• Journal of Intelligence and Information Systems
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• v.24 no.2
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• pp.195-220
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• 2018

In this study, we conducted an empirical analysis of the factors that affect the change of Bitcoin Closing Price. Previous studies have focused on the security of the block chain system, the economic ripple effects caused by the cryptocurrency, legal implications and the acceptance to consumer about cryptocurrency. In various area, cryptocurrency was studied and many researcher and people including government, regardless of country, try to utilize cryptocurrency and applicate to its technology. Despite of rapid and dramatic change of cryptocurrencies' price and growth of its effects, empirical study of the factors affecting the price change of cryptocurrency was lack. There were only a few limited studies, business reports and short working paper. Therefore, it is necessary to determine what factors effect on the change of closing Bitcoin price. For analysis, hypotheses were constructed from three dimensions of consumer, industry, and macroeconomics for analysis, and time series data were collected for variables of each dimension. Consumer variables consist of search traffic of Bitcoin, search traffic of bitcoin ban, search traffic of ransomware and search traffic of war. Industry variables were composed GPU vendors' stock price and memory vendors' stock price. Macro-economy variables were contemplated such as U.S. dollar index futures, FOMC policy interest rates, WTI crude oil price. Using above variables, we did times series regression analysis to find relationship between those variables and change of Bitcoin Closing Price. Before the regression analysis to confirm the relationship between change of Bitcoin Closing Price and the other variables, we performed the Unit-root test to verifying the stationary of time series data to avoid spurious regression. Then, using a stationary data, we did the regression analysis. As a result of the analysis, we found that the change of Bitcoin Closing Price has negative effects with search traffic of 'Bitcoin Ban' and US dollar index futures, while change of GPU vendors' stock price and change of WTI crude oil price showed positive effects. In case of 'Bitcoin Ban', it is directly determining the maintenance or abolition of Bitcoin trade, that's why consumer reacted sensitively and effected on change of Bitcoin Closing Price. GPU is raw material of Bitcoin mining. Generally, increasing of companies' stock price means the growth of the sales of those companies' products and services. GPU's demands increases are indirectly reflected to the GPU vendors' stock price. Making an interpretation, a rise in prices of GPU has put a crimp on the mining of Bitcoin. Consequently, GPU vendors' stock price effects on change of Bitcoin Closing Price. And we confirmed U.S. dollar index futures moved in the opposite direction with change of Bitcoin Closing Price. It moved like Gold. Gold was considered as a safe asset to consumers and it means consumer think that Bitcoin is a safe asset. On the other hand, WTI oil price went Bitcoin Closing Price's way. It implies that Bitcoin are regarded to investment asset like raw materials market's product. The variables that were not significant in the analysis were search traffic of bitcoin, search traffic of ransomware, search traffic of war, memory vendor's stock price, FOMC policy interest rates. In search traffic of bitcoin, we judged that interest in Bitcoin did not lead to purchase of Bitcoin. It means search traffic of Bitcoin didn't reflect all of Bitcoin's demand. So, it implies there are some factors that regulate and mediate the Bitcoin purchase. In search traffic of ransomware, it is hard to say concern of ransomware determined the whole Bitcoin demand. Because only a few people damaged by ransomware and the percentage of hackers requiring Bitcoins was low. Also, its information security problem is events not continuous issues. Search traffic of war was not significant. Like stock market, generally it has negative in relation to war, but exceptional case like Gulf war, it moves stakeholders' profits and environment. We think that this is the same case. In memory vendor stock price, this is because memory vendors' flagship products were not VRAM which is essential for Bitcoin supply. In FOMC policy interest rates, when the interest rate is low, the surplus capital is invested in securities such as stocks. But Bitcoin' price fluctuation was large so it is not recognized as an attractive commodity to the consumers. In addition, unlike the stock market, Bitcoin doesn't have any safety policy such as Circuit breakers and Sidecar. Through this study, we verified what factors effect on change of Bitcoin Closing Price, and interpreted why such change happened. In addition, establishing the characteristics of Bitcoin as a safe asset and investment asset, we provide a guide how consumer, financial institution and government organization approach to the cryptocurrency. Moreover, corroborating the factors affecting change of Bitcoin Closing Price, researcher will get some clue and qualification which factors have to be considered in hereafter cryptocurrency study.

• Management & Information Systems Review
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• v.22
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• pp.137-165
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• 2007

It seems high time to increase productivity by adopting e-business to overcome challenges posed by both external factors including the appreciation of Korean won, oil hikes and fierce global competition and domestic issues represented by disparities between large corporations and small and medium enterprises (SMEs), Seoul metropolitan and local cities, and export and domestic demand all of which weaken future growth engines in the Korean economy. The demands of the globalization era are for innovative changes in businessprocess and industrial structure aiming for creating new values. To this end, e-business is expected to play a core role in the sophistication of the Korean economy through new values and innovation. In order to examine business performance in e-business-adopting industries, this study analyzed the home shopping industry by closely looking into the financial ratios including the ratio of net profit to sales, the ratio of operation income to sales, the ratio of gross cost to sales cost, the ratio of gross cost to selling, general and administrative (SG&A) expense, and return of investment (ROI). This study, for best outcome, referred to corporate financial statements as a main resource to calculate financial ratios by utilizing Data Analysis, Retrieval and Transfer System (DART) of the Financial Supervisory Service, one of the Korea's financial supervisory authorities. First of all, the result of the trend analysis on the ratio of net profit to sales is as following. CJ Home Shopping has registered a remarkable increase in its ratio of net profit rate to sales since 2002 while its competitors find it hard to catch up with CJ's stunning performances. This is partly due to the efficient management compared to CJ's value of capital. Such significance, if the current trend continues, will make the front-runner assume the largest market share. On the other hand, GS Home Shopping, despite its best organized system and largest value of capital among others, lacks efficiency in management. Second of all, the result of the trend analysis on the ratio of operation income to sales is as following. Both CJ Home Shopping and GS Home Shopping have, until 2004, recorded similar growth trend. However, while CJ Home Shopping's operating income continued to increase in 2005, GS Home Shopping observed its operating income declining which resulted in the increasing income gap with CJ Home Shopping. While CJ Home Shopping with the largest market share in home shopping industryis engaged in aggressive marketing, GS Home Shopping due to its stability-driven management strategies falls behind CJ again in the ratio of operation income to sales in spite of its favorable management environment including its large capital. Companies in the Group B were established in the same year of 2001. NS Home Shopping was the first in the Group B to shift its loss to profit. Woori Home Shopping has continued to post operating loss for three consecutive years and finally was sold to Lotte Group in 2007, but since then, has registered a continuing increase in net income on sales. Third of all, the result of the trend analysis on the ratio of gross cost to sales cost is as following. Since home shopping falls into sales business, its cost of sales is much lower than that of other types of business such as manufacturing industry. Since 2002 in gross costs including cost of sales, SG&A expense, and non-operating expense, cost of sales turned out to have remarkably decreased. Group B has also posted a notable decline in the same sector since 2002. Fourth of all, the result of the trend analysis on the ratio of gross cost to SG&A expense is as following. Due to its unique characteristics, the home shopping industry usually posts ahigh ratio of SG&A expense. However, more than 80% of SG&A expense means the result of lax management and at the same time, a sharp lower net income on sales than other industries. Last but not least, the result of the trend analysis on ROI is as following. As for CJ Home Shopping, the curve of ROI looks similar to that of its investment on fixed assets. As it turned out, the company's ratio of fixed assets to operating income skyrocketed in 2004 and 2005. As far as GS Home Shopping is concerned, its fixed assets are not as much as that of CJ Home Shopping. Consequently, competition in the home shopping industry, at the moment, is among CJ, GS, Hyundai, NS and Woori Home Shoppings, and all of them need to more thoroughly manage their costs. In order for the late-comers of Group B and other home shopping companies to advance further, the current lax management should be reformed particularly on their SG&A expense sector. Provided that the total sales volume in the Internet shopping sector is projected to grow over 20 trillion won by the year 2010, it is concluded that all the participants in the home shopping industry should put strategies on efficient management on costs and expenses as their top priority rather than increase revenues, if they hope to grow even further after 2007.

• Journal of Life Science
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• v.24 no.9
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• pp.988-994
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• 2014

The effluents of chemical and petroleum industries often contain non-biodegradable aromatic compounds, with phenol being one of the major organic pollutants present among a wide variety of highly toxic organic chemicals. Phenol is toxic upon ingestion, contact, or inhalation, and it is lethal to fish even at concentrations as low as 0.005 ppm. Phenol biodegradation has been studied in detail using bacterial strains. However, these microorganisms suffer from substrate inhibition at high concentrations of phenol, whereby growth is inhibited. A phenol-degrading bacterium, P21, was isolated from oil-contaminated soil. The phenotypic characteristics and a phylogenetic analysis indicated the close relationship of strain P21 to Rhodococcus pyridinovorans. Phenol biodegradation by strain P21 was studied under shaking condition. The optimal conditions for phenol biodegradation by strain P21 were 0.09% $KNO_3$, 0.1% $K_2HPO_4$, 0.3% $NaH_2PO_4$, 0.015% $MgSO_4{\cdot}7H_2O$, 0.001% $FeSO_4{\cdot}7H_2O$, initial pH 9, and $20-30^{\circ}C$, respectively. When 1,000 ppm of phenol was added to the optimal medium, the strain P21 completely degraded it within two days. Rhodococcus pyridinovorans P21 could grow in up to 1,500 ppm of phenol as the sole carbon source in a batch culture, but it could not grow in a medium containing above 2,000 ppm. Moreover, strain P21 could utilize toxic compounds, such as toluene, xylene, and hexane, as a sole carbon source. However, no growth was detected on chloroform.

• Korean journal of applied entomology
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• v.48 no.3
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• pp.319-325
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• 2009

Woolly apple aphid, Eriosoma lanigerum, overwintered as adult or nymph stage on rootstocks, and crown- and root sucker in the soil. In an un sprayed apple orchard, the number of E. lanigerum colony started to increase from mid-April, showed the 1st peak between late June and early July, thereafter decreased followed by the 2nd peak in late July, and then again peaked in late September as the size in the 1st peak. In this orchard, the number of E. lanigerum colonies per tree did not exceed 3.5 colonies during the peak occurrence period, and was maintained around 2 colonies throughout seasons. In all seasons, parasitism of Aphelinus mali on E. lanigerum was much lower on root colonies than on aerial colonies that located on shoots and tree trunks above the ground. The parasitism of E. lanigerum was high in most orchards examined, showing parasitism of > 70% in maximum in most cases. In the laboratory bioassay for the mortality effects of several insecticides on E. lanigerum, fenitrothion, dichlorphos, machine oil, methidathion, thiacloprid, and imidacloprid showed 97.8, 96.8, 95.4, 91.5, 26.7, and 7.8% morality, respectively. Also, the adult emergence rates from A. mali mummies were 51.2, 72.6, 14.2, 3.5, 72.2, and 85.4% in the treatment of the above insecticides, respectively. Insecticides belong to neonicotinoid, which are newly developed to control aphids, showed low mortality against E. lanigerum. Fenitrothion and dichlorphos were effective on E. lanigerum control and had a low toxic to A. mali. Consequently, the insecticides should be useful in integrated pest management system for E. lanigerum in apple orchards.

• Korean Journal of Food Science and Technology
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• v.39 no.1
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• pp.66-70
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• 2007

Lactobacillus fermentum YL-3 was encapsulated to increase acid tolerance and its total viability. After micro-encapsulation of L. fermentum YL-3 cells with sodium alginate and soybean oil, the morphology of the microcapsule was observed using confocal laser scanning microscopy (CLSM) after staining with pyronin Y and fluorescein isothiocyanate. The sizes of the microcapsules were 120-126 ${\mu}m$, 444-486 ${\mu}m$ and 401-463 ${\mu}m$ when manufactured at pH 2, 3 and 4, respectively. The microcapsule could hold live cells of L. fermentum YL-3 up to $1.2{\times}10^{7}$, $8.1{\times}10^{7}$ and $1.1{\times}10^{8}$ CFU/mL at pH 2, 3 and 4, respectively. The acid tolerance and preservative ability of L. fermentum YL-3 in microcapsule and macrocapsule at $4^{\circ}C$ and $25^{\circ}C$ were tested. L. fermentum YL-3 cells were evenly located in the alginate capsule matrix structure and the firmness of microcapsule was highest at pH 2. Micro-encapsulation showed the most effective acid tolerance at pH 2.0 and preservation of viability at $4^{\circ}C$. However, at $25^{\circ}C$, the macrocapsules showed more effective cell protection than the microcapsules. The application range for microcapsules could be wider than for macrocapsules in the food industry.

• Journal of Navigation and Port Research
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• v.35 no.10
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• pp.823-827
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• 2011

The present Common Structural Rules for double hull oil tanker is not included the residual strength, which is one of the functional requirements in design part of Goal-based new ship construction standards (GBS). The GBS will be enforced after July 1, 2016. The requirement related residual strength has the goal to build safe ship even if she has the specified damages due to marine accidents including collision and grounding. In order to assess the residual strength based on risk for structural damages according to GBS, tons of nonlinear FE analysis work taking into account various types of damage will be needed. The Smith's method, a kind of simplified method for the strength analysis is very useful for this purpose. In this paper, the residual strength assessments based on ultimate strength using Smith's method were carried out. The objected ship is VLCC with stranding damage in bottom structures. Also, the results were compared with that of nonlinear FE analysis using three cargo hold model.

• Bulletin of the Society of Naval Architects of Korea
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• v.54 no.4
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• pp.39-46
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• 2017

Jack-up drilling rigs are widely used in offshore oil and gas exploration industry. It is originally designed for use in the shallow waters less than 60m of water depth; there is growing demand for their use in deeper water depth over 150m and harsher environmental conditions. In this study, global in-place analysis of jack-up rig leg for North-sea oil well is performed through numerical analysis. Firstly, environmental conditions and seabed characteristics at the North-sea are collected and investigated measurements from survey report. Based on these data, design specifications are established and the overall basic design is performed. Dynamic characteristics of the jack-up rig for North-sea are considered in the global in-place analysis both leg and hull and the basic stability against overturning moment is also analyzed. The structural integrity of the jack-up rig leg/hull is verified through the code checks and the adequate safety margin is observed. The uncertainty in jack-up behaviour is greatly influenced by the uncertainties in the soil characteristics that determine the resistance of the foundation to the forces imposed by the jack-up structure. Among the risks above mentioned, the punch-through during pre-loading is the most frequently encountered foundation problem for jack-up rigs. The objective of this paper is to clarify the detailed structure and installation engineering matters for prove the structural safety of jack-up rigs during operation. With this intention the following items are addressed; - Characteristics of structural behavior considering soil effect against environmental loads - Modes of failure and related pre-loading procedure and parameters - Typical results of structural engineering and verification by actual measurement.

• Korean Journal of Agricultural and Forest Meteorology
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• v.9 no.4
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• pp.228-233
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• 2007

Pear psylla, Caccopsylla pyricola (Homoptera: Psyllidae), is a serious insect pest in pear orchards. C. pyricola overwinters as adults under rough bark scales of pear trees. When the weather warms up in the spring, the overwintered adults become active, climb up to the tree branches, and inhabit on fruit twigs to lay eggs. This study was conducted to develop a forecasting model for the onset of upward-movement of overwintered C. pyricola adults to control them by timely spraying of petroleum oil. The adult population densities were observed under rough barks (B) and on fruit twigs (T) of pear trees. Relative upward-movement rates (R) were calculated as T/(B+T). Low threshold temperatures for the activation of overwintered C. pyricola adults were selected arbitrarily from 5 to $9^{\circ}C$ at a $1^{\circ}C$ interval. Then, the days (D) when daily maximum air temperatures were above each low threshold temperature were counted from 1 February until to the dates with R $\geq$ 0.8. The same methods were applied for the prediction of the first observation of eggs. The variation of coefficients (CV) for the mean Des were lowest with the low threshold temperature of $6^{\circ}C$. At this selected threshold temperature, the upward movement of C. pyricola adults occurred with 12 D and they started laying eggs with 25 D. In the field validation, the model outputs with the $6^{\circ}C$ threshold temperature reasonably well explained the observed data in Suwon and Cheonan in 2002. Practical usages of the model were also discussed.

• Journal of the Korean Society of Fisheries and Ocean Technology
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• v.47 no.2
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• pp.79-87
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• 2011

A fishing lamp is fishing gear to gather fish in the night. But the cost of oil which is used to a light fishing lamp, goes significantly up to almost one hundred million won for 50 tonnage vessels and forty million won in case of vessels less than 10 tonnages. This cost has almost taken 30.40% of total fishing costs. As oil price increases, the business condition of the fishery gets worse and worse. Therefore, it is very urgent to develop an economical fishing lamp, to solve the problem of fishery's business difficulty. This research aims at developing a fishing lamp for squid jigging fishery and hairtail angling fishery using the LED, which has excellent efficiency and durability. One fishing lamp has about 160Watt capacity and five fishing lamps are installed one aluminium panel in which sea water flows to emit generated heat from LED to outside. Developed fishing lamp lights to an effective direction of jigging and angling operation. This fishing lamp can be controlled to light the direction of fish shoal because the aluminium panel can be controlled to up and down direction. The wave length of fishing lamp has white and blue color. White color light is to gather fish shoal of horizontal direction and blue color light is to gather fish shoal of vertical direction. After development of this fishing lamp, 60.110 units are established on the boat, and operated fishing. Consequently, in the case of squid jigging, spent energy was reduced to 39%, in the case of hairtail angling, 68% of spent energy was reduced. And the catch was more than another boat.

• Korean Journal of Fisheries and Aquatic Sciences
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• v.35 no.6
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• pp.660-665
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• 2002

In Korea, an olive flounder is very popular fish food item. However, due to the increasing human population, the present catches of the olive flounder may not be sufficient to satisfy the present demand. To increase the supply of the olive flounder, aquaculture has been begun. An interest in the aquaculture of the olive flounder has been increased recently because of its characteristics of good growth and high price in the market, However, the productivity of the olive flounder aquaculture depends on economic inputs such as fuels, facilities, and labor. The rapid growths of the olive flounder aquaculture and the concerns about economic and ecological sustainability have focused peoples attention on the aquaculture industry. In this study, an energy systems model was built to simulate the variation of sustainability on the aquaculture of olive flounder, The results of simulation based on calibration data in 1995 show that olive flounder production yield and asset slowly increase to steady state because of the law of supply and demand. The results of simulation based on the variation of oil price show that the more increase the oil price, the more decrease the olive flounder economic yield and asset. Energy sources required for systems determine the sustainability of systems. Conclusionally, the present systems of the olive flounder aquaculture should be transformed to ecological-recycling systems or ecological engineering systems which depend on renewable resources rather than aquaculture systems which depend on fossil fuels, and be harmonized with the fishing fisheries by the sustainable use of renewable resources in the carrying capacity.