• 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

• Asian Pacific Journal of Cancer Prevention
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• v.13 no.9
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• pp.4777-4781
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• 2012

Objective: To investigate the relationship between the efficacy and safety of different doses of thalidomide (Thal) plus dexamethasone (Dex) as the initial therapy in elderly patients with newly diagnosed multiple myeloma (MM). Methods: Clinical data of 28 elderly patients with newly diagnosed MM who underwent the TD regimen as the initial therapy were analyzed retrospectively. The patients were divided into two groups according to the maximal sustained dose of Thal: lower dose (group A) and higher dose (group B). The overall response rate (ORR), progression free survival (PFS), overall survival (OS), and adverse events (AES) were compared between the two groups. Results: A total of 28 patients were followed up with a median of 18 months. The ORR was 60.1%. The median response time and PFS were 2.0 and 17.0 months, respectively. The mean sustained dose of Thal in group B was significantly higher than group A (292.9 mg v 180.4 mg, P=0.01). There was no significantly difference in ORR (57.1% v 64.3%, P=1.00) and PFS (9.63months v 17.66 months, P=0.73) between groups A and B. During the follow up, only five patients died (<40%) and, therefore, median OS values were not available. It is estimated, however, that the mean survival time in the two groups was 35.6 and 33.4 months (P>0.05), respectively. All of the patients tolerated the treatment well. The incidence of AES in patients with a grading above 3 in group B was significantly higher than in group A (P=0.033). Conclusions: The TD regimen results in a high response rate and manageable AES as the initial therapy in elderly patients with MM. TD should be considered as the front line regimen for the treatment of elderly patients with MM in areas with financial constraints. The clinical response can be achieved at a low dose Thal with minimal toxicity.

• Journal of Christian Education in Korea
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• v.67
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• pp.11-44
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• 2021

In the early 21st century, the global COVID-19 pandemic, which has arisen during the development of the technological science of the Fourth Industrial Revolution, has been a great challenge in all fields including politics, economy, industry, education and religion in Korean society. To prevent the spread of the COVID-19 epidemic, the Korean government announced 'social distancing guidelines,' focused on the 'prohibition of three conditions'(crowd, closeness, airtight) for safety reasons. These quarantine guidelines made it more difficult for Korean churches and Sunday schools to operate. In general, looking at the statistical data of the major denominations of the Korean Church in the second half of the 20th century, shows that the Church has entered a period of stagnant or declining growth. Data also show that the number of students attending Sunday School is decreasing. The researcher identified four causes of the crisis faced by the Korean church and Korean Sunday school entering the 21st century. These trends are influenced by the tendencies of postmodernism, the deconstruction of modern universalism, the certainty and objectivity of knowledge, and the grand narrative and worldview of diffusion. Moreover, it is a phenomenon in which the young population decreases in contrast to the increasing elderly population in the age of population cliff in Korean society. Sunday Schools are also facing a crisis, as the youth population, who will become the future heroes of the Korean church, is declining. Finally, constraints of Church and Sunday school education activities are due to COVID-19 Pandemic. As analysis shows the loss of the Church's educational vision and a decrease in the passion for education. Accordingly, the researcher suggests four new strategies for the next generation of Korean Sunday schools, whose ranges from 200 members or less; this range covers the majority of Sunday School program run by churches in Korea. First, in the age of postmodernism, a time of uncertainty and relativism, Christian Societies requires teachers who are certain of absolute Christian truth and faith. Second, in an era of declining population cliffs for younger generations, a shift to a home-friendly Sunday school paradigm is needed. Third, during the COVID-19 pandemic, educational activities must appropriately utilize face-to-face and non-face-to-face communication. Finally, even in difficult times, Korean Sunday school should nevertheless remember the Lord's great commandment(Matthew 28:18-20) and restore the vision and passion of education to announce and teach the gospel. The researcher hopes that this study will provide small, positive steps in rebuilding Korean Sunday school educational activities for future generations in difficult times.

• Journal of Korea Water Resources Association
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• v.56 no.4
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• pp.235-243
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• 2023

Due to the revision of the River Act and the enactment of the Act on the Investigation, Planning, and Management of Water Resources, a regular bed change survey has become mandatory and a system is being prepared such that local governments can manage water resources in a planned manner. Since the topography of a bed cannot be measured directly, it is indirectly measured via contact-type depth measurements such as level survey or using an echo sounder, which features a low spatial resolution and does not allow continuous surveying owing to constraints in data acquisition. Therefore, a depth measurement method using remote sensing-LiDAR or hyperspectral imaging-has recently been developed, which allows a wider area survey than the contact-type method as it acquires hyperspectral images from a lightweight hyperspectral sensor mounted on a frequently operating drone and by applying the optimal bandwidth ratio search algorithm to estimate the depth. In the existing hyperspectral remote sensing technique, specific physical quantities are analyzed after matching the hyperspectral image acquired by the drone's path to the image of a surface unit. Previous studies focus primarily on the application of this technology to measure the bathymetry of sandy rivers, whereas bed materials are rarely evaluated. In this study, the existing hyperspectral image-based water depth estimation technique is applied to rivers with vegetation, whereas spatio-temporal hyperspectral imaging and cross-sectional hyperspectral imaging are performed for two cases in the same area before and after vegetation is removed. The result shows that the water depth estimation in the absence of vegetation is more accurate, and in the presence of vegetation, the water depth is estimated by recognizing the height of vegetation as the bottom. In addition, highly accurate water depth estimation is achieved not only in conventional cross-sectional hyperspectral imaging, but also in spatio-temporal hyperspectral imaging. As such, the possibility of monitoring bed fluctuations (water depth fluctuation) using spatio-temporal hyperspectral imaging is confirmed.

• Journal of agriculture & life science
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• v.50 no.1
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• pp.273-281
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• 2016

In this study, after carrying out a bending test that targeted the frames of plastic film greenhouse, the load-displacement relationship was analyzed to be used as basic data to develop greenhouse construction and maintenance guidelines. As a result, regardless of the shapes of the specimen, the yield and the maximum load increased as the size of the specimen increased. The displacement also showed the same pattern. A steel pipe showed lower yield and maximum load than a square pipe, and the displacement was large. In the steel pipe case, the displacement under the yield and maximum load was in the range of approximately 1.42-4.20mm and 5.80-24.13mm, respectively. In the square pipe case, the displacement under the yield and maximum load was in the range of approximately 1.62-3.00mm and 3.13-8.01mm, respectively. Further, a large difference was observed between the result of this test and the values calculated by a conventionally provided standard. In particular, not much difference was found from the result of this test in the case of a purlin member from the values provided by previous researches. However, a large difference was observed in the column or main rafter members. Furthermore, when a wide-span and venlo type, which is a glasshouse, was used as a target(h/100 and h/80), the displacement under the yield and maximum load was approximately 28.0mm and 35.0mm, respectively, which showed a large difference compared with the Netherlands standard(14.0mm) of a glasshouse. Further, in the main rafter case, a large difference was observed in the displacement limit according to the width(i.e., span) of the greenhouse where members are used. Therefore, because the displacement limit can vary depending on various factors such as type, form, and size of a greenhouse, we determined that studies or tests that consider these factors should be carried out to reflect them in the construction and maintenance of greenhouses.

• Korean Journal of Ichthyology
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• v.35 no.4
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• pp.224-235
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• 2023

South Korea is the only divided nation globally, marked by a military demarcation line establishing demilitarized and civilian control zones, ensuring national security. Consequently, these areas exhibit relatively minimal ecological disruption compared to other regions. However, the threat to safety persists due to the presence of unexploded ordnances and landmines, imposing significant constraints on ecological research. To address this, we conducted a comparative study utilizing eDNA analysis as a supplementary and alternative approach within three points of the "Road of Peace" - Inje, Yanggu, and Hwacheon courses, located within the civilian control zone. Direct surveys and indirect eDNA sampling were carried out in May, July, and September of 2022. Genetic material obtained from the samples underwent amplification, library preparation, MiSeq sequencing, and subsequent ASV generation for indirect analysis. These results were then compared with the findings of direct surveys. Our findings revealed the detection of eDNA for both observed species at the Yanggu-1 point, and for two out of four species at Yanggu-2. Hwacheon-1 displayed the detection of eDNA for one out of one observed species, whereas Hwacheon-2 yielded seven out of twelve, Hwacheon-3 showed four out of six, and all one observed species at Hwacheon-4 exhibited eDNA detection. Consequently, approximately 69% of the fish species identified through direct surveys were confirmed by indirect eDNA analysis. It is necessary to verify if certain fish species, such as the continental trout and catfish, have genetic information registered in the NCBI database. Additionally, it is believed that further marker development research utilizing different genetic sequences is essential. Given the limitations imposed by the hazardous nature of the surveyed civilian control zone, eDNA analysis proves to be a suitable supplement for fish research in the area.