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Does Individual Investors' Sentiment Explain Japanese IPO Aftermarket Performance?

  • CHE-YAHYA, Norliza;MATSUURA, Yoshiyuki
    • The Journal of Asian Finance, Economics and Business
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    • v.8 no.4
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    • pp.1079-1090
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    • 2021
  • This study examines the influence of individual investors' sentiment on Japanese IPO aftermarket performance (measured by return and trading volume on the first trading day and return on the first trading year). This study proposes that IPOs will be, on average overpriced on the listing day when individual investors' sentiment is highly optimistic. Higher initial return and trading volume are expected in IPOs with higher investors' optimism. Further, the positive initial return will occur in the short term as individual investors usually are uninformed investors who demand shares based on their personal preferences, which will last only in a short period. Following the overvaluation hypothesis, price reversals should be predicted once the effect of individual investors' optimism has disappeared, causing the IPOs to underperform in the long term. Using 520 Japanese IPOs issued from January 2010 to December 2019, this study reveals that individual investors' sentiment is positively and significantly related to returns and trading volume on the first trading day. Return reversals are found on the first trading year despite the insignificant influence of individual investors' sentiment on IPO return on the first trading year.

Characteristics of Rainfall Thresholds for the Initiation of Landslides at Chuncheon Province (춘천시에서 발생한 산사태 유발강우의 특성 분석)

  • Sang Ug, Kim;Kyong Oh, Baek
    • Journal of the Korean Society of Safety
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    • v.37 no.6
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    • pp.148-157
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    • 2022
  • Every year, particularly during the monsoon rainy season, landslides at the Chuncheon province of South Korea cause tremendous damage to lives, properties, and infrastructures. More so, the high rainfall intensity and long rainfall days that occurred in 2020 have increased the water content in the soil, thereby increasing the chances of landslide occurrences. Besides this, the rainfall thresholds and characteristics responsible for the initiation of landslides in this region have not been properly identified. Therefore, this paper addresses the rainfall thresholds responsible for the initiation of landslides at Chuncheon from a regional perspective. Using data obtained from rainfall measurements taken from 2002 to 2011, we identify a threshold relationship between rainfall intensity and rainfall duration for the initiation of landslides. In addition, we identify the relationship between the rainfall intensity using a 3-day, 7-day, and 10-day antecedent rainfall observation. Specifically, we estimate the rainfall data at 8 sites where debris flow occurred in 2011 by kriging. Following this, the estimated data are used to construct the relationship between the intensity (I), duration (D), and frequency (F) of rainfall. The results of the intensity-duration-frequency (IDF) analysis show that landslides will occur under a rainfall frequency below a 2-year return period at two areas in Chuncheon. These results will be effectively used to design structures that can prevent the occurrence of landslides in the future.

Flowering Response According to Different Seeding Dates and Day-length Treatment in Perilla (들깨 파종기와 일장처리에 의한 품종간 개화반응)

  • 정찬식;오기원;김현경;권일찬;배석복;박충범;곽용호
    • KOREAN JOURNAL OF CROP SCIENCE
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    • v.48 no.6
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    • pp.490-494
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    • 2003
  • To understand flowering response under diverse day-length condition and the movement of floral stimulus, we used six perilla accessions which showed diverse days to flowering. Though the growth phase was reported as irreversible between vegetative and reproductive stage, perilla showed reversible growth phase according to day length increase in May and June. When it sowed in March, flowering response was started in early May and vegetative and reproductive phase was coexisted in late June. When a part of a perilla plant was treated under short day condition, only apical buds on main stem or branches were flowered but other long day conditioned apical buds were not flowered. With this result it is suggested that the floral stimulus can not be transferred to other part of perilla.

Effects of Maturation Time on In-vitro Production of Korean Native Cow Embryos (체외성숙 시간이 한우 수정란 생산에 미치는 영향)

  • 박용수;최수호;한진철;박흠대;변명대
    • Korean Journal of Animal Reproduction
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    • v.27 no.1
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    • pp.35-44
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    • 2003
  • The present study was performed to investigate the first polar body(PB) extrusion during in-vitro maturation(IVM) and to examine the effect of different maturation time on the embryo development of Korean Native Cows(KNC) with regard to blastocyst(BL) cell numbers and pregnancy rates. PB extrusion did not take place for the first 12 hours(hr) of IVM, and most of KNC oocytes extruded PB from 14 to 20 hr after the onset of maturation. There was no significant difference in cleavage and 8-cell stage rates among the treatment groups, but BL and BL/8-cell rates were significantly higher(P<0.05) in 18 hr maturation group(31.0$\pm$5.7 and 82.0$\pm$5.1%) than 22 and 24 hr maturation group. The proportion of BL formed on day 7 and 8 was significantly higher(P<0.05) in 18 hr maturation group(85%) than in 24 hr maturation group(55%). There was a significant difference(P<0.05) in inner cell mass, trophectoderm and total cell number between day 7 BL produced by in-vivo and IVM 18 hr and day 8 BL produced by IVM 18 hr and 24 hr. Pregnancy rates are also significantly higher(P<0.05) in in-vivo(56.3%) and IVM 18 hr day 7(50.0%) group than day 8 treatment groups(18 hr: 16.7%, 24 hr: 10.5%). These results suggest that KNC oocytes achieve developmental competency within 20 hr of IVM, and "short" IVM (18 hr) is more effective than "long" IVM(24 hr) in embryo development rates, BL cell numbers and pregnancy rates.

Transition of Marker Enzymes of Rat Hepatocyte Organelles in Culture (배양중 흰쥐 간세포의 새포소기관 표지효소의 변천)

  • Song, In-Hwan;Kim, Joo-Yung;Sung, Eon-Ki;Lee, Yung-Chang
    • Journal of Yeungnam Medical Science
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    • v.6 no.2
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    • pp.133-140
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    • 1989
  • To investigate recovery, growth, and activity of hepatocyte in primary culture after cell separation, the authors followed up the marker enzyme activities of golgi complex, mitochondria and biologic membrane. Thiamine pyrophosphatase, the marker enzyme of golgi complex, activity approached the level of long term culture at 4th day. Succinate dehydrogenase, the marker enzyme of mitochondria, activity decreased with time, then it maintained constant level after 4th day. Alkaline phosphatase, the marker enzyme of biological membrane, activity increased from 3rd day, and after 5th day it showed strong reaction. These data suggested that hepatocytes were stabilized and recovered normal activity 4 day after cell separation, but the main secretory function was speculated to be reduced in culture.

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Pediatric Inguinal Hernia Surgery 2,230 Cases Performed with Ketamine and Lidocaine (케타민과 리도카인으로 시행한 소아 탈장 수술 2,230명)

  • Joo, Jong Soo;Joo, Hyun Ho;Joo, In Ho
    • Advances in pediatric surgery
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    • v.19 no.2
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    • pp.73-80
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    • 2013
  • Ketamine is a safe and effective drug for pediatric anesthesia, sedation and analgesia. We hoped to identify that surgeons could operate a pediatric hernia with the ketamine anesthesia without general anesthesia. The study was a consecutive case series of 2230 inguinal hernia patients aged 1 months to 17 years in a Joo's day-surgical clinic during 11-year period. The patients had pediatric inguinal hernia surgery without general anesthesia under the day-surgery system. We retrospectively analyzed the medical record of patients who were registered with the Diagnosis Related Group (DRG) system. All patients received ketamine (5mg/kg) and atropine (0.01mg/kg) intramuscularly before surgery. After anesthesia, we injected 1~2% lidocaine (Less than 5ml) subcutaneously at the site of incision and started operation. The surgical method was the high ligation method of the hernia sac.) In total 2230 patients, male were 1756 and female were 474. 2076 patients were a unilateral inguinal hernia at the time of surgery and 154 were bilateral hernia patients. Less than three months, depending on the age of the patients was 391, and less than 12 months the patient was 592 people (26.5%). After surgery, there were no accidents or long term complications associated with ketamine anesthesia. We think the surgeon can safely do the pediatric inguinal hernia surgery using ketamine and lidocaine without anesthesiologist through 11 years of our surgical experiences.

The Influence of DHA Supplementation in Maternal Diets on Fatty Acid Compositions of Plasma Lipids and Human Milk (수유기에 식이와 함께 섭취한 DHA가 산모의 혈액과 모유의 지질조성에 미치는 영향)

  • 조여원
    • Journal of Nutrition and Health
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    • v.29 no.2
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    • pp.213-222
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    • 1996
  • The most abundant long-chain polyunsaturated fatty acid in brain lipids is docosahexaenoic acid(C22 : 6 N-3, DHA). It is incorporated into nerve tissues mostly in utero and during the first year of life. DHA in brain is derived from either pre-formed DHA in human milk or by infant hepatic synthesis from linolenic acid in milk. This study was designed to investigate the effects of DHA supplementation on fatty acid profiles in maternal plasma lipid and breast milk. Twenty lactating women participated in the study. Seven women took 3g of fish oil per day and vitamin E for 28 days starting from the day of giving birth. Five women consumed 1.5g of fish oil as well as tivamin E, and the rest took vitamin E supplements for the same period of time. Dietary questionnaires and 3 consecutive 24-h recalls were collected to evaluate theri nutritional status and food habits. Finding that DHA intake from fish was not significantly different among three experimental groups, the partcipants were instructed to continue eating their usual home diets. Milk samples were taken on the day of giving birth, as well as the 7th, 14th and 28th day being the supplement phase, and finally 2 weeks after the cessating of DHA supplements. The amounts of the fish oil supplements produced significant dose-dependent increased in the DHA content of milk and plasma, but to a lesser degree. Base-line for 28 days raised the level to 2.05$\pm$0.43% and 1.5g/day supplement produced DHA levels of 1.02$\pm$0.19%. The results of this study indicated that relatively small amount of dietary DHA supplementation significantly elevats DHA content in milk. This would clearly elevate the infant's DHA intake which in turn may have implications for the infant's brain development.

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The Characteristics of Obesity-Related Factors, Perceptions of Body Image, and Psychological Eating Behaviors in Married Obese Women Living in the Seoul Area (서울 근교 지역에 거주하는 비만 여성의 비만 관련 요인, 체형 인지도 및 심리적 섭식 행동)

  • Ha, Ae-Wha;Han, In-Kyung
    • Journal of the East Asian Society of Dietary Life
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    • v.19 no.3
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    • pp.327-338
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    • 2009
  • The purpose of this study was to obtain information from married women regarding obesity-related factors and psychological eating behaviors, and to compare those variables among three groups, namely underweight, normal, and obese. The participants completed questionnaires regarding general obesity-related factors, major food servings/day, physical activity, dieting behaviors, perceptions of body image, and psychological eating behaviors. The results were as follows: The obese women reported a higher percentage of family history of obesity (74.8%) than the normal (43.5%) or underweight (28.2%) women. Most of the obese women (90.0%) accurately perceived their body image compared to 72.5% of the underweight and 56.6% of the normal weight women(p<0.001). No significant differences were found among the three groups for daily hours of exercise or computer use. In the case of hours of television watched daily, significant differences were found among the groups (obese 104 min/day, normal 87 min/day, underweight 76/min, p<0.05). Only 17.9% of the obese women reported eating 2 servings of milk products/day and only 23.2% of them reported eating 3 servings of protein foods/day as compared to the normal (25.4%, 18.0%) and underweight (29.4%, 41.7%) (p<0.01) women. About 98% of the obese and 78.5% of the normal weight women wanted to loose weight compared to only 10% of the underweight women (p<0.001). Psychological eating behavior was significantly correlated with subject BMI ($r^2$=0.32, p<0.01). Also, more obese women were unsatisfied with their body and had emotional eating behaviors as compared to the normal and underweight women, and this was statistically significant (p<0.001). In conclusion, the obese women had high perception rates of their body image, but had negative-psychological eating behaviors. Special behavior therapy is needed for obese women who show body dissatisfaction, emotional eating behaviors, long hours of daily TV viewing, and low intakes of protein and milk products.

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Development and Application of ROADMOD for Analysis of Non-point Source Pollutions from Road: Analysis of Removal Efficiency of Sediment in Road by Sweeping (도로 비점오염 해석을 위한 ROADMOD개발 및 적용: 도로청소 효과 분석)

  • Kang, Heeman;Jeon, Ji-Hong
    • Journal of Korean Society on Water Environment
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    • v.37 no.2
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    • pp.103-113
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    • 2021
  • In this study, an Excel-based model (ROADMOD) was developed to estimate pollutant loading from the road and evaluate BMPs. ROADMOD employs the Chezy-Manning equation and empirical expression for estimating surface runoff, and power function for pollutant buildup, and exponential function for pollutant washoff in SWMM. The results of model calibration for buildup and washoff using observed data revealed a good match between the simulation results and the observed data. The long-term surface runoff and sediment simulated by ROADMOD demonstrated a good match with those by SWMM with 2 ~ 14% of relative error. The shorter sweeping interval (within 8 days) remarkably decreased sediment loads from the road. It was found that the effect of reducing sediment loads from the road was greatly affected not only by the sweeping interval but also by sweeping on the day before a rainfall event. The 48% of removal efficiency of sediment loads from the road was achieved with 26 times of road sweeping per year when sweeping was performed on the day before the rainfall event. A 4-day sweeping interval showed similar removal efficiency (48%) with 96 times of sweeping per year. It is considered that the road sweeping on the day before a rainfall event could maximize the effect of reducing the non-point source pollution from the road with minimization of the number of road sweeping. So, the road sweeping on the day before a rainfall event can be considered as one of the useful and best management practices (BMPs) on road.

Risk Assessment of Drometrizole, a Cosmetic Ingredient used as an Ultraviolet Light Absorber

  • Lee, Jae Kwon;Kim, Kyu-Bong;Lee, Jung Dae;Shin, Chan Young;Kwack, Seung Jun;Lee, Byung-Mu;Lee, Joo Young
    • Toxicological Research
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    • v.35 no.2
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    • pp.119-129
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    • 2019
  • As the use of cosmetics has greatly increased in a daily life, safety issues with cosmetic ingredients have drawn an attention. Drometrizole [2-(2'-hydroxy-5'-methylphenyl)benzotriazole] is categorized as a sunscreen ingredient and is used in cosmetics and non-cosmetics as a UV light absorber. No significant toxicity has been observed in acute oral, inhalation, or dermal toxicity studies. In a 13-week oral toxicity study in beagle dogs, No observed adverse effect level (NOAEL) was determined as 31.75 mg/kg bw/day in males and 34.6 mg/kg bw/day in females, based on increased serum alanine aminotransferase activity. Although drometrizole was negative for skin sensitization in two Magnusson-Kligman maximization tests in guinea pigs, there were two case reports of consumers presenting with allergic contact dermatitis. Drometrizole showed no teratogenicity in reproductive and developmental toxicity studies in which rats and mice were treated for 6 to 15 days of the gestation period. Ames tests showed that drometrizole was not mutagenic. A long-term carcinogenicity study using mice and rats showed no significant carcinogenic effect. A nail product containing 0.03% drometrizole was nonirritating, non-sensitizing and non-photosensitizing in a test with 147 human subjects. For risk assessment, the NOAEL chosen was 31.75 mg/kg bw/day in a 13-week oral toxicity study. Systemic exposure dosages were 0.27228 mg/kg bw/day and 1.90598 mg/kg bw/day for 1% and 7% drometrizole in cosmetics, respectively. Risk characterization studies demonstrated that when cosmetic products contain 1.0% of drometrizole, the margin of safety was greater than 100. Based on the risk assessment data, the MFDS revised the regulatory concentration of drometrizole from 7% to 1% in 2015. Under current regulation, drometrizole is considered to be safe for use in cosmetics. If new toxicological data are obtained in the future, the risk assessment should be carried out to update the appropriate guidelines.