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A Study on Information Efficiency in Stock Selection by Various Investor Type (투자자집단별 선택적 종목거래활동의 정보효율성 검증)

  • Lee, Sung-Hoon;Lee, Jung-Jin;Lee, Jae-Hyun
    • Management & Information Systems Review
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    • v.34 no.1
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    • pp.65-80
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    • 2015
  • In previous studies concerning turnover, they argue individual stock's turnover must be identical to market portfolio's turnover under one condition where 2 funds separation theorem holds. In this kind of world, all market participants hold and trade the same portfolio and this should be only market portfolio. If one's trading portfolio's shape is different from market portfolio's, this would mean he or she has an advantage over others in information and this kind of information would be private. In accordance with this theory, we develop a metric which measures how far one's trading portfolio from market's and name it as Stock Selection by Investor(SSI). We apply this measurement to the various types of investor groups classified as individual, institutional and foreign who participate in Korea stock market. To test the validity of measure, we regress price ratio on this measurement using SUR method. As a result, individual investor group shows large number in SSI, but the coefficient in regression is not significant and economically meaningless. In case of institutional investor group, the coefficient proves to be significantly negative. We can infer from this fact that their trading is somehow far from informed trading. Stock selection activity by foreign investor groups proves to be informed trading by showing significantly positive coefficient and the magnitude of coefficient is economically meaningful, especially in sell activity.

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Development of a Hydrograph Triggered by Earth-Dam-Break for Compiling a Flood Hazard Map (홍수위험지도 작성을 위한 댐 붕괴 지점에서의 유량곡선 산정)

  • Lee, Khil-Ha;Kim, Sung-Wook;Yu, Soonyoung;Kim, Sang-Hyun;Cho, Jinwoo;Kim, Jin-Man
    • The Journal of Engineering Geology
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    • v.23 no.4
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    • pp.381-387
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    • 2013
  • In compiling flood hazard maps for the case of dam-failure, a scenario-based numerical modeling approach is commonly used, involving the modeling of important parameters that capture peak discharge, such as breach formation and progress. In this study, an earth-dam-break model is constructed assuming an identical mechanism and hydraulic process for all dam-break processes. A focus of the analysis is estimation of the hydrograph at the outlet as a function of time. The constructed hydrograph then serves as an upper boundary condition in running the flood routing model downstream, although flood routing is not considered here. Validation was performed using the record of the Tangjishan dam-break in China. The results were satisfactory, with a coefficient of determination of 0.974, Nash-Sutcliffe Coefficient of Efficiency (NSC) of 0.94, and Root Mean Square Error (RMSE) of $610m^3/sec$. The proposed model will contribute to assessments of potential flood hazards caused by dam-break.

Epidemiological Survey on the Infection of Intestinal Flukes in Residents of Muan-gun, Jeollanam-do, the Republic of Korea

  • Cho, Shin-Hyeong;Cho, Pyo-Yun;Lee, Dong-Min;Kim, Tong-Soo;Kim, In-Sang;Hwang, Eun-Jung;Na, Byoung-Kuk;Sohn, Woon-Mok
    • Parasites, Hosts and Diseases
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    • v.48 no.2
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    • pp.133-138
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    • 2010
  • Infection status of intestinal flukes was investigated in residents of Muan-gun, Jeollanam-do, the Republic of Korea. Total 1,257 fecal samples of residents were examined by formalin-ether sedimentation technique and Kato-Katz thick smear method. Helminth eggs were detected from 95 (7.6%) residents, and eggs of heterophyid flukes and Clonorchis sinensis were found from 62 (4.9%) and 40 (3.2%) cases, respectively. The larger heterophyid eggs, somewhat darkbrown in color and $37.7{\times}21.5{\mu}m$ in average size, and found in 32 (2.6%) out of 62 egg positive cases of heterophyid flukes. To confirm the adult flukes, we performed worm recovery from 12 cases after praziquantel treatment and purgation with $MgSO_4$. A total of 1,281 adult flukes, assigned to 7 species, were recovered from 9 cooperative cases. Heterophyes nocens (total 981 specimens) was collected from 9 cases, Stictodora fuscata (80) from 7, Gymnophalloides seoi (75) from 5, Pygidiopsis summa (140) from 3, Stellantchasmus falcatus (3) from 2, and Stictodora lari and Acanthotrema felis (each 1 worm) from 1 case each. The intrauterine eggs of S. fuscata collected from the recovered worm were identical with the larger heterophyid eggs detected in the stool examination. By the present study, it was confirmed that A. felis is a new intestinal fluke infecting humans, and residents in Muan-gun, Jeollanam-do are infected with variable species of intestinal trematodes.

A Study on the Variation of Color and its Components of the Flue-Cured Tobacco Leaf During the Process of Curing (Flue -cured 잎담배의 건조과정중 색상과 색소성분 변화에 관한 연구)

  • 김찬호;김정옥;석영선
    • Journal of the Korean Society of Tobacco Science
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    • v.1 no.1
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    • pp.56-62
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    • 1979
  • Boring the process of curing of the tobacco ( Nicotiana tabacum L. clicks) leaf, the and other fundamental components of the tobacco leaf was observed The amount of total chlorophyll was reduced from 2902$\mu\textrm{g}$/gr to 1, 131$\mu\textrm{g}$/gr as a function of curing time. In the case of total carotene, the concentration was increased from 373-712$\mu\textrm{g}$/gr. to 3, 003~2, 215$\mu\textrm{g}$/gr. up to 70 hours of curing period. However, after 70 hours of curing, the concentration of total carotene stared to be decreased up to 1, 050~1, 039$\mu\textrm{g}$/gr. Simultaneously, the greenish yellow color becomes to be close an intermediate color between yellow and orange. The amount of total nicotine and nitrogen (2~2%) in the green harvested leaf was essentially identical after the curing process. However, the amount of total sugar was enhanced from 17%, in the green harvested leaf, to 35% at the time of 70 hours curing. At the end of the curing, the amount of total sugar was again reduced up to 16%. The correlation coefficient (r) between the axis of the color coordinate and the ratio of chlorophyll/carotene was estimated to be r=-0.96. This result indicates a linear relationship between those two parameters and the following linear equation is obtained as y=28.87-68.38 x. From the above equation, x=0.442 could be estimated when chlorophyll was completely decomposed (ylongrightarrowO). As a consequence of this result, we can suggest the tobacco leaf of Hicks belongs to the high quality level.

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Heating and Cooling Energy Demand Evaluating of Standard Houses According to Layer Component of Masonry, Concrete and Wood Frame Using PHPP (PHPP를 활용한 조적, 콘크리트, 목조 레이어 구성별 표준주택 냉·난방 에너지 요구량 평가)

  • Kang, Yujin;Lee, Junhee;Lee, Hwayoung;Kim, Sumin
    • Journal of the Korean Wood Science and Technology
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    • v.45 no.1
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    • pp.1-11
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    • 2017
  • A lot of the energy are consumed on heating and cooling in buildings. The buildings need to minimize the heating and cooling loads for $CO_2$ emissions and energy consumption reduction. In recently, also demand of detached houses were increase while the residential culture was changed. The structure of the domestic detached houses can be divided into masonry, concrete, wood frame houses. Therefore, in this study, the heating and cooling load and energy demand were analyzed on the equal area detached house consisting of three structural methods (Masonry, Concrete, Wood frame). Layer of wall, roof, and floor were composited by structure. Thermal transmittance (U-value) of each layer was using the PHPP calculation for considering stud, such as the wood frame wall. In addition, the case of without considering for studs in wood frame wall (Non-studs) was analyzed in order to compare the difference between studs or not. Analysis was performed using self-developed heating and cooling load calculation program (CHLC) based excel and ECO2. The results of cooling and heating load and energy demand showed the highest values in the wood frame structure, and the concrete structure were confirmed to maintain a high value secondly. Two structure were determined to be disadvantageous on the energy consumption. Consequently, the masonry structure have an advantage over the other structure under the identical conditions. It was determined that if the except for thermal bridges due to the studs in the wood frame structure, it can be reduced the energy consumption.

Quality Properties of Ginger (Zingiber officinale Roscoe) Oleoresin by Supercritical Fluid Extraction (초임계유체 추출에 의한 생가 (Zingiber officinale Roscoe) Oleoresin의 품질특성)

  • Lee, Myung-Hee;Lee, Kyoung-Hae;Choi, Sang-Yoon;Kim, Kyung-Tack
    • Journal of Food Hygiene and Safety
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    • v.26 no.1
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    • pp.36-42
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    • 2011
  • In order to optimize the supercritical fluid extraction (SFE) conditions of ginger oleoresin (GO), we conducted an evaluation of quality properties such as yield (%), color, volatile flavor compounds and gingerol components. The extraction yield gained by SFE increased as extraction pressure and temperature increased. The highest yield was $8.96{\pm}0.68%$ at 500 bar $65^{\circ}C$ extraction condition. The total color difference (${\Delta}E$) values decreased at high pressure. In case of the 100 bar pressure conditions, ${\Delta}E$-values increased as the temperature went up. The analysis of the 6-gingerol, 8-gingerol, 10-gingerol, 6-shogaol and curcumin contents decreased at high temperature conditions of identical pressure and increased at high pressure conditions. The volatile flavor compounds were detected in zingiberene, ${\beta}$-sesquiphellandre, ${\beta}$-phellandre, ${\alpha}{\gamma}$-curcumene, 2,3-butandiol, ${\beta}$-bisabolene and so on. Also volatile component contents showed difference in each of extraction conditions.

Ramsay Hunt Syndrome -Case report on two cases- (Ramsay Hunt 증후군 -2예 보고-)

  • Lee, Sang-Gon;Yeo, Sang-Im;Goh, Joon-Seock;Min, Byung-Woo
    • The Korean Journal of Pain
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    • v.5 no.2
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    • pp.263-268
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    • 1992
  • Involvement of the facial nerve(herpes zoster oticus, Ramsay Hunt Syndrome) is a rather common clinical syndrome. It begins with unilateral ear pain, followed shortly by a peripheral facial palsy. Paresis or paralysis may affect the muscles of facial expression, which also close the eyelids. The levator palpebrae which is innervated by the 5th cranial nerve is spared, so the eye may remain open. The rash is usually confined to the tympanic membrane and the external auditory canal. It may spread to involve the outer surface of the lobe of the ear, anterior pillar or the fauces and mastoid. There also may be a loss of taste in the anterior two thirds of tongue. At time, the auditory nerve involvement produces tinnitus, deafness and vertigo. The 5th, 8th and 10th nerves and even the upper cervical spinal nerve can be involved presumedly on the base of spread of the infective process along anastomotic connections between the facial nerve. The facial paralysis is identical to that of Bells palsy. Frequently the recovery of facial nerve function is incomplete, leaving the patient with some residual facial weak ness. We experienced 2 cases of Ramsay Hunt Syndrome. The first patients, 55 year old male, visited our pain clinic on the day when his left facial nerve start to paralyze. We injected 6 ml of 0.25% bupivacaine into his left stellate ganglion 15 times. TENS was also applicated simultaneously. His facial paralysis was recovered completely 3 weeks after treatment without any complications. Another one, 53 year old male, visited us 7 weeks after onset of facial paralysis. He has been treated conventional oriental method(acupuncture, massage, warm application, etc). But the degree of his left facial paralysis didn't improve at all He has been treating with SGB 50 times and TENS for 2 months. Temporal and zygomatic branch of his left facial nerve recovered nearly completely but buccal and mandibular branch did not recover completely. We are willing to insist on the early treatment is the best choice in managing of Ramsay Hunt Syndrome.

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Synthesis and Densification Behavior of Al Doped (La0.8Ca0.2)(Cr0.9Co0.1)O3(LCCC) Ceramics for SOFC Interconnects (SOFC 연결재용 Al이 도핑된 (La0.8Ca0.2)(Cr0.9Co0.1)O3(LCCC)계 세라믹스의 합성 및 치밀화 특성)

  • Lee, Ho-Young;Kang, Bo-Kyung;Lee, Ho-Chang;Heo, Young-Woo;Kim, Jeong-Joo;Kim, Jae-Yuk;Lee, Joon-Hyung
    • Journal of the Korean Institute of Electrical and Electronic Material Engineers
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    • v.25 no.5
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    • pp.392-397
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    • 2012
  • In the $(La_{0.8}Ca_{0.2})(Cr_{0.9}Co_{0.1})O_3$ (LCCC), which has been using as interconnector materials in SOFC, Al ions were substituted for Co because ionic radius of Al is similar to that of Co. Because of the almost identical ionic radius of Al and Co, the substitution was not thought to be affect the tolerance factor of LCCC, and the densification behavior, high temperature electrical conductivity and thermal expansion coefficient were examined as a function of Al concentration. In the cases of the x= 0 and x= 0.02 in $(La_{0.8}Ca_{0.2})(Cr_{0.9}Co_{0.1-x}Al_x)O_3$ (x= 0~0.1), the samples showed the relative densities above ${\geq}95%$ when those were sintered at ${\geq}1,350^{\circ}C$. In the case of the $x{\geq}0.06$ the sintered density deteriorated greatly at lower sintering temperatures. High temperature electrical conductivity of the samples decreased as the content of Al increased. Since the valence state of Al ion is unchangeable, while Cr or Co ions contribute to the electrical conduction by changing those valence states, Al substitution resulted in the decreased electrical conductivity. Al doping of LCCC was an effective way of decreasing the thermal expansion coefficient (TEC).

Design of an RFID Communication Protocol Using Synchronized Chaotic Systems (동기화된 혼돈시스템을 이용한 RFID 통신 프로토콜 설계)

  • Yim, Geo-Su
    • The Journal of Korea Institute of Information, Electronics, and Communication Technology
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    • v.9 no.5
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    • pp.451-457
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    • 2016
  • To improve security in the data communication field, many studies on the application of chaotic signals to encryption have been conducted in recent years. In this study, a new security protocol where the initial value sensitivity and noise similarity of chaotic signals have been applied to an RFID communication channel was designed. In the case of chaotic systems, if the initial values become identical, the same signals are generated at the same time after that point even though the two systems have been calculated independently. Therefore, an unpredictable security channel can be produced based on such characteristics. However, a security channel can be produced only when an initial value is shared in advance, and thus there is a potential problem of infringement during the transmission of the initial value. To resolve this problem, a method in which a certain proportion of new chaotic signals are applied to two chaotic systems for communication and are then synchronized after some time was proposed. This new method can conceal the initial value, and thus can resolve the problem of the existing communication method using chaotic signals. The designed method was verified with the encryption and decryption of images. It is expected that a more secure RFID system could be established by applying the communication protocol proposed in this study to insecure RFID communication channels.

Serological and Molecular Detection of Toxoplasma gondii and Babesia microti in the Blood of Rescued Wild Animals in Gangwon-do (Province), Korea

  • Hong, Sung-Hee;Kim, Hee-Jong;Jeong, Young-Il;Cho, Shin-Hyeong;Lee, Won-Ja;Kim, Jong-Tak;Lee, Sang-Eun
    • Parasites, Hosts and Diseases
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    • v.55 no.2
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    • pp.207-212
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    • 2017
  • Infections of Toxoplasma gondii and Babesia microti are reported in many wild animals worldwide, but information on their incidence and molecular detection in Korean wild fields is limited. In this study, the prevalence of T. gondii and B. microti infection in blood samples of 5 animal species (37 Chinese water deer, 23 raccoon dogs, 6 roe deer, 1 wild boar, and 3 Eurasian badgers) was examined during 2008-2009 in Gangwon-do (Province), the Republic of Korea (=Korea) by using serological and molecular tests. The overall seropositivity of T. gondii was 8.6% (6/70); 10.8% in Chinese water deer, 4.3% in raccoon dogs, and 16.7% in roe deer. PCR revealed only 1 case of T. gondii infection in Chinese water deer, and phylogenic analysis showed that the positive isolate was practically identical to the highly pathogenetic strain type I. In B. microti PCR, the positive rate was 5.7% (4/70), including 2 Chinese water deer and 2 Eurasian badgers. Phylogenetic analysis results of 18S rRNA and the ${\beta}$-tubulin gene showed that all positive isolates were US-type B. microti. To our knowledge, this is the first report of B. microti detected in Chinese water deer and Eurasian badger from Korea. These results indicate a potentially high prevalence of T. gondii and B. microti in wild animals of Gangwon-do, Korea. Furthermore, Chinese water deer might act as a reservoir for parasite infections of domestic animals.