• The Korean Journal of Financial Studies
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• v.3 no.1
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• pp.233-265
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• 1996

We examine the impact of public and private information on price movements using the thirty DJIA stocks and twenty-one NASDAQ stocks. We find that the standard deviation of daily returns on information days (dividend announcement, earnings announcement, insider purchase, or insider sale) is much higher than on no-information days. Both public information matters at the NYSE, probably due to masked identification of insiders. Earnings announcement has the greatest impact for both DJIA and NASDAQ stocks, and there is some evidence of positive impact of insider asle on return volatility of NASDAQ stocks. There has been considerable debate, e.g., French and Roll (1986), over whether market volatility is due to public information or private information-the latter gathered through costly search and only revealed through trading. Public information is composed of (1) marketwide public information such as regularly scheduled federal economic announcements (e.g., employment, GNP, leading indicators) and (2) company-specific public information such as dividend and earnings announcements. Policy makers and corporate insiders have a better access to marketwide private information (e.g., a new monetary policy decision made in the Federal Reserve Board meeting) and company-specific private information, respectively, compated to the general public. Ederington and Lee (1993) show that marketwide public information accounts for most of the observed volatility patterns in interest rate and foreign exchange futures markets. Company-specific public information is explored by Patell and Wolfson (1984) and Jennings and Starks (1985). They show that dividend and earnings announcements induce higher than normal volatility in equity prices. Kyle (1985), Admati and Pfleiderer (1988), Barclay, Litzenberger and Warner (1990), Foster and Viswanathan (1990), Back (1992), and Barclay and Warner (1993) show that the private information help by informed traders and revealed through trading influences market volatility. Cornell and Sirri (1992)' and Meulbroek (1992) investigate the actual insider trading activities in a tender offer case and the prosecuted illegal trading cased, respectively. This paper examines the aggregate and individual impact of marketwide information, company-specific public information, and company-specific private information on equity prices. Specifically, we use the thirty common stocks in the Dow Jones Industrial Average (DJIA) and twenty one National Association of Securities Dealers Automated Quotations (NASDAQ) common stocks to examine how their prices react to information. Marketwide information (public and private) is estimated by the movement in the Standard and Poors (S & P) 500 Index price for the DJIA stocks and the movement in the NASDAQ Composite Index price for the NASDAQ stocks. Divedend and earnings announcements are used as a subset of company-specific public information. The trading activity of corporate insiders (major corporate officers, members of the board of directors, and owners of at least 10 percent of any equity class) with an access to private information can be cannot legally trade on private information. Therefore, most insider transactions are not necessarily based on private information. Nevertheless, we hypothesize that market participants observe how insiders trade in order to infer any information that they cannot possess because insiders tend to buy (sell) when they have good (bad) information about their company. For example, Damodaran and Liu (1993) show that insiders of real estate investment trusts buy (sell) after they receive favorable (unfavorable) appraisal news before the information in these appraisals is released to the public. Price discovery in a competitive multiple-dealership market (NASDAQ) would be different from that in a monopolistic specialist system (NYSE). Consequently, we hypothesize that NASDAQ stocks are affected more by private information (or more precisely, insider trading) than the DJIA stocks. In the next section, we describe our choices of the fifty-one stocks and the public and private information set. We also discuss institutional differences between the NYSE and the NASDAQ market. In Section II, we examine the implications of public and private information for the volatility of daily returns of each stock. In Section III, we turn to the question of the relative importance of individual elements of our information set. Further analysis of the five DJIA stocks and the four NASDAQ stocks that are most sensitive to earnings announcements is given in Section IV, and our results are summarized in Section V.

• KDI Journal of Economic Policy
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• v.14 no.2
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• pp.55-75
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• 1992

At the outset of import liberalization, most economists expected a significant drop in the prices of domestic goods that faced foreign competition. However, it is now generally acknowledge that a significant drop in prices of those goods has not occurred. A common claim is that the prices did not drop significantly because the major importers of many imported goods were also the domestic producers of competing goods. The objective of this paper is to analyze the welfare effect of importation by domestic firms that produce competing goods, to identify the factors that facilitate such business practices, and to formulate a policy that could improve the welfare. We proved that importation by competing domestic firms definitely raises the prices of both imported and domestic goods compared to the situation where foreign goods are imported by non-producers, ceteris paribus. The intuition behind this result is that since a producer-importer is essentially a cartel, its overall profit maximization requires reduced competition between the products that it sells. On the other hand, if a producer-importer is more efficient at distrinbution than a simple importer, the comparison between the two cases is a priori indeterminate. We also find that the industries in which domestic producers are actively involved in importing competing goods are the ones in which the distribution channels are tightly controlled by importer-producers. This finding suggests that exclusive dealing contracts, which work as an entry barrier, may be the source of importing by domestic producers. We argue that in a country such as Korea, where financial market is highly incomplete, tight control of the distribution channels by oligopolistic manufacturers is likely to be an effective entry barrier that leads to importing by domestic producers of similar goods. We further argue that seemingly superior distribution costs of importer-producers is likely to be a result of market foreclosure which would disappear once the entry barrier of exclusive dealing contracts is removed. Above findings suggest that market imperfections are the source of importation by domestic competitors, which in turn constitutes a market imperfection in itself and reduces consumer welfare. As potential remedies, we considered three alternatives; direct price control by the government over the imported goods sold by major domestic producers, regulation of trade itself between major producers, and regulation of exclusive dealing contracts. For reasons both theoretical and pratical, we find that the last alternative is the most attrative. Prohibiting exclusive contracts between manufacturers and dealers in industries where exclusive dealing contracts are a significant entry barrier is expected to break up the importer-producer cartel and improve the welfare.

• Journal of Acupuncture Research
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• v.17 no.2
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• pp.41-51
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• 2000

Clinical observation was made on 44 cases of stable thoracolumbar compression fracture that were confirmed through simple x-ray and neurological examination. They were hospitalized and treated by acupuncture and moxibustion, bed rest, herb medicine and physical therapy. If necessary, patient was given an enema. The results obtained are as follows. 1. The patient distribution ratio, in regard to sex, was shown to be 1: 13.7 for males to females. In regard to age, it was shown that people in their 60's was the most predominant case, followed by people in their 70's, 80's, 50's and 40's, respectively. 2. In regard to contributing factors, it was observed that accidental falls were most frequent, followed by reasons unknown, repetitive lifting of heavy objects, overlaboring and bruise in that order. 3. In regard to duration of illness before treatment, it was found that treatment within 1 week was most predominant, followed by over 4 weeks, and 1-2 weeks, respectively. 4. With regard to the duration of hospitalization, hospitalization within 2 weeks was found to be most predominant, followed by 2-4 weeks. 5. In regard to the level of the affected vertebral body; The affected vertebral bodies distributed between T3 to L5 except for T7; T12 was found to be most predominant, followed in turn by L1 and L5. 6. In regard to the number of affected vertebral bodies, 2 was the most frequent followed by 1 and 3, in that order. The average of the number of affected vertebral bodies was observed to be 2.8 and single vertebral body compression fracture was shown to have no clinical and statistical difference as compared with multiple vertebral body compression fractures. 7. In regard to the grade of the seriousness of symptoms, it was found that Grade IV was most predominant, followed by Grade III. 8. With regard to signs at the first medical examination, low back pain was seen in the highest number, and followed in order by gait disturbance, flank pain, flexion-extension disturbance, disturbance of rotation to right or left, and bowel dysfunction. 9. Concerning the effect of treatment, good results were most predominantly seen, and 95.5% of total patients showed fair results. 10. The duration of admission treatment due to the grade of clinical symptoms was as follows; In the case of the Grade IV, it was observed that within 2 weeks was most predominant and for Grade III was 2-4 weeks. It was also found that the grade of clinical symptoms was not in proportion to the duration of admission treatment. 11. In regard to the result of treatment due to the grade of clinical symptoms; It was found that in the case of Grade IV, within 2 weeks was most predominant, and for Grade III, it was found to be 2-4 weeks. 12. Intestinal obstruction was shown in 50% of total patients; In the case of duration of constipation, more than 1 week was found to be most predominant, followed by 2 and 4 days respectively. 13. With regard to the treatment of intestinal obstruction, using acupuncture and moxibustion, herb - medicine and enema together were found to be most effective. 14. Intestinal obstruction was mostly seen in the case of Grade IV.

• Journal of Radiation Protection and Research
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• v.30 no.1
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• pp.1-7
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• 2005

Radiation absorption parameters of carbon fiber panel were measured in comparison to acrylic panel. $30{\times}30cm$ sized 2mm thick carbon fiber panel and identical sized 6mm thick acrylic panel were placed in tray holder position and 0cm, 5cm, 10cm from surface of phantom. Radiation field size was $10{\times}10cm$. 50MU of 4MV photon was irradiated to the phantom with dose rate of 300MU/min. Source-to-phantom distance was 120cm. Radiation dose was measured with 0.6cc Farmer-type ionization chamber with 1cm build-up. Measurement was repeated thrice and normalization was done to the dose of the open field. Radiation transmission rate of carbon fiber panel is approximately 1% lower than acrylic panel of equivalent thickness. However, considering the strength of the material, transmission rate is higher for carbon fiber panel. Although carbon fiber panel increases the radiation dose when attached to the surface for about 2%, it normalizes the radiation dose to 97-99% of irradiated dose which could have been lowered to as much as 5-7.5% with acrylic panel. As carbon fiber panel is stronger than acrylic panel, radiation fixation device could be made thinner and thus lighter and furthermore, with increased radiation transmission. This in turn makes carbon fiber more ideal material for radiation fixation device over conventionally used acrylic.

• Korea journal of population studies
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• v.28 no.2
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• pp.1-32
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• 2005

The optimum population of a society or country can be defined as 'the population growth path that maximizes the welfare level of the society over the whole generations of both the present and the future, under the paths allowed by its endowments of production factors such as technology, capital and labor'. Thus, the optimum size or growth rate of population depends on: (i) the social welfare function, (ii) the production function, and (iii)demographic economic interrelationship which defines how the national income is disposed into consumption(birth and education of children included) and savings on the one hand and how the demographic and economic change induced thereby, in turn, affect production capacities on the other. The optimum population growth path can, then, be derived in the process of dynamic optimization of (i) under the constraints of (ii) and (iii), which will give us the optimum population growth rate defined as a function of parameters thereof. This paper estimates the optimum population growth rate of Korea by: specifying (i), (ii), and (iii) based on the recent development of economic theories, solving the dynamic optimization problem and inserting empirical estimates in Korea as the parametric values. The result shows that the optimum path of population growth in Korea is around TFR=1.81, which is affected most sensitively, in terms of the size of the partial elasticity around the optimum path, by the cost of children, share of capital income, consumption rate, time preference, population elasticity of utility function, etc. According to a survey implemented as a follow up study, there are quite a significant variations in the perceived cost of children, time preference rate, population elasticity of utility across different socio-economic classes in Korea, which implied that, compared to their counterparts, older generation and more highly educated classes prefer higher growth path for the population of Korea.

• Nuclear Medicine and Molecular Imaging
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• v.41 no.2
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• pp.172-180
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• 2007

Among the nuclear medicine imaging methods available today, $H_2^{15}O-PET$ is most widely used by cognitive neuroscientists to examine regional brain function via the measurement of regional cerebral blood flow (rCBF). The short half-life of the radioactively labeled probe, $^{15}O$, often allows repeated measures from the same subjects in many different task conditions. $H_2^{15}O-$ PET, however, has technical limitations relative to other methods of functional neuroimaging, e.g., fMRI, including relatively poor time and spatial resolutions, and, frequently, insufficient statistical power for analysis of individual subjects. However, recent technical developments, such as the 3-D acquisition method provide relatively good image quality with a smaller radioactive dosage, which in turn results in more PET scans from each individual, thus providing sufficient statistical power for the analysis of individual subject's data. Furthermore, the noise free scanner environment $H_2^{15}O$ PET, along with discrete acquisition of data for each task condition, are important advantages of PET over other functional imaging methods regarding studying state-dependent changes in brain activity. This review presents both the limitations and advantages of $^{15}O-PET$, and outlines the design of efficient PET protocols, using examples of recent PET studies both in the normal healthy population, and in the clinical population.

• Economic and Environmental Geology
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• v.3 no.1
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• pp.25-34
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• 1970

Very few articles are available on geologic structure and genesis of Sangdong scheelite-deposits in spite of the fact that the mine is one of the leading tungsten producer in the world. Sangdong scheelite deposits, embedded in Myobong slate of Cambrian age at the southem limb of the Hambaek syncline which strikes $N70{\sim}80^{\circ}W$ and dips $15{\sim}30^{\circ}$ northeast, comprise six parallel veins in coincide with the bedding plane of Myobong formation, namely four footwall veins, a main vein, and a hangingwall vein. Four footwall veins are discontinuous and diminish both directions in short distance and were worked at near surface in old time. Hangingwall vein is emplaced in brecciated zone in contact plane of Myobong slate and overlying Pungchon limestone bed of Cambrian age and has not been worked until recent. The main vein, presently working, continues more than 1,500 m in both strike and dip sides and has a thickness varying 3.5 to 5 m. Characteristic is the distinct zonal arrangement of the main vein along strike side which gives a clue to the genesis of the deposits. The zones symmetrically arranged in both sides from center are, in order of center to both margins, muscovite-biotite-quartz zone, biotite-hornblende-quartz zone and garnet-diopside zone. The zones grade into each other with no boundary, and minable part of the vein streches in the former two zones extending roughly 1,000 m in strike side and over 1,100 m in dip side to which mining is underway at present. The quartz in both muscovite-biotite-quartz and biotite-hornblende-quartz zones is not network type of later intrusion, but the primary constituent of the special type of rock that forms the main vein. The minable zone has been enriched several times by numerous quartz veins along post-mineral fractures in the vein which carry scheelite, molybdenite, bismuthinite, fluorite and other sulfide minerals. These quartz veins varying from few centimeter to few tens of centimeter in width are roughly parallel to the main vein although few of them are diagonal, and distributed in rich zones not beyond the vein into both walls and garnet-diopside zone. Ore grade ranges from 1.5~2.5% $WO_3$ in center zone to less than 0.5% in garnet-diopside zone at margin, biotite-hornblende-quartz zone being inbetween in garde. The grade is, in general, proportional to the content of primary quartz. Judging from regional structure in mid-central parts of South Korea, Hambaek syncline was formed by the disturbance at the end of Triassic period with which bedding thrust and accompanied feather cracks in footwall side were created in Myobong slate and brecciated zone in contact plane between Myobong slate and Pungchon limestone. These fractures acted as a pathway of hot solution from interior which was in turn differentiated in situ to form deposit of the main vein with zonal arrangement. The footwall veins were developed along feather cracks accompanied with the main thrust by intrusion of biotite-hornblende-quartz vein and the hangingwall vein in shear zone along contact plane by replacement. The main vein thus formed was enriched at later stage by hydrothermal solutions now represented by quartz veins. The main mineralization and subsequent hydrothermal enrichments had probably taken place in post-Triassic to pre-Cretaceous periods. The veins were slightly displaced by post-mineral faults which cross diagonally the vein. This hypothesis differs from those done by previous workers who postulated that the deposits were formed by pyrometasomatic to contact replacement of the intercalated thin limestone bed in Myobong slate at the end of Cretaceous period.

• The Journal of the Korea Contents Association
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• v.8 no.2
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• pp.195-204
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• 2008

With the growth of airline management, as well as computer and IT security, the international trade in this modern society has been rapidly increasing, Along with the advancing, airplanes have become a universal means of communication. However, the complications associated with airplane safety have also been brought up as a result, the most concerning of which is terrorism. One of the main counterplans for preventing terrorism is Ground security activities the core of Ground security activities is absolute safety for passengers in both passenger terminal and freight terminal. Subastral security refers to physical protection, proximity control and 100% security search and freight guarding of the passengers' possessions, and the personnel's duties to perform such jobs are be! coming more crucial. On the other hand, Airport security check has bee n gradually developing since the 1960's, when hijacking began to take place. Although the airports have been providing more safe and comfortable services to their customers, terrorism is still happening today. When Ground security activities is minute, the users feel displeasure and discomfort, yet considering solely their convenience can brings problems in achieving safety. Since the 9.11 terror in 2001, the idea of improving and strengthening airport security was reinforced and a considerable amount of estate is being spent today for invention and application of new technology. Various nations, including the United States, have been improving their systems of security through public services; public police department is actively carrying out their duties in airports as well. In San Francisco International Airport, private police department is in charge of collection of data, national events, VIP protection, law enforcement, cooperation within facilities, daily-based patrol and traffic control. Under guidance and supervision of national organizations, such as TSA, general police department interprets X-Rays, operates metal detectors, checks passports or IDs and observes reactions to explosives. Under these circumstances, studies about advancement of cooperation and duties of general police department and private police department necessitated: especially about private police department and their training for searching equipments, decrease in number of turn over rate, invention of technology and prior settlement in estate for security. The privacy of the public, who make up the major population of airport passengers, must also be minimized. In the following research, the activities of police departments in San Francisco International Airport will be analyzed in order to understand recent actions of the United States on airport security.

• Journal of Korean Society of Transportation
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• v.23 no.2
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• pp.117-130
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• 2005

In both deteministic user Optimal Traffic Assignment Model (UOTAM) and stochastic UOTAM, travel time, which is a major ccriterion for traffic loading over transportation network, is defined by the sum of link travel time and turn delay at intersections. In this assignment method, drivers actual route perception processes and choice behaviors, which can become main explanatory factors, are not sufficiently considered: therefore may result in biased traffic loading. Even though there have been some efforts in Stochastic UOTAM for reflecting drivers' route perception cost by assuming cumulative distribution function of link travel time, it has not been fundamental fruitions, but some trials based on the unreasonable assumptions of Probit model of truncated travel time distribution function and Logit model of independency of inter-link congestion. The critical reason why deterministic UOTAM have not been able to reflect route perception cost is that the route perception cost has each different value according to each origin, destination, and path connection the origin and destination. Therefore in order to find the optimum route between OD pair, route enumeration problem that all routes connecting an OD pair must be compared is encountered, and it is the critical reason causing computational failure because uncountable number of path may be enumerated as the scale of transportation network become bigger. The purpose of this study is to propose a method to enable UOTAM to reflect route perception cost without route enumeration between an O-D pair. For this purpose, this study defines a link as a least definition of path. Thus since each link can be treated as a path, in two links searching process of the link label based optimum path algorithm, the route enumeration between OD pair can be reduced the scale of finding optimum path to all links. The computational burden of this method is no more than link label based optimum path algorithm. Each different perception cost is embedded as a quantitative value generated by comparing the sub-path from the origin to the searching link and the searched link.

• Geophysics and Geophysical Exploration
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• v.8 no.1
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• pp.7-17
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• 2005

The determination of seismic velocities in refractors for near-surface seismic refraction investigations is an ill-posed problem. Small variations in the computed time parameters can result in quite large lateral variations in the derived velocities, which are often artefacts of the inversion algorithms. Such artefacts are usually not recognized or corrected with forward modelling. Therefore, if detailed refractor models are sought with model based inversion, then detailed starting models are required. The usual source of artefacts in seismic velocities is irregular refractors. Under most circumstances, the variable migration of the generalized reciprocal method (GRM) is able to accommodate irregular interfaces and generate detailed starting models of the refractor. However, where the very-near-surface environment of the Earth is also irregular, the efficacy of the GRM is reduced, and weathering corrections can be necessary. Standard methods for correcting for surface irregularities are usually not practical where the very-near-surface irregularities are of limited lateral extent. In such circumstances, the GRM smoothing statics method (SSM) is a simple and robust approach, which can facilitate more-accurate estimates of refractor velocities. The GRM SSM generates a smoothing 'statics' correction by subtracting an average of the time-depths computed with a range of XY values from the time-depths computed with a zero XY value (where the XY value is the separation between the receivers used to compute the time-depth). The time-depths to the deeper target refractors do not vary greatly with varying XY values, and therefore an average is much the same as the optimum value. However, the time-depths for the very-near-surface irregularities migrate laterally with increasing XY values and they are substantially reduced with the averaging process. As a result, the time-depth profile averaged over a range of XY values is effectively corrected for the near-surface irregularities. In addition, the time-depths computed with a Bero XY value are the sum of both the near-surface effects and the time-depths to the target refractor. Therefore, their subtraction generates an approximate 'statics' correction, which in turn, is subtracted from the traveltimes The GRM SSM is essentially a smoothing procedure, rather than a deterministic weathering correction approach, and it is most effective with near-surface irregularities of quite limited lateral extent. Model and case studies demonstrate that the GRM SSM substantially improves the reliability in determining detailed seismic velocities in irregular refractors.