v.34 no.4
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    • pp.375-381
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    • 2018
  • The monitoring of phytoplankton biomass and community structure is essential as a first step to control the harmful cyanobacterial blooms in freshwater systems, such as seen in rivers and lakes, due to the process of eutrophication and climate change. In order to quantify the biomass of phytoplankton with a wide range in size and shape, the measurement of cell biovolume along with cell density is required for a comprehensive review on this issue. However, most routine monitoring programs preserve the gathered phytoplankton samples before analysis using chemical additives, because of the constraint of time and the number of samples. The purpose of this study was to investigate the cell biovolume change characteristics of six cyanobacterial species, which are common bloom-causing cyanobacteria in the Nakdong River, after the preservation with Lugol's iodine solution. All species showed a statistically significant difference after the addition of Lugol's iodine solution compared to the live cell biovolume, and the cell biovolume decreased to the level of 34.0 ~ 56.3 % at maximum in each species after the preservation. The nonlinear regression models for determining the shrinkage ratio by a preservation period were derived by using the cell biovolume measured until 180 days preservation of each target species, and the equation to convert the cell biovolume measured after preservation for a certain period to the cell biovolume of viable cell was derived using that formula. The conversion equation derived from this study can be used to estimate the actual cell biovolume in the natural environment at the time of sampling, by using the measured biovolume after the preservation in the phytoplankton monitoring. Moreover this is expected to contribute to the final interpretation of the water quality and aquatic ecosystem impacts due to the cyanobacterial blooms.

Analysis of a CubeSat Magnetic Cleanliness for the Space Science Mission (우주과학임무를 위한 큐브위성 자기장 청결도 분석)

  • Jo, Hye Jeong;Jin, Ho;Park, Hyeonhu;Kim, Khan-Hyuk;Jang, Yunho;Jo, Woohyun
    • Journal of Space Technology and Applications
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    • v.2 no.1
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    • pp.41-51
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    • 2022
  • CubeSat is a satellite platform that is widely used not only for earth observation but also for space exploration. CubeSat is also used in magnetic field investigation missions to observe space physics phenomena with various shape configurations of magnetometer instrument unit. In case of magnetic field measurement, the magnetometer instrument should be far away from the satellite body to minimize the magnetic disturbances from satellites. But the accommodation setting of the magnetometer instrument is limited due to the volume constraint of small satellites like a CubeSat. In this paper, we investigated that the magnetic field interference generated by the cube satellite was analyzed how much it can affect the reliability of magnetic field measurement. For this analysis, we used a reaction wheel and Torque rods which have relatively high-power consumption as major noise sources. The magnetic dipole moment of these parts was derived by the data sheet of the manufacturer. We have been confirmed that the effect of the residual moment of the magnetic torque located in the middle of the 3U cube satellite can reach 36,000 nT from the outermost end of the body of the CubeSat in a space without an external magnetic field. In the case of accurate magnetic field measurements of less than 1 nT, we found that the magnetometer should be at least 0.6 m away from the CubeSat body. We expect that this analysis method will be an important role of a magnetic cleanliness analysis when designing a CubeSat to carry out a magnetic field measurement.

Alice Springs Orogeny (ASO) Footprints Tracing in Fresh Rocks in Arunta Region, Central Australia, Using Uranium/Lead (U-Pb) Geochronology

  • Kouame Yao;Mohammed O. Idrees;Abdul-Lateef Balogun;Mohamed Barakat A. Gibril
    • Economic and Environmental Geology
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    • v.56 no.6
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    • pp.817-830
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    • 2023
  • This study investigates the age of the surficial rocks in the Arunta region using Uranium-Lead (U-Pb) geochronological dating. Rock samples were collected at four locations, Cattle-Water Pass (CP 1610), Gough Dam (GD 1622 and GD 1610), and London-Eye (LE 1601), within the Strangways Metamorphic Complex and crushed by selFragging. Subsequently, the zircon grains were imaged using Cathodoluminescence (CL) analysis and the U-Pb (uranium and lead) isotope ratios and the chrono-stratigraphy were measured. The imaged zircon revealed an anomalous heterogeneous crystal structure. Ellipses of the samples at locations GD1601, CP1610, and GD1622 fall below the intercept indicating the ages produced discordant patterns, whereas LE1601 intersects the Concordia curve at two points, implying the occurrence of an event of significant impact. For the rock sample at CP1610, the estimated mean age is 1742.2 ± 9.2 Ma with mean squared weighted deviation (MSWD) = 0.49 and probability of equivalence of 0.90; 1748 ± 15 Ma - MSWD = 1.02 and probability of equivalence of 0.40 for GD1622; and 1784.4 ± 9.1 Ma with MSWD of 1.09 and probability of equivalence of 0.37 for LE1601. But for samples at GD1601, two different age groups with different means occurred: 1) below the global mean (1792.2 ± 32 Ma) estimated at 1738.2 ± 14 Ma with MSWD of 0.109 and probability of equivalence of 0.95 and 2) above it with mean of 1838.22 ± 14 Ma, MSWD of 1.6 and probability of equivalence of 0.95. Analysis of the zircon grains has shown a discrepancy in the age range between 1700 Ma and 1800 Ma compared to the ASO dated to have occurred between 440 and 300 Ma. Moreover, apparent similarity in age of the core and rim means that the mineral crystallized relatively quickly without significant interruptions and effect on the isotopic system. This may have constraint the timing and extent of geological events that might have affected the mineral, such as metamorphism or hydrothermal alteration.

Three-dimensional magnetotelluric surveys for geothermal development in Pohang, Korea (포항지역 지열 개발을 위한 3 차원 자기지전류 탐사)

  • Lee, Tae-Jong;Song, Yoon-Ho;Uchida, Toshihiro
    • Geophysics and Geophysical Exploration
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    • v.10 no.1
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    • pp.89-97
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    • 2007
  • A three-dimensional (3D) magnetotelluric (MT) survey has been carried out to delineate subsurface structures and possible fractures, for development of low-temperature geothermal resources in Pohang, Korea. Quite good quality MT data could be obtained throughout the survey region by locating the remote reference in Kyushu, Japan, which is ${\sim}480\;km$ from the centre of the field site. 3D modelling and inversion are performed taking into account the sea effect in MT measurements near the seashore. The nearby sea in the Pohang area affects MT data at frequencies below $1\;Hz{\sim}0.2\;Hz$, depending on the distance from the seashore. The most severe sea effects were observed in the south-east parts of the survey area, closer to Youngil Bay. 3D inversion with and without the seawater constraint showed very similar results at shallow depths, roughly down to 2 km. At greater depths, however, a strong sea effect seems to form a fictitious conductive structure in ordinary 3D inversion, especially in the south-eastern part of the survey region. Comparison between drilling results and the resistivity profiles from inversions showed that five layered structures can be distinguished the subsurface beneath the target area. They are: (a) semi-consolidated mudstones with resistivity less than $10\;{\Omega}m$, which are ${\sim}300\;m$ thick in the northern part and ${\sim}600\;m$ thick in the southern part of the survey area; (b) occasional occurrence of trachybasalt and lapilli tuff within the mudstone layer has resistivity of a few tens of${\Omega}m$, (c) intrusive rhyolite ${\sim}400\;m$ thick has resistivity of several hundreds of ${\Omega}m$, (d) alternating sandstone and mudstone down to 1.5 km depth shows resistivity of ${\sim}100\;{\Omega}m$, (e) a conductive structure was found at a depth of ${\sim}3\;km$, but more geological and geophysical study should be carried out to identify this structure.

A Study on Marketing of Cultured Laver Products (양식해태의 유통에 관한 조사 연구)

  • 유충열
    • The Journal of Fisheries Business Administration
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    • v.4 no.1_2
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    • pp.19-57
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    • 1973
  • Laver io one of the most necessary and seasonal items in Korean food from oldtimes. Laver is lagely eaten in dried form, and its supply depends entirely upon culture weeds. The history of laver culture in Korea about sixty or seventy years is older than in Japan. Significance of laver culture is divided into two aspects, one is food supply in the nation, and the other is export to other countries. Houses engaged in laver culture are about foully thousands, and laver production in 1972 is estimated as 1, 3 bitten sheets. (1 sheet is a dried laver of 20 cm sq, in the shape of paper) Especcially meaning of layer production is the concentration of labour input, and systematic management of labour. From around 1920, the method of laver culture was introduced by Japanese Imperialism for mono culture in shallow seas, and mass products of laver is provided to Japan market, DOMESTIC MARKET Fundamental consume function calculates at below, $D_{(68_71)}$=16354 $Y^{0.471}$ $P^{-1.0662}$ where D is total layer demand, Y income variable, P price variable. It means income elasticity is 476. in the whole country, and price elasticity is 1, 07. But generally income elasticity is higher in urban area than in rural area, as shown at 1, 3 in Seoul city. Expence of laver in house expenditure is mutually correlated with another expence, See Table 12 about the relative function. See Table 14 and 16 about the relation between the gathering and the changes of price in auction, wholesale and retail price support system is for two effects, one of which is constraint of the upper price, the other is rise of the lower price. Before the system control, the equation in three year average calculated as below, $Y_{b}$ =18, 907.7455+15435.9364 t (r=0.89) where the origin t=0 is the November and the units are month. Post the system control, $Y_{p}$ =30, 047.9636+1, 631.1721t (r=0.97) therefore, this system has an effect only on the rise of lower price, Average annual margins of laver products at four market levels according to the consumer spent is below. EXPORTING MARKET Japanese demand function of laver products is, Log D=5, 289+1, 108 Log Y-1, 395 Log P (r=0.987) where D is Japanese laver demand, Y income variable, P price variable. according to which income elasticity is 1. 1 and price elasticity is 1.4. Laver production in 1970 tile highest record till then, is estimated as six billion sheets. But the recent improvement of laver culture techniques, the production of seeds and freezing storage of seeds has been stabilized. Futher new culture farms have been developed by means of break- water fences or by floating culture method. These improvements have been backed up with increased demand of laver products. Import quantity and price of Korean laver products are restrained by three organizations, that is producer, distributor and consumer. This relationship calculated by regression equation shows that import is influenced only producer organization, at the sacrifice of consumer profit. For increase to export of laver products, we urgently require to open foreign trade of laver products for Japanese consumer, .and Japan has political responsibility to solve Korean laver structure. But with long run timeseries, as regards Japanese production and import quantity, importing function shows increasing trend as below, 250 million sheets <3, 947.1674+0.005 $L_{g}$ >) 600 million sheets where $L_{q}$ is relative production quantity of laver in Japan. (unit; 100 thousand sheets) Our Export effort should be put on the highly processed products whithin the restraind quote.ote.

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Behavior and Analysis of Laterally Loaded Model Pile in Nak-dong River Fine Sand

  • Kim, Young-Su;Seo
    • Geotechnical Engineering
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    • v.14 no.3
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    • pp.25-46
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    • 1998
  • This paper shows that there are the results of a series of model tests on the behavior of single pipe pile which is subjected to lateral load in, Nak-dong River sand. The purpose of the present paper is to estimate the effect of Non-homogeneity. constraint condition of pile head, lateral load velocity, relative density, and embedded length of pile on the behavior of single pile. These effects can be quantified only by the results of model tests. Also, these are compared with the results of the numerical methods (p-y method, modified Vlasov method; new ${\gamma}$ parameter, Characteristic Load Method'CLM). In this study, a new ${\gamma}$ parameter equation based on the Vlasov method was developed to calculate the modulus of subgrade reaction (E. : nhz.) proportional to the depth. The p-y method of analysis is characterized by nonlinear behavior. and is an effective method of designing deep foundations subjected to lateral loads. The new method, which is called the characteristic load method (CLM). is simpler than p-y analysis. but its results closely approximates p-y analysis results. The method uses dimensional analysis to characterize the nonlinear behavior of laterally loaded piles with respect to be relationships among dimensionless variables. The modulus of subgrade reaction used in p-y analysis and modified Vlasov method obtained from back analysis using direct shear test (DST) results. The coefficients obtained from DST and the modified ones used for the prediction of lateral behavior of ultimate soil reaction range from 0.014 to 0.05. and from 0.2 to 0.4 respectively. It is shown that the predicted numerical results by the new method (CLM), p-y analysis, and modified Vlasov method (new parameter) agree well with measured results as the relative density increases. Also, the characteristic load method established applicability on the Q-Mnu. relationship below y/D=0.2.

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Analysis of Pre-service Science Teachers' Responsive Teaching Types and Barriers of Practice (예비과학교사들의 반응적 교수 유형 및 실행의 제약점 분석)

  • Cho, Mihyun;Paik, Seoung-Hey
    • Journal of The Korean Association For Science Education
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    • v.40 no.2
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    • pp.177-189
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    • 2020
  • In this study, we implemented an education program to improve the responsive teaching ability of pre-service science teachers, and analyzed the responsive teaching practices revealed during the program process. Through this, we derived the types and characteristics of responsive teaching practice, identified factors that made it difficult for pre-service teachers to practice, and obtained empirical data on under what conditions the responsive teaching capacity of pre-service teachers was developed. For this purpose, a practice-based teacher education program was designed and carried out for 14 pre-service teachers who had no experience in responsive teaching. The program consists of four steps; observation of class, practice through rehearsal, application in practicum, and post-reflection on educational practice. In particular, qualitative analysis was conducted on the types of responsive teaching and their detrimental factors revealed during application in practicum. As a result of the analysis, four types were derived; discriminator type, communicator type, guide type, and facilitator type. Each type was identified as having a common responsive teaching step element. The education program implemented in this study was effective for pre-service teachers to recognize the importance of student-participation class and the educational effect of responsive teaching. However, three barriers that prevented pre-service teachers from responsive teaching practice were also analyzed. First was the pressure to achieve specific learning goals within a given class time. Second was the rigid belief of the fixed curriculum. Third was the obsession that the teacher should lead the class. Based on these results, it was suggested that in order to improve the responsive teaching ability of pre-service teachers, it is necessary to support the recognition of breaking out of the thinking the time constraint, the flexibility of the curriculum, and the role of teacher as a class supporter.