• Asia-Pacific Journal of Business
• /
• v.14 no.3
• /
• pp.221-240
• /
• 2023

Purpose - This paper investigates how business cycle impacts on corporate credit spreads since global financial crisis. Furthermore, it tests how the impact changes by the phase of the cycle. Design/methodology/approach - This study collected dataset from Barclays Global Aggregate Bond Index through the Bloomberg. It conducted multi-regression analysis by projecting business cycle using Hodrick-Prescott filtering and various cyclical variables, while ran dynamic analysis of 5-variable Vector Error Correction Model to confirm the robustness of the test. Findings - First, it proves to be statistically significant that corporate credit spreads have moved countercyclicaly since the crisis. Second, It indicates that the corporate credit spread's countercyclicality to the macroeconomic changes works symmetrically by the phase of the cycle. Third, the VECM supports that business cycle's impact on the spreads maintains more sustainably than other explanatory variable does in the model. Research implications or Originality - It becomes more appealing to accurately measure the real economic impact on corporate credit spreads as the interaction between credit and business cycle deepens. The economic impact on the spreads works symmetrically by boom and bust, which implies that the market stress could impact as another negative driver during the bust. Finally, the business cycle's sustainable impact on the spreads supports the fact that the economic recovery is the key driver for the resilience of credit cycle.

• Journal of Global Scholars of Marketing Science
• /
• v.19 no.4
• /
• pp.57-63
• /
• 2009

With an exponential increase in electronic commerce (e-commerce), marketers are attempting to gain a competitive advantage by emphasizing service quality and post interaction service aspects, which leads to customer satisfaction or behavioral consequence. Particularly for apparel, service quality is one of the key determinants in encouraging customer e-loyalty, and hence the success of apparel retailing in the context of electronic commerce. Therefore, this study explores e-service quality (E-SERVQUAL) factors and their unique effects on e-loyalty for apparel online shopping based on Parasuraman et al' s (2005) framework. Specific objectives of this study are to identify underlying dimension of E-SERVQUAL, and analyze a structural model for examining the effect of E-SERVQUAL on e-loyalty for online apparel shopping. For the theoretical framework of service quality in the context of online shopping, literatures on traditional and electronic service quality factors were comparatively reviewed, and two aspects of core and recovery services were identified. This study hypothesized that E-SERVQUAL has an effect on e-loyalty; customer satisfaction has a positive effect on e-service loyalty for apparel online shopping; and customer satisfaction mediates in the effect of E-SERVQUAL on e-loyalty for apparel online shopping. A self-administered questionnaire was developed based on literatures. A total of 252 usable questionnaires were obtained from online consumers who had purchase experience with online shopping for apparel products and reside in standard metropolitan areas, in the United States. Factor analysis (e.g., exploratory, confirmatory) was conducted to assess the validity and reliability and the structural equation model including measurement and structural models was estimated via LISREL 8.8 program. Findings showed that the E-SERVQUAL of shopping websites for apparel consisted of five factors: Compensation, Fulfillment, Efficiency, System Availability, and Responsiveness. This supports Parasuraman (2005)'s E-S-QUAL encompassing two aspects of core service (e.g., fulfillment, efficiency, system availability) and recovery related service (e.g., compensation, responsiveness) in the context of apparel shopping online. In the structural equation model, there are five exogenous latent variables for e-SERVQUAL factors; and two endogenous latent variables (e.g., customer satisfaction, e-loyalty). For the measurement model, the factor loadings for each respective construct were statistically significant and were greater than .60 and internal consistency reliabilities ranged from .85 to .88. In the estimated structural model of the e-SERVEQUAL factors, the system availability was found to have direct and positive effect on e-loyalty, whereas efficiency had a negative effect on e-loyalty for apparel online shopping. However, fulfillment was not a significant predictor for explaining consequences of E-SERVQUAL for apparel online shopping. This finding implies that perceived service quality of system available was likely to increase customer satisfaction for apparel online shopping. However, it was not supported that e-loyalty was determined by service quality, because service quality has an indirect effect on e-loyalty (i.e., repurchase intention) by mediating effect of value or satisfaction in the context of online shopping for apparel. In addition, both compensation and responsiveness were found to have a significant impact on customer satisfaction, which influenced e-loyalty for apparel online shopping. Thus, there was significant indirect effect of compensation and responsiveness on e-loyalty. This suggests that the recovery-specific service factors play an important role in maximizing customer satisfaction levels and then maintaining customer loyalty to the online shopping site for apparel. The findings have both managerial and research implications. Fashion marketers can establish long-term relationship with their customers based on continuously measuring customer perceptions for recovery-related service quality, such as quick responses to problem and returns, and compensation for customers' problem after their purchases. In order to maintain e-loyalty, recovery services play an important role in the first choice websites for consumers to purchase clothing. Given that online consumers may shop anywhere, a marketing strategy for improving competitive advantages is to provide better service quality, maximize satisfaction, and turn to creating customers' e-loyalty for apparel online shopping. From a researcher's perspective, there are some limitations of this research that should be considered when interpreting its findings. For future research, findings provide a basis for the further study of this important topic along both theoretical and empirical dimensions. Based on the findings, more comprehensive models for predicting E-SERVQUAL's consequences can be developed and tested. For global fashion marketing, this study can expand to a cross-cultural approach into e-service quality for apparel by including multinational samples.

• The Journal of Korean Institute of Communications and Information Sciences
• /
• v.28 no.7B
• /
• pp.605-619
• /
• 2003

The main memory DBMS(MMDBMS) efficiently supports various database applications that require high performance since it employs main memory rather than disk as a primary storage. In this paper, we discuss the index manager of the Tachyon, a next-generation MMDBMS. Recently, the gap between the CPU processing and main memory access times is becoming much wider due to rapid advance of CPU technology. By devising data structures and algorithms that utilize the behavior of the cache in CPU, we are able to enhance the overall performance of MMDBMSs considerably. In this paper, we address the practical implementation issues and our solutions for them obtained in developing the cache-conscious index manager of the Tachyon. The main issues touched are (1) consideration of the cache behavior, (2) compact representation of the index entry and the index node, (3) support of variable-length keys, (4) support of multiple-attribute keys, (5) support of duplicated keys, (6) definition of the system catalog for indexes, (7) definition of external APIs, (8) concurrency control, and (9) backup and recovery. We also show the effectiveness of our approach through extensive experiments.

• Asian-Australasian Journal of Animal Sciences
• /
• v.32 no.8
• /
• pp.1145-1152
• /
• 2019

Objective: Mulberry (Morus alba L.) is a cultivated shrub grown widely in the sub-tropical and tropical areas. It has been shown that mulberry leaf contains high levels of protein while having polyphenols as phytonutrients. Therefore, it is important to conduct an experiment to assess potential toxic level from mulberry on behavior, blood hematological and coagulation parameter using Sprague-Dawley (SD) rats. Methods: Both male and female SD rats were given an intragastric administration of respective treatments of mulberry leaf intakes (control, low and high levels). Parameters of feed intake, hematological and coagulation of blood parameters, as well as liveweight changes were taken during the 7 d of adaptation, 28 d of treatment exposure, and 14 d of recovery periods, respectively. All treatment data were statistically analyzed using analysis of variance of SPSS17.0 for Windows Statistical Software following the Randomized complete block design with sex as a block. Results: Most of the parameters of the physical symptoms of the SD rats, were not significantly different (p>0.05) when compared with that of the control group. Those which remain unchanged in each dose group were, body weight (BW) gain, feed intake, the hematology and coagulation indexes. Although, there were a few individual indicators that were abnormal, but the overall physiological appearance of the rats were normal. Conclusion: Results under this experiment revealed that most hematological and coagulation parameters of the SD rats in both male and female were normal, although the weight gain of female rats in high-dose group was significantly reduced than those of the male rats. Under this study, the use of mulberry leaf up to 2 g/kg BW did not result in abnormal phenomenon in the SD rats. These findings would offer useful information for further in vivo feeding trials in animals to extensively use of mulberry leaf to improve animal production, particularly in P.R. China.

• Journal of Ecology and Environment
• /
• v.47 no.4
• /
• pp.272-281
• /
• 2023

Ecosystem observatories are burgeoning globally in an endeavour to detect national and global scale trends in the state of biodiversity and ecosystems in an era of rapid environmental change. In this paper we highlight the additional importance of regional scale outcomes of such infrastructure, through an introduction to the Great Western Woodlands TERN (Terrestrial Ecosystem Research Network) SuperSite, and key findings from three gradient plot networks that are part of this infrastructure. The SuperSite was established in 2012 in the 160,000 km² Great Western Woodlands region, in a collaboration involving 12 organisations. This region is globally significant for its largely intact, diverse landscapes, including the world's largest Mediterranean-climate woodlands and highly diverse sandplain shrublands. The dominant woodland eucalypts are fire-sensitive, requiring hundreds of years to regrow after fire. Old-growth woodlands are highly valued by Indigenous and non-Indigenous communities, and managing impacts of climate change and the increasing extent of intense fires are key regional management challenges. Like other TERN SuperSites, the Great Western Woodlands TERN SuperSite includes a core eddy-covariance flux tower measuring exchanges of carbon, water and energy between the vegetation and atmosphere, along with additional environmental and biodiversity monitoring around the tower. The broader SuperSite incorporates three gradient plot networks. Two of these represent aridity gradients, in sandplains and woodlands, informing regional climate adaptation and biodiversity management by characterising biodiversity turnover along spatial climate gradients and acting as sentinels for ecosystem change over time. For example, the sandplains transect has demonstrated extremely high spatial turnover rates in plant species, that challenge traditional approaches to biodiversity conservation. The third gradient plot network represents a 400-year fire-age gradient in Eucalyptus salubris woodlands. It has enabled characterisation of post-fire recovery of vegetation, birds and invertebrates over multi-century timeframes, and provided tools that are directly informing management to reduce stand-replacing fires in eucalypt woodlands. By building regional partnerships and applying globally or nationally consistent methodologies to regional scale questions, ecological observatories have the power not only to detect national and global scale trends in biodiversity and ecosystems, but to directly inform environmental decisions that are critical at regional scales.

• Journal of Nuclear Fuel Cycle and Waste Technology(JNFCWT)
• /
• v.8 no.4
• /
• pp.261-267
• /
• 2010

The pyrometallurgical nuclear fuel recycle process, called pyroprocessing, has been known as a promising nuclear fuel recycling technology. Pyroprocessing technology is crucial to advanced nuclear systems due to increased nuclear proliferation resistance and economic efficiency. The basic concept of pyroprocessing is group actinide recovery, which enhances the nuclear proliferation resistance significantly. One of the key steps in pyroprocessing is "electrowinning" which recovers group actinides with lanthanide from the spent nuclear fuels. In this study, a vertical cadmium distiller was manufactured. The evaporation rate of pure cadmium in vertical cadmium distiller varied from 12.3 to $40.8g/cm^2/h$ within a temperature range of 773 923 K and pressure below 0.01 torr. Uranium - cadmium alloy was fabricated by electrolysis using liquid cadmium cathode in a high purity argon atmosphere glove box. The distillation behavior of pure cadmium and cadmium in uranium - cadmium alloy was investigated. The distillation behavior of cadmium from this study could be used to develop an actinide recovery process from a liquid cadmium cathode in a cadmium distiller.

• Journal of Distribution Science
• /
• v.13 no.5
• /
• pp.53-60
• /
• 2015

Purpose - The purpose of this paper is to shed light on the importance of the slope and curvature of the volatility curve implied in option prices in the KOSPI 200 options index. A number of studies examine the implied volatility curve, however, these usually focus on cross-sectional characteristics such as the volatility smile. Contrary to previous studies, we focus on time-series characteristics; we investigate correlation dynamics among slope, curvature, and level of the implied volatility curve to capture market information embodied therein. Our study may provide useful implications for investors to utilize current market expectations in managing portfolios dynamically and efficiently. Research design, data, and methodology - For our empirical purpose, we gathered daily KOSPI200 index option prices executed at 2:50 pm in the Korean Exchange distribution market during the period of January 2, 2004 and January 31, 2012. In order to measure slope and curvature of the volatility curve, we use approximated delta distance; the slope is defined as the difference of implied volatilities between 15 delta call options and 15 delta put options; the curvature is defined as the difference between out-of-the-money (OTM) options and at-the-money (ATM) options. We use generalized method of moments (GMM) and the seemingly unrelated regression (SUR) method to verify correlations among level, slope, and curvature of the implied volatility curve with statistical support. Results - We find that slope as well as curvature is positively correlated with volatility level, implying that put option prices increase in a downward market. Further, we find that curvature and slope are positively correlated; however, the relation is weakened at deep moneyness. The results lead us to examine whether slope decreases monotonically as the delta increases, and it is verified with statistical significance that the deeper the moneyness, the lower the slope. It enables us to infer that when volatility surges above a certain level due to any tail risk, investors would rather take long positions in OTM call options, expecting market recovery in the near future. Conclusions - Our results are the evidence of the investor's increasing hedging demand for put options when downside market risks are expected. Adding to this, the slope and curvature of the volatility curve may provide important information regarding the timing of market recovery from a nosedive. For financial product distributors, using the dynamic relation among the three key indicators of the implied volatility curve might be helpful in enhancing profit and gaining trust and loyalty. However, it should be noted that our implications are limited since we do not provide rigorous evidence for the predictability power of volatility curves. Meaning, we need to verify whether the slope and curvature of the volatility curve have statistical significance in predicting the market trough. As one of the verifications, for instance, the performance of trading strategy based on information of slope and curvature could be tested. We reserve this for the future research.

• The Journal of the Korea Contents Association
• /
• v.19 no.11
• /
• pp.365-374
• /
• 2019

Loss of Control in Flight(LOC-I) due to aircraft upset attitude has the highest air accident rate, and International Aviation Institute such as ICAO and FAA recommended flight crew to operate aircraft safely through UPRT(Upset Prevention & Recovery Training) program. ICAO has selected Loss of Control(LOC) as key safety indicator, and recommended to respond using TEM(Threat and Error Management). However there are not much specific treats and errors classified for UPRT programs using real TEM based on evidences. This study intends to consider the importance of UPRT through the introduction of UPRT and accident analysis using TEM. Typical upset accidents were classified to common threats as IFR, inadequate training, Automation surprise, and inexperienced copilots. The common errors were cross-check, speed and altitude deviation, callouts, communication, thrust and stall action fail. The undesired aircraft states were inadequate automation mode, Deviation of speed and vertical, stall, and crash. These suggest areas to improve UPRT.

• Journal of the Korean Chemical Society
• /
• v.27 no.4
• /
• pp.279-286
• /
• 1983

An apparatus was made for the electrodeposition of alpha emitting actinide nuclides, $^{207}Bi$ and $^{210}Po$. The electrodeposition was made on a polished stainless steel plate cathode. The anode was made of platinum wire and to stir the solution. With the ammonium chloride as electrolyte initial pH = 4, chloride concentration = 0.6M and solution volume = 15ml, a current of 1.5 ampere(current density = 0.59A/$cm^2$) was flowed for 100 minutes for the quantitative recovery of electrodeposition and on average recovery of 98.3% was obtained within ${\pm}$0.7% uncertainty. Alpha spectrometry of the electrodeposited sample showed alpha peaks from $^{210}Po, ^{234}U$ and $^{239}Pu$ having energy resolution (FWHM) of 18.3, 21.8 and 36.0 keV respectively. The electrodeposition and alpha spectrometry for a natural uranium sample of domestic origin gave $^{238}U : ^{234}U = 1 : 6.1{\times}10^{-5}$ and for a neutron-irradiated uranium sample did $^{238}U : ^{239}Pu : ^{241}Am = 100 : 0.0263 : 5.20{times}10^{-5}$. The result of $^{238}U$ determination in the irradiated sample by electrodeposition-alpha spectrometry was in accord within ${\pm}1.6%$ of relative error with the results of solid fluorimetry and mass spectrometry. For $^{239}Pu$ the result of electrodeposition-alpha spectrometry was in accord within ${\pm}$4.0% of relative error with the results of anion exchange separation and the thenoyltrifluoroacetone(TTA) extraction both followed by alpha spectrometries.

• Journal of Music and Human Behavior
• /
• v.10 no.1
• /
• pp.1-23
• /
• 2013

Upper extremity dysfunction is a common consequence following stroke. Spontaneous recovery during the first six months post-stroke is rigorous and considered as a significant indicator of potential long-term progress. Various approaches have been utilized to regain functional upper limb movement necessary for independent living; however, conventional therapy approaches have failed to prove consistency, especially for subacute stroke patients. There is, thus, a need for innovative therapeutic strategies that motivate stroke survivors to facilitate neural and functional recovery during the critical window immediately following stroke. The effect of music on physical enhancement has been frequently reported in the field of medicine as well as neurorehabilitation. The efficacy of rhythm on lower extremity deficits has been well established. Yet, the rationale for using instrumental music making enhancing subacute upper extremities rehabilitation is not clearly described to date. Based on the key mechanism of music as sensori-motor movement facilitator, this paper reviews previous empirical research that utilized music-based interventions for upper extremity rehabilitation for stroke patients, either in the form of receptive or expressive activity. This paper, further, focuses on the current research trends in subacute stroke upper limb rehabilitation and provides applicable rationale of using instrumental music playing.