Volatility of a time series is defined as the conditional variance on the past information. In particular, for financial time series, volatility is regarded as a time-varying measure of risk for the financial series. To capture the intrinsic asymmetry in the risk of financial series, various asymmetric volatility processes including threshold-ARCH (TARCH, for short) have been proposed in the literature (see, for instance, Choi et al., 2012). This paper proposes a volatility function featuring non-zero origin in which the origin of the volatility is shifted from the zero and therefore the resulting volatility function is certainly asymmetric around zero and achieves the minimum at a non-zero (rather than zero) point. To validate the proposed volatility function, we analyze the Korea stock prices index (KOSPI) time series during the Covid-19 pandemic period for which origin shift to the left of the zero in volatility is shown to be apparent using the minimum AIC as well as via parametric bootstrap verification.
Fabio Mancino;Andreas Fontalis;Ahmed Magan;Ricci Plastow;Fares S. Haddad
Hip & pelvis
/
v.36
no.1
/
pp.26-36
/
2024
Total hip arthroplasty (THA) is a frequently performed procedure; the objective is restoration of native hip biomechanics and achieving functional range of motion (ROM) through precise positioning of the prosthetic components. Advanced three-dimensional (3D) imaging and computed tomography (CT)-based navigation are valuable tools in both the preoperative planning and intraoperative execution. The aim of this study is to provide a thorough overview on the applications of CT scans in both the preoperative and intraoperative settings of primary THA. Preoperative planning using CT-based 3D imaging enables greater accuracy in prediction of implant sizes, leading to enhancement of surgical workflow with optimization of implant inventory. Surgeons can perform a more thorough assessment of posterior and anterior acetabular wall coverage, acetabular osteophytes, anatomical landmarks, and thus achieve more functional implant positioning. Intraoperative CT-based navigation can facilitate precise execution of the preoperative plan, to attain optimal positioning of the prosthetic components to avoid impingement. Medial reaming can be minimized preserving native bone stock, which can enable restoration of femoral, acetabular, and combined offsets. In addition, it is associated with greater accuracy in leg length adjustment, a critical factor in patients' postoperative satisfaction. Despite the higher costs and radiation exposure, which currently limits its widespread adoption, it offers many benefits, and the increasing interest in robotic surgery has facilitated its integration into routine practice. Conducting additional research on ultra-low-dose CT scans and examining the potential for translation of 3D imaging into improved clinical outcomes will be necessary to warrant its expanded application.
In order to achieve efficiency of laying eggs of silkworms, it is very important to eliminate noncocooning silkworms. This study is written on the basis of observation and analysis of mechanism of silkworms physiologically and anatomically. It is hoped that given herein will contribute to the effecting elimination work. Outline of the study summarize as follows: 1. It is observed through microscope that the silkworms which are seen normal state in the silk gland but no ability of cocoon making have polyhedrosis in the nerve, trachea and muscle near the tissue of the spinneret. 2. Relatively high proportion of non-cocooning silkworms are caused by the grasserie of the silkworms. 3. As a result of inoculation with purulent discharges against silkworms from first fooding through 8th day of 5th instar, number of cocooning silkworms were increased when inoculation are applied at laterer day of the instar. In the case of non-cocooning silkworms, meanwhile, resulted not big varriation when it is apllied in the early and middle of the period, but number of non-cocooning silkworm was reduced when the inoculation are given at laterer of the instar. Number of death during rearing and mounting are increased when earliest application of inoculation are carried out. 4. Symptom of grasserie was appeared more or less three days after application of the inoculation. Some silkworms which were inoculated just before mounting has ability of cocooning making even taken grasserie, in this case the silkworm can make thin cocoon. since the silkworm fall sick during cocoon making and unable of spinning soon. when the worm was affected by grasserie slightly, it was observed that the silkworm can spinning. It is supposed to be the light paralysis of spinneret is not very much influenced to spinning. 5. As a result of observation of original stock and hybrid including other 44 kinds of silkworm, many non-cocooning silkworms were found in the original stock especially originated from japanese than in hybrid. 6. A number of undulations are found in the middle division of the silk gland of non-cocooning silkworms. 7. According to the observation of the sizes of the body and digestive organs, normal natured silkworms and non-cocooning silkworms are more or less same in length, but the width, circumference of bodies and digestive organs were more larger in the later. If silkworm which was in the period of active eating of 5th instar was given shock of dropping to the floor, the silkworm receives little more shock when hit to side of the body than to head, and concrete floor than ondol and wooden floor.
When special voice control application services (VCS) such as voice-controlled web browsing or voice-controlled stock transactions are introduced in cellular systems, a channel quality better than that for ordinary voice communications service (OVS) is necessary in order to keep a suitable grade of VCS. To avoid ai. congestion, calls are normally admitted if there exists a channel-processing resource not occupied by other calls in the base as well as the interference level at the receiver is not higher than a predefined threshold. The threshold is usually 10㏈ noise-rise over the background noise level for voice communications service. When the base admits VCS attempts in exactly the same manner as it handles OVS calls. the same fraction of those will be not successful in taking the channel and then blocked. If the same noise-rise threshold is used as 10 ㏈, however, the admitted VCS calls might suffer from bad channel qualify and finally be dropped. From the user's point of view, the forced termination of ongoing calls is significantly undesirable than blocking new call attempts. When using a lower noise-rise threshold for VCS. on the other hand, the blocking probability of VCS gets higher than that of OVS. In this paper, a call admission policy that gives a priority to VCS is considered in order to reduce the blocking probability and keep an adequate channel quality.
This paper has suggested the methodology for the frontier portfolios and the optimal portfolio under the mean-VaR framework, not assuming the normal distribution and considering the investor's preferences for the higher moments of return distributions. It suggested the grid and rank approach which did not need an assumption about return distributions to find the frontier portfolios. And the optimal portfolio was selected using the utility function that considered the 3rd and the 4th moments. For the application of the methodology, weekly returns of the developed countries index, the emerging market index and the KOSPI index were used. After the frontier portfolios of the mean-variance framework and the mean-VaR framework were selected, the optimal portfolios of each framework were compared. This application compared not only the difference of the standard deviation but also the difference of the utility level and the certainty equivalent expressed by weekly expected returns. In order to verify statistical significances about the differences between the mean-VaR and the mean-variance, this paper presented the statistics which were obtained by the historical simulation method using the bootstrapping. The results showed that an investor under the mean-VaR framework had a tendency to select the optimal portfolio which has bigger standard deviation, comparing to an investor under the mean-variance framework. In addition, the more risk averse an investor is, the bigger utility level and certainty equivalent he achieves under the mean-VaR framework. However, the difference between the two frameworks were not significant in statistical as well as economic criterion.
The need for and components of a contemporary community pharmacy externship for pharmacy students have not been clearly identified in Korea. Mail survey was performed among 20 college of pharmacy deans and 800 community pharmacists to analyze the current status and develop a consensus regarding major focus area and criteria of community pharmacy externship to be implemented under the separation of dispensary from medical practice in year 2000. Mail survey yielded $80\%\;and\;23.5\%$ response rate for pharmacy school deans and community pharmacists, respectively. Of the 16 pharmacy schools that responded 14 said they have externship program in hospital pharmacy, and only 8 pharmacy schools responded of having externship program for community pharmacy. However, these community pharmacy programs lacked criteria and standard guideline for the externship. The results of survey revealed that community pharmacy externship program for students should be organized and directed toward developing expert knowledge and skills in pharmacy practice activities, clinical services, communications, pharmacy management, and professionalism. Pharmacy practice components should include competencies and skills in computer application, prescription processing, dispensing, pharmaceutical compounding, Narcotics Control Law application, maintenance and provision of drug information, and laws and regulations. Clinical service components should include the ability to identify patient's drug-related problems, provide long-term patient care and appreciate drug therapy services. Communication skills should be taught to effectively express his/her professional opinion, deduce the needs of others, utilize appropriate techniques and media to communicate ideas and conduct a patient interview and to obtain patient drug history. Pharmacy management skills should be taught to be efficient in medical insurance and drug control process. It was found that professionalism, morality, pharmacy practice experience, ability to provide clinical services, collect and provide drug information and regality are important criteria of preceptors. Externship sites should possess the ability to stock various drugs, access and provide diverse pharmacy services and should have private patient counseling area. Most pharmacists agreed that top 200 drugs' generic and brand name, indications, dosage, side effects, and contraindication should be instructed during the externship. It was also found that student and preceptor should be evaluated for their performances during the externship. This information will be incorporated into teaming objectives for students and to develop Academic Extemship Program Guidelines.
Water supplied through dental unit waterlines (DUWLs) has been shown to contain high number of bacteria. To reduce the contamination of DUWLs, it is essential to develop effective disinfectants. It is, however, difficulty to obtain proper DUWL samples for studies. The purpose of this study was to establish a simple laboratory model for reproducing DUWL biofilms. The bacteria obtained from DUWLs were cultured in R2A liquid medium for 10 days, and then stored at $-70^{\circ}C$. This stock was inoculated into R2A liquid medium and incubated in batch mode. After 5 days of culturing, it was inoculated into the biofilm formation model developed in this study. Our biofilm formation model comprised of a beaker containing R2A liquid medium and five glass rods attached to DUWL polyurethane tubing. Biofilm was allowed to form on the stir plate and the medium was replaced every 2 days. After 4 days of biofilm formation in the laboratory model, biofilm thickness, morphological characteristics and distribution of the composing bacteria were examined by confocal laser microscopy and scanning electron microscopy. The mean of biofilm accumulation was $4.68{\times}10^4$ colony forming unit/$cm^2$ and its thickness was $10{\sim}14{\mu}m$. In our laboratory model, thick bacterial lumps were observed in some parts of the tubing. To test the suitability of this biofilm model system, the effectiveness of disinfectants such as sodium hypochlorite, hydrogen peroxide, and chlorhexidine, was examined by their application to the biofilm formed in our model. Lower concentrations of disinfectants were less effective in reducing the count of bacteria constituting the biofilm. These results showed that our DUWL biofilm laboratory model was appropriate for comparison of disinfectant effects. Our laboratory model is expected to be useful for various other purposes in further studies.
Machine learning is a field of artificial intelligence. It refers to an area of computer science related to providing machines the ability to perform their own data analysis, decision making and forecasting. For example, one of the representative machine learning models is artificial neural network, which is a statistical learning algorithm inspired by the neural network structure of biology. In addition, there are other machine learning models such as decision tree model, naive bayes model and SVM(support vector machine) model. Among the machine learning models, we use SVM model in this study because it is mainly used for classification and regression analysis that fits well to our study. The core principle of SVM is to find a reasonable hyperplane that distinguishes different group in the data space. Given information about the data in any two groups, the SVM model judges to which group the new data belongs based on the hyperplane obtained from the given data set. Thus, the more the amount of meaningful data, the better the machine learning ability. In recent years, many financial experts have focused on machine learning, seeing the possibility of combining with machine learning and the financial field where vast amounts of financial data exist. Machine learning techniques have been proved to be powerful in describing the non-stationary and chaotic stock price dynamics. A lot of researches have been successfully conducted on forecasting of stock prices using machine learning algorithms. Recently, financial companies have begun to provide Robo-Advisor service, a compound word of Robot and Advisor, which can perform various financial tasks through advanced algorithms using rapidly changing huge amount of data. Robo-Adviser's main task is to advise the investors about the investor's personal investment propensity and to provide the service to manage the portfolio automatically. In this study, we propose a method of forecasting the Korean volatility index, VKOSPI, using the SVM model, which is one of the machine learning methods, and applying it to real option trading to increase the trading performance. VKOSPI is a measure of the future volatility of the KOSPI 200 index based on KOSPI 200 index option prices. VKOSPI is similar to the VIX index, which is based on S&P 500 option price in the United States. The Korea Exchange(KRX) calculates and announce the real-time VKOSPI index. VKOSPI is the same as the usual volatility and affects the option prices. The direction of VKOSPI and option prices show positive relation regardless of the option type (call and put options with various striking prices). If the volatility increases, all of the call and put option premium increases because the probability of the option's exercise possibility increases. The investor can know the rising value of the option price with respect to the volatility rising value in real time through Vega, a Black-Scholes's measurement index of an option's sensitivity to changes in the volatility. Therefore, accurate forecasting of VKOSPI movements is one of the important factors that can generate profit in option trading. In this study, we verified through real option data that the accurate forecast of VKOSPI is able to make a big profit in real option trading. To the best of our knowledge, there have been no studies on the idea of predicting the direction of VKOSPI based on machine learning and introducing the idea of applying it to actual option trading. In this study predicted daily VKOSPI changes through SVM model and then made intraday option strangle position, which gives profit as option prices reduce, only when VKOSPI is expected to decline during daytime. We analyzed the results and tested whether it is applicable to real option trading based on SVM's prediction. The results showed the prediction accuracy of VKOSPI was 57.83% on average, and the number of position entry times was 43.2 times, which is less than half of the benchmark (100 times). A small number of trading is an indicator of trading efficiency. In addition, the experiment proved that the trading performance was significantly higher than the benchmark.
Whether to reduce the current 'screen quota' for domestic films in conjunction with the FTA discussions between Korea and the United States is one of the hotly debated issues in Korea. Using Toulmin's Argumentation Model, this study attempts to trace the use of data and warrants for each pro and con claims as portrayed in newspaper editorial columns and to find its rhetorical significance. A total of 67 editorial columns were collected from 9 nationwide news dailies in Korea for the purpose. The rhetorical analysis of those articles showed that the major warrants used in each pro and con opinion were absent of the potential issues of the opponents, which inherently fails to invite rebuttals from the opposite sides. This conceptual wall in each argumentation models implies an inactive conversation and subsequent absence of clash between the pro and con argumentation fields. It is thus suggested for opinion writers to find more adequate evidences to support the data and warrants to hold persuasive power of their respective claims, ultimately to enhance the public discourse among citizens.
Carbon management is emerging as an important factor for global warming control, and land use change is considered one of the causes. To quantify the changes in carbon stocks due to development, this study attempted to calculate carbon storage by borrowing the formula of the InVEST Carbon Storage and Sequestration Model (InVEST Model). Before analyzing carbon stocks, a carbon pool was compiled based on previous studies in Korea. Then, we estimated the change in carbon stocks according to the development of Osong National Industrial Park (ONIP) and the application of alternatives. The analysis shows that 16,789.5 MgC will be emitted under Alternative 1 and 16,305.3 MgC under Alternative 2. These emissions account for 44.4% and 43.1% of the pre-project carbon stock, respectively, and shows that choosing Alternative 2 is advantageous for reducing carbon emissions. The difference is likely due to the difference in grassland area between Alternatives 1 and 2. Even if Alternative 2 is selected, efforts are needed to increase the carbon storage effect by managing the appropriate level of green cover in the grassland, creating multi-layered vegetation, and installing low-energy facilities. In addition, it is suggested to conserve wetlands that can be lost during the stream improvement process or to create artificial wetlands to increase carbon storage. The assessment of carbon storage using carbon pools by land cover can improve the objectivity of comparison and evaluation analysis results for land use plans in Environmental Impact Assessment and Strategic Environmental Impact Assessment. In addition, the carbon pool generated in this study is expected to be used as a basis for improving the accuracy of such analyses.
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