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The Relationship between Internet Search Volumes and Stock Price Changes: An Empirical Study on KOSDAQ Market (개별 기업에 대한 인터넷 검색량과 주가변동성의 관계: 국내 코스닥시장에서의 산업별 실증분석)

  • Jeon, Saemi;Chung, Yeojin;Lee, Dongyoup
    • Journal of Intelligence and Information Systems
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    • v.22 no.2
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    • pp.81-96
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    • 2016
  • As the internet has become widespread and easy to access everywhere, it is common for people to search information via online search engines such as Google and Naver in everyday life. Recent studies have used online search volume of specific keyword as a measure of the internet users' attention in order to predict disease outbreaks such as flu and cancer, an unemployment rate, and an index of a nation's economic condition, and etc. For stock traders, web search is also one of major information resources to obtain data about individual stock items. Therefore, search volume of a stock item can reflect the amount of investors' attention on it. The investor attention has been regarded as a crucial factor influencing on stock price but it has been measured by indirect proxies such as market capitalization, trading volume, advertising expense, and etc. It has been theoretically and empirically proved that an increase of investors' attention on a stock item brings temporary increase of the stock price and the price recovers in the long run. Recent development of internet environment enables to measure the investor attention directly by the internet search volume of individual stock item, which has been used to show the attention-induced price pressure. Previous studies focus mainly on Dow Jones and NASDAQ market in the United States. In this paper, we investigate the relationship between the individual investors' attention measured by the internet search volumes and stock price changes of individual stock items in the KOSDAQ market in Korea, where the proportion of the trades by individual investors are about 90% of the total. In addition, we examine the difference between industries in the influence of investors' attention on stock return. The internet search volume of stocks were gathered from "Naver Trend" service weekly between January 2007 and June 2015. The regression model with the error term with AR(1) covariance structure is used to analyze the data since the weekly prices in a stock item are systematically correlated. The market capitalization, trading volume, the increment of trading volume, and the month in which each trade occurs are included in the model as control variables. The fitted model shows that an abnormal increase of search volume of a stock item has a positive influence on the stock return and the amount of the influence varies among the industry. The stock items in IT software, construction, and distribution industries have shown to be more influenced by the abnormally large internet search volume than the average across the industries. On the other hand, the stock items in IT hardware, manufacturing, entertainment, finance, and communication industries are less influenced by the abnormal search volume than the average. In order to verify price pressure caused by investors' attention in KOSDAQ, the stock return of the current week is modelled using the abnormal search volume observed one to four weeks ahead. On average, the abnormally large increment of the search volume increased the stock return of the current week and one week later, and it decreased the stock return in two and three weeks later. There is no significant relationship with the stock return after 4 weeks. This relationship differs among the industries. An abnormal search volume brings particularly severe price reversal on the stocks in the IT software industry, which are often to be targets of irrational investments by individual investors. An abnormal search volume caused less severe price reversal on the stocks in the manufacturing and IT hardware industries than on average across the industries. The price reversal was not observed in the communication, finance, entertainment, and transportation industries, which are known to be influenced largely by macro-economic factors such as oil price and currency exchange rate. The result of this study can be utilized to construct an intelligent trading system based on the big data gathered from web search engines, social network services, and internet communities. Particularly, the difference of price reversal effect between industries may provide useful information to make a portfolio and build an investment strategy.

Dental Hygienists Work on the Impact of Factors Associated with Musculoskeletal Pain (치과위생사 작업과 관련된 근골격계 통증의 영향요인)

  • Kim, Min A;Seo, Hwa Jeong
    • Journal of dental hygiene science
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    • v.12 no.6
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    • pp.558-565
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    • 2012
  • The purpose of this study was to work related musculoskeletal disorders are a major. Occupational disease of the dental care profession is no exception. The survey was self-reported questionars of 300 dental hygienists that 268 dental hygienists reply to self-reported survey. This study results are as follows: Subjects of research analyzing the degree of physical musculoskeletal disorders pain, shoulder 90.3%, neck 89.2%, leg 83.6%, 81.7% back, hand/wrist/fingers 75.7%, arm/elbow, according to 52.8%. Therefore the work province of the research object people the musculoskeletal disorders appeared different. Generally characteristic was taller dental hygienists lower back pain and were out of less weight, study subjects had neck and arm pain. 29~33 year-old age the shoulder, over the age of 34 the arm/elbow to be high (p<0.05). Working environment to become a career, the more hand/wrist/fingers and the pain increased (p<0.05). The neck, shoulders (p<0.05), arm (p<0.01), waist high in the 3~4 years experience. And leg/foot was in the 1~2 years experience. This increase in working hours had increased pain in the neck but the hand/wrist/finger pain in the small hours of experience in the high pain(p<0.01). Conclusion of the musculoskeletal disorders of the dental hygienists often than the average for this risk is recognized. When it occurs early in treatment can be simple, but time is left to revert to normal when you do not already. Therefore, maintaining proper posture and dental hygienists, pain or fatigue appeared to accumulate immediately treated continued efforts are needed.

A New Medium-late Maturity Rice Cultivar, "Hwanggeumnodeul" Suitable for Direct Seeding and with Multiple Disease Resistances (벼 중만생 복합내병 담수직파 및 이앙재배 겸용 신품종 "황금노들")

  • Ko, Jong-Cheol;Kim, Bo-Kyeong;Baeck, Man-Ki;Nam, Jeong-Kwon;Ha, Ki-Yong;Kim, Ki-Young;Ko, Jae-Kwon;Lee, Jae-Kil;Kang, Hyun-Jung;Kim, Young-Doo;Cheong, Jin-Il;Shin, Mun-Sik;Son, Ji-Young;Kim, Woo-Jae;Noh, Gwang-Il;Park, Hyun-Su;Baek, So-Hyeon;Shin, Woon Chul;Kim, Kyeong-Hoon;Shin, Seo Ho;Kim, Chung-Kon
    • Korean Journal of Breeding Science
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    • v.40 no.3
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    • pp.328-331
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    • 2008
  • Hwangeumnodeul is a new japonica rice cultivar developed from a cross between Milyang165 and HR15151-B-21-3 at Honam Agricultural Research Institute (HARI), NICS, RDA, in 2007. This cultivar has short grains and about 139 days of growth duration from direct seeding to harvesting in the southern plain areas. Culm length of this cultivar is 78 cm and the number of spikelet per panicle is similar to that of the check cultivar, Nampyeongbyeo, while filled grain rate is lower than the check variety. This cultivar is moderately resistant to leaf blast, bacterial blight pathogens of $K_1$, $K_2$ and $K_3$ and stripe virus but susceptible to major virus diseases and insect pests. Milled kernel of Hwanggeumnodeul is translucent with non-glutinous endosperm. This cultivar has about 5.7% and 18.6% of protein and amylose contents, respectively. Palatability of cooked rice of Hwanggeumnodeul is similar to Nampyeongbyeo. Its milling recovery and head rice were 75.6% and 90.0%, respectively. Hwanggeumnodeul yielded 5.69 and 5.61 MT/ha in milled rice at the under wet-direct and dry-direct seeding conditions, respectively which are 17% and 12% higher than the check variety, Juanbyeo. It yielded 5.86 MT/ha, 8% higher than Nampyeongbyeo at the standard fertilizer level of the ordinary transplanting cultivation. "Hwanggeumnodeul" would be adaptable for ordinary transplanting as well as direct seeding in the southern plain including Chungcheong province.

A New Rice Cultivar, "Onnuri" with A Medium-Late Maturity, High Yielding, High Grain Quality and Multiple Disease Resistance (벼 중만생 다수 고품질 복합내병성 신품종 "온누리")

  • Kim, Ki Young;Shin, Mun Sik;Ko, Jae Kwon;Kim, Bo Kyeong;Ha, Ki Yong;Nam, Jeong Kwon;Ko, Jong Cheol;Baek, Man Gee;Kim, Young Doo;Choung, Jin Il;Noh, Gwang Il;Kim, Woo Jae;Park, Hyun Su;Kwang, Huyn Jung;Shin, Seo Ho;Kim, Chung Kon
    • Korean Journal of Breeding Science
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    • v.40 no.3
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    • pp.324-327
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    • 2008
  • 'Onnuri' is a japonica rice cultivar developed from the cross between 'Milyang 165' and HR14732-B-67-2-3 at Honam Agricultural Research Institute (HARI), NICS, RDA, in 2005. This cultivar has a short grain shape and about 121 days growth duration from transplanting to harvesting in Korean climate condition. In reaction to biotic and abiotic stresses, it shows resistance to blast, bacterial blight pathogen from $K_1$ to $K_3$ and stripe virus, but susceptible to other major diseases and insect pests. The milled kernel of 'Onnuri' is translucent with non-glutinous endosperm. It has about 18.6% of amylose content and better palatability of cooked rice compared with 'Chucheongbyeo' cultivated in Kyunggi province. The milled rice yield of 'Onnuri' is about 5.94 MT/ha under the standard fertilizer level of the ordinary transplanting cultivation. 'Onnuri' would be adaptable to southern plain of Cheonan, middle-northern plain, and southern mid-mountainous of Korea.

Antibacterial and Intracellular Clearance Effect of Saururus chinensis Baill Water Extract against Salmonella typhimurium (삼백초 수용성 추출물의 Salmonella typhimurium 균에 대한 항균 및 숙주세포 내 사멸 효과 규명)

  • Kim, Dong-Hyeok;Lee, Jin-Ju;Lim, Jeong-Ju;Kim, Dae-Geun;Kim, Gon-sub;Lee, Hu-Jang;Min, Won-gi;Rhee, Man-Hee;Chang, Hong-Hee;Kim, Suk
    • Journal of agriculture & life science
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    • v.44 no.6
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    • pp.111-119
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    • 2010
  • Salmonella spp. are one of major pathogens for zoonosis in worldwide, and can replicate within host cells and generally cause enterocolitis and foodborne poisoning which represents a considerable public health burden. The present study was designated to investigate the safty for host cells, antibacterial effects of Saururus chinensis Baill water extract (SCWE) on pure culture and infection with Salmonella enterica serovar Typhimurium (S. typhimurium) in murine derived macrophage RAW 264.7 cells. The different treatment of SCWE concentration (1, 10 or $100{\mu}g/ml$) did not show any cytotoxic effect to RAW 264.7 cells for 24 h incubation. In determination of antibacterial activity of SCWE against S. typhimurium, bacterial viability was markedly decreased compared to SCWE-untreated control. In RAW 264.7 cells, SCWE significantly induced morphological change (p<0.05). In infection assay of S. typhimurium in RAW 264.7 cells pretreated with $100{\mu}g/ml$ of SCWE, which are non-cytotoxic concentration, bacterial uptake ability of macrophage was increased corresponding with morphological change, whereas bacterial survival rates within macrophage was markedly reduced comparing to that of SCWE-untreated control. Furthermore, nitric oxide (NO) production in SCWE-treated cells was slightly decreased until 24 h post infection. Taken together, these findings demonstrated that SCWE have the antibacterial activity for S. typhimurium and the protective effects against S. typhimurium infection through activating murine macrophage independent on NO, suggesting that SCWE were beneficial on the disease caused by intracellularly replicating pathogens as a safe alternatives of conventional chemotherapies.

Polarization-sensitive Optical Coherence Tomography Imaging of Pleural Reaction Caused by Talc in an ex vivo Rabbit Model (생체 외 토끼 모델에서의 탈크에 의해 유발되는 흉막 반응의 편광 민감 광 결맞음 단층촬영 이미징)

  • Park, Jung-Eun;Xin, Zhou;Oak, Chulho;Kim, Sungwon;Lee, Haeyoung;Park, Eun-Kee;Jung, Minjung;Kwon, Daa Young;Tang, Shuo;Ahn, Yeh-Chan
    • Korean Journal of Optics and Photonics
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    • v.31 no.1
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    • pp.1-6
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    • 2020
  • The chest wall, an organ directly affected by environmental particles through respiration, consists of ribs, a pleural layer and intercostal muscles. To diagnose early and treat disease in this body part, it is important to visualize the details of the chest wall, but the structure of the pleural layer cannot be seen by chest computed tomography or ultrasound. On the other hand, optical coherence tomography (OCT), with a high spatial resolution, is suited to observe pleural-layer response to talc, one of the fine materials. However, intensity-based OCT is weak in providing information to distinguish the detailed structure of the chest wall, and cannot distinguish the reaction of the pleural layer from the change in the muscle by the talc. Polarization-sensitive OCT (PS-OCT) takes advantage of the fact that specific tissues like muscle, which have optical birefringence, change the backscattered light's polarization state. Moreover, the birefringence of muscle associated with the arrangement of myofilaments indicates the muscle's condition, by measuring retardation change. The PS-OCT image is interpreted from three major perspectives for talc-exposure chest-wall imaging: a thickened pleural layer, a separation between pleural layer and muscle, and a phase-retardation measurement around lesions. In this paper, a rabbit chest wall after talc pleurodesis is investigated by PS-OCT. The PS-OCT images visualize the pleural layer and muscle, respectively, and this system shows different birefringence of normal and damaged lesions. Also, an analyisis based on phase-retardation slope supports results from the PS-OCT image and histology.

A Study on the Establishment and Operation of a Regulatory Response Framework in connection with the Regulatory Strength of the Licensing Policy for New Medical Devices -Focusing on the Application of FMEA- (의료기기 신제품의 인허가정책 규제강도에 연계한 규제대응 프레임워크 수립 및 운영에 관한 연구 - FMEA 적용을 중심으로 -)

  • Kim, Gyosu;Ru, Gyuha;Kim, Yeonhee
    • Journal of Technology Innovation
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    • v.28 no.4
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    • pp.1-26
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    • 2020
  • Due to the spread of Corona 19 around the world, Infectious Disease Medicine and New Medical Devices such as Diagnostic Agent are being rapidly developed and launched, and for the fast supply and demand of these, each country has eased import regulations or has implemented policies for fast approval(NIDS, 2020). On the other hand, New Developed Medical Devices that are not related to New Infectious Diseases, they are still entering the market through strict licensing and licensing regulations, such as delay and cancellation in the test inspection process, etc. Therefore, This Study specialized in the government-managed laws encountered when New Medical Devices enter the market, derive Factors influencing the Strength of Regulations, analyzes the Strength of Regulations, and proposes a Regulatory Response Framework. The Research Method was conducted by Literature Research, was applied by Failure Mode and Effects Analysis(FMEA) Method, Expert Interview(1st): Idea Collection, Expert Interview(2nd): Validation, and Priority through the Application Process of FMEA Method. A Method of Quantifying the Intensity of Regulation was proposed by multiplying the Impact of the Influencing Factors for each stage of regulation and the Burden Impact for each type of Regulatory Affairs to find the Importance of the Regulatory Factors and multiplying the Severity of the Regulatory Impact. The Implications are that major overseas countries and the Korean government are actively responding with Special Regulatory Policies and Mitigation Policies for fast licensing of New Developed Medical Devices in accordance with Corona 19. It is expected that the direction for improvement of regulations and measures to respond to regulations will be implemented so that a more proactive and preemptive response to the regulatory process of the licensing policy for New Devices can be achieved.

A New Mid-late Maturing Rice Variety, 'Honong' with High-Quality and Multiple Disease Resistance (중만생 고품질 복합내병성 벼 신품종 '호농')

  • Kim, Ki-Young;Shin, Mun-Sik;Ko, Jae-Kwon;Nam, Jeong-Kwon;Ha, Ki-Yong;Baek, Man-Gee;Ko, Jong-Cheol;Kim, Bo-Kyeong;Park, Hyun-Su;Shin, Woon-Chul;Kang, Hyun-Jung;Choung, Jin-Il;Kim, Woo-Jae;Mo, Young-Jun;Kim, Jung-Gon
    • Korean Journal of Breeding Science
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    • v.42 no.3
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    • pp.252-256
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    • 2010
  • 'Honong' is a new japonica rice variety developed and registered by the rice breeding team of Department of Rice and Winter Cereal Crop, NICS, RDA in 2009. This variety was derived from mutagen MNU (N-methyl-N-nitrosourea) treatment on fertilized egg cells of Unbong31. This variety has about 126 days growth duration from transplanting to harvesting in west-southern coast, Honam and Youngnam plain of Korea. It has 79 cm in culm length and is tolerant to lodging. In reaction to biotic and abiotic stresses, it show resistance to blast, bacterial blight pathogen races from $K_1$ to $K_3$ and stripe virus, but susceptible to other major diseases and insect pests. The milled rice of 'Honong' exhibits translucent, relatively clear non-glutinous endosperm and medium short grain. It has higher amylose content (20.3%) and lower protein content (6.3%), and good palatability of cooked rice compared with Nampyeong. The milled rice yield performance of this variety is about 5.44MT/ha in local adaptability test for three years. 'Honong' would be adaptable to west-southern coast, Honam and Youngnam plain of Korea.

An Analysis of a 100-Years-Old Map of the Heritage Trees in Jeju Island (제주도 노거수 자연유산의 100년 전과 현재 분석)

  • Song, Kuk-Man;Kim, Yang-Ji;Seo, Yeon-Ok;Choi, Hyung-Soon;Choi, Byoung-Ki
    • Journal of the Korean Institute of Traditional Landscape Architecture
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    • v.37 no.2
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    • pp.20-29
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    • 2019
  • The purpose of this study is to verify and reconstruct the record information for big old trees of Jeju on the basis of the precise map of Jeju island in 1918 which was produced 100 years ago. For the analysis of high altitude, coordinate system and georeferencing were performed by selecting representative points using ArcGIS. We extracted digitized information by using point extraction method and extracted attribute information based on legend type and relative size in map. Based on the map of the past 100 years ago, the present situation of the big old tree in Jeju was analyzed and their characteristics were analyzed. In addition, based on the information of the protected big old trees in present, we discussed the characteristics of past tree (1918), present tree (2019), and contribution of big old tree in Jeju landscape and vegetation. As a result, 1,013 individuals were distributed in Jeju Island 100 years ago. Even when it was intensive in the use of timber, the big old trees were protected, and contributed as a representative component of Jeju's unique landscape. The remaining distribution of Jeju's big old tree is 159 trees. As in the past, distribution has been confirmed around the lowlands, but declines in numbers are found throughout the island. The major factors for the decline of individuals are large-scale development projects such as reaching the limit of life, natural disturbance (typhoon, disease, pest, drought, etc.). However, it is presumed that a large number of individuals have played a leading role in shaping the current forests as contributing to important species sources in the restoration process of Jeju vegetation. However, it is presumed that a large number of individuals (405) have played a leading role in forming the present forest by contributing to the species pool in the restoration process of Jeju vegetation.

Effect of Sulgidduk containing pine needle juice on lipid metabolism in high fat-cholesterol diet induced dyslipidemic rats (이상지질혈증 동물 모델을 이용한 솔잎 착즙액 첨가 설기떡의 지질개선 효과)

  • Lee, Yunjung;Park, Jae-Hee;Park, Eunju
    • Journal of Nutrition and Health
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    • v.52 no.1
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    • pp.6-16
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    • 2019
  • Purpose: Dyslipidemia is a major risk factor for cardiovascular disease. Pine needles (Pinus densiflora seib et Zucc) are a traditional medicine used to treat dyslipidemia in clinical settings. This study examined the potential effects of sulgidduk, a Korean traditional rice cake containing pine needle juice to protect against dyslipidemia induced by a high-fat/sugidduk diet in a rat model. Methods: Twenty one male Sprague-Dawley rats were divided randomly into three groups: normal control (NC), Sulgidduk diet (SD), Sulgidduk diet containing pine needle juice (PSD). The blood lipid levels, production of lipid peroxide in the plasma and liver, total cholesterol and triglyceride in the liver and feces, antioxidant enzyme activities in plasma and erythrocytes were measured to assess the effects of PSD on dyslipidemia. Results: A high-fat/Sulgidduk diet induced dyslipidemia, which was characterized by significantly altered lipid profiles in the plasma and liver. The food intake was similar in the three groups, but weight gain and food efficiency ratio (FER) were reduced significantly in the PSD group compared to those in the SD group. The level of total cholesterol, LDL-cholesterol and TBARS in the plasma showed tendencies to decrease in the PSD group compared to those in the SD group. The levels of high-fat/Sulgidduk diet-induced sterol regulatory element-binding protein 2 (SREBP2) gene expression were reduced significantly in the PSD group. The supplementation of PSD reduced the hepatic triglyceride and total cholesterol levels significantly, and enhanced the fecal excretion of triglyceride and hepatic antioxidant enzyme activities compared to the SD group. Conclusion: These results suggest that the addition of 0.4% pine needle juice to Sulgidduk may be an alternative snack to control dyslipidemia.