The object or this paper is to analyze the rollover effect on KOSPI 200 index option prices. Especially we analyze the implied volatilities of the options that became the near maturity options as the old one expired. For this analysis, a panel data of KOSPI 200 Index Option Prices from year 1999 to year 2001 were used, and following results were obtained. First, after controlling for the underlying index returns, strike prices and other pricing factors, the call option prices tend to decrease while the put option prices tend to increase during the week of expiry. Second, if one concentrates on the daily price changes, call option prices tend to go up on Thursday (as the old options expire), and then experience a price decrease on the following day, while the reverse is true for the put options. These results imply that the option prices are affected by some of the market micro-structure effects such as whether the option is the near maturity option. We conjecture that the reason for this is related to the undervaluation of KOSPI 200 futures. The results from this paper have implications on the timing of option trades. If one wants to buy put options, and/or sell call options, he has better off by executing his intended trades before the old options expire. On the other hand, if one wants to buy call options, and/or sell put options, hi has better off by executing his intended trades after the expiry.
Kim, Young-Soo;Do, Yong-Hyun;Min, Byung-Hwa;Lim, Han-Kyu;Lee, Bok-Kyu;Chang, Young-Jin
Journal of Aquaculture
/
v.22
no.1
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pp.28-33
/
2009
Physiological responses (hematological factors, cortisol, glucose, osmolality, $Na^+$, $K^+$ and $Cl^-$) in starry flounder Platichthys stellatus were investigated during freshwater acclimation in the conditions of different speeds in salinity change with acute-decrease (AD) or stepwise-decrease (SD I and II). In AD of acute-decrease salinity, hematocrit (Ht), red blood cell (RBC) and hemoglobin (Hb) were rapidly increased more than SD I of stepwise-decrease salinity. But in case of SD II, Ht, RBC and Hb were no significant difference from beginning to end of this experiments. In AD, cortisol level significantly increased from $2.1{\pm}1.0{\mu}g/mL$ at the beginning to $13.7{\pm}0.2{\mu}g/mL$ at 6 hours and recovered to the basal levels ($3.1{\mu}g/mL$) at 10 days. In SD I, cortisol level was significantly increased from $2.1{\pm}1.0{\mu}g/mL$ at the beginning to $13.6{\pm}0.6{\mu}g/mL$ at 6 hours and recovered to the basal levels ($3.1{\pm}0.4{\mu}g/mL$) at 10 days. In SD II, cortisol level was a little increased from $2.1{\pm}1.0{\mu}g/mL$ at the beginning to $10.5{\pm}2.5$, $10.8{\pm}5.6{\mu}g/mL$ at 6, 12 hours and recovered to the basal level at 48 hours. Glucose level of AD, SD I, II were no significant difference from beginning to end of this experiments. Osmolality was $286.8{\pm}3.3\;mOsm/kg$ at the beginning. In SD II of stepwise-decrease, osmolality was no significant difference during rearing in freshwater (FW). But AD of stepwise-decrease and SD I of stepwise-decrease, osmolality was a little decreased end of this experiments. In AD of acute-decrease, only $Cl^-$ level was showed no significant difference from beginning to end of experiment and $Na^+$, $K^+$ levels were decreased. In case of SD I, $Cl^-$ level was showed no significant difference from beginning to end of experiment and $Na^+$, $K^+$ levels were decreased.
This study was conducted to examine the relation between a mother's LOHAS lifestyle propensity, healthy dietary life, and nutrient intake perceived by Chinese university students. The subjects consisted of 376 Chinese university students. The research results are summarized below. The mother's LOHAS attitude index was 76.02 points out of a perfect score of 100 points. High LOHAS attitude factors of mothers were 'health', whereas 'social welfare' scored low. The highest LOHAS attitude items of mothers that Chinese university students perceived was 'My mother uses health food, organic food, clean food'(4.26 points). Males who lived on their own in a large city and have normal BMI ($18.5{\sim}22.9kg/m^2$) perceived a high mother's LOHAS score. The highest food habit variables are 'eating without spilling food' 'cleaning up after meals around' and 'washing my hands before meals'. The highest healthy dietary life item is 'I try to maintain a pleasant and enjoyable life'(3.83 points). The highest nutrient intake attitude score is 'I tend to eat yellowish-green vegetables every day.'(3.92 points). According to mother's LOHAS lifestyle score, it was verified that the higher mother's LOHAS lifestyle score, the higher children's food habit, healthy dietary life, and nutrient intake score are. Mother's environment-friendly LOHAS attitude index has a meaningful impact on the child's food habits, healthy dietary life, and nutrient intake.
Journal of Korean Home Economics Education Association
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v.18
no.3
s.41
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pp.133-148
/
2006
The purpose of this study was to acquire the better and more correct information on the school uniforms with which middle or high school students may be satisfied. We investigated clothing interest, school uniform satisfaction, school uniform modification behavior and the relationship anions those factors. The data were collected from 472 questionnaires of middle and high school students who lived in Gyeonggi-do and analyzed statistically. We found that adolescents felt a great interest in appearance, fashion, brand orientation of clothing, and they spent most of personal expenses in buying clothes. However, the extent of adolescents' satisfaction on school uniform was low. Especially, the satisfaction on status symbolism, fashion, washing & management, body comfort and economical efficiency of school uniform was found low. Three hundred fifty three students (74.8%) agreed to modify the school uniform for personality and in chase of fashion. Two hundred eighty four students (58.1%) needed partially and variously modified school uniform, and these modifications showed a tendency of tightness to the body. We also found that the higher adolescents' clothing interests in appearance, conformity, modesty and brand orientation were. the more satisfied adolescents were with the status symbolism and the washing & management of school uniform and the more affected the school uniform modification behaviors of students were. There were. however. no significant difference between the extent of school uniform satisfaction and the school uniform modification behavior, Another research of school uniform will be necessary in order to reduce the discrepancy between clothing needs for representing the appearance, personality and fashion in the present adolescents and those for representing the worthy and modest images of a student and pursuing the economic value through school uniform in the older generation. We suggest that students should consider these results when they choose school uniform and furthermore both the person in charge of schools and school uniform makers should refer to those when they design and make school uniform.
Lee, So Dam;Shin, Euichul;Lim, Jae-Young;Lee, Sang Gyu;Kim, Ji Man
Korea Journal of Hospital Management
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v.22
no.3
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pp.1-17
/
2017
Purposes: Diabetes is a metabolic disorder that requires continuous care in order to prevent complications, as it can impose a critical burden on families and society due to various complications, including terminal renal failure, non-traumatic lower extremity amputation, and adult blindness. The usual sources of care are "specified private clinics, public health centers, or other facilities to visit when ill or when health-related advice is needed". These usual sources of care offer preventative services, have a high overall satisfaction rate in terms of public health care, and decrease the inpatient rates and medical costs of medical aid recipients. This study analyzed the current status of diabetic patients over 20 years of age based on their possession of a usual source of care, and the effects of this possession on the frequency of their medical service usage and its costs. Methodology: Based on data from the 7th Korea Health Panel, a Tobit analysis was used to analyze the different factors that can affect the frequency of medical service usage and its costs for diabetic patients with and without a usual source of care. Findings: The medical costs of diabetic patients with a usual source of care decreased in terms of inpatient, and the outpatient visits and inpatient costs of the group with a usual source of care in the form of a mainly-visiting doctor decreased more than those of the group with a mainly-visiting medical institution only. Practical Implications: Having a usual source of care can increase the treatment continuity, leading to reduced inpatient, and having a mainly-visiting doctor as the usual source of care further increases the treatment continuity. Based on these results, a new policy is needed to increase and strengthen diabetic patients? possession of a usual source of care.
The purpose of this study was to analyze the number of visitors to the top of Seoseokdae in Mudeungsan National Park, in which visitors are concentrated, and their visiting patterns, thereby suggesting measures to manage the visitors. The number of annual visitors and the numbers of regional and seasonal visitors to Mudeungsan National Park, which affect the concentration of visits to Seoseokdae were analyzed using the data produced by an automatic digitizing device. A field study was conducted to examine the number of seasonal and periodic visitors to Seoseokdae and their visiting patterns. In 2015, the number of visitors was 2,563,651 and 83.9% of the visitors visited via the Jeungsimsa and Wonhyosa area that is near Gwangju City. This area is close to the Seoseokdae area and it is easy to hike between the areas. Therefore, there was an influx of most visitors to Seoseokdae into the Jeungsimsa and Wonhyosa area. In terms of seasonal visitors, the largest number of visitors came in the fall, followed by the summer, spring, and winter in order. However, the seasonal differences were not notable. There was no statistically significant correlation between the number of visitors and meteorological factors. This result may have been because Gwangju citizens frequently visit Mudeungsan regardless of period and weather. Visitors can get to Seoseokdae via the trails into Wonhyosa and Jangbuljae. A slightly larger number of visitors used the trail into Jangbuljae in the fall and winter, whereas a larger number of visitors used the trail into Wonhyosa in the summer. In general, there is a large influx of visitors into Jangbuljae, a strategic visiting point. However, a slightly larger number of visitors may have chosen the trail into Wonhyosa in the summer because they could hike under the shade of trees. In the summer, visitors stayed in Seoseokdae for a short time with a low level of crowdedness. On the other hand, in the fall and winter, visitors stayed in the area longer because they had lunch and rested. During the time, the number of momentary maximum visitors peaked, causing extreme crowdedness. Therefore, some visitors showed the visiting pattern of entering the grassland outside the designate zone. Because this behavior can damage the grassland on the top of Seoseokdae, which can lead to soil erosion, intensive visitor management may be necessary.
Ammonia is the major limiting factor in intensive aquaculture production systems. Therefore, quantification of ammonia excretion is important for the water quality management in aquaculture systems. Ammonia excretion is known to be affected by many factors such as body weight and dietary protein level (DPL). In this study, experiments were carried out to investigate the effects of body weight and DPLs on the rates of ammonia excretion of Nile tilapia Oreochromis niloticus. Three sizes of fishes (mean initial weight; 4.8 g,42.7 g and 176.8 g) were fed each of two dietary protein levels (30.5% and 35.5%). Daily feeding levels for the three fish sizes of 4.8 g, 42.7 g and 176.8 g were 6%, 3%, and 1.5% body weight per day, respectively. Each group of fish was stocked in a 17.1-L aquarium and all treatments were triplicated. Following feeding, the weight-specific ammonia excretion rate of O. niloticus increased, peaked at 4 to 8 h, and returned to pre-feeding levels within 24 h. Total ammonia nitrogen (TAN) excretion.ate per unit weight decreased with the increase of fish weight for each diet (P<0.05). The TAN excretion rate increased with increasing dietary protein content for each fish size (P<0.05). TAN excretion rates (Y) for each diet with different fish weights were described by the following equations: low DPL diet (30.5%): $Y\;(mg\;kg^{-1}\;d^{-1})=955.69-147.12\;lnX\;(r^2=0.95)$, high DPL diet (35.5%): $Y\;(mg\;kg^{-1}\;d^{-1})=1362.41-209.79\;lnX\;(r^2=0.99)$. Where: X=body weight (g wet wt.). The TAN excretion rates ranged 28.5%-37.1% of the total nitrogen ingested for the low DPL diet (30.5%) and 37.4-38.5% for the high DPL diet (35.5%). Total nitrogen losses of fish fed the high DPL diet $(35.5%;\;0.26\sim0.91g\;kg^{-1}\;d^{-1})$ were higher than those fed the low DPL diet $(30.5%;\;0.22\sim0.68g\;kg^{-1}\;d^{-1})$. The losses decreased per kg of fish as fish size increased. Results will provide valuable information fer water quality management and culture of Nile tilapia in recirculating aquaculture systems.
Since the 1980s, many multinational corporations have been issuing stocks on foreign stock exchanges, not only to enhance their investor base and liquidity, but also to diversify risks. The phenomenon has also been intensified by the rapid financial globalization and securitization trends. The main purpose of this study is to look into the long-run performance of MNCs' cross-listings of stocks on foreign stock exchanges. We use the event study and cross-sectional regression methods. We obtained some interesting empirical results about the long-run effect of cross-listings. First before the listing data the effect of cross-listing is to increase the underlying stock Vice in the local market. It may be caused by expectation of lower risk and cost of capital. However, after the listing data the stock price has been declining, even if it is not significant. Second, we examine the difference in the long-run cross-listing effect, which may be caused by the listing direction. When listing is made from a less developed market to a more developed market, the effect is better than that in the reverse direction. Furthermore, the effect is worse, when the listing company's home country is the U.S. Third, there is a negative relation between CARs and underlying stock liquidity in the local market, So it implies that a firm, whose underlying stocks are very liquid in the local market should carefully value cross-listing based upon the cost and benefit analysis. Last, but not the least we find that the long-un cross-listing effect is better, when a listing firm's ROE is higher.
Purpose: Intra-abdominal fluid collection is one of the risk factors associated with postoperative morbidity or mortality for patients who undergo gastric cancer surgery. The aim of this study was to analyze the clinicopathological characteristics of the patients with postoperative intra-abdominal fluid collection and to identify the indications for inserting a percutaneous drain (PCD) in patients with intra-abdominal fluid collection. Materials and Methods: Among the 1,277 patients who underwent operations for gastric cancer at Seoul National University Hospital between April 2005 and July 2006, the data of 117 patients with an intra-abdominal fluid collection were reviewed. Results: The number of patients' with pathologic stage I, II, III and IV disease was 42 (36.8%), 23 (20.2%), 16 (14%) and 33 (28.9%), respectively. Forty-three patients (36.3%) underwent PCD insertion and the other 43 patients received conservative management. A univariate analysis of multiple clinical variables revealed that age, gender, diabetes, liver disease, lymph node dissection, the pathologic stage and the body mass index (BMI, $kg/m^2$) were not significantly associated with PCD insertion (P>0.05). However, the univariate analysis showed that two characteristics were associated with a significantly high incidence of PCD insertion: a diameter of an intra-abdominal fluid collection greater than 4 cm and infectious signs such as leukocytosis, fever and bacteremia. Conclusion: About two thirds of the intra-abdominal fluid collections after surgery for gastric cancer were managed with only conservative method without other morbidities of mortality. Surgeons should consider performing PCD insertion if the largest diameter of an intra-abdominal fluid collection is over 4 cm or if infectious signs are seen.
Journal of the Korean Institute of Landscape Architecture
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v.39
no.1
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pp.22-34
/
2011
In recent years, there has been an active movement toward databasing, systematizing, and unifying environmental information. Such efforts facilitate the utilization of spatial environment planning in environment conservation officially planned at the metropolitan and provincial levels. This in turn clarifies the management direction of space, thereby serving as an effective tool with which to not only conserve land, but also provide a reasonable compromise to all the related solutions at odds with one another. As such, this study forwards a method for inclusion of spatial environment planning in environment conservation plans, paying particular attention to the place, with in such a planning method, of the natural ecosystem, arguably the most sensitive arena among environmental factors. Spatial environment planning can be broadly divided as follows: first, basic direction; second, collection of spatial information; third, compilation of status of spatial environment; and fourth, management strategy for spatial environment. In particular, the second phase, namely the collection of spatial information, delineates clearly spatial information hitherto amassed by government agencies at both the national and local levels; the ensuing lists facilitate maximum utilization of the previously accumulated data. Used during the planning phase, status maps should include not only the status of land use(land cover), but also systematic data on the superior resources of the natural ecosystem as well as the status of the given spatial environment. Establishing plans for ecological networks, their conservation, and restoration areas based on the aforementioned aspects, this study sought to formulate ways in which to spatialize environment conservation plans that encompass consideration for the natural ecosystem. Devised based previous studies and examples, the compilation of status and plans as stated, applied to Gyeonggi Province, afforded an examination of the potential applicability and usability of the proposed plans. Ultimately, these will contribute not only to the establishment of plans encompassing consideration for the value and level of significance of the given natural ecosystem in spatial development planning, but also provide fundamental data for investigating appropriateness of plans and validity of location in any regional development plan.
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