• 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

• Journal of Food Hygiene and Safety
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• v.32 no.5
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• pp.381-388
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• 2017

In this study, we investigated the levels of natural preservatives of benzoic acid, sorbic acid, and propionic acid in spices. The quantitative analysis was performed using high performance liquid chromatography-tandem mass spectrometry (LC-MS/MS) for benzoic acid and sorbic acid and gas chromatography-mass spectrometry (GC-MS) for propionic acid. The sample was extracted with ethanol using sonication, then centrifuged and evaporated to dryness and redissolved to 1 mL with ethanol to use for the instrumental analysis. The analytical method was validated based on linearity, recovery, limit of detection (LOD), and limit of quantification (LOQ). This method was suitable to determine low amounts of naturally occurring preservatives (benzoic acid, sorbic acid, and propionic acid) in various spices. Benzoic acid, sorbic acid, and propionic acid were found in 165 samples, 88 samples, and 398 samples, respectively from the total of 493 samples. The concentration of benzoic acid, sorbic acid, and propionic acid were ranged at ND-391.99 mg/L, ND-57.70 mg/L, and ND-188.21 mg/L in spices, respectively. The highest mean levels of benzoic acid, sorbic acid, and propionic acid were found in cinnamon (167.15 mg/L), basil leaves (22.79 mg/L), and white pepper (51.48 mg/L), respectively. The results in this study provide ranges of concentration regarding naturally occurring benzoic acid, sorbic acid, and propionic acid in spices. Moreover, the results may use to the case of consumer complaint or trade friction due to the inspection services of standard criteria for the preservatives of spices.

• Journal of Food Hygiene and Safety
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• v.34 no.1
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• pp.65-72
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• 2019

This study was aimed at investigating the levels of the natural preservatives of benzoic, sorbic and propionic acids in cereal grains, nuts and seeds. Benzoic and sorbic acid were analyzed by high-performance liquid chromatography with a diode-array detector (HPLC-DAD) and further confirmed by liquid chromatography-tandem mass spectrometry (LC-MS/MS), whereas propionic acid was analyzed using a gas chromatography-flame ionization detector (GC-FID) and further confirmed by gas chromatography-mass spectrometry (GC-MS). Benzoic, sorbic and propionic acids were found in 44, 22, and 550 samples out of 702 samples, respectively. From the total of 702 samples. The concentrations of benzoic, sorbic and propionic acid were ranged from not detected (ND) to 23.74 mg/L, from ND to 7.90 mg/L, and from ND to 37.39 mg/L in cereal grains, nuts and seeds, respectively. The concentration ranges determined in this study could be used as standard criteria in the process of inspecting cereal grains, nuts and seeds for preservatives as well as to address consumer complaints or trade disputes.

• Journal of Distribution Science
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• v.13 no.6
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• pp.97-104
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• 2015

Purpose - The distribution of agricultural products is changing due to recent shifts in environmental free trade. Specifically, the competitiveness of domestic agricultural products has weakened as a result of the Korea-China Financial Trade Agreement. Agricultural producers are faced with increasing difficulties and organized production centers are growing in importance daily. To overcome this crisis, agricultural producer organizations are vying for environment-friendly agricultural certifications, Good Agriculture Practices (GAP) and Hazard Analysis and Critical Control Point (HACCP). In particular, as consumer demand for higher safety grows, farmers are increasing their certification rates. Therefore, this certification system is expected to help strengthen the competitiveness of agricultural producer organizations. Research design/data/methodology - Organized production centers are classified by certification. A survey was conducted with 91 organizations using factor analysis and logistic regression analysis for the examination. The factor analysis results are as follows. Raw material procurement, education·specialization, marketing, joint business, organizing ability, business management, effectiveness, certification, and larger organizations were classified as the nine types of factors. These factors affect the organized production centers and are used in the logistic regression analysis. The purpose of such research and analysis is to suggest a direction for future production center policies. Results - The basic statistical results are as follows: analysis of the producer organizations of 91 sites, average number of members per site of 1,624, and average sales of 25,961 million won. Additionally, the average income per farmer is 175 million won, and the pooling system rate is 53.5%. The factor analysis results are as follows. Factor 1 consists of contract cultivation, ongoing shipment, selection subdivision, traceability, and major retailer management. Factor 2 consists of manual cultivation, specialty selection, education program, and R&D. Factor 3 consists of advertising, various dealers, various sales strategies, and a unified sales counter. Factor 4 consists of agricultural materials co-purchase, policy support, co-shipment, and incentives. Factor 5 consists of the co-selection and pooling system. Factor 6 consists of co-branding and operating by the organization's article. Factor 7 consists of the buy-sell ratio and rate of operation of the agriculture promotion center. Factor 8 consists of bargaining power in volume and participation rate of farmer certification. Factor 9 consists of increasing new subscribers. The logistic regression analysis results are as follows. Considering the results by type of certification, the environment-friendly agricultural certification type and the GAP certification type have a (+) influence. GAP and HACCP certification types affecting the education·specialization factor have a (+) influence. Considering the results for each type of certification, the environment-friendly agricultural certification types on the effectiveness factor have (-) influence; the HACCP certification types on the organizing ability and effectiveness factor have a (-) influence. Conclusions - Agricultural producer organizations should develop plans as follows: The organizations need to secure education for agricultural production; increase the pooling system ratio for sustainable organizational development; and, finally, expand the number of agricultural producer organizations.

• Environmental and Resource Economics Review
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• v.28 no.2
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• pp.201-229
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• 2019

This paper estimates the effects of generation mix changes in the $7^{th}$ and $8^{th}$ Basic Plan for Long-term Power Supply and Demand from two aspects: economic efficiency through electricity prices and environmental performance through $CO_2$ and air pollutants(NOx, SOx, PM) emissions. Particularly, we examined additional generation mix conversion paths that take into account the trade-off between economic efficiency and environmental performance through scenario analysis. According to our results, the conversion from the $7^{th}$ plan to the $8^{th}$ plan should increase the electricity prices in the mid- and long-term, while reducing GHG and air pollutants emissions at the same time. The alternative generation mix that combines $7^{th}$ and $8^{th}$ plans shows that there exists a path to mitigate the trade-off between economic and environmental in the long-term. It will be next to impossible to derive a optimal generation mix that simultaneously considers the core values, such as supply stability, environmental performance, economic efficiency, energy safety and energy security, when establishing the power supply and demand plan. However, by exploring the effects of various generation mix paths and suggesting near-optimal paths, people can best choose their direction after weighhing all the paths when deciding on a forward-looking generation mix in the long term.

• Journal of Fisheries and Marine Sciences Education
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• v.27 no.6
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• pp.1646-1655
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• 2015

Korean government has issued the ratings standard for disease control of aquaculture farms according to the Aquatic Life Disease Control Act in 2008. There are five rating criteria within the enforcement regulations; period of disease free, performance of disinfection, environmental and hygienic management, keeping record of trade and sales, completion of education for disease control. There are no application has been applied on the basis of the rating criteria so far because detailed subcriteria and scoring indicators has not established for assessment process. In order to apply the ratings standard for disease control, we set up the subcriteria and new scoring for rating disease control level based on legal criteria in this study. This study was conducted on 90 targeted olive flounder farms in Jeju. The result of disease control level assessment on olive flounder aquaculture farms show the overall average of Jeju-do was 72.9 points and differed depending on the district; 74.7 in Jeju-si and 71.1 in Seogwipo-si, respectively. The Spearman correlation of each evaluation index show the disease control level score was correlated highly with the performance of disinfection(R=0.715, p<0.01), and environmental and hygienic management(R=0.661, p<0.01). The result of correlation analysis show that there is the highest correlation between the aquaculture farm status and the total mortality(R= -0.618, p<0.01). The reliability of the results are considered to be accurate in the Cronbach's alpha value of 0.727.

• Journal of Korean Society of Coastal and Ocean Engineers
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• v.21 no.1
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• pp.15-29
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• 2009

Most breakwater armor blocks are designed by using Hudson's or van der Meer's formula. The minimum weight of armor blocks is calculated by equating the resistance to the load in each formula. The larger value is then chosen as the design weight. In this study, we have performed reliability analyses for thus designed breakwater armor blocks of 12 trade harbors and 8 coastal harbors in Korea. The probability of failure calculated by the reliability analysis provides a criterion for evaluating the stability of armor blocks. The calculated probability of failure was almost same for all the breakwaters so that we were able to quantitatively evaluate the safety level of armor blocks of existing breakwaters. We also found that the safety factor used in the deterministic design method and the probability of failure in the reliability design method show a linear relationship. Therefore the probability of failure of existing breakwaters can be quantitatively calculated from the safety factors. The calculated probability of failure could also be used for determining the target probability of failure in the future.

• Journal of the Korean Society of Marine Environment & Safety
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• v.18 no.4
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• pp.323-330
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• 2012

Manila Bay is home to the Port of Manila with three harbors: North Harbor, South Harbor and MICT(Manila International container Terminal). There is an adjacent fishing port to the north and another port across the Bay, the Limao Port. This study focuses on the volume of traffic movement in the Bay area taken from Manila VTMS raw data of the arrival and departure movements only. It is a two-year period of study of 2010 and 2011 traffic volume. It divides the data according to their numbers; to their sizes measured in gross tons; to the time of vessels' movements, whether daytime or night-time; and to each voyage trade: domestic or foreign. Quantitative values are calculated from the raw data based on the whole population of the two-year period. The results are illustrated by tables and graphs. Statistical measures are applied to determine the spread and frequencies of the data and test any significance from the hypotheses. These are shown in the tabulated form and interpreted to give a better picture of the frequency and volume of traffic. In the end, a summary is offered where it is hoped that this paper will propel further studies of improving the safety behavior in the premier port of the country.

• Safety and Health at Work
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• v.8 no.2
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• pp.198-205
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• 2017

Background: There are a million ragpickers in India who gather and trade recyclable municipal solid wastes materials for a living. The objective of this study was to examine whether their occupation adversely affects their immunity. Methods: Seventy-four women ragpickers (median age, 30 years) and 65 age-matched control housemaids were enrolled. Flow cytometry was used to measure leukocyte subsets, and leukocyte expressions of $Fc{\gamma}$ receptor I (CD64), $Fc{\gamma}RIII$ (CD16), complement receptor 1 (CD35) and CR3 (CD11b/CD18), and CD14. Serum total immunoglobulin-E was estimated with enzyme-linked immunosorbent assay. Results: Compared with the controls, ragpickers had significantly (p < 0.0001) higher levels of CD8-T-cytotoxic, CD16+CD56+natural killer, and CD4+CD45RO+memory T-cells, but depleted levels of CD19+B-cells. The percentage of CD4+T-helper-cells was lower than the control group (p < 0.0001), but their absolute number was relatively unchanged (p = 0.42) due to 11% higher lymphocyte counts in ragpickers. In ragpickers, the percentages of CD14+CD16+intermediate and CD14dim CD16+nonclassical monocyte subsets were elevated with a decline in CD14+CD16-classical monocytes. The expressions of CD64, CD16, CD35, and CD11b/CD18 on both monocytes and neutrophils, and CD14 on monocytes were significantly higher in ragpickers. In addition, ragpickers had 2.7-times more serum immunoglobulin-E than the controls (p < 0.0001). After controlling potential confounders, the profession of ragpicking was positively associated with the changes. Conclusion: Ragpicking is associated with alterations in both innate (neutrophils, monocytes, and natural killer cell numbers and expression of complement and $Fc{\gamma}$ receptors) and adaptive immunity (numbers of circulating B cells, helper, cytotoxic, and memory T cells).

• Journal of Food Hygiene and Safety
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• v.13 no.4
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• pp.388-393
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• 1998

Recently there has been an increasing amount of foreign livestock products distributed in the domestic market due to the market opening. Some vicious dealers sell the foreign beef in the trade name of the native beef during the final distribution step to arouse the social criticism frequently. In this report, we investigated a method to distinguish the native beef from the foreign one scientifically using the PCR-RAPD, a recent gene technique. Hygienical safety was also examined using a microbiological test for toxicity of Escherichia coli 0157:H7 and the food poisoning bacteria. The conditions of DNA amplification for the PCR analysis were $1{\times}Taq$ polymerase buffer, 1.5 mM $MgCl_2,\;50\;\mu\textrm{M}$ dNTP, 100 ng primers, 2.5 unit Taq polymerase and 5~20 ng template DNA, with the fmal volume of $50\;\mu\textrm{\ell}$. The size of the amplified product was detected mostly in the range of 0.5~2.0 kbp. The size of DNA, gene marking factor, which could be a criterion distinguishing the native beef from the foreign one, appeared approximately 1.2 kbp. The native beef was distinguished from the foreign beef with more than 90% of confidence by the gene marking factor. This method was expected to be useful in the breed discrimination between the native beef and the foreign one. The hygienical test results showed that, fortunately, neither Salmonella spp. and Listeria monocytogenes which form a principal cause of the food poisoning nor Enterohemorrhagic Escherichia coli : EHEC which have provoked a recent social disturbance, were detected at all.