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The Information Content of Option Prices: Evidence from S&P 500 Index Options

  • Ren, Chenghan;Choi, Byungwook
    • Management Science and Financial Engineering
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    • 제21권2호
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    • pp.13-23
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    • 2015
  • This study addresses the question as to whether the option prices have useful predictive information on the direction of stock markets by investigating a forecasting power of volatility curvatures and skewness premiums implicit in S&P 500 index option prices traded in Chicago Board Options Exchange. We begin by estimating implied volatility functions and risk neutral price densities every minute based on non-parametric method and then calculate volatility curvature and skewness premium using them. The rationale is that high volatility curvature or high skewness premium often leads to strong bullish sentiment among market participants. We found that the rate of return on the signal following trading strategy was significantly higher than that on the intraday buy-and-hold strategy, which indicates that the S&P500 index option prices have a strong forecasting power on the direction of stock index market. Another major finding is that the information contents of S&P 500 index option prices disappear within one minute, and so one minute-delayed signal following trading strategy would not lead to any excess return compared to a simple buy-and-hold strategy.

2019 미국 임상종양학회 두경부암 하이라이트 (Highlights for the 2019 American Society of Clinical Oncology (ASCO) Annual Meeting)

  • 이윤규
    • 대한두경부종양학회지
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    • 제35권2호
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    • pp.1-10
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    • 2019
  • The 2019 American Society of Clinical Oncology (ASCO) Annual Meeting, which took place May 31-June 4 in Chicago, drew more than 32,000 oncology specialists from around the world. The theme of 2019 ASCO conference was "Caring for Every Patient, Learning from Every Patient". Among the topics of interest covered were new approaches to surmount limited access to cancer care and the latest advances in targeted therapies for pancreatic, prostate cancers and soft tissue sarcomas. In the field of head and neck cancer, 8 oral abstracts and 75 poster abstracts were presented at this meeting. In this review, we are going to summarize the eight studies that have been presented orally. The topics are recurrent and/or metastatic head and neck squamous cell carcinoma for two abstracts (#6000, #6002), salivary duct carcinoma for one abstract (#6001), locally advanced nasopharyngeal carcinoma for two abstracts (#6003, #6004), oropharyngeal carcinoma for two abstracts (#6006, #6008), and oral cavity cancer for one abstract (#6007).

Transient Effects of Calf Muscle Fatigue and Visual Control on Postural Balance During Single Leg Standing

  • Han, Jin-Tae
    • 대한물리의학회지
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    • 제12권3호
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    • pp.67-71
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    • 2017
  • PURPOSE: Muscle fatigue is a cause to change proprioception. The purpose of this study was to investigate the effects of calf muscle fatigue and visual control on postural balance during single-legged standing in healthy adults. METHODS: Nineteen healthy adults (male) were participated in this study (mean age: 24.36 years; mean height: 171.32 cm; mean weight: 64.58 kg). The postural balance (sway length, sway area, sway velocity of COG displacement) was measured by Balance Trainer System (BT4) in before and after calf muscle fatigue feeling in single legged stance. In this study, repetitive single-legged heel rise test was used to induce fatigue of the calf muscle. Paired t- test was used to compare the postural balance between before and after calf muscle fatigue. Data of subjects were analyzed using SPSS 22.0 (SPSS Inc., Chicago, IL, USA). Level of significance was set to .05. RESULTS: The sway length, sway area, sway velocity of COG (center of gravity) displacement after calf muscle fatigue feeling was significantly increased compared to before calf muscle fatigue feeling during single leg standing both eye open and close conditions (p<.05). CONCLUSION: This study suggested that calf muscle fatigue feeling has affected on postural balance when standing one leg both eye open and close conditions and postural control was disturbed by muscle fatigue and visual feedback in single leg standing.

Performance of attachments used in implant-supported overdentures: review of trends in the literature

  • Lee, Damian J.
    • Journal of Periodontal and Implant Science
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    • 제43권1호
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    • pp.12-17
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    • 2013
  • The purpose of this review is to examine the performance of attachments used in implant-supported overdenture (IOD) in both clinical and in vitro settings and report the compiled findings, comparisons, and trends in the research literature. Articles published in PubMed on IOD attachment systems and performance were reviewed. Non-original articles were excluded. For each article included, the type of study, number of implants, number of attachment systems, and study outcome were recorded. Of the 283 articles found, 158 met the inclusion criteria. Ninety-four articles were clinical studies and 64 articles were in vitro studies. Studies on retention were the most common for in vitro studies, and four or more attachment systems were compared in most articles with significant differences in outcome. A clinical outcome of one attachment system was most common for clinical studies, while most studies had neutral outcomes overall. Ball attachment was the most commonly tested IOD attachment system. The trend in the literature showed that there is a large discrepancy between the study designs and outcomes between the clinical and the in vitro studies for IOD. Further clinical studies that can validate in vitro research should be encouraged to address this discrepancy between the two areas.

Dietary Compliance among Men Participating in a Controlled feeding Study of fiber Supplementation

  • Yoon, Hei-Ryeo
    • Journal of Nutrition and Health
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    • 제31권5호
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    • pp.957-964
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    • 1998
  • The study was undertaken to assess the degree to which subjects were compliant with a specific metabolic diet in a controlled outpatient feeding study. The study consisted of a two-week control period in which subjects consumed a control diet consisting of 38-40% fat, 18-20% protein, 40-42% carbohydrate, followed by a three-week experimental period during which each subject consumed the control diet plus one of the four fiber supplements(20g/4ay) assigned on a random basis on the trust day. All meals were prepared and eaten in a metabolic feeding laboratory, with the exception of Saturday and Sunday meals that were packed for take-out. Fifty-seven healthy adult men, aged 18-65 years participated in the study. Dietary compliance index(CI) defined as the percent deviation of actual consumption from the prescribed food's and unconsumed prepared foods. The CI reflected the additional 'non-prescribed foods' and unconsumed 'prescribed foods'. A CI was calculated for all subjects. A CI of 5% or more was defined as poor compliance. Overall, dietary compliance was substantially improved for the entire group over the course of the study. Significant increase in compliance far energy and macronutrient intake occurred between the baseline and experimental periods. Within a non-obese group, dietary compliance fir energy improved from 5.5% to 3.3% by the end of the study(week 1vs week 5, respectively, p<0.05). However, between non-obese and obese group, dietary compliance was not different. (Korean J Nutrition 31(5) : 957-964, 1998)

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Relationships among Physical Activity Level, Health-promoting Behavior, and Physiological Variables in Korean University Students

  • Bang, Kyung-Sook;Song, Min Kyung;Park, Se-Eun;Kim, Hyungkyung
    • Perspectives in Nursing Science
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    • 제15권1호
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    • pp.11-17
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    • 2018
  • Purpose: Many Korean college students suffer from physical inactivity and mental health problems. However, it has not been sufficiently reported how this lack of exercise and health-related behavior affect their health. The present study was performed to identify the relationships among physical activity level, health-promoting behavior, and physiological variables in Korean undergraduate and graduate students. Methods: Participants were 115 undergraduate and graduate students from one university in Seoul. The Pearson's correlation analysis was performed using SPSS for Windows. Results: Physical activity level had significant positive correlations with health-promoting behavior (r=.32, p=.001) and exercise self-efficacy (r=.25, p=.008), and health-promoting behavior had a significant correlation with depression (r=-.33, p<.001) and exercise self-efficacy (r=.44, p<.001). Additionally, physical activity level had significant correlations with triglyceride (r=-.20, p=.034) and vitamin D (r=.20, p=.029) levels. The high density cholesterol level had significant negative correlations with systolic blood pressure (r=-.33, p<.001), diastolic blood pressure (r=-.29, p=.002), and vitamin D (r=-.20, p=.035) levels. Conclusion: Physical activity level or health-promoting behavior had significant relationships with the health status of college students. Strategies need to be developed to improve health-promoting behaviors among college students.

Cost-Effective Model for Energy Saving in Super-Tall Building

  • Song, Kwonsik;Park, Moonseo;Lee, Hyun-Soo;Kim, Sooyoung;Shin, Jinho
    • Journal of Construction Engineering and Project Management
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    • 제3권3호
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    • pp.17-22
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    • 2013
  • In many urban cities, super-tall buildings have been being constructed around New York and Chicago as the center since 1930 to improve the efficiency of land use and respond to new residential type. In terms of energy consumption, super-tall buildings are classified as a top energy consumption building. Also, as time passed, the degradation of energy performance occurs in super-tall buildings like general things so that these cannot show the initial performance planned in the design phase. Accordingly, building owners need to make a plan to apply energy saving measures to existing building during the operation phase. In order to select energy saving measures, calculus-based methods and enumerative schemes have been typically used. However, these methods are time-consuming and previous studies which used these methods have problems with not considering the initial construction cost. Consequently, this study proposes a model for selecting an optimal combination of energy saving measures which derives maximum energy saving within allowable cost using genetic algorithms. As a contribution of this research, it would be expected that a model is utilized as one of the decision-making tools during the planning stage for energy saving.

The Circadian Effects on Postural Stability in Young Adults

  • Son, Sung Min
    • The Journal of Korean Physical Therapy
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    • 제29권3호
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    • pp.142-144
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    • 2017
  • Purpose: Few studies have addressed the effect of diurnal circadian rhythms on postural stability, and thus the aim of the present study was to examine circadian effects on static and dynamic postural stability in young adults. Methods: Twenty-four subjects (9 men, 11 women: age=$22.20{\pm}1.77$, height=$167.20{\pm}10.47$, weight=$59.85{\pm}10.66$) from a university community volunteered for this study. Static and dynamic balance testing, which recorded using a Good Balance system (Good Balance, Metitur Ltd, Finland) was conducted at 9:00, 13:00, and 17:00 hours on two consecutive days, and the sequencing of static and dynamic balance tests were randomized. Results were analyzed using the non-parametric one-way repeated Friedman test in SPSS version 18.0 (SPSS Inc., Chicago, IL, USA), and variable found to be significant were subjected to Wilcoxon post hoc testing. Results: Static and dynamic balance showed significant difference at the three times assessments (test at 9:00, 13:00, and 17:00) during circadian. In the post hoc test of static (anteroposterior distance, mediolateral distance and COP (center of pressure) velocity) and dynamic balance (performance time), 13:00 was the longer and faster than 9:00. Conclusion: These results indicated that control of postural balance is influenced by diurnal circadian rhythms, and confirm that control of postural balance is more effective and better performance in the 09:00 hours than 13:00 hours or 17:00 hours.

암환자의 영성과 투병정신과의 관계 (The Relationship between Spirituality and Fighting Spirit among Cancer Patients in Korea)

  • 김주형;이숙정;이원희
    • 성인간호학회지
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    • 제17권4호
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    • pp.583-591
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    • 2005
  • Purpose: The purpose of this study was to examine the relationship between spirituality and a fighting spirit among the patients with cancer. Methods: The participants were 223 patients diagnosed stomach, colorectal or breast cancer, and who were in chemotherapy or follow up care. The study design was cross-sectional at the time of the data collection. The degree of spirituality was measured by the Korean version of WHOQOL Spirituality, Religiousness and Personal Beliefs (SRPB) Pilot Test Module, and fighting spirit was measured by the scores of Mental Adjustment to Cancer(MAC) scale. Results: The score of love appeared to be higher in the patients with follow up care than the patients with treatment(p<0.05) and the score of believing was much higher in patients with recurrence than the patients without (p<0.05). There was a statistically significant correlation among hope, believing, love, forgiveness and acceptance, and fighting spirit. In the multiple regression analysis, hope and believing explained much variance of the fighting spirit. Conclusion: These finding showed that the more hopeful and believing patients with cancer had higher scores of fighting spirit, which was known to be one of the most active coping style in adjusting to cancer.

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Arab Spring Effects on Meanings for Islamist Web Terms and on Web Hyperlink Networks among Muslim-Majority Nations: A Naturalistic Field Experiment

  • Danowski, James A.;Park, Han Woo
    • Journal of Contemporary Eastern Asia
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    • 제13권2호
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    • pp.15-39
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    • 2014
  • This research conducted a before/after naturalistic field experiment, with the early Arab Spring as the treatment. Compared to before the early Arab Spring, after the observation period the associations became stronger among the Web terms: 'Jihad, Sharia, innovation, democracy and civil society.' The Western concept of civil society transformed into a central Islamist ideological component. At another level, the inter-nation network based on Jihad-weighted Web hyperlinks between pairs of 46 Muslim Majority (MM) nations found Iran in one of the top two positions of flow betweenness centrality, a measure of network power, both before and after early Arab Spring. In contrast, Somalia, UAE, Egypt, Libya, and Sudan increased most in network flow betweenness centrality. The MM 'Jihad'-centric word co-occurrence network more than tripled in size, and the semantic structure more became entropic. This media "cloud" perhaps billowed as Islamist groups changed their material-level relationships and the corresponding media representations of Jihad among them changed after early Arab Spring. Future research could investigate various rival explanations for this naturalistic field experiment's findings.