• Proceedings of the Safety Management and Science Conference
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• 2004.11a
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• pp.355-380
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• 2004

I test the hypothesis that the gradual diffusion of information across asset markets leads to cross-asset return predictability in Korea. Using thirty-six industry portfolios and the broad market index as our test assets, I establish several key results. First, a number of industries such as semiconductor, electronics, metal, and petroleum lead the stock market by up to one month. In contrast, the market, which is widely followed, only leads a few industries. Importantly, an industry's ability to lead the market is correlated with its propensity to forecast various indicators of economic activity such as industrial production growth. Consistent with our hypothesis, these findings indicate that the market reacts with a delay to information in industry returns about its fundamentals because information diffuses only gradually across asset markets. Traditional theories of asset pricing assume that investors have unlimited information-processing capacity. However, this assumption does not hold for many traders, even the most sophisticated ones. Many economists recognize that investors are better characterized as being only boundedly rational(see Shiller(2000), Sims(2201)). Even from casual observation, few traders can pay attention to all sources of information much less understand their impact on the prices of assets that they trade. Indeed, a large literature in psychology documents the extent to which even attention is a precious cognitive resource(see, eg., Kahneman(1973), Nisbett and Ross(1980), Fiske and Taylor(1991)). A number of papers have explored the implications of limited information- processing capacity for asset prices. I will review this literature in Section II. For instance, Merton(1987) develops a static model of multiple stocks in which investors only have information about a limited number of stocks and only trade those that they have information about. Related models of limited market participation include brennan(1975) and Allen and Gale(1994). As a result, stocks that are less recognized by investors have a smaller investor base(neglected stocks) and trade at a greater discount because of limited risk sharing. More recently, Hong and Stein(1999) develop a dynamic model of a single asset in which information gradually diffuses across the investment public and investors are unable to perform the rational expectations trick of extracting information from prices. Hong and Stein(1999). My hypothesis is that the gradual diffusion of information across asset markets leads to cross-asset return predictability. This hypothesis relies on two key assumptions. The first is that valuable information that originates in one asset reaches investors in other markets only with a lag, i.e. news travels slowly across markets. The second assumption is that because of limited information-processing capacity, many (though not necessarily all) investors may not pay attention or be able to extract the information from the asset prices of markets that they do not participate in. These two assumptions taken together leads to cross-asset return predictability. My hypothesis would appear to be a very plausible one for a few reasons. To begin with, as pointed out by Merton(1987) and the subsequent literature on segmented markets and limited market participation, few investors trade all assets. Put another way, limited participation is a pervasive feature of financial markets. Indeed, even among equity money managers, there is specialization along industries such as sector or market timing funds. Some reasons for this limited market participation include tax, regulatory or liquidity constraints. More plausibly, investors have to specialize because they have their hands full trying to understand the markets that they do participate in

• Korean Journal of Environmental Agriculture
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• v.27 no.2
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• pp.156-162
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• 2008

Salmonellosis is a major bacterial zoonosis that causes a variety of disease syndromes, self-limited enteritis to fatal infection in animals and food-borne infection and typhoid fever in humans. Recently, the emergence of multidrug resistant strains of Salmonella spp. causes more serious problems in environment and public health. The present study was investigated the antibacterial effect of Houttuynia cordata ethanol extract(HCEE) for murine salmonellosis. In the cytotoxic effect of HCEE on RAW 264.7 cells, there was no detectable effect with any concentrations between 25 and 100 ${\mu}g/ml$ after 8 h incubation. The bacteriocidal effect of HCEE was not showed on a Salmonella enterica serovar Typhimurium(S. typhimurium). HCEE makes morphological change of the RAW 264.7 cells, and there was significant decreased bacterial uptake and intracellular replication within Salmonella infected cells. And further nitric oxide(NO) production of Salmonella infected RAW 264.7 cells with HCEE was decreased comparing to RAW 264.7 cells without HCEE until 8 h post infection. Oral administration of HCEE showed a therapeutic effect for S. typhimurium infected BALB/c mice. The mortality of HCEE treated mouse was 80% until 12 days, while that of HCEE untreated mouse was 100 % until 8 days after lethal dose of S. typhimurium infection. These data suggested that HCEE has a potency treatment for intracellular replicative pathogen including salmonellosis, brucellosis, tuberculosis, listeriosis etc., and the application of HCEE makes new strategies for safety medicine development without antibiotic resistance bacterial appearance and residue problem in food and solves the public health problem from antibiotic mis- and over use.

• Journal of Physiology & Pathology in Korean Medicine
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• v.17 no.1
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• pp.1-24
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• 2003

This study was done to compile 104 experimental theses which are related to the antitumor and immuno-activating therapies between February 1990 through February 2002. Master's and doctoral theses were dassified by schools, degrees, materials, effects, experimental methods of antitumor and immunoactivity, and results. The following results were obtained from this study : 1. Classifying the theses by the school, 34.6% were presented by Daejeon University, 29.8% by Kyung-hee University and 11.5% by Won-kwang University. Of all theses, 51.0% were aimed for the doctoral degree and 43.3% were for the master's degree. All of three universities have their own cancer centers. 2. Classifying the theses by herb materials, complex prescription accounted for 60.3%, single herb accounted for 24.8% and herbal acupuncture accounted for 14.2%. Considering the key principles of the traditional medicine, complex prescription was much more thoroughly studied than single herb prescription. The results showed that the complex prescription had both antitumor activity and immuno-activating activity, which might reflects on multi-activation mechanisms by complex components. 3. Classifying the theses by the efficacy of herbs examined, in single herb, invigorating spleen and supplementing was 35.5%, expelling toxin and cooling was 29.0%, activating blood flow and removing blood stasis was 12.9%. In herbal acupuncture, invigorating spleen and supplementing was 52.9%, expelling toxin and cooling was 29.4%. In complex prescription, pathogen-free status was 41.9%, strengthening healthy qi to eliminate pathogen was 35.5%, strengthening healthy qi was 22.6%. It is presumed that the antitumor and immunoactivating therapy based on syndrome differentiation is the best way to develop oriental oncology. 4. Classifying the theses by antitumor experiments, cytotoxic effect was 48.1 %, survival time was 48.1 % and change of tumor size was 42.3%. Survival rate was not necessarily correlated with cytotoxicity. These data reflect the characteristic, wholistic nature of the oriental medicine which is based on BRM (biological response modifier). 5. Classifying the theses by immunoactivating experiments, hemolysin titer was 51.0%, hemagglutinin titer was 46.2% and NK cell's activity was 44.2%. In the future studies, an effort to elucidate specific molecular and cellular mechanisms of cytokine production in the body would be crucial. 6. Classifying the theses according to the data in terms of antitumor activity, 50% was evaluated good, 24.0% was excellent, and 15.5% have no effect. In an evaluation of immuno-activating activity, 35.9% was excellent and 18.0% showed a little effect. The index point, as described here, may helps to use experimental data for clinical trials. Changes in index points by varying dosage implicate the importance of oriental medical theory for prescription. 7. In 167 materials, IIP (immunoactivating index point, mean : 3.12±0.07) was significantly higher than AIP(antitumor index point, mean : 2.83±0.07). These data demonstrate that the effect of herb medicine on tumor activity depends more on immunoactivating activity than antitumor activity. This further implies that the development of herbal antitumor drugs must be preceded by the mechanistic understanding of immunoactivating effect. 8. After medline-searching tumor and herb-related articles from NCBI web site, we conclude that most of the studies are primarily focused on biomolecular mechanisms and/or pathways. Henceforth, we need to define the biomolecular mechanisms and/or pathways affected by herbs or complicated prescriptions. 9. Therefore, the most important point of oriental medical oncology is to conned between experimental results and clinical trials. For the public application of herbal therapy to cancer, it is critical to present the data to mass media. 10. To develop the relationship of experimental results and clinical trials, university's cancer clinic must have a long-range plan related to the university laboratories and, at the same time, a regular consortium for this relationship is imperative. 11. After all these efforts, a new type herbal medicine for cancer therapy which is to take care of the long-term administering and safety problem must be developed. Then, it would be expected that anti-tumor herbal acupuncture can improve clinical symptoms and quality of life (QOL) for cancer patients. 12. Finally, oriental medical cancer center must be constructed in NCC (National Cancer Center) or government agency for the development of oriental medical oncology which has international competitive power.

• Food Science of Animal Resources
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• v.30 no.1
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• pp.87-94
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• 2010

The aim of the present study was to develop polyclonal antibodies to regional inedible adipocytes of pigs and investigate the effect of these antibodies on adipocytes in vitro. As antigens, abdominal and subcutaneous adipocyte PMPs from pigs were injected into sheep 3 times per 3 wk intervals for passive immunization, and non-immunized serum, antisera against abodominal (AAb) or subcutaneous adipocyte PMPs (SAb) were collected before and after the injections. Titers of the antisera obtained from sheep and their cross-reactivities with the heart, kidney, liver, lung, muscle, and spleen of pig were determined by ELISA. Isolation and culture of abdominal and subcutaneous adipocytes from pigs were performed to analyze LDH concentration. At a 1:1,000 dilution, little antibody reactivity was observed for non-immunized serum whereas both AAb and SAb had relatively strong reactivity up to a dilution of 1:16,000. These findings may indicate that strong antibodies against adipocyte PMPs can be developed using an immunological approach. Extremely low reactivity of AAb and SAb was detected with the PMPs of the organs. Both antisera most strongly reacted with each adipocyte PMPs and showed statistically (p<0.05) higher cross-reactivities compared with the non-immunized serum. In conclusion, these results may indicate that the present polyclonal antibodies against regional inedible adipocyte PMPs are well developed and are safe against cross-reactivities with the organs of pigs. Further studies on the in vivo nutritional safety and fat reduction of these antibodies in pigs will be required fat-reduced high quality pork production.

• Proceedings of the Korean Reliability Society Conference
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• 2001.06a
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• pp.277-278
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• 2001

The successful operation of a product In service depends upon the effective provision of logistic support in order to achieve and maintain the required levels of performance and customer satisfaction. Logistic support encompasses the activities and facilities required to maintain a product (hardware and software) in service. Logistic support covers maintenance, manpower and personnel, training, spares, technical documentation and packaging handling, storage and transportation and support facilities.The cost of logistic support is often a major contributor to the Life Cycle Cost (LCC) of a product and increasingly customers are making purchase decisions based on lifecycle cost rather than initial purchase price alone. Logistic support considerations can therefore have a major impact on product sales by ensuring that the product can be easily maintained at a reasonable cost and that all the necessary facilities have been provided to fully support the product in the field so that it meets the required availability. Quantification of support costs allows the manufacturer to estimate the support cost elements and evaluate possible warranty costs. This reduces risk and allows support costs to be set at competitive rates.Integrated Logistic Support (ILS) is a management method by which all the logistic support services required by a customer can be brought together in a structured way and In harmony with a product. In essence the application of ILS:- causes logistic support considerations to be integrated into product design;- develops logistic support arrangements that are consistently related to the design and to each other;- provides the necessary logistic support at the beginning and during customer use at optimum cost.The method by which ILS achieves much of the above is through the application of Logistic Support Analysis (LSA). This is a series of support analysis tasks that are performed throughout the design process in order to ensure that the product can be supported efficiently In accordance with the requirements of the customer.The successful application of ILS will result in a number of customer and supplier benefits. These should include some or all of the following:- greater product uptime;- fewer product modifications due to supportability deficiencies and hence less supplier rework;- better adherence to production schedules in process plants through reduced maintenance, better support;- lower supplier product costs;- Bower customer support costs;- better visibility of support costs;- reduced product LCC;- a better and more saleable product;- Improved safety;- increased overall customer satisfaction;- increased product purchases;- potential for purchase or upgrade of the product sooner through customer savings on support of current product.ILS should be an integral part of the total management process with an on-going improvement activity using monitoring of achieved performance to tailor existing support and influence future design activities. For many years, ILS was predominantly applied to military procurement, primarily using standards generated by the US Government Department of Defense (DoD). The military standards refer to specialized government infrastructures and are too complex for commercial application. The methods and benefits of ILS, however, have potential for much wider application in commercial and civilian use. The concept of ILS is simple and depends on a structured procedure that assures that logistic aspects are fully considered throughout the design and development phases of a product, in close cooperation with the designers. The ability to effectively support the product is given equal weight to performance and is fully considered in relation to its cost.The application of ILS provides improvements in availability, maintenance support and longterm 3ogistic cost savings. Logistic costs are significant through the life of a system and can often amount to many times the initial purchase cost of the system.This study provides guidance on the minimum activities necessary to Implement effective ILS for a wide range of commercial suppliers. The guide supplements IEC60106-4, Guide on maintainability of equipment Part 4: Section Eight maintenance and maintenance support planning, which emphasizes the maintenance aspects of the support requirements and refers to other existing standards where appropriate. The use of Reliability and Maintainability studies is also mentioned in this study, as R&M is an important interface area to ILS.

• Journal of Animal Science and Technology
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• v.51 no.3
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• pp.231-240
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• 2009

Sixteen ruminally cannulated Korean native steers (Hanwoo; $626.2\pm47.72$ kg) were used to investigate the effects of polyclonal antibodies against abdominal (AAb) and subcutaneous adipocyte membrane proteins (SAb) on ruminal fermentation patterns and blood metabolites. The body weight (BW) of Hanwoo was decreased 2-weeks after AAb and SAb injection, BW reduction was also observed in control and non-immunized serum groups, indicating that stress induced by other factors (e.g. blood sampling etc.) rather than antibodies injection may affect the BW reduction. Antibodies treatment did not affect (P > 0.05) rumen pH, volatile fatty acids and ammonia-N concentration. The ranges were similar with typical ranges of those in Hanwoo. Compared with control, blood urea N concentration was decreased in AAb group and increased (P < 0.05) in SAb group before antibodies treatment. However, none of the groups were significantly (P > 0.05) affected at 2- or 4-weeks after the treatment. Concentration of plasma glucose in the non-immunized serum group was significantly higher (P < 0.05) than the other groups at 0-week after treatment. However, antibodies treatment did not affect the concentration of plasma glucose. Concentration of plasma triglyceride showed no difference (P > 0.05) between the groups and ranged from 11.4 to 19.9 mg/dl, which is the perfect range of plasma triglyceride of Hanwoo fed concentrate based diets. In conclusion, these results may indicate that the present AAb and SAb have safety in nutritional physiological metabolism in Hanwoo. Further study on in vivo fat reduction of the antibodies against abdominal and subcutaneous adipocytes PMPs of Hanwoo is required for inedible fat-reduced high quality beef production.

• Korean Journal of Food Science and Technology
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• v.37 no.3
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• pp.484-491
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• 2005

Quantitative microbial risk assessment (QMRA) analyzes potential hazard of microorganisms on public health and offers structured approach to assess risks associated with microorganisms in foods. This paper addresses specific risk management questions associated with Staphylococcus aureus in kimbab and improvement and dissemination of QMRA methodology, QMRA model was developed by constructing four nodes from retail to table pathway. Predictive microbial growth model and survey data were combined with probabilistic modeling to simulate levels of S. aureus in kimbab at time of consumption, Due to lack of dose-response models, final level of S. aureus in kimbeb was used as proxy for potential hazard level, based on which possibility of contamination over this level and consumption level of S. aureus through kimbab were estimated as 30.7% and 3.67 log cfu/g, respectively. Regression sensitivity results showed time-temperature during storage at selling was the most significant factor. These results suggested temperature control under $10^{\circ}C$ was critical control point for kimbab production to prevent growth of S. aureus and showed QMRA was useful for evaluation of factors influencing potential risk and could be applied directly to risk management.

• Journal of The Korean Society of Grassland and Forage Science
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• v.29 no.3
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• pp.211-216
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• 2009

Approximately 43 million tons of livestock manure (LM) are produced each year on Korean farms. LM can be utilized as a valuable resource and/or it can contaminate water by runoff and leaching through the soil, when LM has been thoughtlessly applied to the land and directly discharged into the water. This experiment was carried out to investigate the effect of no-till system and LM application on dry matter (DM) yield of silage corn and $NO_3$-N concentration in leaching water of lysimeter installed in the experimental field. The treatments were replicated three times in split plot design. Main plots consisted of tillage systems, such as conventional tillage (CT) and no-tillage (NT). Sub plots consisted of the type of LM, such as chemical fertilizer (CF), composted cattle manure (CCM) and composted swine manure (CSM). The control plots were fertilized as commercial chemical fertilizer. DM yields of corn increased significantly in order to CF > CCM > CSM (p<0.05). DM yield of corn in CT increased as comparing with that of corn in NT. Plant height, ear height and stem diameter also increased in order to CF > CCM > CSM. In addition, the root weight in CT was increased as comparing with that of corn in NT. However, there was no interaction effects of between type of LM and tillage system. $NO_3$-N concentration in leaching water of LM application was less than 10 ppm, but $NO_3$-N concentration in CF exceeded 10 ppm which is safety level of drinking water during summer time (rainfall season).

• Journal of the Korean Society of Radiology
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• v.7 no.3
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• pp.213-219
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• 2013

Currently, about 35 cyclotrons have been operating in South Korea. Most of them are mainly used for the synthesis of radiopharmaceuticals such as $^{18}FDG$, which is a cancer tracer for nuclear medicine. Highly enriched $H_2{^{18}}O$ containing up to 98% of $^{18}O/O$ isotope ratio is used as the target for $^{18}F$ production. The price of the highly enriched $H_2{^{18}}O$ ranges 60~70 USD/g, and all of them have been imported from foreign country in spite of the very expensive price. The target (enriched $H_2{^{18}}O$) is non-radioactive before the proton beam irradiation. But, the post-irradiation target (used $H_2{^{18}}O$) must be managed following the National Radiation Safety Regulations, because it turns into radioactive by the radioactivation of the impurities within the target. Recently, nevertheless of the fast increasing amount of used $H_2{^{18}}O$ in accordance with the increasing number of nuclear medicine cases, any activation analysis on the used $H_2{^{18}}O$ have been conducted yet in Korea. In this research, activation analysis have been conducted to confirm the specific radioactivity(Bq/g) of each radioisotopes within the used $H_2{^{18}}O$. The analysis have been done on the 3 of 20g samples collected from the used $H_2{^{18}}O$ storages at different cyclotron centers. Based on the results, it was confirmed that the "used $H_2{^{18}}O$" contains gamma emitters such as $^{56}Co$, $^{57}Co$, $^{58}Co$, and $^{54}Mn$ as well as the considerable amount of beta emitter $^3H$. It was also confirmed that the only one sample contained over exemption level of gamma emitters while the specific activity of tritium was lower than the exemption level in all samples. The specific activity of radioisotopes were measured different levels in the samples depending on the elapsed time after irradiation. Further study on the activation of the "used $H_2{^{18}}O$" is definitely necessary, nevertheless the as-is results of this research must be useful in establishing a rational "used $H_2{^{18}}O$" management protocol.

• Korean Journal of Poultry Science
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• v.35 no.4
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• pp.341-350
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• 2009

The research work was carried out to study the pathogenesis covering the clinical signs, gross and histopathological lesions in different organs, and reisolation and identification of the organisms after experimental infection with the local isolate of Salmonella enterica serovar. enterica subspecies (S.) Pullorum at different time interval of the experiment during the period February 2006 to December 2006. One hundred pullets (seronegative to S. Pullorum of 12 weeks age were purchased and divided into 5 (A, B, C, D and E) groups and each group consisted of 20 birds. Four groups (A, B, C and D) were infected orally with a dose of $10^6\;CFU$, $10^7\;CFU$, $2{\times}10^7\;CFU$, $10^8\;CFU$ of S. Pullorum, respectively, and one group (E) was treated as uninfected control. The used methods were necropsy and histopathology, culture of bacteria, staining and biochemical test of Salmonella. Five birds from each group were randomly selected and sacrificed $1^{st}$ week, $2^{nd}$, $3^{rd}$ and $4^{th}$ weeks of post infection (PI). From all the groups, the bacteriological samples (crop, liver, lung, heart, spleen, bile duodenum, ceca and blood) were collected with pre enriched in buffered peptone water in sterile poly bags. Liver, lungs, heart, spleen, intestine, etc. were collected in 10% buffered-formalin for histopathological examination. No clinical signs, gross and histopathological lesions were found in control group and no S. Pullorum was reisolated. Clinical sign of experimentally infected with S. Pullorum in pullets were loss of appetite (100%), slight depression (75%), ruffled feathers (85%), diarrhea (60%) and loss of weight (100%) in chickens. The feed intake and body weight at different weeks after PI differed significantly (p<0.01) among the groups. Grossly, the highest recorded lesion was button-like ulcer in the ceca (80%) and the lowest was white nodules in lungs (1.25%). S. Pullorum were reisolated from crop (91.25%), liver (91.25%), lung (83.75%), heart (71.25%), spleen (87.75%), bile (33.25%), duodenum (92.50%), ceca (97.50%) and from different group of infection (61.25%). The highest microscopic findings were intestinal and cecal mucosa and submucosa exhibited infiltration of mononuclear cells and congestion (96.25%), and the lowest finding was nodule formation in the lungs (3.75%). The pattern of the disease production by local isolate of S. Pullorum in Bangladesh is almost similar with other isolates in different countries.